Quick recap before US opens

White House officials: Trump executive order will set clear targets for drug price reductions in all US markets.
*WH: USTR, Commerce Department to take action against unreasonable and discriminatory policies in foreign countries that suppress drug prices abroad.

The last time US tariffs on China were this high, the S&P 500 was ~200 points lower, 4 Fed rate cuts were expected in 2025, and Wall Street was calling for a recession. [always BTFD, ignore macro FUD]

Trump: We achieved a total reset with China.
*Agreement doesn't cover tariffs on cars, steel, aluminum or pharmaceuticals
*Trump: Will speak to Xi at end of week, maybe.
*Trump: I spoke to Tim Cook this morning. He will build a lot in the US.

🚨Trump: Best part of deal is China agreeing to open up. [US indices surge higher]
*Trump: China to suspend non-monetary barriers.

Trump: EU is nastier than China.
*EU will have to pay more for healthcare.
*US will pay same as other countries for drugs.

Trump: Will add on to tariffs if countries don't abide by drug policy. [Boy who cried wolf. Ignore macro FUD, BTFD]

Trump: China tariffs will go up without a deal. Tariffs won't go back up all the way to 145%. [Boy who cried wolf. Ignore this clown]

S&P 500 closes 3.2% higher. Nasdaq climbs 4.3%, closes at the highest level since March

🚨Goldman Sachs cuts 12-month US recession probability to 35% from 45%. Expects US Fed to deliver one interest rate cut in 2025 vs prior forecast of three cuts.

NYC Mayor Eric Adams wants long-term value with crypto, not to chase 'memes'. Reaffirmed his ambition to establish the city as the global crypto capital -The Block

Trump has said twice to buy US stocks and both times the call came before significantly positive announcements. His next buy stocks call could trigger an algo buying frenzy

Tao Wang (UBS Investment Bank): de-escalation in US-China trade tensions may result in smaller shocks to China's exports and economic growth. Expects China's real GDP growth to increase by 3.7% to 4.0% this year. [analysts flipping macro bullish after the fake trade war FUD]

Metaplanet issues 15 million USD in 0% ordinary bonds to purchase additional bitcoin.

Morning Star analyst Kai Wang: The worst of the US-China trade war is over. A market recovery could come sooner than during the first trade war as a reprieve took only about a month after the initial US tariff announcement

Oxford Economics: The probability of a US recession occurring this year has fallen to 35% after the announcement of a temporary US trade deal

FT: Animoca Brands planning to go public in New York

Ken Cheung of Mizuho Securities Asia: yuan in a "better shape" following the breakthrough in US-China trade negotiations

Coinbase becomes the first crypto firm to join S&P500.