China's services sector experienced its slowest expansion in five months in June according to the to the Caixin/S&P Global services
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2023-07-06 | Sign Up | View Online | Advertise
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Markets & Economy
China's services activity softens as recovery falters (2 min read)

China's services sector experienced its slowest expansion in five months in June according to the to the Caixin/S&P Global services purchasing managers' index (PMI). The index dropped to 53.9 from 57.1 in May, indicating a slowdown in service sector activity due to weakened demand for in-person services. Business activity, new orders, and export growth all slowed down, while input costs and prices charged by service providers increased. Along with the decrease in Manufacturing activity, its suggesting a potential economic double-dip in the rest of 2023.
Fed sees more rate hikes ahead, but at a slower pace, meeting minutes show (3 min read)

Minutes from the June Fed meeting revealed that most officials expect further rate hikes, but at a slower pace compared to previous rapid increases. Concerns over economic growth led to the decision not to raise rates in June, allowing for more time to assess progress toward the Committee’s employment and price stability goals. While there was disagreement among members, the general sentiment favored a moderated pace of rate hikes, and most were expecting rates to stay at current levels through the year.
Business & Stocks
Yahoo plots return to public markets (3 min read)

Yahoo is planning to go public again according to its CEO Jim Lanzone. The company was acquired by Verizon in 2015, but became independently owned again during the spinout in 2021. It now aims to return to prominence by making necessary structural changes and developing a series of business units. Although over the years, Yahoo had lost ground against competitors like Google and Microsoft, it still ranks among the top five globally in total traffic.
Rivian Automotive rallies after delivering electric vans to Amazon in Europe (2 min read)

Rivian stock surged more than 7% after Amazon announced plans to deploy its first European vans from Rivian in Germany. Amazon will launch 300 electric Rivian vans in several German regions as part of its long-term goal to electrify its transportation network. Rivian's positive Q2 production and delivery numbers have boosted investor confidence in the past weeks. Several Wall Street analysts have also upgraded Rivian stock to a “Buy” rating and raised its price target to $28.
Funds & ETFs
Consumer ETFs Gain on Growing Spending (2 min read)

The Conference Board’s monthly report showed that US consumer confidence has reached a 17-month high. The stock market's big rally so far this year, particularly for large stocks, may be contributing to this sentiment. This article highlights several funds for investors looking to capitalize on continued strong consumer demand, which includes the Consumer Discretionary SPDR ETF (XLY), Invesco S&P 500 Equal Weight Consumer Discretionary ETF (RSPD), and Invesco S&P SmallCap Consumer Discretionary ETF (PSCD).
What Will It Take to Approve Spot Bitcoin ETFs? (3 min read)

Several fund giants are currently competing to become the first to offer a spot bitcoin ETF in the US. One crucial factor in the application process is the inclusion of surveillance-sharing agreements (SSAs), which involve sharing trading data between cryptocurrency exchanges and regulators, with the intention to enhance market integrity and transparency. The SEC is likely to require detailed SSAs before considering approval for a spot bitcoin ETF, which could have a significant impact on the cryptocurrency market.
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