TL;DR

Bitcoin hits record $124K; U.S.-Russia summit may trigger new sanctions; AI capex, TeraWulf-Google deal in focus.

Highlights

• U.S.-Russia Alaska summit Friday: Treasury signals possible tougher sanctions if Ukraine talks stall; Putin hints at nuclear pact 12.
• U.S. threatens secondary sanctions on India, Europe over Russian oil imports; U.S.-India trade tensions rise 1.
• Trump eases private space-launch rules, proposes permanent moon base; NASA plans to cut key climate satellites, drawing industry pushback 4.
• Bitcoin hits all-time high above $124,000 on Fed rate-cut bets, regulatory tailwinds; Treasury halts Bitcoin sales, holds $15–$20B in reserves 78.
• Binance Coin and Ether also reach record highs 128; Coinbase expands USDC on Solana, cuts stablecoin fees 13.
• U.S. 30-year mortgage rate drops to 6.67%; refinancing up 23% as rate-cut expectations build 11.
• Adyen falls 19% on revenue miss and cut growth outlook 6; Tapestry drops 16% on tariff-hit profit guidance 19; Deere trims 2025 outlook on weak ag demand 5.
• AI infrastructure spending to top $3T by 2028 9; Google takes 8% stake in TeraWulf ’s $3.7B AI deal 10; Foxconn profit jumps 27% on AI server demand 20.
• China may direct state firms to absorb unsold housing stock; Evergrande liquidation highlights sector distress 3.
• U.S. Treasury criticizes Bank of Japan as yen strengthens; USD/JPY near three-week lows on narrowing rate differentials 18.
• Aid groups say Israeli rules have halted all relief trucks to Gaza; humanitarian crisis worsens 15.

Commentary

Markets are opening with a risk-on tone as crypto assets surge to new highs, led by Bitcoin ’s move above $124,000 8. The rally is supported by expectations for a September Fed rate cut, a weaker dollar, and regulatory reforms that have expanded crypto’s reach into retirement plans and banking 8. The Treasury’s halt on further Bitcoin sales removes a potential supply headwind 7, while stablecoin activity is accelerating with Coinbase’s USDC integrations and fee reductions 13. Crypto-related equities and infrastructure names, such as TeraWulf , are likely to remain active, especially after Google ’s $1.8B guarantee and 8% stake 10.

AI and data-center infrastructure remain a central investment theme. Big Tech faces a $3 trillion capex bill through 2028 9, with Google ’s TeraWulf deal and Foxconn’s strong AI server results underscoring the sector’s momentum 1020. However, Adyen ’s sharp drop on weak cross-border volumes 6 and Tapestry ’s tariff-driven profit warning 19 highlight that not all tech and consumer names are immune to macro headwinds or shifting trade policy. Deere ’s reduced outlook points to continued softness in ag equipment and commodity-linked demand 5.

Geopolitics are in focus ahead of the U.S.-Russia Alaska summit. Treasury Secretary Bessent’s warning of potential new sanctions—especially secondary measures targeting India and Europe over Russian oil—could impact energy markets, global trade, and select EM currencies 1. The U.S. Treasury’s criticism of the Bank of Japan, alongside narrowing rate differentials, has pushed the yen higher and USD/JPY to recent lows 18; traders should watch for any BoJ or Treasury intervention if volatility persists.

On the rates front, the sharp drop in U.S. mortgage rates is fueling a refinancing surge, signaling that lower yields are starting to filter through to the real economy 11. In China, state intervention in the property market is under discussion amid ongoing sector distress, which could have indirect effects on global credit sentiment 3. Meanwhile, the humanitarian crisis in Gaza continues, though immediate market impact appears limited 15.