| Welcome to your morning markets update, delivered every weekday before the European open. Good morning. It's all about those central banks again today, while there's also been some surprisingly decent data on the U.K. housing market, Asian stocks are climbing despite a big row between two of the region's most influential nations, and Bitcoin is still just being Bitcoin. Here's what's moving markets. Central Bankers Everywhere Central bank excitement rumbles on with Federal Reserve Chairman Jerome Powell taking his testimony to Congress into its second day after providing further hints at an impending rate cut on Wednesday. Meanwhile, the ECB publishes an account of its June 5-6 policy meeting, with most economists expecting more stimulus to be announced by September at the latest. And finally, Bank of England Governor Mark Carney is also speaking, at the publication of a semi-annual report on the stability of the U.K. financial system. Happy Homes Good news on the U.K. housing market deserves to be celebrated these days: There was an increase in new buyers last month for the first time since November 2016, according to the Royal Institution of Chartered Surveyors, which reckons there's several signs of stabilization worth noting. Sales and new instructions started to pick up for the first time this year in June, and a gauge of prices indicated stagnation after four months of declines. Watch British homebuilder stocks this morning. 3,000 The S&P 500 broke above 3,000 for the first time ever on Wednesday, settling just below that level at the close. Asian stocks climbed as the region reacted to those Powell remarks and minutes from the Fed's June meeting that confirmed an inclination among officials to ease policy soon. However, investors in the region remain somewhat cautious over the ongoing Japan-South Korea spat, with no easy exit in sight. Back in Europe, tech investors should be aware of France's latest taxation plans. Bitcoin Being Bitcoin Bitcoin won't give us a break. Yesterday we thought the bulls may finally be back in control as the digital currency neared three days of gains, but that rise has been lost since late yesterday afternoon as it tumbled 8%. While that is nowhere near a record slump for the coin, it might pour some cold water on hopes of a near-term rebound that was attributed to an upswing in mainstream institutional interest, including news that Goldman Sachs Group Inc. is bolstering its team working on new digital-asset services. Coming Up... An important measure of U.S. inflation is expected to show a slowdown in consumer price growth in June. Meanwhile, some emerging market currency traders will be watching out for South Africa manufacturing production statistics and the latest Turkish current account balance, while energy investors await OPEC's latest monthly report. Serena Williams takes part in her twelfth Wimbledon semi-final later. What We've Been Reading This is what's caught our eye over the past 24 hours. And finally, here's what Cormac Mullen is interested in this morning Markets saw Fed Chairman Jerome Jerome Powell's testimony to Congress Wednesday as confirmation that U.S. rates are headed lower at the central bank's end-of-July meeting. Traders stepped up bets that policy makers could reduce interest rates by half a percentage point, though the consensus still foresees a quarter-point cut. Stocks rose on the news and bond yields ticked lower but it still seems investors are too focused on the "whether" the Fed will cut rates rather than the equally important "why." With markets set up for relatively hawkish testimony, the Fed chairman was dovish and then some. Business investment has slowed "notably" and overall growth appears to have moderated, Powell said. He also singled out declines in manufacturing output and housing investment, along with weakness in "some major foreign economies." That dove-tailed with Fed minutes that showed officials judged in June that downside risks to the U.S. economy had increased significantly. Bond investors should be comforted that a quarter-point cut in July is in the bag, with more seen coming. But equity investors need to remember the implications of the economic risks Powell cited.  Cormac Mullen is a Cross-Asset reporter and editor for Bloomberg News in Tokyo. Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. Learn more. | 
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