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The market currently expects a 100% probability that the European Central Bank will raise interest rates twice by 25 basis points each time before the end of the year.July 23 – One of the worlds most attractive arbitrage opportunities will remain unattainable. The Korea Depository & Clearing Corporation (KDS) announced that SK Hynix has capped the conversion of its Korean-listed shares into American Depositary Receipts (ADRs) traded in the United States at 2.5% of its total share capital. This has been a key issue closely watched by investors since the companys ADRs were listed. The KDS CEO stated that the $26.5 billion in ADRs issued by SK Hynix on July 10 have exhausted the conversion limit. This means that unless existing ADR holders first convert their U.S.-traded ADRs back to Korean shares, thus freeing up conversion space, investors cannot convert their Seoul-listed shares into ADRs. SK Hynix ADRs are currently trading at a 51% premium to its Korean-listed shares.JPMorgan Chase lowered its price target for Tesla (TSLA.O) from $475 to $445.On July 23, Meng Huating, Director-General of the Department of Foreign Investment Administration of the Ministry of Commerce, responded to questions regarding the progress of the establishment of the China-US Trade Council and Investment Council at a press conference held by the State Council Information Office. She stated that the trade teams of both sides are currently maintaining close communication on the specific arrangements for the Trade Councils structure, functions, and operating model, and are exploring the implementation of a reciprocal tariff reduction framework of $30 billion each. China is widely soliciting opinions from domestic enterprises, business associations, local governments, and US-invested enterprises and business associations on relevant tariff reduction arrangements. The US is also soliciting public comments on the Trade Council and the reciprocal tariff reduction arrangements. Both sides will maintain close communication, finalize specific product tariff reduction arrangements as soon as possible, and promote their implementation to further expand bilateral trade.On July 23, Foreign Ministry Spokesperson Lin Jian held a regular press conference. In response to negative remarks made by a senior U.S. official regarding Chinas artificial intelligence, Lin Jian stated that China has consistently opposed the politicization and instrumentalization of science and technology trade issues. Such actions will only disrupt the global development of artificial intelligence and are not in the interest of any party.