Market Beats | US Jobless Claims Rise to Highest Since June; Former Top Adviser to NYC Mayor Adams Indicted Again; US Existing-Home Sales Rose Slightly in July; US and EU Eye Auto Tariff Cuts Within Weeks; Boeing Nears Potential 500-Jet Sale to China; New York Appeals Court Overturns $464 Million Penalty but Upholds Trump’s Fraud Liability; Anthropic Nears $10 Billion Funding Round, Boosted by Investor Demand

—— US Jobless Claims Rise to Highest Since June; Former Top Adviser to NYC Mayor Adams Indicted Again; US Existing-Home Sales Rose Slightly in July; US and EU Eye Auto Tariff Cuts Within Weeks; Boeing Nears Potential 500-Jet Sale to China; New York Appeals Court Overturns $464 Million Penalty but Upholds Trump’s Fraud Liability; Anthropic Nears $10 Billion Funding Round, Boosted by Investor Demand

1. US Jobless Claims Rise to Highest Since June

Applications for US unemployment benefits climbed to the highest level since June, signaling further softening in the labor market.

Initial jobless claims increased by 11,000 to 235,000 in the week ended Aug. 16, exceeding the Bloomberg survey median forecast of 225,000. Continuing claims, which track the number of people still receiving benefits, rose to 1.97 million in the week ended Aug. 9 — the highest since November 2021, according to Labor Department data released Thursday.

The rise underscores mounting concerns about the labor market after recent employment reports showed slowing hiring and a higher unemployment rate. The four-week moving average of new claims climbed to 226,250, the highest in a month.

Before seasonal adjustment, initial applications fell, led by declines in California, Michigan and Texas, while Kentucky, Massachusetts and Iowa recorded increases.

______

2. Former Top Adviser to NYC Mayor Adams Indicted Again

Ingrid Lewis-Martin, a former chief adviser to New York Mayor Eric Adams, is facing fresh bribery charges for allegedly accepting more than $75,000 in illicit payments, Manhattan District Attorney Alvin Bragg announced Thursday. The development revives a corruption scandal just months before Adams’s uphill reelection bid.

According to prosecutors, part of the bribes was funneled into her son’s bank account. Lewis-Martin is accused of steering city contracts for migrant shelters to favored property owners, expediting permits for a Queens karaoke bar, and ordering the Department of Transportation to withdraw approval for a Brooklyn street redesign in exchange for $2,500, a TV speaking role, and thousands of dollars in catering at the mayor’s official residence.

“Lewis-Martin engaged in classic bribery conspiracies that had a deep and wide-ranging impact on city government,” Bragg said. “While she allegedly pocketed tens of thousands and gained television exposure, ordinary New Yorkers paid the price.”

Her lawyer, Arthur Aidala, said she will fight the new charges. “Despite a lifetime of service as a law-abiding public servant, Ingrid is being forced to face court with little information. She has always served the city with integrity, and she will firmly plead not guilty to every charge,” Aidala said.

______

3. US Existing-Home Sales Rose Slightly in July

Sales of previously owned US homes rose modestly in July, supported by slower price growth and a dip in mortgage rates that helped stabilize demand. Contract closings increased 2% from the prior month to an annualized pace of 4.01 million, slightly above the median forecast of 3.92 million, according to the National Association of Realtors (NAR).

The median sales price edged up just 0.2% year-over-year to $422,400, the smallest annual increase in two years. Still, prices remain more than 50% higher compared with February 2020, leaving affordability strained for many Americans. “The ever-so-slight improvement in housing affordability is inching up home sales,” said NAR Chief Economist Lawrence Yun, noting that wage growth is now outpacing home price increases.

The inventory of previously owned homes rose 0.6% to 1.55 million, the highest level since May 2020. While the larger supply has moderated prices in parts of the South and West, sales overall remain stuck around the 4-million annual mark, where they have lingered for the past two years. With mortgage rates having doubled since late 2021, many homeowners remain reluctant to sell and buy again.

The Mortgage Bankers Association expects rates to stay well above 6% through next year, signaling limited near-term relief for the housing market.

______

4. US and EU Eye Auto Tariff Cuts Within Weeks

The US and European Union took further steps to formalize their trade pact on Thursday, outlining measures that could reduce tariffs on European automobiles within weeks while paving the way for potential new discounts on steel and aluminum.

The joint statement builds on the preliminary agreement announced last month, setting clear benchmarks for the EU to secure tariff reductions on cars, pharmaceuticals, and semiconductors. It also includes fresh commitments to collaborate on economic security, food standards, and digital trade.

President Donald Trump hailed the deal earlier this week during a White House meeting with European Commission President Ursula von der Leyen, calling it “a big deal.” Von der Leyen said on X that the pact provides predictability, benefits citizens and companies, and strengthens transatlantic relations.

The process reflects Trump’s trade negotiation style — initial broad announcements followed by weeks of detailed bargaining, often tied to sweeping policy changes that may take time to fully materialize.

______

5. Boeing Nears Potential 500-Jet Sale to China

Boeing Co. is moving closer to finalizing a major aircraft sale to China for as many as 500 planes, according to people familiar with the matter — a deal that would end a sales freeze dating back to President Donald Trump’s last visit in 2017.

The negotiations remain ongoing, with both sides working out details such as jet models, volumes, and delivery timelines. The mega deal is contingent on easing trade tensions between the two nations and could still collapse, the people cautioned.

Chinese officials have already started consulting domestic airlines to assess demand for Boeing aircraft.

The potential transaction mirrors in scale a similar 500-jet order China’s central planners have arranged with Airbus SE, though that deal has not yet been formally announced.

______

6. New York Appeals Court Overturns $464 Million Penalty but Upholds Trump’s Fraud Liability

A New York appeals court on Thursday struck down a $464 million fraud penalty against President Donald Trump and his company in a civil suit over asset valuations, while upholding his liability in the case. The ruling delivers Trump a major financial victory against the state attorney general.

The decision vacates a February 2024 judgment by a Manhattan judge, which found that Trump illegally enriched himself for a decade by inflating asset values on financial documents to secure better loan terms. The appeals court ruled the penalty “excessive” but confirmed that Trump did, in fact, break the law.

The long-awaited ruling by the intermediate state appeals court eliminates one of Trump’s largest financial liabilities.

At the same time, it places fresh legal pressure on New York Attorney General Letitia James, who is now the subject of a federal probe into whether her lawsuit against Trump violated his legal rights.

______

7. Anthropic Nears $10 Billion Funding Round, Boosted by Investor Demand

Novo Nordisk is cutting the cost of its blockbuster diabetes drug Ozempic for cash-paying patients, amid ongoing scrutiny of high US drug prices.

The Danish pharmaceutical giant said Monday that patients can now get Ozempic for $499 a month — roughly half of its US list price — through its NovoCare cash-pay pharmacy. In addition, the company is partnering with GoodRx to make both Ozempic and its weight-loss counterpart Wegovy available at the same price at pharmacies nationwide.

The move comes as President Donald Trump has been pressuring drugmakers, including sending letters to companies like Novo, to take action on pricing. Previous efforts by the Biden administration to push for lower prices were unsuccessful. Novo stressed that this offer is unrelated to its government discussions.

GoodRx CEO Wendy Barnes said the collaboration would give patients easier access to more affordable versions of the drugs: “We already have millions of consumers searching for these products, and this partnership puts the most affordable options in their hands.”

Shares of Novo Nordisk jumped as much as 7.8% following the news, while GoodRx stock soared 39% — its biggest one-day gain since September 2020.

______