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Tuesday, July 1

Noteworthy macro moves today: Gold +1.6%. Noteworthy US mega-cap moves today: Tesla Inc (TSLA) -5.9%. 

Recent market movements are significantly influenced by the upcoming speeches from major central bank leaders at the European Central Bank's Forum on Central Banking in Sintra, Portugal. Fed Chair Jerome Powell, ECB President Christine Lagarde, and other key figures will discuss monetary policy amidst rising concerns over inflation control and economic growth prospects. This convergence of policymakers is expected to provide critical insights that could impact global markets.

In terms of economic data releases today, Eurozone consumer price inflation has risen slightly to 2% year-on-year for June 2025—matching expectations but reflecting a mixed outlook as Germany experienced an unexpected decline while France saw modest increases. Additionally, manufacturing activity indicators have shown varied results across Europe; notably, France’s Manufacturing PMI dropped sharply indicating contraction despite some improvements elsewhere like Spain where it rose above forecasts.

Political developments also weigh heavily on financial assets with U.S.-China trade negotiations remaining tense ahead of a July deadline for reciprocal tariffs set by President Trump. The administration appears to be shifting towards narrower agreements rather than comprehensive deals which may further affect investor sentiment amid ongoing fiscal uncertainties related to Trump's proposed tax bill potentially adding $3.3 trillion to national debt levels.

SPDR Gold Shares (GLD) [+1.4%]
The price of gold has increased, reaching approximately $3,357.60 per ounce, amid a decline in U.S. Treasury yields, which now stand at 4.242%. This decrease in yields has positively influenced the XAU/USD rate, coinciding with ongoing economic uncertainties and concerns regarding U.S. fiscal health. Additionally, discussions on social media highlighted that Texas has recognized gold and silver as legal tender, potentially affecting sentiment towards gold-related investments. A post noted a rally in gold prices from a specific range, aligning with recent technical analyses suggesting bullish movements in the market. However, upcoming trade deals and legislation may exert downward pressure on gold demand, which could have implications for future price movements.

Invesco Currencyshares Japanese Yen Trust (FXY) [+0.7%, +2.4M]
In the pre-market session, the Invesco Currencyshares Japanese Yen Trust (FXY) has experienced a price increase of 0.9%. This movement coincides with a decline in the USD/JPY currency pair, which has reached a near three-week low as the US dollar weakens against the yen. Contributing factors include rising concerns over the fiscal health of the United States and expectations for potential Federal Reserve rate cuts. Disappointing economic data suggests that monetary easing from the Fed may be on the horizon. Additionally, positive sentiment from Japan's Tankan survey reflects improved business conditions among large manufacturers, potentially bolstering the yen further. The USD/CHF currency pair has also declined, indicating broader market sentiment that may influence the USD/JPY movement.

TSLA | -6.1% | -58.1B
Tesla Inc | Automobile Manufacturers
Tesla Inc's stock has experienced significant downward pressure, moving lower in tandem with the broader Automobile Manufacturers sector. Tensions between CEO Elon Musk and President Donald Trump have escalated, particularly following Trump's remarks suggesting that Musk's ventures depend heavily on government subsidies. This criticism coincides with a notable decline in Tesla's sales, particularly in Sweden and Denmark, where registrations have dropped sharply year-over-year. Analysts at JPMorgan have revised their forecasts, projecting a 19% year-over-year decline in Tesla's deliveries for the second quarter, estimating 360,000 vehicles. Social media discussions reflect concerns about delivery targets, with indications that Tesla may face its worst financial quarter in years. Additionally, political dynamics related to Musk and Trump have negatively influenced market reactions, contributing to a significant decline in Tesla's stock price.

MESO | +12.5% | +1.8B
Mesoblast Ltd | Biotechnology
Mesoblast Ltd has recently reached a significant milestone by aligning with the FDA on essential requirements for its Revascor® biologics license application, which targets ischemic heart failure. This agreement, confirmed earlier today, follows a successful Type B meeting with the FDA. The company plans to submit the Biologics License Application by year-end, seeking accelerated approval for patients with end-stage ischemic heart failure utilizing a left ventricular assist device. Discussions have centered on critical aspects such as chemistry manufacturing controls and trial design, which may support this expedited pathway. Additionally, Mesoblast's commitment to developing cellular medicines for inflammatory diseases and its extensive patent portfolio, extending through at least 2041 in major markets, have been highlighted in recent social media discussions, contributing to the positive market sentiment surrounding the stock.

COIN | -2.8% | -2.4B
Coinbase Global Inc | Financial Exchanges & Data
Coinbase Global Inc is experiencing a decline, influenced by a broader downturn in the Financial Exchanges & Data sector. The U.S. Supreme Court recently declined to review a case that allows the IRS access to user data, following a lawsuit from a Coinbase account holder regarding privacy rights. This decision has coincided with Coinbase shares falling in after-hours trading after closing lower during the regular session. Social media discussions highlight the impact of this ruling on regulatory scrutiny faced by the company. Additionally, Bitcoin has dropped, which may further correlate with the decline in Coinbase's price. The most recent trading data reflects a decrease in Coinbase's stock, with the last recorded price showing a continued downward trend.

NTDOY | -2.6% | -703.2M
Nintendo Co Ltd | Interactive Home Entertainment
Nintendo Co., Ltd. has withdrawn its products from Amazon's US site due to a dispute over unauthorized sales, a decision reported by Bloomberg approximately one hour and fifty minutes ago. This move follows the company's missed opportunity to leverage the recent launch of the Switch 2, which is regarded as the largest game console debut. The withdrawal was prompted by third-party merchants selling games at prices below those set by Nintendo. Additionally, social media discussions indicate that this decision may impact the upcoming Switch 2 launch, with notable conversations highlighting recent price movements in Nintendo's equity.

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