‼️ 🇨🇳 Treasury Secretary Scott Bessent said China was the sole dissenter from his G20 chairman’s statement targeting “non-market based economies pushing out a never-ending stream of cheap exports,” noting China holds the world’s largest and most unsustainable current account surplus, and added that it’s “incumbent upon China to work toward a solution” on Iran.
📌 Update: Morgan Stanley expects senior housing’s momentum to continue as a rapidly growing 80-plus population drives demand faster than new construction. Healthcare REITs have gained 31.3% over the past year, outperforming the S&P 500’s 20.7%, while sector occupancy has approached 90%. With inventory growth at record lows and 80-plus demographics accelerating, Morgan Stanley sees occupancy rising above 95%, shifting senior housing from a recovery trade into a pricing-power and operating-leverage story
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‼️ 🇮🇳 The Indian Rupee broke key resistance on Tuesday, opening a path toward 94/USD and the 200-day moving average near 93, a move that could trigger further short-covering. The rally is bolstered by the RBI’s strengthened FX reserves, built up through inflows via a special FX deposit window, giving it more room to intervene and support the currency — though rising oil prices and global bond yields remain headwinds.
‼️ Trump said the U.S. is not forcing Iran to negotiate after a fresh round of American strikes that targeted air defense sites and radar systems. Tehran retaliated with missile attacks, including one that struck Jordan, according to the country’s armed forces
‼️ 🇦🇺 Australia’s economy beat expectations in the June quarter, with GDP rising 0.4% quarter-on-quarter and 2.1% year-on-year, above forecasts of 0.3% and 1.8%, respectively. The stronger growth backdrop has prompted markets to price in an RBA rate hike by November, with swaps implying a September increase is now more likely than not.