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On July 15, the potential indicator of U.S. producer price inflation for June was weaker than expected, suggesting that the impact of the war in Iran is still somewhat under control. Data shows that the core PPI index, excluding food and energy, rose 4.7% year-on-year and increased 0.2% month-on-month. The overall PPI growth rate slowed, with a year-on-year increase of 5.5%. The decline in energy costs last month helped alleviate inflationary pressures. This may provide the Federal Reserve with more room to delay interest rate hikes—especially after macro data on Tuesday indicated that June's CPI was also more moderate than expected. However, with the escalation of conflicts in the Middle East, this respite may not last long. Energy prices fell by 6.4% in June, and transportation and warehousing prices also decreased. Freight rates remain high due to rising fuel costs and a shortage of drivers caused by stricter immigration policies implemented by the Trump administration. Meanwhile, food prices experienced a decline for the first time in three months. Overall, food prices in the U.S. have continued to rise this year due to various factors, including severe weather, war, and tariffs.

[U.S. June PPI Inflation Indicator Falls Short of Expectations, May Provide More Room for Fed to Delay Rate Hikes]On July 15, the potential indicator of U.S. producer price inflation for June was weaker than expected, suggesting that the impact of the war in Iran is still somewhat under control. Data shows that the core PPI index, excluding food and energy, rose 4.7% year-on-year and increased 0.2% month-on-month. The overall PPI growth rate slowed, with a year-on-year increase of 5.5%. The decline in energy costs last month helped alleviate inflationary pressures. This may provide the Federal Reserve with more room to delay interest rate hikes—especially after macro data on Tuesday indicated that June's CPI was also more moderate than expected. However, with the escalation of conflicts in the Middle East, this respite may not last long. Energy prices fell by 6.4% in June, and transportation and warehousing prices also decreased. Freight rates remain high due to rising fuel costs and a shortage of drivers caused by stricter immigration policies implemented by the Trump administration. Meanwhile, food prices experienced a decline for the first time in three months. Overall, food prices in the U.S. have continued to rise this year due to various factors, including severe weather, war, and tariffs.

U.S. June PPI Inflation Indicator Falls Short of Expectations, May Provide More Room for Fed to Delay Rate Hikes

The Iran conflict has evolved into a game centered around the Strait of Hormuz—a vital waterway for global oil, gas, fertilizers, and other commodities. If the conflict ultimately results in the permanent control of the Strait of Hormuz by Iran or the United States, it could signify the end of the principle of free passage on the high seas that has supported global trade for centuries. Eric Glandt, a senior analyst at consulting firm Rystad Energy, stated, "This could set a dangerous precedent, significantly increasing the costs of international maritime trade, which will ultimately be passed on to end consumers." Since the U.S.-led attacks began on February 28, Iran almost immediately announced the closure of the Strait of Hormuz, creating the largest oil supply shock in history. With new leverage over the global economy, Tehran is striving to maintain this bargaining chip. Vessels wishing to cross the strait must either coordinate with Iran's newly established Persian Gulf Strait Management Authority (which may involve high fees) or face the risk of being attacked by Iranian armed forces. Rob Tumel, a senior portfolio manager at Tortoise Capital, pointed out that if tolls in the Strait of Hormuz become the norm for maritime transport, shipping costs could rise. While the fees are concerning, they are not the main issue. Reports indicate that Iran previously charged oil tankers $1 to $2 per barrel, amounting to about $2 million for each Very Large Crude Carrier (VLCC). However, even if shipping companies are willing to pay, insurers are likely to refuse coverage for vessels making payments to sanctioned entities, including several key Iranian institutions. Nigel Green, CEO of financial consultancy deVere Group, stated, "Setting aside legal debates, insurers will prioritize this issue. Underwriters may directly cease coverage for fees involving sanction risks." Even if fees are collected by third parties like Oman, such charges could still violate international maritime law, including the United Nations Convention on the Law of the Sea, giving insurers the right to refuse voyages or terminate coverage. Broader concerns arise that the fee model in the Strait of Hormuz could set a precedent for other global chokepoints, encouraging countries and regions like Indonesia, Singapore, and the UK to weaponize their geographic advantages. According to Rystad Energy analysts, the potential annual toll revenue from the world's top ten chokepoints, including the Strait of Hormuz, Gibraltar, Dover, and Malacca, could exceed $136 billion, representing a significant "undeveloped" sovereign revenue opportunity. "A world where a chokepoint is monetized is likely to be more inflationary, more divided, and more militarized," analysts warned. (Jin Shi)

[If Hormuz Fees Set a Precedent, It Could Open a $136 Billion 'Pandora's Box']The Iran conflict has evolved into a game centered around the Strait of Hormuz—a vital waterway for global oil, gas, fertilizers, and other commodities. If the conflict ultimately results in the permanent control of the Strait of Hormuz by Iran or the United States, it could signify the end of the principle of free passage on the high seas that has supported global trade for centuries. Eric Glandt, a senior analyst at consulting firm Rystad Energy, stated, "This could set a dangerous precedent, significantly increasing the costs of international maritime trade, which will ultimately be passed on to end consumers." Since the U.S.-led attacks began on February 28, Iran almost immediately announced the closure of the Strait of Hormuz, creating the largest oil supply shock in history. With new leverage over the global economy, Tehran is striving to maintain this bargaining chip. Vessels wishing to cross the strait must either coordinate with Iran's newly established Persian Gulf Strait Management Authority (which may involve high fees) or face the risk of being attacked by Iranian armed forces. Rob Tumel, a senior portfolio manager at Tortoise Capital, pointed out that if tolls in the Strait of Hormuz become the norm for maritime transport, shipping costs could rise. While the fees are concerning, they are not the main issue. Reports indicate that Iran previously charged oil tankers $1 to $2 per barrel, amounting to about $2 million for each Very Large Crude Carrier (VLCC). However, even if shipping companies are willing to pay, insurers are likely to refuse coverage for vessels making payments to sanctioned entities, including several key Iranian institutions. Nigel Green, CEO of financial consultancy deVere Group, stated, "Setting aside legal debates, insurers will prioritize this issue. Underwriters may directly cease coverage for fees involving sanction risks." Even if fees are collected by third parties like Oman, such charges could still violate international maritime law, including the United Nations Convention on the Law of the Sea, giving insurers the right to refuse voyages or terminate coverage. Broader concerns arise that the fee model in the Strait of Hormuz could set a precedent for other global chokepoints, encouraging countries and regions like Indonesia, Singapore, and the UK to weaponize their geographic advantages. According to Rystad Energy analysts, the potential annual toll revenue from the world's top ten chokepoints, including the Strait of Hormuz, Gibraltar, Dover, and Malacca, could exceed $136 billion, representing a significant "undeveloped" sovereign revenue opportunity. "A world where a chokepoint is monetized is likely to be more inflationary, more divided, and more militarized," analysts warned. (Jin Shi)

If Hormuz Fees Set a Precedent, It Could Open a $136 Billion 'Pandora's Box'

On July 15, Bitcoin mining machine manufacturer Canaan Inc. announced that it received a written notice from Nasdaq granting an additional 180-day grace period (until January 11, 2027) to regain compliance with Nasdaq's minimum bid requirements. Previously, Canaan received an initial non-compliance notice from Nasdaq on January 14, 2026, and the initial 180-day grace period expired on July 13. The company transferred its listing from the Nasdaq Global Market to the Nasdaq Capital Market on July 1, and its ADS continues to trade on the Nasdaq Capital Market under the ticker 'CAN'.

[Canaan Inc. Receives Additional 180-Day Grace Period from Nasdaq to Comply with Minimum Bid Requirements]On July 15, Bitcoin mining machine manufacturer Canaan Inc. announced that it received a written notice from Nasdaq granting an additional 180-day grace period (until January 11, 2027) to regain compliance with Nasdaq's minimum bid requirements. Previously, Canaan received an initial non-compliance notice from Nasdaq on January 14, 2026, and the initial 180-day grace period expired on July 13. The company transferred its listing from the Nasdaq Global Market to the Nasdaq Capital Market on July 1, and its ADS continues to trade on the Nasdaq Capital Market under the ticker 'CAN'.

Canaan Inc. Receives Additional 180-Day Grace Period from Nasdaq to Comply with Minimum Bid Requirements

On July 15, according to HTX market information, Ethereum has surpassed $1900, with a 24-hour increase of 4.3%.

[Ethereum Surpasses $1900, 24-Hour Increase of 4.3%]On July 15, according to HTX market information, Ethereum has surpassed $1900, with a 24-hour increase of 4.3%.

Ethereum Surpasses $1900, 24-Hour Increase of 4.3%

Morgan Stanley CEO: AI capital expenditure could reach $10 trillion in the coming years.

[Morgan Stanley CEO: AI Capital Expenditure Could Reach $10 Trillion in Coming Years]Morgan Stanley CEO: AI capital expenditure could reach $10 trillion in the coming years.

Morgan Stanley CEO: AI Capital Expenditure Could Reach $10 Trillion in Coming Years

On July 15, according to HTX market information, Bitcoin has surpassed $65,000, with a 24-hour increase of 2.1%.

[Bitcoin Surpasses $65,000 with a 24-Hour Increase of 2.1%]On July 15, according to HTX market information, Bitcoin has surpassed $65,000, with a 24-hour increase of 2.1%.

Bitcoin Surpasses $65,000 with a 24-Hour Increase of 2.1%

On July 15, ByteDance, in collaboration with ZTE Nubia, announced that its first AI smart device phone will have multiple models released this year. One of the models is set to debut during the 2026 World Artificial Intelligence Conference, with an overall stock of approximately 200,000 units, and the initial stock will be under 100,000 units. As of now, ZTE has not responded.

[Doubao AI Phone to Release Multiple Models This Year]On July 15, ByteDance, in collaboration with ZTE Nubia, announced that its first AI smart device phone will have multiple models released this year. One of the models is set to debut during the 2026 World Artificial Intelligence Conference, with an overall stock of approximately 200,000 units, and the initial stock will be under 100,000 units. As of now, ZTE has not responded.

Doubao AI Phone to Release Multiple Models This Year

On July 15, Citi released a research report stating that due to the compression of valuation multiples in the software industry, it has lowered Microsoft's target price from $620 to $570, based on a projected price-to-earnings ratio of 25 times for the fiscal year 2028, down from 28 times, while maintaining a 'Buy' rating. The bank expects strong performance in the fourth fiscal quarter; entering fiscal year 2027, Microsoft is expected to achieve stronger returns from its core businesses (Azure and M365 CoPilot) that will accelerate growth, ultimately driving continued acceleration in overall revenue and earnings per share.

[Citi Lowers Microsoft's Target Price to $570, Maintains 'Buy' Rating]On July 15, Citi released a research report stating that due to the compression of valuation multiples in the software industry, it has lowered Microsoft's target price from $620 to $570, based on a projected price-to-earnings ratio of 25 times for the fiscal year 2028, down from 28 times, while maintaining a 'Buy' rating. The bank expects strong performance in the fourth fiscal quarter; entering fiscal year 2027, Microsoft is expected to achieve stronger returns from its core businesses (Azure and M365 CoPilot) that will accelerate growth, ultimately driving continued acceleration in overall revenue and earnings per share.

Citi Lowers Microsoft's Target Price to $570, Maintains 'Buy' Rating

On July 15, according to Fortune, payment infrastructure startup Cyclops has completed a $20 million funding round aimed at helping payment companies accelerate fund settlement using stablecoins. The company optimizes cross-border and traditional payment processes through stablecoins, enhancing settlement efficiency, reducing costs, and promoting the application of stablecoins in corporate payments and financial infrastructure.

[Payment Company Cyclops Secures $20 Million Funding]On July 15, according to Fortune, payment infrastructure startup Cyclops has completed a $20 million funding round aimed at helping payment companies accelerate fund settlement using stablecoins. The company optimizes cross-border and traditional payment processes through stablecoins, enhancing settlement efficiency, reducing costs, and promoting the application of stablecoins in corporate payments and financial infrastructure.

Payment Company Cyclops Secures $20 Million Funding

Crypto custodian Copper has quietly started offering custody solutions for non-fungible tokens (NFTs).
A Copper spokesperson told The Block that it launched the product last week, allowing customers to deposit, store and withdraw their NFTs just as they would cryptocurrencies — supported by the London-based startup’s multi-party computation (MPC) technology. Initially, Copper will support ERC-721 and ERC-1155 tokens, they added.
Alex Ryvkin, Copper’s chief product officer, said the move was driven by demand from institutional clients.

Detail

【UK startup Copper begins offering custody for NFTs to meet institutional demand  by Ryan Weeks】Crypto custodian Copper has quietly started offering custody solutions for non-fungible tokens (NFTs).
A Copper spokesperson told The Block that it launched the product last week, allowing customers to deposit, store and withdraw their NFTs just as they would cryptocurrencies — supported by the London-based startup’s multi-party computation (MPC) technology. Initially, Copper will support ERC-721 and ERC-1155 tokens, they added.
Alex Ryvkin, Copper’s chief product officer, said the move was driven by demand from institutional clients.

UK startup Copper begins offering custody for NFTs to meet institutional demand  by Ryan Weeks

Goldman Sachs Report Deconstructs the Competitive Landscape of China's AI Large Models: Who Will Be the Long-Term Winner?

Ethereum uses less power than British Museum – Here’s what changed

Why Bitcoin miners are holding 1.19M BTC despite 10% mining stock losses

Bitcoin’s $64,000 Rebound Faces A Real Test As Sellers Wait Near $65,000

Despite $450 Million Increase in Cash, STRC Price Still Falls; It's Never Been About Money

Bitcoin banking adoption hits 32%, but ‘we’re still early,’ says Strategy’s Saylor

Now It's Just Awaiting Liang Wenfeng to Ring the Bell

UK startup Copper begins offering custody for NFTs to meet institutional demand by Ryan Weeks

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