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Stocks dipped at the end of a record-setting week after lackluster results from Europe’s Volkswagen, LVMH and Puma. The dollar advanced.

China’s central bank pumped a sizeable amount of cash into its financial system, a move seemingly intended to stop a bond selloff gaining momentum and destabilizing financial markets.

Asian stocks slipped, with a seven-day global equity rally losing steam as uncertainty over the Federal Reserve’s rate-cut trajectory sapped risk appetite. Shares in Hong Kong dropped, while the Topix index retreated from its record-high close on Thursday. The dollar rose slightly.

Stocks closed at all-time highs as Alphabet’s results showed solid demand for artificial intelligence, bolstering confidence in the technology that has powered the bull market. Signs of job strength ahead of next week’s Federal Reserve decision lifted Treasury yields.

Indian Commerce Minister Piyush Goyal said he was optimistic that his country could reach an agreement with the US ahead of an Aug. 1 deadline to avert threatened tariffs of 26%.

The BNY headquarters in New York. Photo: Jeenah Moon | Bloomberg

Goldman Sachs, BNY to record money market funds on blockchain

Goldman Sachs and Bank of New York Mellon are collaborating to utilize blockchain technology to track ownership of money market funds. The effort is part of a broader push to tokenize real-world assets — a leading application of blockchain, the decentralized ledger behind most cryptocurrencies. Other major firms, including BlackRock, Franklin Templeton, and KKR, have launched similar initiatives. McKinsey projects the tokenization market could reach $2 trillion by 2030. (Bloomberg Markets - Cryptocurrencies | Jul 23)

SEC should pave way for smaller CFTC in crypto bill

A cryptocurrency market structure bill moving through Congress could settle a long-running jurisdictional dispute between Wall Street regulators. The legislation aims to clarify oversight of the $4 trillion crypto market, but it could expose investors to new risks if the under-resourced Commodity Futures Trading Commission becomes the primary enforcer. While the measure would reinforce the SEC’s scaled-back role, it could also strain the CFTC’s ability to effectively regulate the industry. (Bloomberg Law | Jul 23)

2025 market rally defies forecasts and recession warnings

Since April, stocks have climbed 27%, even as economists raised the probability of a recession to 33% from 22% earlier this year. The unexpected rally has prompted analysts to repeatedly revise their outlooks, highlighting how markets often defy short-term predictions. (The Wall Street Journal | Jul 22)

Surge in leveraged loan market with $45 billion in new deals

Roughly $61 billion in US leveraged loans hit the market Monday — the second-highest daily total on record, according to Bloomberg data — as junk-rated companies scramble to cut borrowing costs by repricing existing debt. By 3 p.m. in New York, 33 deals had launched, with all but six focused on repricing. The largest was a $7.57 billion transaction for medical supply company Medline, primarily aimed at refinancing a term loan. (Bloomberg Markets | Jul 21)

Yield hunt fuels surge in US dividend futures and options

Rising demand for yield among US investors is propelling growth in the S&P 500 dividend futures and options market, a space historically dominated by European traders. Trading volume in CME Group’s dividend futures jumped 40% in the first half of the year, while open interest in S&P 500 dividend options has more than tripled since their debut in January. (Bloomberg Markets | Jul 20)

A stark warning to financial sector over fraud enabled by GenAI

OpenAI CEO Sam Altman sounded the alarm on a looming fraud crisis fueled by generative AI, cautioning financial institutions and regulators at a Federal Reserve Board conference. Altman warned that AI’s ability to mimic individuals could easily defeat current fraud prevention systems, including basic tools like voice authentication. He emphasized that as AI capabilities advance, the risk to financial security is rapidly increasing.

— Associated Press

Firms take measured steps toward GenAI adoption

Major companies are cautiously integrating generative AI, likening it to a supervised intern requiring guidance and oversight. Instead of granting it full autonomy, they’re deploying GenAI in targeted areas where human experts closely monitor its output. This deliberate approach acknowledges the technology’s current limitations, prioritizes risk management, and ensures accountability while exploring its potential.

— PYMNTS

Administration vows to boost AI adoption and international trade

In its “action plan” for AI, issued on Wednesday, the administration outlined measures that it said would make it easier and faster for tech companies to build the data centers needed to train AI models and obtain the necessary power for those centers. The plan also recommends that critical infrastructure providers utilize AI to enhance their cyber defenses, cautioning that any AI systems must be securely developed themselves. (CyberScoop). The Department of Homeland Security should create an information-sharing and analysis center for AI threat intelligence, the plan said. (Cybersecurity Dive).

— The Wall Street Journal

Source: VISA

Dark web travel scams soar as summer season peaks

As summer travel demand rises, cybercriminals are increasingly impersonating online travel agencies to promote luxury vacations at steep discounts. These fraudulent sites lure victims with bargain prices, then use stolen credit cards and loyalty points to pay for the actual bookings — pocketing massive profits. According to cybersecurity experts, profit margins can exceed 1,000%.

— The Wall Street Journal

Earth’s faster rotation results in one of the shortest days ever recorded.

Earth's faster rotation is shortening days, with July 22 projected to be the second-shortest on record — 1.34 milliseconds under 24 hours. This acceleration, first observed in 2020, may result in subtracting a second from atomic clocks by 2029.

— Space

Sometimes, you don’t need a lawyer, you just need to look like you have one

That’s the idea behind Heavyweight, a free, online, open-source tool that gives any complaint the polished look of a formal legal letter. While it doesn't provide actual legal representation, it democratizes the aesthetics of it, giving your grievance the visual weight of a law firm's letterhead.

— Kendra Albert