Tuesday's News Links

[CNBC] S&P 500 hits record, Dow surges after Bessent says Hormuz deal is near: Live updates

[Yahoo/Reuters] Oil prices drop 4% after Qatar, Bessent raise hopes of a US-Iran deal

[Reuters] Asia stocks move higher on Wall Street lead, oil steady

[Yahoo/Bloomberg] Qatar Signals Progress Toward Short-Term Deal Between US, Iran

[Yahoo/Bloomberg] Trump Tells Iran He Wants a Deal on Hormuz Agreed Imminently

[Reuters] Iran demands inbound control of Hormuz and outbound oversight, source says

[Yahoo/Bloomberg] Hormuz Traffic at a Trickle as Ship Attacks Heighten Concerns

[Reuters] Status of US-Iran talks uncertain as ship struck in Hormuz

[Reuters] How Iran is widening its pressure campaign to force US concessions

[Bloomberg] Iran Sees US as Weak After Trump Backs Off Strikes, CSIS Says

[Reuters] US has used 'virtually all' of its long-range precision missiles during Iran war, sources say

[Yahoo/Reuters] US Treasury's Bessent: Reasonable for Fed to consider upsizing FIMA

[Reuters] US Treasury Secretary Bessent: Will do whatever it takes to support Japan

[Yahoo/Bloomberg] Asia Hedge Funds Suffer Widespread Losses in July Market Rout

[Yahoo/Fortune] Ray Dalio on the AI bubble nearing 1929, 2000 levels and the lesson people always forget: ‘wealth is not the same as money’

[Bloomberg] Bessent Suggests US-Iran Hormuz Deal Possible in Coming Days

[Bloomberg] After Historic Intervention, 155 Emerges as Yen’s Next Big Test

[Bloomberg] China Is Getting More Anxious About Mythos Before Trump Meets Xi

[Bloomberg] Japan Defense Report Warns On China, Russia, NK Military Links

[NYT] An Emerging Deal Could Cement Iran’s Control of Strait of Hormuz

[NYT] A Currency Trader at Heart, Bessent Bets on Japan’s Yen

[WSJ] Why Bessent Is Leaning on the Fed to Help Prop Up Japan’s Currency

[WSJ] Only the Bank of Japan Can Arrest the Yen’s Decline

[WSJ] Five Charts That Show Why the U.S. and Japan Teamed Up to Buy Yen

[WSJ] The AI Boom Is Transforming the American Economy Beyond Recognition

[WSJ] The AI Economy Welcomes Its Latest $3 Trillion Club Member

[FT] Scott Bessent’s yen intervention signals new era of US ‘currency activism’

[FT] Trump claims Iran talks under way despite denial from Tehran

[FT] Apollo misses out on big asset sales that have boosted rivals

Monday Evening Links

[AP] US stocks rally near a record as falling oil prices ease Wall Street’s worries about inflation

[Reuters] How a US-Japan pact to hit yen speculators came together

[AP] Live updates: Trump says new talks are Iran’s ‘last chance’ to make a deal

[AP] Trump optimistic Iran talks will reopen strait, and other developments in the Middle East

[Reuters] US Treasury raises third-quarter borrowing estimate to $739 billion

[Reuters] Wildfires near Spokane destroy more than 700 buildings, force 64,000 to flee

Monday Afternoon Links

[CNBC] Stocks rally, fueled by gains in Big Tech and a drop in oil prices: Live updates

[Yahoo/Bloomberg] Oil Slips as Trump Holds Off Iran Attack, Says Talks to Resume

[AP] Trump says new talks are ‘last chance’ for Iran to forge deal and avoid escalation of US strikes

[Yahoo/Bloomberg] US Factory Activity Expands at Strongest Pace Since 2022

[Axios] The message beneath the yen intervention

[Yahoo/Bloomberg] Citadel Securities Sees a $500 Billion Chip Financing Debt Binge

[Yahoo/Reuters] Fed lending officer survey finds stable standard for many types of commercial, industrial loans

[CNBC] Hugging Face CEO says China is winning the AI race and dominating on open models

[Bloomberg] Citadel Securities’ Shah Says Markets Questioning Warsh’s Plans

[WSJ] Iran Says No Talks With the U.S. on Hormuz Strait

[FT] How big was the American JPY intervention?