| Advertisement
This is what you need to know. 1. China just launched its own Nasdaq for local tech IPOs and one stock soared more than 500%. The Star Market was announced by President Xi last year, in the hope it will encourage domestic tech investment and Chinese businesses listing in China. 2. Oil is surging as traders brace for the UK's response to Iran's seizure of a British-flagged oil tanker. West Texas Intermediate and Brent crude prices rose more than 2% after Iran seized the Steno Impero and signaled it wouldn't let go of the vessel until the UK released an Iranian-flagged ship it seized earlier this month. 3. Chinese investment into the US has plunged 90% since Trump took office — and poorer states may get hit the hardest. Chinese FDI peaked in 2016 at $46.5 billion which has now fallen to $5.4 billion. 4. Turkey said it will retaliate if US imposes sanctions over the purchase of Russian S-400 missile defense systems. Foreign Minister Mevlut Cavusoglu said on Monday that any such sanctions would be unacceptable. 5. We're building fewer elevators and escalators — and it's evidence that 'growth might go to zero'. UBS's construction research shows the market for escalators and elevators has gone into stagnation implying that large building construction is losing steam. 6. JPMorgan's Michael Cembalest believes the leveraged loan market is 'deeply concerning' right now. In Europe, 95% of all leveraged loans are now "cov-lite," meaning that companies have made few or zero promises to investors about how they get their money back. Globally, it's over 80%. 7. We spent 24 hours living on SoftBank services like Uber, WeWork, and Oyo. It revealed some flaws in Masayoshi Son's grand $100 billion investment vision. 8. Stocks were mixed today, as US futures were up as was Europe. Asia was down on expectations that a Fed rate cut won't go as far as previously thought. US futures rose, with the S&P 500 (+0.3%) and the Nasdaq (+0.4%) up. In Europe, Germany's Dax (+0.2%) was up as was Euro Stoxx 50 (+0.1%). But Asian markets slid, with the Hang Seng (-1.4%) down as was Shanghai Composite (-1.3%) and the Nikkei 225 (-0.2%). 9. There are dozens of earnings out today. Asian giants, LG and Hyundai, both have their Q2 earnings out as well as Dutch electronics company Philips. 10. In the docket there is lots of data out this week. Today, the Chicago Fed National Activity Index is out. | 