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Monday, July 1

The overall market is currently experiencing normal macro volatility.

Some of the largest moves in the market today include: CAC 40 Index (France) has experienced a move of +2.0%. China's Composite PMI fell to a six-month low of 50.5 in June, with manufacturing shrinking for the second consecutive month and services growth at its slowest pace since December.

Key market-moving events include the upcoming release of U.S. ISM manufacturing PMI on Monday, followed by eurozone core CPI flash estimates and a panel discussion featuring ECB President Lagarde and Fed Chair Powell in Sintra on Tuesday.

Citigroup has upgraded its outlook for financials due to anticipated impacts from economic indicators such as PMIs, JOLTS job openings report, ADP employment change data this week; FOMC meeting minutes will also be published alongside US nonfarm payrolls after Independence Day holiday observance on Thursday.

Additionally, German inflation remains under scrutiny with forthcoming economic data expected to influence trading sentiments across currencies including EUR.

KBE [+1.5%]
The SPDR S&P Bank ETF saw positive movements in its top holdings, with companies like Citi and Bank of America announcing dividend increases. These actions reflect confidence in future performance and financial strength, potentially attracting investors seeking reliable returns. The Euro's movement relative to the US Dollar may have influenced banking stocks within the ETF due to their correlation.

VGK [+0.9%]
The Vanguard FTSE Europe ETF experienced positive movements, potentially influenced by correlated assets such as the EUR/USD pair. Key holdings like GOGL contributed positively while others like FRO had negative returns. This suggests mixed performance within the ETF's portfolio during this period and may have impacted its overall price movement indirectly due to these constituent stock performances coinciding with the upward trend in correlation with currency pairs showing favorable economic conditions or market sentiment in Europe.

CHWY |+10.5%|+1.4B Keith Gill's disclosure of a 6.6% stake in Chewy Inc led to a surge near one-year highs, with analysts' sentiments varying based on market conditions and company performance. Positive financial indicators show revenue growth and strong profitability metrics exceeding industry averages, reflecting effective management by Chewy. Roaring Kitty's involvement post-GameStop saga also contributed to the stock surge over 20%, showcasing connections between key players like Ryan Cohen.

GME | -6.7% | -474.0M
GameStop Corp's stock price experienced volatility due to Roaring Kitty disclosing a stake in Chewy Inc., with related market speculation about his GameStop shares. This has created uncertainty and impacted investor sentiment, showcasing the influence key players can have on retail investing dynamics within GME.

SPR |+4.3%|+170.1M
Boeing's acquisition of Spirit AeroSystems Holdings Inc. in a $8.3 billion all-stock deal, with Airbus also involved, positively influenced the stock price movement significantly. This strategic merger is aimed at enhancing efficiency and growth prospects within the aerospace industry landscape for both companies.

EADSY |+2.2% | +614.4M
Boeing's acquisition of Spirit AeroSystems, including a deal with Airbus SE, could impact Airbus' supply chain and competitive position. This all-stock transaction is subject to regulatory approval, potentially reshaping market dynamics for both companies moving forward. The correlation between EUR/USD and Airbus suggests sensitivity to exchange rate changes which may have influenced the stock movement in conjunction with broader market trends.

SAVA |-12.4%|-64.3M
Cassava Sciences Inc. stock dropped significantly following the indictment of Dr. Hoau-Yan Wang for alleged fraud related to NIH grants totaling approximately $16 million from 2017-2021. Despite this, the company confirmed that Wang had no involvement in their Phase 3 clinical trials for Alzheimer's treatment drug simufilam, which helped stabilize shares after an initial decline post-news.

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