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Here is what you need to know. 1. Deutsche Bank's week from hell just got worse after reported links with Epstein and a US probe into its role in the 1MDB scandal. The US government is reportedly probing whether the German bank's work with the Malaysia 1MDB fund violated foreign corruption or anti-money laundering laws. 2. Rate cuts are coming — and markets are ecstatic. Stocks climbed on Thursday after Federal Reserve Chair Jerome Powell signaled the central bank would lower interest rates this month. 3. Trump could start a trade war with France over US tech firms. President Donald Trump has ordered an investigation after worries that France's digital services tax, would place a 3% levy on the French revenues of firms like Amazon. 4. Bitcoin has extended its losses after Fed chief urged halt to Facebook's crypto project. The cryptocurrency dipped almost 8% on Thursday, after Jerome Powell called for a halt to Facebook's Libra project until concerns ranging from privacy to money-laundering were addressed. 5. Iranian gunboats trying to seize a British oil tanker were scared away by the Royal Navy. Three gunboats tried to get a British Oil tanker to alter it's path in the Strait of Hormuz, but a UK Royal Navy frigate was escorting the oil tanker and pointed its weapons on the Iranian vessels. 6. Boris Johnson said he finds it 'hard to disagree' with Trump's attack on Theresa May. The Tory leadership candidate refused to criticize the president who labeled the prime minister "foolish" and her handling of Brexit a "mess." 7. Treasury Secretary Steven Mnuchin has encouraged US suppliers to seek approval to resume selling equipment to blacklisted Chinese telecommunications giant Huawei. Concerns have been raised Huawei tech could pose a national security risk and may be used as a backdoor for Chinese government espionage. 8. Stocks across the world today rallied after the Fed's announcement. US futures are up with the S&P 500 rising (+0.3%) as was the Nasdaq (+0.4%). In Europe trading opened on the up with the German Dax (+0.2%) and Euro Stoxx 50 (+0.3%). Asia closed strongly with the Nikkei 225 up (+0.5%), Shanghai Composite (+0.1%) and the Hang Seng (+0.8%). 9. There are lots of earnings out later, including US airlines company Delta's Q2 report. 10. In terms of economic data in the docket today the highlights are the Fed's chair Powell testifying as well as the Consumer Price Index report excluding food and energy. | 