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The US and Iran moved closer to an agreement that would reopen the Strait of Hormuz, potentially around next week’s G-7 meeting, according to senior officials. The US is to withdraw forces from the area surrounding Iran under a potential deal, Iran’s semi-official news agency Mehr reported. BBG
The United States plans to significantly reduce the aircraft and warships that it makes available for NATO operations in Europe, according to two senior European officials, accelerating America’s effort to scale down the protection it has offered to European allies for eight decades. NYT
Global banks are curbing hedge funds’ leveraged bets on Asia’s top chipmakers including SK Hynix Inc. and Samsung Electronics Co. after a blistering rally this year raised concerns of a potential pullback. BBG
Nvidia has told Chinese clients that its new "Vera" central processors for AI data centers could be available as soon as August and that they can begin placing orders, three sources familiar with the matter said. BBG
China told big state-owned banks to reduce their lending in the interbank market, according to people familiar with the matter, in an effort to prevent borrowing costs from drifting too far below the policy interest rate. BBG
Chinese investors are rushing to Hong Kong to open bank accounts and buy investment products, as Beijing cracks down on cross-border capital flows in a shift that shareholders fear may dent returns. FT
The ECB is prepared to raise rates again next month if the shock from the war requires it, Governing Council member Joachim Nagel said. BBG
The US insurance industry’s standard setter has begun to examine credit risks linked to data center projects, which are increasingly showing up in insurers’ investment portfolios. FT
Big companies and startups, chafing at rapidly escalating artificial intelligence costs, are increasingly turning to tools that tap in to cheaper AI models, including some from China. That’s raising pressure on industry leaders OpenAI and Anthropic to lower their prices, a prospect that could hurt their ability to grow into profitable enterprises. WSJ
US Senate Banking Committee is weighing a markup of export control legislation. It could tee up the bills for inclusion in the next annual defense policy package, no final decision has been made yet: Punchbowl
US President Trump said regarding fertilizer prices, that they might look into federal aid, and are looking at doing some form of help.
BofA weekly flow data shows USD 20.8bln into bonds (59th straight week of inflows), USD 2.5bln out of cash, USD 31.5bln into stocks, USD 0.7bln out of crypto (record inflows over 5 weeks), USD 2.3bln out of gold (4th straight week of outflows)
https://x.com/zerohedge/status/2065402418251137043
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