TL;DR

JPMorgan eyes crypto-backed loans; US-China trade talks near tariff deadline; Coca-Cola raises outlook.

Highlights

• JPMorgan is considering offering loans directly backed by Bitcoin (X:BTCUSD ) and Ethereum (X:ETHUSD ), a notable shift in its crypto policy 1.
• US Commerce Secretary Bessent meets with Chinese officials in Stockholm ahead of an Aug. 1 trade deal deadline, with potential tariff hikes if talks stall 2.
• Coca-Cola beats Q2 profit estimates, raises 2025 EPS outlook, and maintains organic revenue guidance despite softer volumes 3.
• D.R. Horton and Danaher report earnings beats; Sherwin-Williams misses and lowers its 2025 outlook due to weaker construction demand 4.
• Roper, Danaher, and Halliburton all post Q2 revenue above forecasts, but margin performance is mixed 7.
• SpaceX transfers $153 million in Bitcoin internally, with no change to its overall crypto holdings 5.
• Ethena’s StablecoinX plans a Nasdaq listing, aiming to buy back 8% of ENA tokens; ENA rises 8% on the news 15.
• Bank of Japan expected to hold rates at 0.5% as domestic data improve and US trade risk outlooks ease 6.
• UK June government borrowing exceeds forecasts, raising fiscal concerns 9.
• Sanofi acquires UK’s Vicebio for up to $1.6 billion to expand its respiratory vaccine portfolio 11.

Commentary

Earnings season is underway with mixed signals: Coca-Cola ’s solid profit and improved EPS outlook stand out in consumer staples 3, while D.R. Horton and Danaher’s beats are offset by Sherwin-Williams’ profit miss and guidance cut, reflecting ongoing softness in construction-related demand 4. Roper and Halliburton’s revenue beats suggest resilience in industrials and energy, but margin compression remains an underlying theme for several sectors 7.

Macro focus remains on US-China trade negotiations, with Commerce Secretary Bessent’s meetings in Stockholm ahead of a firm Aug. 1 deadline 2. The prospect of new trade deals or, conversely, tariff hikes could drive volatility in equities with global exposure, particularly in industrials and exporters 2. China’s latest job support measures and stable hiring data signal continued policy support for domestic demand, which could help steady sentiment in Asia and commodities markets 10.

In crypto, JPMorgan ’s consideration of direct crypto-collateralized loans 1 and Ethena’s Nasdaq listing plans 15 reflect growing institutional engagement. These developments could support sentiment in digital assets and fintech equities. SpaceX’s internal crypto transfer is a non-event for markets but underscores ongoing corporate crypto treasury activity 5.

Elsewhere, the Bank of Japan is expected to keep rates steady as domestic data improve 6, while the UK’s higher-than-expected government borrowing highlights fiscal headwinds 9. Sanofi’s acquisition of Vicebio continues the trend of pharma M&A targeting next-generation vaccines, with limited near-term impact on US markets 11.

Traders should focus on earnings quality and guidance, monitor US-China trade headlines for tariff risk, and watch for further institutional moves in crypto and fintech.