Good morning and welcome back to the working week. This is what we treat today:
-
Trump Budget Bill is confronted with Crunch Senate Stem
-
Canada Kladt Technical Tax
-
Hedge Funds’ Push in Private Credit
-
And the start of Wimbledon
The Senate is starting to vote later today about changes to the historical tax and expenditure account of Donald Trump. This is what you need to know after a loaded weekend of debating about the “Big Beautiful Bill”.
A summary: The debate has hardly happened. The Senate only agreed to start deliberations by the president and vice-president JD Vance on Saturday after interventions. Democrats demanded that the 940 pages bill was fully read on the Senate Floor and Thom Tillis, the Republican Senator from North Carolina, said he would not look for re -election next year after he had voted against opening the debate and a furious response from Trump with a challenge. In the meantime, the non-party Congressional Budget Office published his last estimate of the costs of the bill for the national debt-$ 3.2 tn in the coming decade, so that it took high world war. The figure is disputed by Republicans.
And this is what we keep an eye on today:
-
Markets: The US shares are expected to be opened on positive territory, after a record -high close on Friday. The S&P 500 has risen 27 percent since he hit an intraday layer of 15 months on 7 April, a few days after the president announced his “mutual rate” plans.
-
Interest rates: Federal Reserve Bank of Atlanta President Raphael Bostic talks about the economic prospects and monetary policy and the Federal Reserve Bank of Chicago President Austan Goolsbee participates in a moderated question and answer session for the Aspen Ideas Festival.
Five more top stories
1. Canada has run a tax on digital services aimed at American technology companies, In an attempt to get the trade negotiations with his neighbor too smoothly after Trump described the levy as a “direct and flagrant” attack. The decision to leave the 3 percent indictment came hours before the levy came into effect.
2. Donald Trump says he has found a “group of very rich people” to buy the American activities of Tiktok As part of the efforts to separate his ownership from China. “I’ll tell you in about two weeks … it’s a group of very rich people,” he said at Fox News yesterday. Here is more about who the buyers can be.
-
Nvidia: Insiders have sold more than $ 1 billion of the shares of the company in the last 12 months. Jensen Huang’s assets is now $ 138 billion, according to Forbes.
3. Push large hedge funds in private credit While they try to establish themselves as diversified financial institutions, with Millennium Management, Point72 and Third Point, all are aimed at launching new funds and strategies. Read the full story.
4. The comeback from Wall Street has drastically limited the gap with European shares. The outperformance of US shares is confusing bets that the President’s trade policy will cause a permanent rotation in other markets, in particular Europe. “The European problem has always been income, income, income,” said a fund manager.
5. The export controls of China are transferred to products that go beyond rare earths And magnets, threatening wider disruptions from the supply chain and the undermining of the American claims that a new trade agreement had resolved delays for shipments. Edward White has more details of Shanghai.
-
More about rare earths: European industrial groups turn to France while trying to reduce the dependence on China for the critical minerals.
-
Chinese economy: Beijing has not been able to overcome dozens of ‘choke points’ that are the essential building blocks of modern production.
News
While enemies were closed, a secret nuclear program was built deep underground, protected from American eyes. At least one rudimentary nuclear device was hurriedly built. This was Israel in 1967, when it was confronted with an existential threat. But the story is not so different for Iran today, which should confront the same question: creating a measure of the final deterrence by sprinting to a nuclear weapon, or taking a step back from the Brink?
We read too. . .
-
Trump Shock? The real surprise is that, despite his policy and unrest in the middle, the American stocks are still rising, Ruchir Sharma writes.
-
Financial repression: An economic policy war that is fed by state activism in shaping capital flows has begun, writes Martin Sandbu.
-
Boomerang Bankers: The phenomenon of those who only run away from the industry to return is more common than you might think, writes Craig Coben.
-
Company books Round-up: Young employees come to the top, manage crises and advice on holistic Leiden – here is the choice of this month’s business books.
Graph of the day
The tourist hotspots of Europe are brace for a record number of visitors this summer, while holidaymakers reject the US and the Midden -East. Analysts say that although European holidaymakers are partially responsible for the increase in the number of visitors to the best destinations of the continent, the main reason is the strong post-pandemic bounceback with visitors from the US.
Take a break of the news
Today the start of Wimbledon, the only Grand Slam Tennis Tournament, is played on grass. FT Globetrotter has produced this guide for the men and women who compete for two of the top trophy of tennis and a familiar function that will be absent this year.
