New US legislative proposal dubbed the “big beautiful law” is drawing mixed reactions on Wall Street. The bill combines broad tax reforms with selective incentives and is expected to increase the federal deficit, prompting criticism from some credit-watchers. Strategists say it signals a shift from monetary to fiscal policy, and investors are repositioning into sectors seen as direct beneficiaries. #FiscalPolicy #USLaw #FiatNews

Eurostat: EU GDP growth slowed to 0.2% quarter-on-quarter in Q2, down from 0.5% in Q1. Eurozone GDP rose 0.1% q/q, a slowdown from 0.6% in Q1. The Czech Republic grew 0.2% q/q (vs. 0.7% in Q1) and 2.4% year-on-year, unchanged from the start of the year. Annual EU growth eased to 1.5% y/y from 1.6%; the eurozone slowed to 1.4% y/y from 1.5%. Among countries with available data, Poland led q/q growth at +0.8%; Spain, Bulgaria and Slovenia each +0.7%. Ireland fell most q/q at -1.0%; Germany and Italy were down 0.1% q/q. All reporting member states posted y/y GDP increases, led by Ireland at +16.2% y/y. #EU #GDP #Eurozone #FiatNews

Bank of America cut its price target on CoreWeave to $168 (from roughly $188), warning shareholders to watch a costly $9bn acquisition of crypto-mining firm Core Scientific and heightened short-seller activity. CoreWeave shares fell about 20% after results and trade near $119. BofA analyst Brad Sills cited the $9bn deal—planned to be financed by newly issued shares—and the end of a lock-up period (expires Thursday after the close) as drivers of near-term pressure. Under the deal, each Core Scientific shareholder will receive 0.1235 CoreWeave shares, implying a theoretical parity that Core Scientific is currently trading below; short interest in CoreWeave exceeds 36% of tradable shares. BofA still calls CoreWeave a leading AI infrastructure provider and keeps a relatively optimistic outlook, while Deutsche Bank’s target sits at $125 (up from $50) and Melius Research’s target is $128. #CoreWeave #CoreScientific #BankofAmerica #FiatNews

DeepSeek has delayed the release of its R2 AI model after training attempts on Huawei Ascend chips failed, the Financial Times reports citing three sources. The Chinese startup encountered persistent technical issues training R2 on Ascend chips and switched to Nvidia hardware for training while using Ascend for inference. Those problems were the main reason the highly anticipated May launch was postponed. DeepSeek’s earlier R1 model was developed largely on Nvidia H20 chips, which remain the most widely used in China despite Beijing’s push for Huawei’s Ascend series. The US allowed Nvidia to resume sales of H20 chips to China in July, while the US also placed Ascend on a blacklist, saying Huawei used limited US technologies in its development. Chinese authorities recently asked local developers to justify Nvidia chip orders. Chinese media say R2 may be released in the coming weeks. Sources: Financial Times, Investing.com, Yahoo Finance. #AI #Nvidia #Huawei #FiatNews

UK economy grew 0.3% q/q in Q2, beating Reuters’ consensus of +0.1% and following a 0.7% rise in Q1, preliminary ONS estimates show. On a monthly basis, GDP rose 0.4% in June after −0.1% in May. Services led the Q2 expansion—software programming, healthcare and vehicle leasing—and June saw strength in R&D, engineering and car sales; electronics led the manufacturing recovery. ONS said activity was weak in April–May after some output was pulled forward to Feb–Mar ahead of stamp duty and tariff changes, but rebounded strongly in June. The pound traded at $1.3577 after the release. The data arrive days after the Bank of England cut rates to 4.0% from 4.25%; CPI rose to 3.6% in June from 3.4% in May. The BoE noted underlying GDP growth remains subdued and reiterated its focus on returning inflation to the 2% target, while flagging persistent domestic and geopolitical risks and somewhat eased trade-policy uncertainty following a UK–US trade agreement that includes a 10% export duty to the United States. #UK #GDP #BoE #FiatNews

EUR/USD attempted to push above 1.17 but failed to sustain gains, pressured in part by hawkish comments from Chicago Fed President Austan Goolsbee, who flagged high inflation in services and was skeptical about a one-off pass-through from higher tariffs. US producer-price data for July and weekly jobless claims are due today and will be closely watched. #EURUSD #FiatNews

Czech koruna is trading in a narrow range this week around 24.40–25.50 EUR/CZK, supported by the CNB's tight policy and hawkish rhetoric. A sharp dollar weakening has left koruna investors about 5% underwater. With a quiet domestic calendar, FX moves are likely to be driven by major markets; the main risk to further koruna gains is a market repricing toward larger Fed rate cuts this year and next. #CZK #CNB #FiatNews

European futures: Stoxx 50 -0.25%, FTSE 100 +0.1%, DAX -0.2%, CAC 40 0%. U.S. equities closed at record highs Wednesday for the second day in a row; the S&P 500 moved above 6,400 and is nearly 10% higher year-to-date. Futures are mostly in the red this morning. #SP500 #FiatNews

The U.S. releases July producer/manufacturing inflation data today. Markets expect year-on-year inflation of 2.5% (up 0.2 percentage point from June) and month-on-month growth of 0.2% (vs. June's flat reading). #PPI #FiatNews

Eurostat will publish revised eurozone GDP data; preliminary figures showed 0.1% growth in Q2 after 0.6% in Q1. #EurozoneGDP #FiatNews