The Federal Reserve’s preferred measure of inflation eases but remains at levels not seen since the 1980s. The S&P 500 ends H1 with its worst performance since 1970. Asian equities are down but Chinese stocks outperform as factory activity rebounds at its fastest pace for a year. Siemens reports a write-down of its stake in Siemens Energy which will create a €2.8bn loss in Q3. And in crypto news, FTX is reportedly close to buying BlockFi in a $25m fire sale.

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