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Germany To Cut Reliance On China (3 min read)
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Germany released its "Strategy on China," which outlines a plan to reduce its reliance on the country in critical sectors such as medicine, lithium batteries, and chipmaking elements. The strategy warns of China's economic strategy aimed at making it less dependent on other countries while making international production chains more dependent on China. Germany aims to diversify its supply chains to reduce dependencies and de-risk critical sectors. China criticized the strategy, calling it "counterproductive" and accusing Germany of "protectionism."

The Falling Dollar Will Benefit Global Assets (3 min read)
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The declining US inflation is causing a drop in the dollar, which stands to benefit a wide range of assets worldwide. The dollar has fallen nearly 13% against a basket of currencies and is at its lowest level in 15 months. This decline accelerated after softer-than-expected US inflation data was released last week. The weaker dollar makes US exports more competitive, reduces the cost of converting foreign profits, and makes dollar-denominated raw materials more affordable. Emerging markets will also benefit as dollar-denominated debt becomes easier to service.

US Banks Remain Resilient (2 min read)

Some of the largest US banks reported increased profits in their recent earnings due to higher interest rates and signs of recovery in investment banking. JPMorgan and Wells Fargo saw significant growth in net interest income, driving up their profits, while Citigroup experienced a decline in profit due to weakness in its trading business, but still beat estimates. All three bank stocks rose after the news. Despite the strong earnings, the banks warned about slowing consumer spending and potential losses in commercial real estate.

AT&T Plunges Over Lead Cleanup Costs (2 min read)
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AT&T Inc. shares hit a nearly 30-year low amid concerns over the potential costs of cleaning up lead contamination in its network. The issue emerged after a Wall Street Journal report highlighted the presence of lead-clad wiring in early landline networks owned by AT&T, Verizon, and Lumen. AT&T's shares fell 5.5%, reaching their lowest price since 1994. Analysts estimate AT&T will face the largest exposure to the issue. This adds to AT&T's other challenges this year, which include missed cash flow targets and weaker wireless subscriber growth.

SEC accepts BlackRock’s Bitcoin ETF application (2 min read)

The SEC has acknowledged BlackRock's application for a spot Bitcoin ETF. This signifies the SEC's formal review of BlackRock's ETF proposal and reflects a growing acceptance of cryptocurrencies in the traditional financial sector. BlackRock's entry into the Bitcoin ETF race, alongside other companies like Fidelity and Invesco, highlights the increasing demand for regulated Bitcoin investment vehicles. BlackRock's CEO, Larry Fink, also recently expressed belief in Bitcoin's future as an investment, calling it a global asset and the next gold.

New Free Cash Flow ETF (2 min read)
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Global X recently launched a new ETF called the Global X U.S. Cash Flow Kings 100 ETF (FLOW), which invests in US companies with high free cash flow yields. Free cash flow is the money left after paying all expenses and may indicate the ability to grow dividends and invest in new projects. More on why free cash flow is a useful metric and how FLOW compares to similar funds are available in this article.

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Thomas

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