*TRUMP’S GLOBAL TARIFFS FOUND ILLEGAL BY US APPEALS COURT

*APPEALS COURT RULED THAT TARIFFS VIOLATE TRUMP'S AUTHORITY UNDER IEEPA

*TRUMP TARIFFS CAN STAY IN EFFECT FOR NOW AS CASE PROCEEDS

*US APPEALS COURT SAYS TRUMP'S TARIFFS CAN REMAIN IN PLACE THROUGH OCTOBER 14 TO ALLOW APPEALS TO THE SUPREME COURT

*COURT RULING DOESN'T AFFECT TARIFFS ISSUED UNDER OTHER LEGAL AUTHORITY SUCH AS STEEL AND ALUMINUM TARIFFS

*TRUMP: APPEALS COURT THAT RULED ON TARIFFS WAS INCORRECT AND PARTISAN

*TRUMP: WITH THE HELP OF THE UNITED STATES SUPREME COURT, WE WILL USE TARIFFS TO THE BENEFIT OF OUR NATION

The Week Ahead: infinityhedge

Mon: US Market closed
*Trump’s Project WLFI’s launch on the ETH mainnet (At launch, $WLFI will enter the market with 24.67B tokens circulating)
*Eric Trump expected to attend a shareholder meeting of Japanese BTC treasury firm Metaplanet
*China manufacturing PMI, non-manufacturing PMI
*Saylor expected to announce another BTC purchase

Tue:
*US Congress returns from summer break
*ISM Manufacturing PMI
*Fed Governor Cook Hearing

Wed:
*China military parade (WWII end anniversary). Xi, Putin and Kim Jong will attend.
*U.S. JOLTs, Beige Book

Thu: U.S. ADP, ISM Services PMI

Fri: U.S. NFP; Economists expect 75k. BE expect 93k jobs — a modest improvement from July, and consistent with the story told by a broad array of labor-market indicators. We expect local government, leisure and hospitality, and construction to drive the improved hiring

Sun: China Gold Reserves

https://infinityhedge.substack.com/p/the-7-days-aa9

*GOLD FUTURES REACH RECORD HIGH OF $3,600, UP 7% OVER PAST 7 DAYS

*TRUMP: WOULD HAVE TO GIVE BACK TARIFFS IF APPEAL DENIED

*TRUMP: IF TARIFF RULING GOES AGAINST US, WE WOULD HAVE TO GIVE TRILLIONS OF DOLLARS BACK

*GOOGLE NOT REQUIRED TO SELL CHROME IN COURT ANTITRUST RULING

*JUDGE BARS GOOGLE FROM EXCLUSIVE CONTRACTS FOR INTERNET SEARCH

*GOOGLE WILL NOT BE REQUIRED TO DIVEST ANDROID

*GOOGLE NOT REQUIRED TO CEASE PAYMENTS TO APPLE, OTHERS FOR PRELOADING GOOGLE PRODUCTS

*US 30-YEAR YIELD RISES TO 5%, FIRST TIME SINCE JULY 15

NASDAQ STEPPING UP ITS SCRUTINY OF COMPANIES THAT ARE AIMING TO GET A STOCK PRICE BOOST BY RAISING MONEY TO BUY AND HOARD CRYPTO: THE INFORMATION

NASDAQ IS REQUIRING SHAREHOLDER VOTES FOR SOME CRYPTO STOCK DEALS

NASDAQ CAN DE-LIST STOCKS OR SUSPEND TRADING IF COMPANIES FAIL TO COMPLY

TRUMP: LOOKS LIKE WE'VE LOST INDIA AND RUSSIA TO DEEPEST, DARKEST, CHINA.

TESLA OFFERS UNPRECEDENTED $1 TRILLION PAY PACKAGE TO ELON MUSK

The 10-year plan requires Musk to meet benchmarks including expanding Tesla's robotaxi business and growing the company's market value to at least $8.5 trillion from current $1 trillion. The additional shares would push Musk's stake to at least 25%.

BIG EVENTS COMING TODAY:

U.S. NFP: 8:30 AM
*Est: 75K, Prev: 73k
*BofA: 90k
*GS: 60k
*JPM: 75k
*BBG: 93k

*Revision will be important, Prev. Two month revision was -258k

*Unemployment Rate: Est. 4.3%, Prev. 4.2%

S&P 500 reaction:
*>110k: +1% to -1.5%
*40k-110k: +0.2% to 1.2%
*<40k: -0.2% to 0.7%

*90% chance of +ve market rxn per JPM

*Trump to rename Department of Defense the 'Department of War at 2PM
*Trump to make an announcement at 4PM
*Eric Trump to make an announcement (not sure what this is about, could be related to Trump's announcement or to Sun wallet Blacklist)
*A federal judge is expected to rule soon on Fed's Cook request for a temporary restraining order.

ICYMI:
*Nasdaq proposed stricter listing standards, including a higher minimum public float for certain new listings & a faster process to suspend & delist thinly traded companies.
*OpenAI to launch its first AI chip with Broadcom & an AI hiring platform in 2026.
*Apple Plans Google developed AI model to power a Web Search Tool to compete with OpenAI, Perplexity.
*Chinese firms still want Nvidia chips despite gov. pressure not to buy.
*Tether held talks for investing in the entire gold supply chain, from mining and refining to trading and royalty companies. Tether seeking to deploy its vast crypto profits into Gold.
*Goldman Sachs said that gold could rally to $5k if the Fed’s independence were damaged.
*David Bailey planning to use his digital-asset treasury (DAT) company to invest in other digital-asset treasury companies (DATs).
*Stripe enlisted Anthropic, DB, DoorDash, Nubank, OpenAI, Shopify, Standard Chartered, Visa & Paradigm to build a new stablecoin focused EVM-compatible layer 1 blockchain 'Tempo'.
*Real estate giant 'Trimont' Picks JPMorgan’s Kinexys Blockchain to Speed Up Payments.
*BitMine said NASDAQ's increased scrutiny is particularly focused on "in-kind contributions," not ATM Programs.
*REX-Osprey poised to bring first Dogecoin ETF to market next week.
*Trump's World Liberty blacklist Justin Sun wallet with $100M WLFI, it’s unclear why they blacklisted wallet but A team member hinted that they believe a large holder (Sun?) attracted users' WLFI through high APY on a certain exchange (HTX?) & then sold users' WLFI though they have no definite proof & said it "Might have happened" "could be possible". Sun said that txns didn't involve any buying or selling & couldn't have any impact on the market. View: maybe it's convenient to blame Sun when the team itself is dumping?...or maybe a paper agreement violated ? also wen you are lending tokens for 20% APY, it is perfectly reasonable to expect the counterparty to sell them short, because APY must come from somewhere -mikko Ohtamaa

*BLS SAYS IT'S EXPERIENCING TECHNICAL DIFFICULTIES

*BLS SAYS DATA RETRIEVAL TOOLS ARE CURRENTLY NOT AVAILABLE

US AUGUST NFP 22K

<infinityhedge>

*US AUG. TWO-MONTH PAYROLL NET REVISION SUBTRACTS 21,000
*US AUG. NONFARM PAYROLLS RISE 22K M/M; EST. +75K
*US AUG. UNEMPLOYMENT RATE 4.3%; EST. 4.3%

US JUNE PAYROLLS REVISED TO 13K DECLINE FROM +14K

US JULY PAYROLLS REVISED TO 79K RISE FROM +73K

TRADERS ADD TO BETS ON FED INTEREST-RATE CUT IN SEPTEMBER

The first negative monthly nonfarm payroll number since 2020.

Traders now fully price in a September rate cut of 25bps

*TRUMP THREATENS SECTION 301 ACTION AGAINST EU OVER $3.5B GOOGLE FINE

The Week Ahead: infinityhedge

Mon:
*Anthropic hearing in Creators AI Piracy Lawsuit will take place, Anthropic expected to pay atleast $1.5 billion to authors in largest-ever settlement in a US copyright case. As part of the settlement Anthropic must destroy the original files it downloaded and any copies. The settlement does not give Anthropic a license or permission for future AI training.
*France: vote of confidence in the government
*Saylor expected to announce another BTC purchase

Tue:
*U.S. Non Farm Payrolls Preliminary Annual Revision at 10AM: downward revisions expected btw -500k to -800k, Prev. preliminary est. -818k, Prev. actual -598k
*Apple’s annual iPhone-centric event at 1PM
*China PPI, CPI

Wed:
*U.S. August PPI
*Crypto: Linea's TGE

Thu:
*ECB Interest Rate Decision at 08:15AM: ECB is in no rush to lower rates again
*U.S. August CPI, hot print expected

TBA/Whole Week:
*Justin Sun’s major announcement
*Hyperliquid to launch a stablecoin, ticker USDH (no special privileges for USDH), Timings: Proposals by Sept.10, Validators vote on Sept. 14 btw 10-11 UTC
*First DOGE ETF ‘REX-Osprey’s $DOJE,’ expected to launch
*Ethena Foundation will initiate an $310M buyback program over the next 6-8 weeks, $5m/day if $ENA >$0.70, $10m/day if $ENA <$0.70, or down >5% in a 24hr
*Goldman's annual Communacopia + Technology Conference

Last Week:
*mNAV: MSTR = 1.34; BMNR = 0.9; SBET = 0.8
*ETFs flow: BTC: $246M; ETH: -$787M
*AI adoption rates starting to decline for larger firms
*china increased gold reserves in an 10-month streak
*Russia hits Ukraine with biggest air attack of war, government building attacked first time in war

https://infinityhedge.substack.com/p/the-7-days-ac5

*HACKERS HIJACK NPM PACKAGES IN WHAT IS BEING CALLED THE LARGEST SUPPLY CHAIN ATTACK IN HISTORY

*IF YOU USE A HARDWARE WALLET, PAY ATTENTION TO EVERY TRANSACTION BEFORE SIGNING

*IF YOU DON'T USE A HARDWARE WALLET, REFRAIN FROM MAKING ANY ON-CHAIN TRANSACTIONS FOR NOW: LEDGER CTO

<@INFINITYHEDGE> ⚠️

*The malicious code only impacts individuals accessing the compromised applications over the web, monitoring for cryptocurrency addresses and transactions that are then redirected to attacker-controlled wallet addresses. This causes the transaction to be hijacked by the attackers rather than being sent to the intended address.

*The malware operates by injecting itself into the web browser, monitoring (potentially all chains) Ethereum, Bitcoin, Solana, Tron, Litecoin, and Bitcoin Cash wallet addresses or transfers. On network responses with crypto transactions, it replaces the destinations with attacker-controlled addresses and hijacks transactions before they're signed.

*What makes it dangerous is that it operates at multiple layers: altering content shown on websites, tampering with API calls, and manipulating what users' apps believe they are signing: bleepingcomputer ⚠️

-------------------------------
Update: All impacted package versions have been taken down by NPM.

*Major projects including Ledger, Rabby, Phantom, Metamask, WalletConnect, Jupiter, Hyperliquid, dYdX, PancakeSwap, Privy, Safe {Wallet} & many others have confirmed they are not using compromised packages and are safe to use. Check project twitter/discord for safety confirmations before interacting.

*Websites still using compromised packages can inject malicious code. Always verify the website is safe and double-check transaction addresses before signing.

*US PAYROLLS SEEN REVISED DOWN 911K IN PRELIMINARY REVISION

*The US added 911k fewer jobs than earlier thought between April 2024 and March 2025. (Worst Revision In US History)

*The final benchmark revisions have in recent years pointed to a smaller revision than what was reported in the preliminary estimate. Last year, for example, the preliminary estimate said job growth for the 12-months ended March 2024 should be lower by 818k jobs But in February, payroll employment for this period was revised down by 598k.

*No existing monthly data updated in today’s release. That will happen in February, when the BLS releases its final benchmark revision to monthly employment from April 2024 to March 2025 based on the QCEW (state unemployment tax records). The BLS will also revises data at that time through December 2025 to reflect changes in the birth-death model. This release of the preliminary revision is akin to a “preview” of the changes that will be published in February 2026: nick timiraos

*GOLD FUTURES REACH RECORD HIGH OF $3,700 AFTER PRELIMINARY PAYROLLS REVISION

MICHAEL BROWN:
"In all honesty, I don't think this really changes much in terms of the market or Fed policy outlook. Clearly a chunky downward revision, which leads you to believe that the labor market might well have been stalling, or at least losing momentum, for longer than we'd previously expected, but that's about all one can gleam from the data. It's all rather stale so it won't move the needle for fed who remain on track to cut 25 bps next Wednesday, nor for markets, with swaps having hardly budged across the curve since the figures crossed"

SAMUEL TOMBS:
most of the downward revision seems to be due to birth-death model's overstatement of the jobs created" at new businesses, potentially accounting for approximately two-thirds of the total adiustment.

Tldr: We initially estimated that 1.8M jobs created between April '24 & March '25 And now with this preliminary revision, We are estimating only 889k jobs created but actual numbers will be released in Feb. 2026 which expected around 1M to 1.1M jobs

TRUMP HAS ASKED THE EU TO IMPONSE TARIFFS OF UP TO 100% ON INDIA AND CHINA AS PART OF A JOINT EFFORT TO INCREASE PRESSURE ON RUSSIA TO END ITS WAR IN UKRAINE: FT