BREAKING: President Trump has formally notified US Congress that the US is at war with Iran, per Politico. Details include: 1. The move gives Trump another 60 days to use the military in the region without congressional approval 2. Trump said strikes that began on July 7th represent "military action consistent with my responsibility to protect Americans and US interests both at home and abroad" 3. Trump also just said that he will "hit Iran hard" tonight amid mounting tensions The Iran War appears to be back again.

After covid, trillions in government debt issuance sent global inflation soaring, and unleashed a massive worldwide credit impulse. Now, as part of AI capex cycle, hundreds of billions in corporate debt are sending chips-related inflation soaring, sparking a new credit impulse

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Top Overnight News The US and Iran are preparing to formally sign their interim peace deal in Switzerland on Friday while the text of the MOU is yet to be released. Donald Trump said the deal can survive even if Israel attacks Lebanon. Iran claimed the US has started lifting its naval blockade, semi-official ISNA reported. BBG Shipowners will not resume transit through the Strait of Hormuz for weeks until they are confident that the US-Iran deal is “material”, the head of the world’s biggest tanker operator has warned. FT A price war is unfolding in China’s crowded artificial intelligence sector as companies cut rates or dangle promotions at a pivotal moment when falling costs and converging model capabilities are ratcheting up the competitive pressure, according to analysts. SCMP China's consumer spending and investment have slumped to levels unseen since the pandemic, with retail sales declining 0.6% last month from a year ago. Industrial production climbed 4.5%, driven by a boom in exports and tech-related industries, but the economy is at risk of a deeper slowdown due to weak domestic demand. RTRS Qatar aims to restore most of its LNG export capacity within two months of the strait’s reopening, people familiar said. BBG The Bank of Japan raised interest rates to a 31-year high on Tuesday in a landmark step in its policy normalization, signaling readiness to tighten further as it focuses ‌on taming price pressures from the Iran-war-induced energy shock. The hike was the first since December and aligns the BOJ with other central banks shifting towards tighter policy to combat inflation, including the ECB. RTRS Australia's central bank held its cash rate steady at 4.35% on Tuesday, saying the economy was slowing in the face of tighter financial conditions but warned it might yet hike again if needed to control inflation. RTRS Oil companies large and small are showing new interest in committing to drill in Venezuela, after nearly six months of reluctance following the U.S. removal of Nicolás Maduro and the Trump administration’s subsequent call for them to invest. Politico Talks between Anthropic and Trump administration officials continued Monday without a deal to resolve the security concerns that pushed the White House to restrict access to the artificial-intelligence company’s latest model, increasing urgency on both sides to find a resolution. WSJ

BREAKING: President Trump publicly rebukes Israel over its war against Hezbollah. "Israel's fighting Hezbollah too long and too many people are being killed." Trump said he opposed strikes that destroy apartment buildings filled with civilians and revealed he urged Israel to let Syria take the lead against Hezbollah instead. "If Israel can't do the job without killing everyone else, he'll do the job. Syria will do the job."

The US stock market is rewriting every record in the financial history books: The top 10 US stocks now have a combined market cap of $25.3 trillion. If the top 10 were a stock market, they would be the 2nd-largest in the world, even exceeding China. The top 10 US stocks' market value is also larger than China's GDP of $19.4 trillion, the world’s 2nd-biggest economy. Together, these companies are now worth ~80% of US GDP. Furthermore, the top 5 companies alone have a combined market cap of $18.6 trillion, exceeding the value of every global stock market outside the US. Truly unprecedented numbers.