Notes

• The 30-year long bond yield has surged to its highest level in 19 years, according to analyst Mike Shedlock. • Shedlock suggests this spike serves as a market signal to Federal Reserve Chairman Kevin Warsh regarding recent monetary policy decisions. • The trend reflects growing macroeconomic concerns, highlighted by a GDPNow final estimate for 2026 Q2 GDP of 1.5%, which is significantly lower than the Econoday consensus of 2.3%.

• European Central Bank President Christine Lagarde has unveiled 10 design options for a new generation of euro banknotes. • The proposed designs are divided into two thematic categories: “European culture” and “rivers and birds.” • Euro-area citizens are invited to vote on their preferred designs through September 21, with the Governing Council expected to make a final decision by the end of the year.

• The European Central Bank (ECB) has unveiled ten finalist designs for future euro banknotes, divided into two primary themes: culture and nature. • The culture theme features icons such as Leonardo da Vinci, Maria Callas, Beethoven, and Marie Curie, while the nature theme focuses on birds symbolizing European biodiversity. • This initiative allows European citizens to vote for their preferred designs via a survey on the ECB's website, ranging from minimalist to traditional styles.

• The European Central Bank (ECB) has unveiled ten shortlisted design proposals for new euro banknotes. • To determine the final selection, the ECB's Governing Council has launched an online public survey inviting citizens across Europe to vote on their preferred designs. • This initiative allows the public to directly influence the visual identity of the single currency, ensuring the new notes reflect the values of the euro area.

• On July 23, the European Central Bank (ECB) unveiled a shortlist of 10 design proposals for the next series of euro banknotes. • The ECB's Governing Council has launched an online public survey, inviting citizens across Europe to vote on their preferred designs. • This initiative allows the public to directly influence the visual identity of the eurozone's currency, ensuring the new notes reflect a broad European consensus.

• The European Central Bank (ECB) has unveiled ten finalist designs for future euro banknotes, focusing on themes of culture and nature. • Proposed designs include portraits of iconic figures such as Leonardo da Vinci for the €100 note, Bertha von Suttner for the €200 note, as well as Maria Callas, Beethoven, and Marie Curie. • Other options feature birds to symbolize Europe's biodiversity, reflecting a choice between celebrating human intellectual achievement or environmental preservation.

• On July 24, the Korean stock market recorded several corporate actions, including share cancellations by JB Financial Group, Hansae MK, and Daekyo. • Capital reductions were implemented by Dynamic Design and T'way Holdings, while ToolGen set its record date for new share allocations via a rights offering. • Daedong Gear (008830) processed forfeited share subscriptions, with Korea Investment & Securities serving as the lead manager.

• BofA Finance (NYSE: BAC) has sold $3.21 million in index-linked digital return notes. • The notes offer a 10.84% digital return provided that three major indices, including the S&P 500 (SPX), remain above 65% of their initial levels. • Investors face significant risk, as they are exposed to the full downside of the indices and the credit risk associated with the issuer.

• The Reserve Bank of India (RBI) is preparing to transition to plastic (polymer) banknotes, marking one of the most significant makeovers in the history of Indian currency. • To facilitate this shift, Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) has issued a global Expression of Interest (EOI) to establish a polymer substrate manufacturing facility within India. • This move aims to enhance currency durability and security while reducing the environmental impact and costs associated with replacing worn-out paper notes.

• Brent crude oil is trading in the mid-$70s and WTI is priced above $70 per barrel. • The price increase is driven by escalating geopolitical tensions between the United States and Iran. • Market analyst Mohamed A. El-Erian notes that these tensions are currently a primary driver of market sentiment.

• Journalist Jeremy Kuzmarov reports in *Covert Action* that U.S. military bases globally are experiencing a surge in protests from an emboldened antiwar movement. • The report highlights specific demonstrations and actions targeting U.S. military installations in Ireland, Germany, Holland, South Korea, the Philippines, and Australia. • This trend signifies a growing international pushback against the U.S. military presence and global strategic footprint.

• Analyst Callum Thomas provided a weekly S&P 500 ChartStorm overview, highlighting a broadening bull market and shifting dynamics between value and growth stocks. • The analysis compares equal-weighted versus cap-weighted indices and examines the performance of financials, micro caps, and Real Estate Investment Trusts (REITs). • A critical component of the review includes an ongoing "bubble watch" regarding AI stocks to determine if current valuations are sustainable.

• Israel and Lebanon have entered into a Trilateral Framework Agreement in 2026, aimed at managing conflict and establishing border security. • The agreement involves complex negotiations between state actors and non-state armed groups, with the United States playing a critical role as an international mediator. • This framework is significant as it addresses regional geopolitics and humanitarian concerns, demonstrating the use of diplomacy to resolve long-standing security tensions.

Consumer advocacy group Choice blind tested 30 olive oils – and found many of the highest ranked came from AustraliaGet our breaking news email, free app or daily news podcastConsumer advocacy group Choice has taste tested 30 supermarket extra-virgin olive oils, and found some Australian-made oils rank higher than those imported from Italy and Spain.“A lot of Australians are after local products, and there are a lot of Australian olive oil makers that have built quite a good reputation,” Pru Engel, Choice audience and engagement editor, said. Continue reading...

• Former Federal Reserve Chairman Alan Greenspan has passed away at the age of 100. • Kevin Warsh is reportedly taking early steps to reshape the Federal Reserve's approach to mirror the policies and image of Greenspan. • This shift suggests a potential return to the economic philosophies that defined the Fed during Greenspan's long tenure.

• U.S. consumer sentiment has increased from a previous low of 44.8, according to recent data from the University of Michigan. • Mohamed A. El-Erian, president of Queens' College at the University of Cambridge, noted that while households are feeling more optimistic, sentiment remains below optimal levels. • This trend is significant as it indicates a gradual recovery in economic confidence among U.S. consumers despite starting from a very low base.

• A new wave of K-dramas is premiering this week, featuring titles such as *See You at Work Tomorrow!*, *Notes From The Last Row*, and *Agent Kim Reactivated*. • These releases, which include suspense thrillers and workplace romances, are available across major streaming platforms including Netflix, Amazon Prime Video, Disney+, and Viki. • The launch marks a return to high activity for Korean television following a relatively quiet period for fresh premieres.

Information commissioner issues formal caution after London private hospital treating royal reported breachA former healthcare worker at a private hospital in London has been formally cautioned by the UK privacy and data watchdog over the deliberate misuse of the Princess of Wales’s private medical records and offering to disclose them for financial gain.The Information Commissioner’s Office (ICO) launched a criminal investigation into the unlawful obtaining and disclosure of medical information to a third party without the consent of the data controller after the London Clinic reported a breach in March 2024. Continue reading...

• OpenAI has released new updates for ChatGPT, including the introduction of the Agentic Commerce Protocol documentation and example implementations available on GitHub for developers. • Pro users on iOS and Android are receiving an early preview of "ChatGPT pulse," a feature that proactively delivers personalized, focused updates once per day. • These updates signal a shift toward more agentic capabilities and proactive user engagement rather than relying solely on user-initiated prompts.

Bank of England says updated imagery will celebrate native wildlife while bolstering anti-counterfeit featuresPuffins, dolphins and bumblebees are among the wildlife that could feature on new banknotes in the UK as the Bank of England announces its shortlist.There has been controversy over the decision, with figures including Nigel Farage criticising the Bank for, he claimed, wanting to replace Winston Churchill with a beaver. The Conservative leader, Kemi Badenoch, said it was “a silly thing to do”, and Reform UK’s Farage called it “absolutely crackers”. In the end, no beaver appeared on the shortlist. Mammal options include bottlenose dolphins and red foxes. Continue reading...

• Bank of Montreal priced US$2.22 million of S&P 500-linked capped buffer notes due Nov. 30, 2027, according to a securities filing. • The notes offer 150% upside participation, a 20% downside buffer, and a maximum return of 10%, showing continued demand for structured products tied to U.S. equity markets. • The deal is relevant for U.S. investors because it reflects how banks are packaging equity exposure amid high index levels and ongoing volatility concerns.

• Nvidia held its annual GTC technology conference on Monday, March 16, with CEO Jensen Huang delivering the keynote address amid broader market volatility tied to geopolitical tensions and oil price fluctuations. • The event timing coincides with elevated uncertainty in tech stocks, as investors reassess earnings estimates downward and monitor the impact of elevated oil prices on corporate profitability and consumer spending. • Tech sector performance remains sensitive to macroeconomic headwinds, including potential inflation from energy costs and Federal Reserve policy decisions expected this week.