Meeting

• U.S. Senators adjourned in the early morning hours without passing the SAVE America Act, a strict proof-of-citizenship voting bill pushed by President Donald Trump. • President Trump urged the Senate to abandon its traditional filibuster rules to bypass the 60-vote threshold required to advance the legislation. • Senator Thune and a majority of the chamber resisted the president's demand to alter procedural rules to jam the bill through.

• Right-wing political groups, including Patriots for Europe, have criticized Spanish ministers for skipping a European Union meeting regarding the migration crisis in Ceuta. • Opponents argued that the absence sends a poor signal to Europe, despite the migrants being primarily Spanish-speaking individuals from Latin America. • An ally of Prime Minister Pedro Sánchez defended the move, asserting that Spanish government ministers are not accountable to the European Parliament.

• EU Migration Commissioner Gunnar Brunner criticized Spain's plan to regularize undocumented migrants, stating that such a scheme sends a "not a good signal" to the rest of Europe. • The comments follow a crisis meeting in Ceuta and a decision by Italy to reintroduce air and sea border checks with Spain for one month. • Spanish Prime Minister Pedro Sánchez condemned Italy's border restrictions, claiming they were driven by "prejudice, fake news, ignorance and political interest."

Migration commissioner says scheme regularising undocumented people ‘not a good signal’ for EuropeExplainer: Why is Ceuta a migration flashpoint?The EU’s top official on migration has criticised Spain’s plan to regularise undocumented migrants as “not a good signal” for Europe, after an emergency meeting intended to draw a line under divisions on the Ceuta crisis.Magnus Brunner, the European commissioner for migration, said that while the EU could not currently see a direct link between events in Ceuta and Spain’s regularisation plan, the policy was “definitely not a good signal for the rest of Europe”. Continue reading...

• EU interior ministers will hold a decisive face-to-face video conference tomorrow to address the escalating crisis in the Spanish exclave of Ceuta. • The meeting will focus on the role of Frontex, cooperation with Morocco, and the overall management of the European Union's external borders. • The crisis occurs amid a broader trend of temporary border controls already implemented by nations including Germany, France, Italy, Austria, the Netherlands, Poland, Sweden, and Norway.

Israeli takeover of al-Aqsa mosque and Dome of the Rock compound in Jerusalem said to be ‘imminent’ threatMiddle East crisis live – latest updatesJordan is convening an emergency meeting of foreign ministers from the Arab and Islamic world over what it says is an “imminent” threat of an Israeli takeover of the most important religious site in Jerusalem, with the potential to “trigger a religious conflict”.The meeting on Wednesday – and the Jordanian warning – follow an escalating pattern of government-backed incursions by Jewish religious extremists on the compound around the al-Aqsa mosque and Dome of the Rock, in violation of a status quo treaty overseen by Jordan’s Hashemite monarchy, by which only Muslims can pray at the site. Continue reading...

• The PML-N party secured a victory in the second phase of elections in Pakistan-occupied Kashmir (PoK), marking a significant political shift in the region. • Security concerns escalated in northwest Pakistan with a rising death toll from attacks, while recovery efforts continue for climbers on Broad Peak. • Diplomatic activity intensified as Donald Trump announced new developments regarding talks with Iran and Aung San Suu Kyi held a rare meeting in Myanmar.

• The European Union has called an emergency meeting to address the ongoing crisis involving an influx of migrants into the Spanish enclave of Ceuta. • Tensions have escalated after Italy, with support from Finland and Denmark, suspended the border-free Schengen arrangement with Spain. • Spain has strongly condemned these actions, describing the response from other EU member states as "selfish, polarising and unlawful."

• Spanish Prime Minister Pedro Sánchez has condemned the "selfish" and "unlawful" response from other EU nations following a mass migration crossing into the Spanish enclave of Ceuta. • Sánchez defended Spain's border management, citing Frontex data that shows Spain's external borders are significantly less porous than Italy's between 2021 and 2026. • In response to the escalating tension, Ireland's presidency has convened a "political crisis response team" to address the situation.

Pedro Sánchez hits out at ‘polarising and unlawful reaction’ over mass crossing into Spanish enclave in north AfricaEurope live – latest updatesSpain’s prime minister, Pedro Sánchez, has called for an urgent meeting of EU interior ministers after what he called some member states’ “selfish, polarising and unlawful reaction” to this week’s mass border crossing into the Spanish enclave of Ceuta in north Africa.More than 50,000 people crossed into the enclave from Morocco on Thursday and Friday, with at least 67 people dying in the attempt. Some drowned, while others were crushed as they attempted to cross a breakwater barrier. Continue reading...

• Kevin M. Warsh is considering a reduction in the frequency of regularly scheduled Federal Reserve meetings used to set interest rates. • The Federal Reserve has maintained a schedule of at least eight meetings per year for several decades. • This proposal represents a potentially seismic shift in central bank operations and the most significant change since Warsh became chairman.

• President Trump held a Cabinet meeting at Camp David, where he discussed Iran and the Attorney General nomination of Matthew Blanche. • During the event, Trump announced a new deal requiring Hamas to disarm in exchange for the withdrawal of Israeli forces from Gaza. • Meanwhile, Kamala Harris criticized the Supreme Court's 2024 ruling on presidential immunity, highlighting the court's current 6-3 conservative majority.

• The Federal Reserve concluded its latest meeting with a decision that signals a potential interest rate hike is on the horizon. • This shift comes as the committee prioritizes combating persistent inflation, which remains a primary concern for policymakers. • The move is significant for investors as it suggests a transition away from current monetary policies toward a more restrictive stance.

• The Federal Reserve decided to hold interest rates steady during its most recent meeting, though officials remain divided on the best strategy to combat inflation. • Fed officials emphasized that the decision was not "inertial," asserting that they are actively discussing policy and strategy to stabilize the economy. • Key tools under consideration for controlling inflation include adjusting interest rates, managing the balance sheet, and influencing overall financial conditions and credit availability.

• The Federal Reserve decided to keep its key interest rate unchanged during its meeting on July 29. • The decision was not unanimous, as three officials dissented and advocated for a rate hike due to ongoing inflation concerns. • Chairman Kevin Warsh stated the Fed "will not hesitate" to act on inflation and noted that he welcomes the recent rise in Treasury yields.

• The FOMC voted to keep interest rates steady during its July meeting, although three members advocated for a rate hike. • Fed Chair Kevin Warsh and other members evaluated several economic pressures, including stubborn inflation, job market patterns, and the impact of the Iran War. • Warsh reaffirmed the central bank's commitment to its 2% inflation goal and the dual mandate of maintaining low inflation alongside a healthy labor market.

• South Korea has convened an emergency financial meeting following a historic collapse of the KOSPI index, which has dropped approximately 40% from its peak in June. • The market volatility was severe enough to trigger circuit breakers, signaling a significant systemic shock to the nation's equity markets. • This crash is particularly concerning because South Korean retail sentiment is often viewed as a leading indicator for global risk appetite, especially within digital asset and crypto markets.

• Investors are closely monitoring the Federal Reserve's upcoming interest rate decision following a three-session winning streak that saw the Dow Jones Industrial Average surge over 500 points. • President Donald Trump has publicly criticized the Fed's Board of Governors as "very political" with "bad intentions," while praising official Warsh. • Market volatility is expected as stock futures trend lower ahead of the bell, reflecting uncertainty over the central bank's policy direction.

• Donald Trump and his allies are attempting to reshape the Federal Reserve, moving beyond the typical focus on interest rate adjustments. • The effort involves challenging the central bank's independence and seeking greater political influence over its monetary policy decisions. • This shift matters because it could undermine the Fed's autonomy, potentially leading to market instability and altered inflation management.

• Investors are preparing for Wednesday's Federal Reserve rate decision amid unusually high uncertainty regarding future interest rate hikes. • Market participants are focusing on core inflation and whether Chair Kevin Warsh will provide forward guidance or maintain a data-dependent approach for September. • Economists from Fifth Third Commercial Bank and MacQuarie anticipate a "hawkish hold," suggesting rates may stay steady but with a strong bias toward future increases.

• Investors are anticipating the Federal Reserve's upcoming interest rate decision, with the general expectation being that rates will remain steady. • Despite expectations of a hold, growing uncertainty under Chair Kevin Warsh has increased the possibility of a surprise rate hike. • A new Fed report indicates the U.S. economy remains resilient, though ongoing conflict in Iran is creating volatility and clouding the economic outlook.

Ukraine seeks more firepower for air defenses and Israeli prime minister tries to repair relationship with US presidentDonald Trump hosted back-to-back White House meetings with Volodymyr Zelenskyy and Benjamin Netanyahu on Tuesday, as Ukraine seeks more firepower for its air defenses and the Israeli prime minister tries to repair his strained relationship with the US president.It was Netanyahu’s first visit to the Oval Office since he and Trump launched their joint military campaign against Iran on 28 February. Continue reading...

• Asian markets are expected to open lower due to ongoing valuation pressures on technology stocks, coinciding with the start of the FOMC meeting. • Investors are closely monitoring SK Hynix's earnings report, CXMT's second day of trading, and news regarding China's new deep ultraviolet lithography kit. • South Korean shipbuilder Hanwha Ocean reported a second-quarter operating profit of 736.1 billion won ($500.6 million), marking a 98% increase from the previous year.

• Israeli Prime Minister Benjamin Netanyahu has arrived in Washington for a scheduled meeting with Donald Trump on Tuesday. • Reports indicate that Trump initially declined the meeting, only agreeing after Israel made specific concessions regarding the conflict in Gaza. • Simultaneously, the US embassy has extended a travel ban prohibiting American officials from conducting personal travel within the West Bank.

• Investors are entering the busiest week of the quarter, focusing on critical financial reports from four major "hyperscaler" Big Tech companies. • Key economic events include the June Federal Open Market Committee (FOMC) meeting to decide on interest rates and updated MBA mortgage application data. • Market volatility is expected as traders balance corporate earnings with geopolitical escalations in the Middle East and oil prices hitting $100 per barrel.

• Stock markets are bracing for high volatility this week due to the Federal Reserve's two-day policy meeting and upcoming Big Tech earnings reports. • Economist Neil Dutta suggests a potential rate hike may be necessary as inflation remains persistent, further exacerbated by Brent crude oil prices surpassing $100 a barrel. • The spike in oil prices is attributed to reignited war tensions and attacks on tankers in the Red Sea, fueling concerns that inflation will stay elevated.

• The Nikkei 225 is projected to trade within a pivotal range of 63,000 to 67,000 next week. • Market volatility is expected as investors weigh upcoming earnings reports from AI and semiconductor firms alongside policy meetings from the U.S. and Japanese central banks. • Global economic indicators, including China's manufacturing and non-manufacturing PMIs and the Eurozone's July CPI due on the 31st, will provide critical context for economic trends.

• President Lee Jae Myung held a dinner meeting on the 24th in San Francisco with global AI leaders, including NVIDIA CEO Jensen Huang and heads of Samsung Electronics, Hyundai Motor Group, and SK Group. • During the event, President Lee announced the ‘San Francisco AI Declaration’ at the San Francisco AI Summit to strengthen South Korea's role in the global AI supply chain. • The meeting brought together industry giants with a combined market capitalization of 1.7 gyeong (approximately 17 quadrillion won), highlighting the immense economic scale of the AI sector.