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The US, Iran and Oman are preparing to announce a 60-day agreement on shipping through the Strait of Hormuz as soon as today. Donald Trump said talks with Iran are “moving along very nicely.” BBG
Donald Trump’s administration has paid out about $100bn in tariff refunds since the US Supreme Court struck down its use of emergency powers to levy duties on its trading partners earlier this year. The sum, which is 60 per cent of the $165bn collected from the president’s “liberation day” tariffs, was reported by US customs officials to judges at the US Court of International Trade on Tuesday. FT
White House is excluding open-models from its framework to test advanced AI capabilities: Axios.
China’s services activity expanded at its weakest pace in nearly two years, a private survey showed, with businesses turning more cautious about an economy that’s increasingly showing signs of further weakness. BBG
Shares of SK Hynix Inc. advanced, lifted by an overnight rally in US chipmakers and speculation that the Korean firm may soon unveil buybacks and other details of a broader shareholder return plan. BBG
China tightened its exports controls on drones to the US and sanctioned multiple American companies in a series of retaliatory measures against Washington’s widening tech curbs. BBG
UK firms continued to cut jobs in July, extending the labor market slump to its longest since the global financial crisis, a PMI survey showed. Businesses cited cost-cutting and greater use of AI. BBG
Kansas City Fed President Jeff Schmid said Tuesday that the Federal Reserve’s inflation problem isn’t only about energy, and bringing inflation down to the Fed’s 2% objective will require tighter policy. WSJ
Progressive Abdul El-Sayed is projected to win Michigan’s Democratic US Senate primary, according to NBC. He’ll face Republican Mike Rogers in November in a contest critical to Democrats’ hopes of regaining the Senate. BBG
OpenAI and Anthropic AI models carried out “potentially harmful” actions, including hacking a website, UK government safety tests found. Separately, the White House was said to have told US AI firms that open-weight models developed by their Chinese rivals won’t be subject to government testing. BBG
V-Shaped: Nasdaq now up ~945 bps in just 4 sessions (since last Thursday), punching back above its 50-dma to the upside. This 4-day move stacks up with how Tech has traded out of (or during) other notable market “events” over the last 20 years (GFC, COVID, ’22 Hiking Cyle, Liberation Day, et al).: Goldman
https://x.com/zerohedge/status/2084973003641622606
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