Powell´s claims calmed the markets

Yesterday, Jerome Powell, the Chairman of the Fed, have specified that even though there will be interest rates hike (maybe on few occasions), the changes to interest rates might not be significant. More specifically, Powell stated that US will probably remain in an era of very low interest rates, which was positively received by several markets.

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Credit card interest rates on a rise

Matt Schulz, chief credit analyst for LendingTree, has recently stated that the average annual percentage rates (APR) for new credit cards reached record levels. The borrowing rate rose to 20 % as of June, more than 6% increase from the pre-pandemic levels. Schulz also stated that he believes that this is nowhere near the top.

Double digit inflation in Spain

The current inflation numbers in Spain showed that the inflation in the country jumped from 8.7 % to about 10.2 %. With double digit inflation in one of the biggest countries in the Europe, the European Central Bank will need to speed up its monetary tightening efforts and become more hawkish, if it wants to stop this metric from growing.

G7 establishing a new “Climate Club”

During the current G7 meeting, the leaders of the most advanced economies agreed on establishing "Climate Club," an effort that will follow joint rules and standards in the fight against global warming, without the spats over green tariffs. Its main goal should be establishing transparent climate mitigation policies to reduce emissions intensities.

Ukraine with more support

Ukraine will receive more support in its war against the Russian invasion. British Prime Minister Boris Johnson and French President Emmanuel Macron said that this is the critical moment for the course of conflict. They believe that with their support there is an opportunity to turn the tide in the war, thus they agreed to step up their work.

Norway with the biggest rate hike since 2002

The central bank of Norway has increased the benchmark deposit rate by 0.5% to 1.25%, the biggest rate hike since 2002. Until now, the Norges Bank was rather careful with the hiking. The Norges Bank was one of the first central banks to start hiking last year, however, the more aggressive approach came just now.

UK inflation hitting 40-year high

The fresh inflation numbers from United Kingdom are far from positive. Inflation in the country has risen yet again and in May has hit 9.1%, 40-year high. Rishi Sunak, the finance minister of Britain, has stated that the Bank of England has all the tools it needs to bring down the inflation and that the BoE will act forcefully to combat it.

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Duke Energy exploring Bitcoin mining

Duke Energy, the second largest power company in the United States, is reportedly studying Bitcoin mining. The results of this research should help the company with onboarding of the miners on the grid. Before that, the company is going to test its findings on micro-grid with different energy sources.

Almost 60 000 Teslas with a glitch?

According to Germany's road traffic agency, almost 60 000 Teslas model Y and 3 may have a glitch. The software flaw can cause a breakdown of the eCall, which are designed to contact emergency responders in the event of a serious accident. KBA, the German watchdog that specified found this glitch, stated that 59 129 vehicles can have this problem.

Credit card interest rates on a rise

Matt Schulz, chief credit analyst for LendingTree, has recently stated that the average annual percentage rates (APR) for new credit cards reached record levels. The borrowing rate rose to 20 % as of June, more than 6% increase from the pre-pandemic levels. Schulz also stated that he believes that this is nowhere near the top.

3AC filing for bankruptcy in the US

Three Arrows Capital, one of the biggest crypto hedge funds, has been in rather unpleasant conditions for few weeks now. The situation forced 3AC to file for bankruptcy in the United States. The step should protect the company from losing assets to liquidators as it protects US assets. The future of the company remains uncertain.

S&P 500 with a horrific result

Bitcoin is not the only asset that is having bad time now. The same applies for one of the biggest US indices, S&P 500, which has just ended the first half of the year down 20.6 %. This is the worst start to a year since 1962.

Copper sinks below 8 000 dollars

Copper has just sunk below 8 000 dollars a ton, the lowest price in more than 18 months. It is likely that Copper, just like other industrial metals will fall in the price in the coming days and weeks mostly due to the fears of the incoming global financial recession.

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Crypto news summary: Facebook, MicroStrategy and Opensea

In the last week, Facebook announced the testing of NFTs on profiles, Opensea got hacked, Microstrategy bought more Bitcoin, and much more.

Weekly macro report – Bonds reached some gains

In our latest macro report, we remain positively aimed at bonds with long-term maturities, while giving updates in the US and EA policies.

India imposes windfall tax on oil firms

India has imposed a windfall tax on the country's oil producers and refiners who are exporting more due to high international prices.

EU approves regulatory measures to tame the crypto industry

After years of debating, European Union broke down rules and regulations on the crypto industry, including anti money laundering rules.