Key Takeaways
- U.S. lawmakers have escalated their investigation into the IPO of a Chinese battery giant, issuing subpoenas to banking giants JPMorgan (JPM) and Bank of America (BAC).
- Japan's Topix Index surged to an all-time high, closing up 1.7%, signaling strong investor confidence in the Japanese market.
- The Trump administration has pledged to boost the domestic use and international export of Artificial Intelligence (AI) technologies.
- French economic data presented a mixed picture, with stable business confidence but a notable decline in the own-company production outlook.
U.S. lawmakers are intensifying their scrutiny of major financial institutions, with JPMorgan (JPM) and Bank of America (BAC) reportedly subpoenaed over their involvement in the initial public offering (IPO) of a prominent Chinese battery giant. This development highlights ongoing concerns in Washington regarding the financial ties between U.S. banks and Chinese companies.
Across global markets, Japan's Topix Index demonstrated robust performance, closing at an all-time high with a gain of 1.7%. This significant rise reflects positive investor sentiment and momentum within the Japanese equity market.
In a move set to influence the technology sector, the Trump administration has pledged to stimulate the use and export of Artificial Intelligence (AI) technologies. This policy initiative could provide a significant boost to AI-focused companies and foster innovation in the burgeoning field.
Meanwhile, economic indicators from France presented a mixed outlook. French business confidence remained stable at 96, aligning with both estimates and the previous month's figures. Similarly, manufacturing confidence in July held steady at 96, though it slightly missed estimates of 97.
However, the France own-company production outlook deteriorated significantly, falling to -4 from a previous -1 and missing estimates of 0. The broader France production outlook indicator showed a slight improvement, registering -12, which was in line with estimates and an improvement from the prior -13. These figures suggest underlying concerns about future production capacity despite stable confidence levels.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.