Overview

• President Donald Trump announced the immediate dismissal of Fed Governor Lisa Cook, alleging false statements in mortgage documents, while Cook rejected his authority, said she will continue in office, and can seek judicial restoration.
• Asian equities fell after the announcement, with Japan’s Nikkei down 0.9 percent to 42,408, and Germany’s DAX opened lower by roughly half a percent near 24,110–24,140.
• Despite the political shock, interest‑rate futures still price a high probability—around 84 percent—of a quarter‑point Fed cut in September after Chair Jerome Powell signaled openness at Jackson Hole.
• A representative Tradegate.direct survey found 76.3 percent of retail investors reported declining trust in the US market, with 15 percent selling US stocks and many reallocating to gold and bonds.
• Event risks are in focus as Evergrande’s delisting in Hong Kong is confirmed and options markets imply a potential move of nearly six percent in either direction for Nvidia around its earnings.