Powered by robust US economic data and China's ongoing fiscal stimulus, stocks and cryptocurrencies surged. The S&P 500 hit a new all-time high for the 42nd time this year, gold climbed towards $2,700, Bitcoin surged past $65,000, and Ethereum crossed $2,600.

Strong US Economic Data, Yellen: Soft Landing on Track

The US economy continues to show strength, with weekly jobless claims falling to a four-month low of 218,000, below expectations.

Q2 corporate profits grew faster than initially estimated, and GDP expanded by 3%. While several Fed officials spoke on Thursday, including Chair Powell, they refrained from commenting on monetary policy.

Treasury Secretary Yellen expressed optimism about a soft landing, citing the labor market and inflation data, but noted that taming housing costs is crucial for the final stage of inflation reduction.

China to Roll Out More Fiscal Stimulus

China pledged on Thursday to achieve its 2024 economic growth target of 5% and prevent a decline in the real estate market. According to Reuters, under the guidance of the top leadership, the Ministry of Finance and multiple government agencies have been developing fiscal stimulus measures in recent weeks to revitalize the economy. In addition to issuing special sovereign debt to support consumption, Chinese authorities also plan to gradually increase financial support for small and medium-sized enterprises, such as employment subsidies and tax breaks, to lower their operating costs.

Morgan Stanley expects China to provide more fiscal support for housing and social welfare spending in the coming months, indicating that Beijing is taking deflation seriously and exploring all options.

Crypto Market Rally Leads to $142 Million in Liquidations

With the market sentiment turning bullish, cryptocurrencies have seen a widespread rally, with Bitcoin surpassing $65,000 and Ethereum crossing $2,600.

According to Coinglass data, a total of $142 million worth of cryptocurrency contracts were liquidated in the past 24 hours, with short positions accounting for $95.24 million and more than 61,000 traders getting liquidated.

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