The recent U.S. equity rally pauses with the Nasdaq and S&P 500 both closing lower ahead of tomorrow’s inflation report. Chip maker Nvidia issues a Q2 profit warning due to slumping gaming sales. In China, there are further Covid flare-ups with authorities locking down in parts of Tibet and Xingjiang, just a day after restrictions were imposed on the tourist island of Hainan. Norway has warned that it may ration electricity exports to Europe following low summer rainfall affecting its reservoirs.  

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