WS #11138

The dominant narrative in this window is the release of Donald Trump's 2025 financial disclosure, revealing over $1.4 billion in crypto-related income, which dwarfs his traditional real estate earnings. This is corroborated by multiple sources (FT, Bloomberg, Cointelegraph, GDELT) and has implications for crypto regulation and potential conflict-of-interest scrutiny. Separately, ECB official Piero Cipollone signaled a dovish tilt, suggesting the ECB can wait before hiking further due to falling oil prices, which is a counter-signal to the prevailing hawkish narrative. In corporate news, NIO delivered strong June deliveries (+62.9% YoY), while KPIT Technologies issued a weak Q1 outlook, sending its stock down 10%. The US-Iran situation remains fragile with Iran refusing direct talks, but oil prices remain subdued, and Goldman Sachs flags an oil surplus. Bitcoin ETF outflows hit a record $4.5B in June, pressuring crypto. The overall theme is mixed: crypto and tech face headwinds, while energy and macro policy show signs of easing.