Bi-Weekly Market Review - Edition #2

For the period 16th June - 30th June

Dear FOMOdrive community members,

Welcome to Edition #2 of our Bi-weekly Market Review covering market news from 16th - 30th June.

Summary

BlackRock, the world's largest asset manager, has filed for a Bitcoin ETF, which could legitimise the Bitcoin market if approved by the SEC. As Europe gets ready for a potential digital Euro, the BlackRock Investment Institute anticipates that AI-focused companies will significantly contribute to returns in developed markets. Meanwhile, S\&P Global has lowered China's GDP growth forecast for 2023 to 5.2%, while Fed’s Chair Powell hinted at a probable two more hikes to the Fed funds target rate.

Key events that could influence the markets today include the release of Euro-area inflation data and US personal income and spending data, alongside the PCE deflator data, the Federal Reserve's favoured inflation gauge.

Crypto

- BlackRock files for bitcoin ETF in push into crypto, source: Reuters

- Fed Chair Powell Sees “Stablecoins as Money”, source: yahoo!finance

- Europe Gets Ready for Potential Digital Euro, source: The Wall Street Journal

- Binance.US Market Share Drops to 1.5% in Wake of SEC Crackdown, source: Bloomberg

- Binance, SEC strike deal to keep US customer assets in country, source: Reuters

- US Supreme Court rules in favor of Coinbase in arbitration dispute, source: Reuters

Equities

- Nikkei clinches fresh three-decade high as BOJ stands pat, source: Reuters

- Investors pour into equities to 'chase the bull', says Bank of America, source: Reuters

- BlackRock says AI 'mega-force' to buck tough macro trend, source: Reuters

Bonds and Interest Rates

- Dollar strengthens as Powell hints at more rate hikes, source: Reuters

- S&P cuts China GDP forecast as calls for stimulus intensify, source: Reuters

Learning Corner

Quote of the Day:

“ The most dangerous thing is to buy something at the peak of its popularity. At that point, all favorable facts and opinions are already factored into its price and no new buyers are left to emerge.”- Howard Marks

Educational Spotlight:

In our continued quest for learning, we would like to share this resource with you: Stablecoins explained: An FAQ on these digital assets. This article provides a succinct overview of what stablecoins are.

We hope you found this edition of the Bi-weekly Market Review informative and useful. As always, we welcome your feedback.

Until next time. Stay informed!

The FOMOdrive Team