Esteban Ma
574 Articles
Esteban Ma, CFA Level 2 CANDIDATE, is a financial editor at TradingKey, mainly focusing on covering equities, cryptocurrencies and commodities. With two years of experience in crypto at Gate.io Research and three years in comprehensive finance, he specializes in cryptocurrency industry analysis and macroeconomic analysis.
He passed the Certificate of Security Qualification(CSQ) and Certificate of Futures Qualification(CFQ).
Written by Esteban Ma
Reviewed by Esteban Ma
BlackRock Bets on U.S. Equities Outperforming European Stocks: Earnings Cycle to Accelerate from July
TradingKey - In the first half of 2025, uncertainty over Trump’s trade policies and U.S. fiscal outlook prompted global investors to shift capital away from U.S. assets and into European equities. While European stock indices outperformed their U.S. counterparts in H1, BlackRock, the world’s largest
Thu, Jul 3
A Big Rally for U.S. Treasury Bulls? June NFP Jobs Report Is Expected to Disappoint while Trump’s Tax Bill Faces Final House Vote
TradingKey - The U.S. June ADP employment data unexpectedly declined, signaling a slowdown in the labor market. U.S. Treasury bulls are now waiting for June’s potentially weaker-than-expected nonfarm payrolls report, which may reinforce expectations of a July rate cut by the Federal Reserve.
Thu, Jul 3
U.S. Stocks Rise at Greater Risk: “Irrational Exuberance” Indicator Hits Bubble Level as U.S. Economy Flashes Yellow Warning
TradingKey - U.S. stock investors have largely shrugged off concerns such as trade tariffs, economic slowdown, and rising government deficits. In the first half of 2025, the S&P 500 has delivered record highs by mid-year. Although major investment banks remain optimistic about year-end equity
Wed, Jul 2
U.S. Senate Tax Bill Through an Industry Lens: A Win for Chip Stocks, a Relief for Solar Shares
TradingKey - On July 1, the U.S. Senate passed Trump’s tax and spending bill by a razor-thin one-vote margin. The revised version includes enhanced tax credits for semiconductor manufacturers, while notably excluding feared tariffs on imported wind and solar components — bringing relief to clean
Wed, Jul 2
Senate Tax Bill’s Problem: Tax Cuts for the Wealthy, Income Losses for the Poor
TradingKey - Despite widespread public opposition — with 50% of voters against the bill according to Morning Consult — the U.S. Senate narrowly passed Trump’s massive tax cut and spending bill on Tuesday, July 1, by a margin of just one vote. Some Republican lawmakers warned that slashing Medicaid
Wed, Jul 2
U.S. June Nonfarm Payroll Preview: Will a 4.3% Unemployment Rate Clear the Path for a July Rate Cut?
TradingKey - On Thursday, July 3, the U.S. Bureau of Labor Statistics will release the June Nonfarm Payrolls report, moved up one day due to the Independence Day holiday. Analysts believe this report may reveal early signs of Trump’s tariff policies impacting labor markets, and could further boost
Wed, Jul 2
Euro’s Parity Narrative Collapses — EUR/USD Hits Longest Winning Streak in Years, on Track for 9-Day Rally
TradingKey - In the first half of 2025, the U.S. dollar fell at its fastest pace since the early 1970s, and the euro surged in response. The EUR/USD exchange rate is now on track to record a rare nine-day consecutive rally, rendering many Wall Street forecasts from earlier this year obsolete.
Tue, Jul 1
“Golden July” for the Yen? Market Bets on JPY Strength — Could USD/JPY Return to 140?
TradingKey - Since mid-May, the USD/JPY exchange rate has hovered around 145 , with the yen’s earlier strengthening trend stalling in early 2025. However, as the U.S. dollar weakens at its fastest pace in over half a century and Japanese economic activity picks up, investors are increasingly betting
Tue, Jul 1
Humanoid Robot Market: Development, Prospect, Supply Chain, and Stocks to Watch
TradingKey - Having missed out on NVIDIA in the AI hardware field and failed to keep up with Palantir in the AI software field, those looking to continue riding the AI wave may find humanoid robots—the "best carriers of AI"—to be the next explosive track. Almost everyone is predicting that 2025 ...
Tue, Jul 1
Morgan Stanley Outlook for H2 2025: Three Reasons Why the S&P 500 Can Keep Rising to New Highs
TradingKey - Amid ongoing trade uncertainty and worsening fiscal deficit concerns, the S&P 500 still managed to close the first half of 2025 at a record high. Looking ahead to the second half of the year, Morgan Stanley analysts believe this rally can continue, supported by three key factors.
Mon, Jun 30
2025 Mid-Year Review: The Reversal of the “End of U.S. Exceptionalism” — Strongest Bond Rally in 5 Years, New Equity Highs
TradingKey - In the first half of 2025, concerns over the end of U.S. exceptionalism dominated global investor sentiment, as Trump’s tariff policies triggered frequent sell-offs across stocks, bonds, and the dollar. However, by June, a shift was underway — with U.S. equities hitting record highs ...
Mon, Jun 30
Trump to Keep 25% Auto Tariff on Japan — Adding Pressure to Japanese Industrial Output
TradingKey - As U.S.-Japan trade negotiations enter a critical phase, President Donald Trump has warned that he may not lift the proposed 25% tariff on Japanese auto imports, potentially worsening the downward pressure on Japan’s already struggling industrial sector.
Mon, Jun 30
2025 Mid-Year Dollar Wrap: Worst First-Half Performance Since the 1970s — Is the Slide Set to Continue?
TradingKey - As the Trump administration’s aggressive tariff policies shift from inflation driver to catalyst for falling U.S. exceptionalism and large-scale capital outflows, combined with rising concerns over Federal Reserve independence and growing expectations for rate cuts, the U.S. dollar has
Mon, Jun 30
Circle and KakaoPay Shares Tumbled Roughly 20% — Stablecoin Stock Rally Faces Valuation Reality Check
TradingKey - A strong rally in stablecoin-related stocks swept the markets in June, with shares of Circle (CRCL.US) and KakaoPay (377300.KS) more than doubling amid rising investor optimism. However, last week saw both stocks fall sharply — with Circle dropping 24.91% over five days, and KakaoPay...
Mon, Jun 30
Focus Shifts from Tariffs to Tax Cuts and Rate Easing – BofA Warns of Policy-Driven Bubble, AI Remains a Bright Spot
TradingKey - The easing of trade war tensions and reduced geopolitical risks have supported bullish sentiment in U.S. equities, with the S&P 500 nearing all-time highs. As policy focus shifts from tariffs to tax cuts and potential interest rate cuts, U.S. equity analysts at Bank of America warn that
Fri, Jun 27
U.S. Stock Short-Squeeze Slowing Down? Investors Rush Into High-Beta Stocks While UBS & Goldman Issue Sell Calls
TradingKey - With the tariff negotiation deadline approaching, and amid worsening GDP and consumer data, U.S. stocks are surprisingly nearing record highs — making this short-squeeze rally seem somewhat “strange.” Wall Street analysts are urgently warning investors to consider trimming positions.
Fri, Jun 27
Trump’s "899 Revenge Tax" Backs Down – Australian Funds Reconsider Dollar Asset Strategies
TradingKey - Due to deteriorating U.S. fiscal prospects and the so-called Section 899 capital tax proposed under Trump’s tax bill, several major Australian fund managers had begun considering reducing their exposure to U.S. dollar assets. However, this sentiment started to shift within a week after
Fri, Jun 27
Bank of Japan Mimics the “Fed Speak”, Flagging “Underlying Inflation” Risks
TradingKey - Much like Federal Reserve Chair Jerome Powell, officials at the Bank of Japan (BOJ) have taken an ambiguous stance on further monetary policy adjustments. Despite meeting the prerequisite for rate hikes — inflation above the 2% target — the BOJ has maintained a relatively dovish ...
Fri, Jun 27
U.S. Q1 Stagflation Confirmed – Could Q2 GDP Growth Rebound Above 3%?
TradingKey - Newly released data from the U.S. Department of Commerce shows that the U.S. economy unexpectedly contracted in the first quarter of 2025, reversing a three-year growth trend. Combined with upward revisions to inflation indicators, this confirms that the U.S. economy entered a ...
Fri, Jun 27
U.S. Bank Stocks to Rally in the Second Half of 2025: Bowman, Regulation, Trading Activity, and Rate Cuts
TradingKey - As U.S. tech stocks hit new highs, Wall Street analysts expect the next sector poised for strong performance could be U.S. bank stocks, driven by potential easing of capital and merger regulations by the Federal Reserve, along with a surge in trading activity.
Thu, Jun 26
