Bonds & Stocks
US stocks are set to pull back from all-time highs as traders search for new catalysts to drive markets at the start of a relatively quiet week on the event calendar. Gold hit a fresh record, powering past $3,700 an ounce as ETF inflows hit a three-year high, with market bets for almost two more cuts this year fueling a rally of more than 40% in bullion for 2025. The dollar and US Treasuries were little changed.
Economy
The Trump administration plans to raise the H-1B application fee to $100,000, which has caused concern among skilled immigrants in the US, including graduate students and workers in the tech industry. The sudden change has created chaos, with companies warning affected employees to return to the US immediately and refrain from traveling overseas, and many visa holders fearing the impact on their ability to build a career in the US. The fee change is expected to have longer-term effects, making the H-1B visa unreachable for entry-level professionals and restricting its availability to only the most senior professionals with large employers that can afford the fee.
World
Israel's push to take over Gaza City is expected to add 25 billion shekels to the war bill through the end of the year, according to an Israeli government official.Reservists’ salaries, ammunition and missile interceptors make up the bulk of spending. The move into Gaza City is facing intense global opposition, with France expected to recognize a Palestinian state and Canada, the UK and Australia having already done so.