Group 1 - BlackRock's Rick Rieder is a leading candidate for the next Federal Reserve chair, as the White House continues its search [1][2] - Rieder recently interviewed with Treasury Secretary Scott Bessent, who is focused on finding a successor to Jerome Powell and desires fundamental changes in the Fed's operations [2][3] - The discussion with Rieder included topics on monetary policy and structural issues within the central bank, indicating a shift from traditional approaches [3] Group 2 - The current administration has a list of 11 candidates for the Fed chair position, which includes various past and present officials, strategists, and economists [4] - The upcoming Fed meeting is anticipated to result in the first interest rate cut since December 2024, although Trump is advocating for larger cuts to alleviate pressure on the housing market and government borrowing costs [5]

Industry Trend - BlackRock explores to tokenize ETFs [1] - BlackRock executive to speak at Ripple Swell conference [1] Market Outlook - Market sentiment indicates a potential upward trend [1]

Group 1 - BlackRock executive Rick Rieder is emerging as a leading candidate for the next chair of the Federal Reserve after Jerome Powell's term ends in May [1][2] - Treasury Secretary Scott Bessent has interviewed four of the eleven publicly named candidates for the Fed chair position, with the process still ongoing and potential for additional candidates [2] - Rieder has a long career in financial markets, having joined BlackRock in 2009 after nearly two decades at Lehman Brothers, and currently oversees the firm's fixed income business [2][3] Group 2 - Bessent is impressed with Rieder's extensive experience and understanding of both micro and macroeconomic factors, suggesting he would bring a calm demeanor and knowledge of financial firms outside the banking system if appointed [3] - Rieder's ability to utilize forward-looking frameworks for economic assessment is valued by Bessent, contrasting with the backward-looking data reliance that has frustrated President Trump [4] - President Trump has identified other candidates for the Fed chair position, including Fed Governor Christopher Waller, but has tasked Bessent with conducting a thorough search and providing a shortlist of three to four candidates [5]

美国财长贝森特周五面试美联储主席候选人。已经在至少11名候选人中面谈了四位，其中包括贝莱德集 团全球固定收益首席投资官Rick Rieder。 ...

Group 1: Federal Reserve Chair Race - Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock, is emerging as a leading candidate for the Federal Reserve Chair position, with Treasury Secretary Scott Bessent having interviewed him among at least 11 potential candidates [3][4][9] - Rieder has previously supported interest rate cuts, aligning with President Trump's criticisms of the Fed's rate decisions [4][9] - The selection process is being managed by Bessent, who aims to present a shortlist to President Trump [4][9] Group 2: Via Transportation IPO - Via Transportation Inc. commenced trading on the NYSE, with shares opening at $44, below its IPO price of $46 per share [5][9] - The IPO involved the offering of 10,714,285 shares of Class A common stock, raising approximately $492.9 million in gross proceeds, priced at the higher end of its marketed range of $40.00 to $44.00 per share [6][9] - The closing of the offering is anticipated on September 15, 2025, subject to customary conditions [6] Group 3: Diplomatic Engagement - President Trump is scheduled to have dinner with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani and Envoy Steve Witkoff, highlighting ongoing diplomatic engagements [7][9]

Group 1 - Majority of economists expect the Federal Reserve to cut interest rates by 25 basis points in September, with a total of three cuts anticipated for the year due to a weakening labor market overshadowing inflation risks [1] - Fidelity Solana ETF, Canary HBAR ETF, and Canary XRP ETF have been listed on the DTCC website as part of the standard process for launching new ETFs, though this does not indicate regulatory approval [1] - BlackRock is exploring the tokenization of ETFs, aiming to bring real-world assets onto blockchain platforms, having previously launched a $2 billion tokenized money market fund and participated in tokenization trading experiments [1] Group 2 - Ethena Labs has withdrawn from the bidding for the issuance of the Hyperliquid stablecoin USDH, citing community concerns regarding its identity and product focus, while continuing to develop other products [2] - UK industry associations have called for the inclusion of blockchain cooperation in the upcoming UK-US Tech Bridge agreement, emphasizing the strategic importance of stablecoins and tokenization for both economies [2]

Core Insights - BlackRock Canada is implementing changes to two of its funds, specifically the iShares Exponential Technologies Index ETF and the iShares India Index ETF, aimed at enhancing their performance and cost-effectiveness [1][5]. Group 1: iShares Exponential Technologies Index ETF (XEXP) - XEXP will undergo significant changes in its index methodology, including a shift to quarterly reviews instead of annual ones, effective from September 19, 2025 [2][3]. - The index will replace certain exponential technology themes, removing big data & analytics, hyperconnectivity, and energy transition, while introducing artificial intelligence, cybersecurity & defense technology, and energy innovation themes [3]. - The index will transition from an equal-weighted structure to a float-adjusted market capitalization-weighted structure, with a cap of 4% on individual issuers and 25% on each technology theme [3][4]. - These changes are expected to lead to higher portfolio turnover and transaction costs for XEXP, potentially resulting in net capital gains [2][4]. Group 2: iShares India Index ETF (XID) - The annual management fee for XID will be reduced from 0.98% to 0.74%, effective September 12, 2025, reflecting the firm's strategy to leverage its scale for investor benefits [5][6]. - The total annual fee structure will remain unchanged, ensuring that the fees paid directly or indirectly to BlackRock Canada do not exceed the specified percentage of the net asset value [5][6]. - There will be no changes to the investment objectives or trading symbol of XID, and current unitholders are not required to take any action due to this fee reduction [6].

Financing Arrangement - A consortium led by Global Infrastructure Partners, part of BlackRock, is negotiating with banks to secure up to $10.3 billion in financing for Aramco's Jafurah gas development deal [1] - JPMorgan and Sumitomo Mitsui Banking are among the financial institutions involved in discussions to support the transaction [1] - The funding arrangement is expected to be divided into short-term and long-term loans [1] Subsidiary and Leaseback Agreement - A new subsidiary, Jafurah Midstream Gas Company (JMGC), will be responsible for leasing the development and usage rights of gas processing facilities within the Jafurah gas field [2] - These rights will be leased back to Aramco for a duration of 20 years [2] - This deal follows a previous $11 billion leaseback agreement involving Aramco's Jafurah gas processing facilities [2] Jafurah Gas Field Details - The Jafurah field is the largest non-associated gas development in Saudi Arabia, expected to hold 229 trillion standard cubic feet of raw gas and 75 billion stock tank barrels of condensate [3] - Aramco aims to increase its gas production capacity by 60% from 2021 to 2030 to meet the growing demand for gas [3] - JMGC will receive tariffs from Aramco in exchange for exclusive rights to process and treat raw gas from the field [3] Ownership Structure - Aramco will maintain a 51% ownership in JMGC, with the remaining 49% held by the investor group [4] - The parties involved, including Aramco, BlackRock, JPMorgan, and Sumitomo Mitsui Banking, have declined to comment on the financing details [4]

Core Insights - BlackRock is planning to tokenize its top-performing ETFs, marking a significant step in the integration of traditional finance with digital assets [1][4][7] Group 1: Tokenization Initiative - The initiative aims to convert ETFs with exposure to equities and bonds into blockchain-based tokens, enabling 24/7 trading and fractional ownership [2][3] - Tokenized ETFs could feature programmable elements like automated dividend distribution and enhance global access beyond traditional market hours [3][7] Group 2: Market Context and Competition - The move aligns with a broader trend on Wall Street exploring tokenization as the next frontier in financial markets, with other financial giants like Goldman Sachs and JPMorgan also testing tokenization [4][5] - BlackRock's existing presence in blockchain finance includes the USD Institutional Digital Liquidity Fund (BUIDL), the largest tokenized money market fund managing over $2.2 billion [6][7] Group 3: Leadership Perspective - CEO Larry Fink has emphasized the inevitability of tokenization, suggesting that "every financial asset can be tokenized" to enhance efficiency and reduce costs [8]

Group 1 - BlackRock Inc. is exploring the tokenization of its exchange-traded funds (ETFs), aligning with a broader trend in Wall Street to integrate real-world assets onto blockchains [1][2] - The tokenization would allow fund shares, typically traded during market hours, to be issued as tokens on the blockchain, pending regulatory approval [2] - BlackRock offers various ETFs under the iShares brand, including the iShares MSCI Emerging Markets ETF, iShares Bitcoin Trust ETF, and iShares Core S&P 500 ETF [3] Group 2 - BlackRock previously launched the BlackRock USD Institutional Digital Liquidity Fund, which allows qualified investors to earn U.S. dollar yields, marking its initial venture into tokenization [3][4] - The fund, initially launched on Ethereum, is now accessible on seven blockchains and has a market valuation exceeding $2 billion [4] - Nasdaq has filed with the SEC to allow trading of tokenized stocks, which will provide holders the same rights and benefits as traditional shares [4][5] Group 3 - Robinhood Markets has also launched tokenized stocks in Europe, including shares from notable private companies like OpenAI and SpaceX [5] - BlackRock shares closed 2.84% higher at $1,134.18, with a year-to-date gain of over 10% [5] - The stock currently shows a moderately high Momentum score but lags in the Value metric [6]