Finance

New economic data revealed a surprise 0.6% contraction in July retail sales, heavily missing the consensus expectation of modest growth. Compounding the economic slowdown concerns, the University of Michigan consumer sentiment index fell sharply from 55.2 to 51.0 for August. These cooling metrics have reinforced investor expectations that the Federal Reserve will pause interest rate hikes in the near term.

Crude oil prices posted a substantial weekly gain after a commercial tanker came under attack in the Persian Gulf. This geopolitical instability, alongside a potential indefinite naval blockade of Iranian ports, drove benchmark Brent crude up over 1.6% to finish near $88.50 per barrel. In tandem with climbing energy costs, the 10-year U.S. Treasury yield advanced to approximately 4.69%.

The broader cryptocurrency market remains locked in a consolidation phase, with the total asset capitalization resting around $2.3 trillion. Bitcoin prices hovered just above $62,800, remaining down significantly from all-time highs as risk aversion and slowing regulatory developments weigh on digital assets. Recent data highlights an uneven landscape, where institutional capital is heavily concentrated in a few dominant spot exchange-traded funds while smaller altcoin projects struggle for liquidity.