Esteban Ma
328 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
Is the U.S. June CPI Report Less Optimistic Than It Appears? Wall Street Warns: Soft Demand Masks Tariff Impact
TradingKey - The U.S. June CPI report, released on Tuesday, July 15, showed a moderate rise in inflation, broadly in line with expectations. While the headline figures appear stable, underlying details suggest that Trump’s tariff-driven inflation is starting to show — but is being partially masked
Wed, Jul 16
Forget Silicon Valley, Q2 Bank Earnings Show: Trump 2.0 Policies Are Fueling a Wall Street Spring
TradingKey - Driven by the direct and indirect effects of Trump’s economic agenda in his second term, major U.S. banks including JPMorgan Chase (JPM) and Wells Fargo (WFC) delivered better-than-expected results for Q2 2025, signaling that Wall Street is experiencing a revival — even as other sectors
Tue, Jul 15
Japan’s Biggest Risk in 2025: The Upper House Election Could Trigger PM Ishiba’s Resignation and Derail U.S.-Japan Trade Talks
TradingKey - Compared to the political and fiscal risks posed by Japan’s upcoming Upper House election, concerns over the Bank of Japan’s (BoJ) bond purchase reduction and weak JGB auctions earlier this year now seem like minor tremors. A ruling coalition defeat could reshape the outlook for yen ...
Tue, Jul 15
China’s 2025 H1 GDP Growth Beats Target — But Weak Domestic Demand Could Push CPI Into Deflation in 2025
TradingKey - Driven by proactive macroeconomic policies, China’s Q2 GDP grew 5.2% year-over-year, slightly below Q1’s 5.4% but still above market expectations of 5.1%. For the first half of 2025, GDP expanded 5.3%, reaching a total value of ¥66.05 trillion. Despite Trump’s tariff war and global
Tue, Jul 15
U.S. June CPI Preview: Tariff Pass-Through Is No Longer “The Boy Who Cried Wolf” — Could a Hot Print Disrupt the Calm in U.S. Equities?
TradingKey - On Tuesday, July 15, the U.S. Bureau of Labor Statistics will release the June 2025 Consumer Price Index (CPI). After four consecutive months of inflation coming in below expectations, Wall Street is now bracing for a potential upside surprise — with tariffs finally starting to show up
Mon, Jul 14
Q2 U.S. Banking Earnings Preview: “Cold IPOs, Hot Trading” — Investment Banking Set to Underperform for 14 Consecutive Quarters Below Key Threshold
TradingKey - As JPMorgan Chase and Bank of America report their Q2 2025 earnings this week, the U.S. banking earnings season officially begins. Analysts expect continued strength in market-making and trading businesses, while investment banking revenue remains stuck in a multi-quarter slump.
Mon, Jul 14
Yen Falls Below 147 — Traders Bet on Political and Fiscal Shift in Japan with 50% Election Risk
TradingKey - With a 50% chance that Japan’s ruling coalition may lose its majority in the July 20 Upper House elections, investors are increasingly betting on a weaker yen. Traders have started building long USD/JPY positions, anticipating a shift toward more expansionary fiscal policy.
Mon, Jul 14
The “Tightrope Walk” of U.S. Equities Continues: Three Optimistic Misconceptions and Two Known Unknowns
TradingKey - Tariff risks and concerns over economic slowdown have dominated trading sentiment throughout 2025 — yet risk assets like the S&P 500 and Nasdaq Composite continue to hit record highs. HSBC argues that many investor worries about inflation and valuations are overblown, while other
Fri, Jul 11
Global IPO Boom Heats Up — India Poised to Set New Records Beyond the U.S. and Hong Kong
TradingKey - Despite global trade tensions and economic uncertainty, the IPO market is heating up again, led by renewed investor confidence in the U.S. and Hong Kong. Now, India is emerging as a strong contender, with this year’s IPO fundraising already surpassing 2024 levels — and on track to break
Fri, Jul 11
"Broker + Crypto" Opens Valuation Potential — Shanghai Asset Regulator Sends Friendly Signal, Broker Indices Surge 15%
TradingKey - With global stablecoin regulation gradually taking shape, Guotai Junan International and other brokerages are positioning themselves for a new wave of crypto integration. A recent policy-driven rally in Hong Kong-listed Chinese brokers was further fueled by the Shanghai SASAC hosting a
Fri, Jul 11
The Crypto Bull Market Returns — Four Charts Show the Catalysts Behind Bitcoin’s New High
TradingKey - Despite ongoing tariff risks from the Trump administration, Bitcoin (BTC) and NVIDIA, the most valuable stock in the U.S., have both hit new highs. After months of hovering near the $100,000 mark, Bitcoin has regained momentum — driven by stablecoin regulation, Fed rate cut expectations
Fri, Jul 11
.jpg)
Is the Weak Dollar Trend Reversing? De-Dollarization Continues — IMF Data Shows Decline in Dollar Reserves
TradingKey - Similar to the U.S. Dollar Index (DXY) posting its worst first-half performance in over half a century, data from the IMF’s latest COFER survey shows that the share of U.S. dollars in global official reserves has declined, while the euro and Swiss franc have gained ground.
Thu, Jul 10
20-Year JGB Auction Holds Up — Fiscal and Technical Recession Risks Loom
TradingKey - On July 10, Japan’s 20-year government bond auction concluded without major disruptions. The bid-to-cover ratio and tail spread did not show significant weakness — but amid concerns over economic technical recession and rising fiscal spending, investors remain cautious.
Thu, Jul 10
Ferrero Nears $3 Billion Deal to Acquire WK Kellogg — Shares of the Cereal Maker KLG Surge 60%
TradingKey - According to a Wall Street Journal report, Italian confectionery giant Ferrero, the world’s third-largest chocolate and candy company, is close to finalizing a deal to acquire U.S. breakfast cereal brand WK Kellogg for around $3 billion. The news sent WK Kellogg shares up over 60% in
Thu, Jul 10
 (1).png)
Q2 2025 Earnings Season Preview: The First Test Under Trump’s Tariffs — Could Low Expectations Bring Surprises?
TradingKey - Mid-July will mark the first earnings season since President Donald Trump’s tariff policy took effect, offering investors a glimpse into how American companies are handling the impact of trade tensions. Analysts believe that with low expectations heading into Q2, it may be easier for
Wed, Jul 9
20-Year JGB Auction Back in Focus as the Japan Bond Market Faces Political Risk
TradingKey - With growing concerns that Japan’s ruling coalition may lose power in the July 20 Upper House elections, and potentially unleash a new wave of large-scale fiscal stimulus, 30-year Japanese government bond (JGB) yields hit record highs, signaling the arrival of a fresh bond market
Wed, Jul 9
Merck to Acquire Verona for $10 Billion — A Major Move into Respiratory Care, Shares of VRNA Surge 20%
TradingKey - According to a report by the Financial Times, U.S. pharmaceutical giant Merck (MRK.US) is nearing a deal to acquire Verona Pharma (VRNA.US) for $10 billion, marking Merck’s largest biopharma acquisition since 2023. The acquisition will expand Merck’s presence in the respiratory disease
Wed, Jul 9
Figma IPO: The “Last Hope” of the Software Listing and a Bitcoin Bull — Could It Be the Next Circle?
TradingKey - With its upcoming IPO on the New York Stock Exchange, design software giant Figma has drawn significant investor attention. The company plans to raise $1.5 billion, potentially making it one of the largest tech IPOs in 2025. One unique feature of Figma’s IPO prospectus is its exposure
Tue, Jul 8
Japan and South Korea Hit with New Tariffs — Will Asia See A Round of Currency Depreciation?
TradingKey - Ahead of the July 9 expiration of reciprocal tariff suspensions, U.S. President Donald Trump announced new tariffs on Japan and South Korea at 25%, reigniting concerns over trade tensions. Foreign exchange strategists warn that the yen, won, baht, and other Asian currencies may face
Tue, Jul 8
Rate Hold Surprises Markets: RBA’s Inflation Reasoning Puzzling, Australian Dollar Rises 1%
TradingKey - In a surprise move that defied market expectations of a rate cut, the Reserve Bank of Australia (RBA) left its policy rate unchanged amid concerns over inflation sustainability — potentially influenced by U.S. tariff policies. The decision sent the Australian dollar (AUD/USD) surging
Tue, Jul 8
