Jonathan Wong
The Latest
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A Major Blow to US Economy: Fitch Cuts Credit Rating to AA+, Prompts Backlash from Yellen and Alleged Interference by Biden Administration
For the first time since it initiated its credit rating for the United States in 1994, Fitch Ratings, one of the three major credit-rating agencies, downgraded the long-term foreign currency debt rating of the US from AAA to AA+ on Tuesday, August 1. The outlook was shifted from negative to stable, marking a major setback after twelve years. 
For the first time since it initiated its credit rating for the United States in 1994, Fitch Ratings, one of the three major credit-rating agencies, downgraded the long-term foreign currency debt rating of the US from AAA to AA+ on Tuesday, August 1. The outlook was shifted from negative to stable, marking a major setback after twelve years. -
Record Weekly Plunge in US Crude Oil Inventories Ignites Market, Fueling Hopes for Multi-month Highs
Following last Tuesday's Eastern time trading, the American Petroleum Institute (API) announced that U.S. crude oil inventories had plummeted by 15.4 million barrels over the previous week. This marked the largest weekly drop on record, far surpassing analysts' expected decrease of 1.3 million barrels. 
Following last Tuesday's Eastern time trading, the American Petroleum Institute (API) announced that U.S. crude oil inventories had plummeted by 15.4 million barrels over the previous week. This marked the largest weekly drop on record, far surpassing analysts' expected decrease of 1.3 million barrels. -
OPEC Sees Steepest Production Decline in Three Years; Russian Oil Shipments Reach Lowest Levels Since January
In July, the Organization of Petroleum Exporting Countries (OPEC) saw a significant decline in oil production of 900,000 barrels per day, bringing the average to 27.79 million barrels per day, according to a survey released by media outlets on August 1. This represents the largest drop since the severe reductions OPEC+ implemented at the height of the COVID-19 crisis in 2020. 
In July, the Organization of Petroleum Exporting Countries (OPEC) saw a significant decline in oil production of 900,000 barrels per day, bringing the average to 27.79 million barrels per day, according to a survey released by media outlets on August 1. This represents the largest drop since the severe reductions OPEC+ implemented at the height of the COVID-19 crisis in 2020. -
South Korea's Exports Experience Decade-Worst Dip as Chip Demand Deteriorates
South Korea, the "canary in the coal mine" of the global economy, has seen its exports drop for ten straight months due to the further deterioration in chip demand. 
South Korea, the "canary in the coal mine" of the global economy, has seen its exports drop for ten straight months due to the further deterioration in chip demand. -
Federal Reserve Survey Reveals Tightening Loan Conditions in U.S. Banking Sector, Could Worsen Further
On July 31, the Federal Reserve stated that the banking industry's lending standards had tightened during the second quarter, with loan demand continuing to be weak. This trend, which began before the turmoil in the banking industry, is still ongoing. 
On July 31, the Federal Reserve stated that the banking industry's lending standards had tightened during the second quarter, with loan demand continuing to be weak. This trend, which began before the turmoil in the banking industry, is still ongoing. -
X Corp, Formerly Twitter, Threatens Legal Action Against Anti-Hate Research Nonprofit
In a recent development, X Corp, previously known as Twitter, has threatened to sue the Center for Countering Digital Hate (CCDH), a British research nonprofit. The social media giant alleges that the CCDH has made "inflammatory, outrageous, and false or misleading assertions" about the company, suggesting a conspiracy to drive advertisers away from the platform. 
In a recent development, X Corp, previously known as Twitter, has threatened to sue the Center for Countering Digital Hate (CCDH), a British research nonprofit. The social media giant alleges that the CCDH has made "inflammatory, outrageous, and false or misleading assertions" about the company, suggesting a conspiracy to drive advertisers away from the platform. -
Global Investment Dynamics Poised for Fundamental Shift Following 'Surprise' Move by Bank of Japan
With the sole central bank globally implementing an ultra-loose policy now showing signs of hawkishness, the world's financial markets have consequently been sent into a spin. Analysts suggest that the Bank of Japan's (BOJ) latest decision paves the way for a potential shift in Japan's status and a fundamental change in global investment flows. 
With the sole central bank globally implementing an ultra-loose policy now showing signs of hawkishness, the world's financial markets have consequently been sent into a spin. Analysts suggest that the Bank of Japan's (BOJ) latest decision paves the way for a potential shift in Japan's status and a fundamental change in global investment flows. -
VinFast, Vietnam's EV Champion, Breaks Ground on First US Factory and Gains Approval for US Listing
On Friday, July 28, Vietnamese new energy vehicle company VinFast announced the groundbreaking of its electric vehicle manufacturing base in North Carolina, U.S., signaling a significant milestone in the company's global expansion and North American supply chain development after some delay. 
On Friday, July 28, Vietnamese new energy vehicle company VinFast announced the groundbreaking of its electric vehicle manufacturing base in North Carolina, U.S., signaling a significant milestone in the company's global expansion and North American supply chain development after some delay. -
Goldman Sachs CEO Faces Setback as Key Asset Management Business Sees Wave of Executive Resignations
Goldman Sachs CEO David Solomon is facing new challenges as a wave of resignations hit the management of the bank's shining star of the second quarter-its asset management business. 
Goldman Sachs CEO David Solomon is facing new challenges as a wave of resignations hit the management of the bank's shining star of the second quarter-its asset management business. -
Bank of Japan's Sudden Policy Shift Sends Tremors Through Global Markets
In a move that has sent ripples through the bond and currency markets, the Bank of Japan (BOJ) subtly adjusted its language today. 
In a move that has sent ripples through the bond and currency markets, the Bank of Japan (BOJ) subtly adjusted its language today.
