| Good morning. Hindenburg made a tiny profit from Adani rout. Modi to cozy up to Putin with Russia visit. China-Taiwan tensions ratchet up a notch. Here's what's moving markets — Sebastian Boyd Hindenburg Research made tiny gains of just over $4 million after the short-selling report that triggered a $153 billion rout in Adani Group assets. That figure, which hasn't been independently confirmed by Bloomberg News, was disclosed by Hindenburg in a statement on its website Monday. It's the first time the New York-based firm, founded by Nathan Anderson, has provided a tally of its winnings from last year's bombshell report alleging fraud and market manipulation at the Indian business empire of Gautam Adani — one of Asia's richest tycoons. Indian Prime Minister Narendra Modi is heading to Moscow next week for talks with President Vladimir Putin, his first visit to the country since the Kremlin's 2022 invasion of Ukraine. It will be Modi's first bilateral visit since India's election and a breach with previous convention. The meeting, which will help Putin to counter Western efforts to cast him as a pariah, comes two months after Russia's leader went to China for the first foreign visit of his new term. That trip underlined Moscow's increasing dependence on Beijing, which India has eyed warily. China's Coast Guard detained a Taiwanese fishing boat along with its six crew members as tensions simmer under the island's new president. Two Chinese Coast Guard vessels sent officers to board the boat operating near Kinmen island on Tuesday evening, the Taipei-based Central News Agency reported. Kinmen is controlled by Taiwan and sits less than 3 kilometers (1.9 miles) from the mainland. The Chinese officers took the six crew members on board to sail toward the port of Weitou in the Chinese city of Jinjiang. Eli Lilly & Co won FDA approval for a new drug to slow Alzheimer's, in a big win for the company and its investors. Kisunla, as the treatment is called, will be the second drug to slow progression of the disease. Lilly said it would cost $32,000 in the first year of treatment. That's slightly more than Eisai Co.'s Leqembi, which has been available in the US since early 2023. Republican presidential contender Donald Trump has now raised more than Joe Biden after a $331 million fundraising haul in the second quarter. That's likely to deepen Democrat angst about the incumbent's campaign. Separately, Trump's sentencing in a New York hush-money case will be delayed by two months until Sept. 18 to allow a court to review the Supreme Court's ruling about presidential immunity. Trump's team asked for the delay as part of his bid to overturn his conviction on 34 felony counts. Here's what caught our eye over the past 24 hours: - Powell says data suggest inflation is getting back on a downward path
- Port congestion in some of Asia's busiest trade hubs may persist
- Rudy Giuliani has been stripped of his New York law license
- Venezuela, US to resume talks ahead of July presidential elections
- BASF pulls plug on Chile investments amid slow EV sales, lithium rout
The US labor market appears to be solid, according to Tuesday's JOLTS data. But under the hood, the data signals a cooling jobs market, which will keep wagers for more than one Fed interest-rate cut this year on the table. It's true that the headline number was strong — at 8.1 million in May, job openings are well above the pre-pandemic average of 7.1 million. Yet the details in the report are less rosy. Private-sector job openings rose by only 42k in May, after falling 384k in April and 497k in March. A number of economists have cautioned that the US labor market stands at an inflection point at which lower demand for labor may result in higher unemployment. It isn't surprising to see traders price in slightly higher odds of a second rate cut this year (43bps today vs 41.6bps yesterday). Friday's payrolls report will offer more clues.
Tatiana Darie writes for Bloomberg's Markets Live blog in New York. Follow her on X at @tatianadariee. Sign up for Hong Kong Edition newsletter to get an insider's guide to the money and people shaking up the Asian finance hub. | 
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