Key Takeaways
- Terraform Labs co-founder Do Kwon may plead guilty in a U.S. criminal fraud case linked to the $40 billion collapse of the TerraUSD stablecoin in 2022.
- Tesla (TSLA), led by Elon Musk, has applied to become a power supplier to homes in the UK, marking a significant expansion into the energy utility sector.
- Intel (INTC) CEO is at the White House, coinciding with discussions around former President Trump's proposal for a 15% cut on Nvidia (NVDA) and AMD (AMD) chip sales to China.
- Danone is launching a new Oikos brand drink in the U.S. specifically for consumers using weight-loss medications like Wegovy, aiming to address muscle retention concerns.
- Chilean state-owned Codelco reported a 17.3% year-over-year increase in its June copper output, reaching 120,200 tons.
Cryptocurrency and Legal Developments
Terraform Labs co-founder Do Kwon is reportedly considering a guilty plea in a U.S. criminal fraud case. This development is tied to the dramatic $40 billion collapse of the TerraUSD stablecoin in 2022, a significant event that sent shockwaves through the cryptocurrency market.
Tech and Trade Policy in Focus
The CEO of Intel (INTC) has arrived at the White House, according to CNBC. This visit occurs amidst ongoing discussions surrounding potential U.S. trade policies, including former President Trump's recent defense of taking a 15% cut from Nvidia (NVDA) and AMD (AMD) chip sales to China. Such policies could significantly impact the semiconductor industry and U.S.-China trade relations.
In other tech news, Elon Musk's Tesla (TSLA) has applied to become a power supplier to homes in the UK, as reported by the BBC. This move signals Tesla's continued expansion beyond electric vehicles into the broader energy sector, potentially disrupting traditional utility markets.
Geopolitical Diplomacy and Commodity Production
Diplomatic efforts regarding the Russia-Ukraine war continue, with Ukrainian President Zelenskiy’s Chief of Staff discussing war-ending diplomatic efforts with Senator Marco Rubio. Concurrently, UK Labour leader Keir Starmer and former Bank of Canada Governor Mark Carney have backed Trump’s peace efforts for the conflict, emphasizing that any deal must be built with Ukraine’s involvement. The ongoing diplomatic engagements highlight the complex international efforts to resolve the conflict.
On the commodities front, Chilean state-owned mining company Codelco announced a substantial increase in its June copper output. The company's production was up 17.3% year-over-year, reaching 120,200 tons. This significant increase could influence global copper prices and supply dynamics.
Consumer Trends and Economic Indicators
Global food giant Danone is strategically targeting a burgeoning market by introducing a new Oikos brand drink in the U.S. The dairy-based beverage is specifically designed for consumers using popular weight-loss medications such as Wegovy, aiming to address the common concern of retaining muscle mass. This innovation reflects a growing trend of companies adapting products to meet the needs of consumers on new pharmaceutical treatments.
Meanwhile, Wall Street is expressing concerns about the reliability of government inflation data on the eve of the highly anticipated Consumer Price Index (CPI) report. Market participants are closely watching economic indicators for signs of inflation trends and their potential impact on monetary policy.
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.