On China’s CBDC, Europe & Earnings

Digital currencies are coming, but the US and China are taking opposite stances on the form they’ll take. Trump favors stablecoins issued by private-sector companies and forbids the US from pursuing a central bank digital currency (CBDC). Xi wants to take China’s CBDC global, hoping the digital yuan (a.k.a. e-CNY) will give the dollar a run for its money. William discusses why China’s initiative won’t be the dollar-killer Xi hopes. … Melissa briefs us on how the EU’s economy and markets are doing and the challenges facing ECB policymakers. … Joe reports that analysts’ confidence in the outlook for S&P 500 companies is back; they’ve stopped their tariff-related estimate slashing.