Daily US Equity Opening News - DeepSeek plans price hikes; SFTBY profit beats driven by AI gains; SSNLF Fold 8 pre-orders rise; SNDK, WDC fall on outlook; HONA falls after cutting forecasts; BAYRY seeks delay to Roundup settlement hearing

DAY AHEAD:

• DATA: In Europe, Eurozone retail sales are seen rising 0.2% M/M; July construction PMIs also due across the Eurozone (prev. 42.8), UK (prev. 38.4), Germany (prev. 44.8), France (prev. 38.2). In North America, US initial jobless claims (exp. 202K, prev. 197K) and continuing claims (exp. 1,790K, prev. 1,782K); Challenger job cuts (exp. 59K, prev. 45.849K) and Revelio Public Labour Statistics are also due; nonfarm productivity prelim Q2 and unit labour costs (prev. 1.8% Q/Q); wholesale inventories (prev. 0.1% M/M); Atlanta Fed will update its Q3 GDPNow tracking estimate (currently tracking 5.9%). In Canada, S&P Global Composite (prev. 47.9) and Services PMIs (prev. 47.1).
• CENTRAL BANKS: Fed’s Daly (2027 voter, neutral) speaks in Tokyo; Fed’s Musalem (2028 voter, hawk) takes part in a moderated discussion. ECB publishes Economic Bulletin Issue 5/2026; Norges Bank releases its Q2 lending survey. Banxico is expected to hold its benchmark rate at 6.5%, and the CNB is also expected to be unchanged at 3.75%.
• SUPPLY: France auctions EUR 10.5-12.5bln of 2036, 2036, 2037 and 2044 lines. Spain sells EUR 5-6bln of 2031, 2033 and 2036, alongside EUR 0.25-0.75bln of 2039 linkers.
• ENERGY: EIA reports weekly natural gas stocks change (prev. +28bcf).
• EARNINGS: Notable corporate earnings due today include: ConocoPhillips (COP), Parker Hannifin (PH), Howmet (HWM), Datadog (DDOG), Monster Beverage (MNST), Constellation Energy (CEG), Airbnb (ABNB), Republic Services (RSG), Aflac (AFL), Warner Bros. Discovery (WBD), Sempra (SRE), Targa Resources (TRGP), Becton Dickinson (BDX), Keurig Dr Pepper (KDP), AIG (AIG), Microchip Technology (MCHP), Consolidated Edison (ED), Kenvue (KVUE), Zoetis (ZTS), ResMed (RMD), Fiserv (FISV), Fox (FOXA), Ralph Lauren (RL), Roku (ROKU), Viatris (VTRS), Evergy (EVRG), Akamai (AKAM), Gen Digital (GEN), APA (APA), Trade Desk (TTD), Molson Coors (TAP).

NEWS:

GEOPOLITICS:

• US-Iran - President Trump said he preferred a deal with Iran, and that the two sides were in contact and talking, while reiterating the US had been poised for its biggest military strike since World War II. Trump denied munitions shortages and threatened jail sentences for leakers. He said the US holds massive stockpiles and defence firms are expanding production. Pentagon emergency funding includes USD 18.2bln for advanced interceptors and missiles, while one analysis estimated Patriot inventories had fallen about 65% from pre-conflict levels. Vice President Vance said negotiations would take time, describing talks as “messy” but predicting they would conclude in a favourable position for the US.
• US-Iran - Iran threatened Gulf states with retaliation if the US launches new strikes. Advisor Rezaei said no US tanker had crossed the Strait of Hormuz. Iran’s deputy foreign minister said an understanding with Oman does not reopen the strait; temporary routes would close and much shipping would pass through Iranian territorial waters.

MACRO:

• Fedspeak - Fed’s Daly (2027 voter) said she was fully supportive of the FOMC decision to hold rates steady in July; she said that more data is needed before September to determine whether inflation reflects transitory supply shocks or a more persistent trend. Fed’s Cook (voter) warned she is prepared to vote for rate rises if inflation fails to slow, and cautioned that five years of above-target inflation risks becoming entrenched in price- and wage-setting behaviour. Cook acknowledged that fading tariff effects and lower oil prices could yet negate the need for tighter policy, she added.
• Japan - Japan’s 30-year bond auction drew firm demand, with a 3.86x bid-to-cover (prev. 4.55x, 3.49x 12-month average), helping to ease concerns over fiscal policy and government debt. Japanese PM Takaichi said restoring the food sales tax to 8% after two years is essential for sustainable finances and market trust; the cabinet approved cutting the rate to 1% from April, before a tax-credit system starts in 2029, though funding for the annual JPY 4tln revenue shortfall remains unclear.
• BCB - Brazil’s central bank cut its benchmark Selic rate by 25bps to 14% (exp. 14%), its fourth consecutive reduction bringing cumulative easing since March to 100bps. The unanimous decision, led by Governor Gabriel Galipolo, provided no forward guidance, citing high uncertainty and unanchored inflation expectations.

TRADE:

• US Tariffs - President Trump is preparing to impose tariffs of at least 15% and minimum import prices on polysilicon as early as Thursday, covering raw material, wafers, photovoltaic cells and solar modules, Bloomberg reports. Some analysts anticipate final rates could be as much as 25-35%.
• US-Canada - Canada seeks relief from all US Section 232 tariffs as President Trump threatens new 50% duties from 19th August. PM Carney said negotiations remain constructive, but Canada could retaliate. Talks include possible tariff quotas for Canadian steel and aluminium, while US concerns include autos, dairy controls and provincial liquor bans.
• Australia Trade - Australia posted a June trade surplus of AUD 1.93bln (exp. -1.1bln; prev. -3.02bln); exports rose 9.6% M/M (prev. -6.9%), driven by commodities including iron ore, coal and gold, while imports fell -0.2% M/M (prev. 2.6%).

TECH:

• DeepSeek - DeepSeek plans substantial price increases across its AI services, though exact changes were not specified, Bloomberg reports. Its V4 Flash currently costs USD 0.14/mln input tokens and USD 0.28/mln output tokens, far below Moonshot and Anthropic. The move comes as DeepSeek raises funds, prepares for a possible IPO and expands computing capacity.
• OpenAI, Microsoft (MSFT) - OpenAI asked a federal judge to dismiss Apple’s trade-secret lawsuit, calling its allegations meritless, Bloomberg reports. Apple claims OpenAI orchestrated theft through recruits and hires, including former engineer Chang Liu. OpenAI says cited conduct was lawful and Liu was helping former colleagues. A response to Apple’s injunction request is due 17th August. Separately, Microsoft generated USD 24.1bln in FY AI revenue from OpenAI, representing more than half of its AI sales.
• SoftBank (SFTBY) - Q1 net profit JPY 347.33bln (exp. 165.83bln), Q1 revenue JPY 2.020tln (vs 1.820tln Y/Y). Pretax profit was JPY 589.2bln (vs 689.0bln Y/Y), while basic EPS fell to 60.08 (from 72.93). Total investment gains reached JPY 1.859tln, supported by gains on chip-related holdings, partly offset by weaker valuations across parts of the Vision Fund portfolio. Invested a further USD 10bln in OpenAI during Q1, taking cumulative investment to USD 44.6bln; the stake had a fair value of USD 89.6bln, with cumulative gains of USD 45.0bln. Exec said results highlight SoftBank’s increasing exposure to AI-related assets, alongside rising financing and portfolio-volatility risks.
• Samsung Electronics (SSNLF) - Samsung said Galaxy Z Fold 8 and Fold 8 Ultra pre-orders are running 30% above last year, Bloomberg reports. The Fold 8 accounts for nearly half of orders, while more than three times as many Flip owners are switching to Fold models. The devices launch on 7th August.
• Salesforce (CRM) - Salesforce promoted Miguel Milano to chief operating officer while Robin Washington retains her chief operating and financial officer title. Srini Tallapragada is leaving after 14 years. Rohan Kumar becomes chief platform and engineering officer. Alexa Vignone becomes chief revenue officer.
• Kioxia (KXIAY) - Kioxia plans 2026 production of PCIe 6.0 and UFS 5.0 NAND products, challenging Samsung Electronics (SSNLF) and SK Hynix (SKHY) in AI-focused memory, ZDNet Korea reports. Kioxia has begun 332-layer BiCS 10 production and commercialised its CM10 enterprise SSD. Samsung is producing PM1763, plans Q4 UFS 5.0 output and is starting limited V10 NAND production.
• Sandisk (SNDK) - Sandisk fell 8.5% in afterhours trading after its revenue outlook missed elevated expectations, and pointed to slightly lower margins, outweighing stronger quarterly earnings and data centre growth. Q4 adj. EPS 39.25 (exp. 34.51), Q4 revenue USD 8.97bln (exp. 8.39bln). CEO said Sandisk ended FY26 with a leading technology portfolio, deeper customer relationships and data centre established as a key growth pillar, supporting durable free cash flow generation. Sees Q1 adj. EPS between 44.00-46.00 (exp. 44.21), and Q1 revenue between USD 10.3-10.8bln (exp. 10.62bln).
• Western Digital (WDC) - Shares fell 11% in extended trading with reports suggesting that its outlook underwhelmed, despite forecasting earnings and revenue above consensus. Q4 adj. EPS 3.56 (exp. 3.29), Q4 revenue USD 3.75bln (exp. 3.7bln), supported by rising storage demand. CEO said accelerating global data creation and improving business visibility underpin confidence entering FY27. Sees Q1 adj. EPS between 3.85-4.15 (exp. 3.77), Q1 revenue between USD 4.0-4.2bln (exp. 4.04bln), Q1 gross margin between 55-56%.
• Microsoft (MSFT) - Xbox’s Halo Studios is implementing layoffs following the launch of ‘Halo: Campaign Evolved’, Insider Gaming reports. Producer Nick Treitman, contractor Paul Morris and software engineer Caleb Lawrence indicated their roles had ended or that they were seeking work.
• Block (XYZ) - Q2 adj. EPS 1.02 (exp. 0.87), Q2 revenue USD 6.62bln (exp. 6.48bln). Cash App revenue USD 4.02bln (exp. 4.01bln). Square US GPV growth accelerated to 10% Y/Y, the strongest rate since Q2 2023. Self-onboarded seller new volume added grew at its fastest pace since Q2 2021. Exec said upmarket momentum continued through new restaurant and order-management capabilities. Sees Q3 adj. EPS 1.02 (exp. 1.01), Q3 adj. operating income USD 875mln (exp. 865.7mln). Raises FY26 adj. EPS view to 4.02 (exp. 3.91), and sees FY26 gross profit +21% Y/Y at USD 12.51bln, with adj. operating income of USD 3.47bln, and an adj. operating margin of 28%.
• Motorola Solutions (MSI) - Shares rose 4.4% in extended trading after quarterly earnings and revenue beat expectations, and it raised its FY sales and profit outlook, outweighing softer next-quarter guidance. Q2 adj. EPS 4.41 (exp. 3.85), Q2 revenue USD 3.1bln (exp. 3.0bln). CEO said performance was exceptional across the business, with record Q2 orders supporting strong momentum into H2 FY26. Sees Q3 adj. EPS between 4.39-4.44 (exp. 4.43), Q3 revenue growth of approximately 8% Y/Y. Raises FY26 adj. EPS guidance to between 17.62-17.72 (exp. 16.98; prev. saw 16.87-16.99), and raises FY26 revenue guidance to approximately USD 12.975bln (exp. 12.81bln; prev. saw 12.8bln).
• Figma (FIG) - Figma fell 14% in extended trading after FY adj. operating profit outlook disappointed, despite stronger than expected quarterly results. Q2 EPS 0.08 (exp. 0.04), Q2 revenue USD 370.1mln (exp. 351.52mln). CEO said Figma is expanding its AI opportunity by bringing code, creative capabilities and agents directly into the canvas, positioning the platform as a full-stack creation environment. Sees Q3 revenue between USD 373-375mln (exp. 364.67mln); raises FY26 revenue guidance to between USD 1.463-1.467bln (exp. 1.44bln), implying 39% Y/Y growth at the midpoint, and an increase of USD 40mln from its prior outlook; operating income seen between USD 125-135mln (exp. 133.2mln).
• Duolingo (DUOL) - Duolingo fell 10% after its revenue and bookings forecasts came in below expectations. Q2 diluted EPS 0.66 (exp. 0.62), Q2 revenue USD 298.5mln (exp. 295.56mln). Daily active users +23% Y/Y to 58.7mln, accelerating from Q1, while paid subscribers reached 12.7mln at period end. CEO Luis von Ahn said the results reinforced the company’s strategy of improving the product while prioritising user growth. Duolingo sees Q3 revenue USD 302mln (exp. 304.05mln), implying 11.1% Y/Y growth, and Q3 adj. EBITDA of USD 76mln. It sees FY26 revenue USD 1.21bln (exp. 1.21bln), implying 16.3% Y/Y growth, and FY26 adj. EBITDA of USD 320mln.
• Corpay (CPAY): - Q2 adj. EPS 7.00 (exp. 6.58), Q2 revenue USD 1.339bln (exp. 1.30bln). Corpay agreed to sell its non-core UK vehicle payments businesses epyx, r2c Online and Business Gateway to OEConnection. Sees Q3 adj. EPS 7.15 (exp. 7.03), and sees Q3 revenue USD 1.355bln (exp. 1.35bln).

COMMUNICATIONS:

• Meta Platforms (META) - Meta’s Muse Spark 1.1 AI model accessed the internet during cybersecurity testing and breached another company’s systems, The Information reports. The incident was described as the latest in a broader pattern involving major AI firms.
• Alphabet (GOOG) - Google is centralising AI leadership in California, appointing Koray Kavukcuoglu to oversee research and operations as Demis Hassabis becomes DeepMind chairman and Alphabet chief scientist, Bloomberg reports. The changes aim to accelerate Gemini development amid delays, departures and competition from Anthropic and OpenAI, while London remains an AI hub.
• News Corp (NWSA) - Q4 adj. EPS 0.35 (exp. 0.23), Q4 revenue USD 2.34bln (exp. 2.25bln). CEO highlighted record profitability, continued digital-first investment and News Corp’s role as a supplier of trusted content to AI platforms, noting existing agreements with OpenAI and Meta and advanced discussions with other companies.
• AppLovin (APP) - Shares tumbled by over 16% in extended trading after Q3 profit outlook missed, and quarterly revenue was slightly below forecasts. Q2 EPS 3.76 (exp. 3.75), Q2 revenue USD 1.92bln (exp. 1.94bln). SEC has concluded its voluntary inquiry with no recommended action. AppLovin moderated share repurchases from roughly USD 1bln deployed in Q1 because of lower quarterly free cash flow, but said this does not reflect reduced conviction or a change in intended use of the authorisation. Sees Q3 revenue between USD 2.055-2.085bln (exp. 2.08bln), and Q3 adj. EBITDA between USD 1.71-1.74bln.
• Nintendo (NTDOY) - Q1 operating income JPY 142.6bln (exp. 74.1bln), Q1 revenue JPY 517.8bln (exp. 448.8bln). Net profit JPY 147.4bln (exp. 77.8bln); Switch 2 hardware sales reached 3.82mln units. Results benefited from US tariff refunds and strong sales of first-party titles including Pokemon Pokopia and Tomodachi Life. Exec said Switch 2 remains in strong demand in its second year, and aims to sustain hardware momentum by pairing the console with a broader software offering. Management continues to rely on higher-margin software sales to offset hardware economics, although rising memory-component costs, tariffs and the absence of a major flagship release remain potential pressures.
• Zillow Group (Z) - Zillow fell 5% after expanding its finance chief’s responsibilities, and announcing job cuts, despite better than expected quarterly results. Q2 adj. EPS 0.52 (exp. 0.45), Q2 revenue USD 772mln (exp. 758.38mln). CEO said it remains on track to meet FY objectives. Zillow expanded CFO Jeremy Hofmann’s role to include chief operating officer, giving him responsibility for both financial strategy and day-to-day execution. Cassandra Knight will join from Google (GOOG) as Zillow’s first chief legal and policy officer.
• Bumble (BMBL) - Bumble fell 3.3% after reporting an unexpected quarterly loss and issuing weaker than expected profit guidance. Q2 EPS -0.84 (exp. 0.25), Q2 revenue USD 210.5mln (exp. 210.46mln). Total paying users -16.4% Y/Y to 3.2mln, average revenue per paying user +1.2% Y/Y to USD 21.96. Sees Q3 revenue between USD 205-213mln (exp. 214.49mln), Bumble App revenue between USD 167-173mln, and adj. EBITDA between USD 56-60mln.
• Warner Music Group (WMG) - Q3 adj. EPS 0.51 (exp. 0.34), Q3 revenue USD 1.864bln (exp. 1.81bln). Performance was supported by robust subscription streaming growth, market-share gains and disciplined operating leverage. Management highlighted the use of technology and AI to scale profitability; said the business enters year-end with strong operational momentum.
• Deutsche Telekom (DTEGY) - Q2 revenue EUR 29.9bln (exp. 29.9bln), Q2 adj. EBITDAaL EUR 11.82bln (exp. 11.70bln); raised FY26 FCF after leases guidance to around EUR 20bln (from ‘more than’ EUR 19.8bln), and increased its 2026 share buyback by up to EUR 3bln.
• WPP (WPP) - H1 revenue GBP 6.37bln (prev. 6.66bln Y/Y), operating profit GBP 261mln (exp. 350.6mln); Q2 LFL revenue less pass-through costs -2.8% (exp. 6.3%); maintained FY26 operating margin guidance, expects improving growth despite continued account losses.

CONSUMER CYCLICAL:

• EBay (EBAY) - Shares pared gains in afterhours, finishing up around 0.5%, after weaker than expected earnings guidance offset stronger quarterly results and an above-consensus revenue view. Q2 adj. EPS 1.60 (exp. 1.51), Q2 revenue USD 3.1bln (exp. 3.02bln). Q2 GMV +15% Y/Y to USD 22.4bln on a reported basis, +14% Y/Y FX-neutral. CEO highlighted broad-based momentum; continued GMV growth reflected strength in priority categories, and supported a higher FY top- and bottom-line outlook. Sees Q3 adj. EPS between 1.36-1.42 (exp. 1.44), Q3 revenue between USD 3.07-3.12bln (exp. 2.99bln), Q3 GMV between USD 22.0-22.4bln.
• DoorDash (DASH) - DoorDash shares were little changed after hours. Q2 EPS 0.46 (exp. 0.47), Q2 revenue USD 4.45bln (exp. 4.34bln). Q2 total orders +27% Y/Y to 970mln, and marketplace GOV +36% Y/Y to USD 33.1bln, supported by continued growth across marketplaces, membership programmes and monthly active users. Highlighted progress in its global technology platform, AI-based product features and expanded software and merchant services. Sees Q3 marketplace GOV between USD 33-34bln, Q3 adj. EBITDA between USD 950mln-1.1bln; expects adj. EBITDA as a percentage of marketplace GOV to rise Q/Q in Q3 before declining in Q4, primarily due to seasonally higher Dasher costs, annual insurance expense increases and greater investment in its global technology platform and autonomy initiatives.
• Expedia Group (EXPE) - Q2 adj. EPS 5.76 (exp. 5.25), Q2 revenue USD 4.32bln (exp. 4.17bln). Consumer bookings +8%, driven by the fastest US growth in 15 quarters, while healthy consumer spending supported longer stays and booking windows despite higher airfares and hotel prices. FX added nearly 0.5ppts to bookings growth, and about 4ppts to revenue growth. CEO highlighted consumer-brand growth, sustained B2B momentum, broader supply and AI-led operating efficiencies. Sees Q3 revenue between USD 4.65-4.75bln (exp. 4.66bln), adj. EBITDA between USD 1.51-1.56bln, gross bookings between USD 32.2-32.8bln. Raises FY26 revenue view to between USD 16.05-16.22bln (exp. 16.01bln; prev. saw 15.6-16.0bln), and raises FY26 gross bookings guidance to between USD 129.5-130.8bln (prev. saw 127-129bln).
• Etsy (ETSY) - Q2 EPS from cont ops 0.98 (exp. 1.18), Q2 revenue USD 668mln (exp. 646.69mln). Etsy also authorised a new USD 2bln share repurchase programme. Announced a restructuring that will reduce its workforce by approximately 220 employees (or 12% of staff), leaving expected headcount of around 1,600. Expects restructuring charges of about USD 35mln, primarily comprising cash severance, employee benefits and related costs, with the plan substantially complete by the end of Q3.
• MercadoLibre (MELI) - Q2 EPS 9.19 (exp. 9.11), Q2 revenue USD 10.2bln (exp. 9.76bln).
• Murphy USA (MUSA) - Q2 EPS 11.27 (exp. 9.87), Q2 revenue USD 6.806bln (exp. 6.03bln). Same-store fuel volumes +0.5% Y/Y and total fuel volumes +3.9% Y/Y. Merchandise contribution growth and expense discipline supported higher earnings and adj. EBITDA. CEO said persistent fuel-price volatility supported healthy retail margins and demonstrated the durability of the company’s low cost/high volume model. Assumes H2 all-in fuel margins average USD 0.35/gallon (vs USD 0.379 in H1), sees FY26 net income of approximately USD 636mln, and adj. EBITDA of approximately USD 1.25bln.

CONSUMER DEFENSIVE:

• Costco (COST) - Costco reported July net sales +10.7% Y/Y at USD 23.12bln, with comp sales rising 8.9%, and digitally enabled sales +17.7%. Ex-gasoline and FX, comp sales +6.6%. First 48-week net sales reached USD 273.55bln (+10.1%), while digitally enabled sales rose +21.2%.
• Elf Beauty (ELF) - Q1 adj. EPS 1.75 (exp. 0.72), Q1 revenue USD 479.4mln (exp. 433.67mln). Net sales +36% Y/Y. Raises FY27 adj. EPS guidance to between 3.50-3.55 (exp. 3.33; prev. saw 3.27-3.32), raises FY27 revenue guidance to between USD 1.938-1.968bln (exp. 1.86bln; prev. saw 1.835-1.865bln), implying net sales growth between 18-20% (prev. saw 12-14%).

ENERGY:

• Occidental Petroleum (OXY) - Q2 adj. EPS 2.40 (exp. 1.85), Q2 revenue USD 8.33bln (exp. 7.14bln). CEO said results reflected the strength of Occidental’s resource base and competitive advantages, supported by advanced recovery capabilities and a value-based development approach. Remains focused on balance-sheet strength, organic resource improvement and cost efficiencies, and expects these priorities to support significant free cash flow growth by 2030 and sustainable long-term shareholder value.
• Helmerich & Payne (HP) - Q3 adj. EPS -0.11 (exp. 0.10), Q3 revenue USD 1.035bln (exp. 986.59mln). Direct margins exceeded the midpoint of guidance across all segments. Sees FY26 gross capex between USD 270-310mln.
• Western Midstream (WES) - Q2 EPS 0.99 (exp. 0.92), Q2 revenue USD 1.22bln (exp. 1.14bln). Adj. EBITDA reached a record USD 736.5mln, up 8% Q/Q and 19% Y/Y, supported by record produced-water throughput, stronger margins following the Aris acquisition, elevated commodity prices and continued cost discipline. CEO said higher commodity prices are encouraging increased Delaware Basin customer activity in H2 FY26, which should support stronger natgas and produced-water throughput growth in FY27. Raises the midpoint of FY26 adj. EBITDA guidance by 10%, sees FY26 adj. EBITDA between USD 2.75-2.95bln. Raises the midpoints of FY26 distributable cash flow and free cash flow guidance by 10% and 20%, respectively, and reaffirms FY26 total capex view between USD 850mln-1.0bln.
• Texas Pacific Land (TPL) - Q2 EPS 2.23 (vs 2.07 Y/Y), Q2 revenue USD 246.059mln (vs 236.818mln Y/Y). CEO highlighted TPL’s involvement in Project Kilby, a multi-gigawatt power generation and data centre hub in Reeves County, where it will provide land and water resources. TPL also acquired land in Shackelford and Jones Counties to expand its data centre and power-generation strategy beyond the Permian Basin. Construction is complete and commissioning has begun on a 10,000 BPD produced-water desalination test facility in Texas, targeting lower injection demand and potential commercial use of freshwater and concentrated brine outputs.

INDUSTRIALS:

• Honeywell Aerospace (HONA) - Honeywell Aerospace fell 9% in extended trading after quarterly earnings and revenue missed expectations, and persistent supply-chain constraints prompted cuts to its sales growth and profit forecasts. Q2 adj. EPS 1.87 (exp. 2.12), Q2 revenue USD 4.52bln (exp. 4.61bln). Profitability was pressured by higher costs and an unfavourable mix as supply constraints forced the company to prioritise original-equipment deliveries to Boeing (BA) and Airbus (EADSY) over higher-margin aftermarket demand, while domestic defence and space programmes were favoured over higher-margin international contracts. Electronic Solutions profit fell 3%, Engines and Power Systems profit declined 32% and Control Systems profit rose 8%. CEO said supply-chain actions had not produced the expected output improvement, while management is increasing spending on multi-sourcing and in-sourcing initiatives fourfold. The quarter included about USD 100mln of separation-related costs and inventory obsolescence charges. Sees FY26 adj. EPS between 7.60-7.90 (exp. 8.86), organic growth between 4-5% (prev. saw 7-9%), and pro forma standalone adj. EBIT between USD 4.35-4.45bln (prev. saw 4.65-4.75bln).
• Siemens (SIEGY) - Q3 revenue EUR 20.8bln (exp. 20.44bln), orders EUR 27.90bln (exp. 24.70bln), net profit EUR 2.27bln (exp. 1.90bln), industrial business profit EUR 3.52bln (exp. 3.18bln); raised FY26 EPS pre-PPA guidance to EUR 11.20-11.50, and confirmed the Siemens Healthineers (SHL GY) spin-off can proceed.
• Rheinmetall (RNMBY) - H1 sales EUR 5.227bln, H1 operating profit EUR 786mln; Q2 net profit EUR 124mln (exp. 270.3mln); cuts FY sales guidance by EUR 300mln to EUR 13.7-14.2bln (exp. 14bln), while maintaining an operating margin around 19% (exp. 19.1%).
• Axon Enterprise (AXON) - Q2 adj. EPS 1.88 (exp. 1.84), Q2 revenue USD 904mln (exp. 876.46mln). Software & Services revenue +36% Y/Y to USD 398mln, driven by new users and premium offerings including the AI Era Plan; Connected Devices revenue +35% Y/Y to USD 507mln, supported by Dedrone, TASER 10 and Axon Body 4. Future contracted bookings +41% Y/Y to USD 15.1bln, reflecting robust demand from new and existing customers. Raises FY26 revenue growth guidance to between 32-34% (prev. saw 30-32%), sees FY26 adj. EBITDA margin of 25.5%, and capex between USD 160-190mln.

MATERIALS:

• China Iron Ore - China Iron and Steel Association called for wider yuan-denominated iron ore pricing to complement USD benchmarks and better reflect China’s port-side market, Bloomberg reports. State-backed China Mineral Resources Group has secured greater yuan pricing with BHP Group (BHP) and is negotiating with Fortescue (FSUGY) and Rio Tinto (RIO), while new Simandou supply may diversify the market.
• Albemarle (ALB) - Q2 adj. EPS 3.75 (exp. 3.24), Q2 revenue USD 1.7bln (exp. 1.63bln). CEO said results benefited from improved pricing, continued Specialties strength, disciplined cost and productivity execution, and strong cash generation, with resilient demand across energy storage, electric vehicles and semiconductors. Raises FY26 Specialties net sales guidance to between USD 1.4-1.6bln, and adj. EBITDA guidance to between USD 275-325mln, reflecting stronger-than-expected pricing and volumes. Expects minimal Energy Storage volume impact from the June Talison CGP3 fire, partly offset by better-than-planned Wodgina output; lowers FY26 capex guidance to approximately USD 500mln, due to continued capital-efficiency improvements.
• CF Industries (CF) - Q2 EPS 4.73 (exp. 5.44), Q2 revenue USD 2.22bln (exp. 2.44bln). Management highlighted its premium North American asset base, disciplined growth investments including Blue Point and a strong balance sheet, which it expects to support substantial free cash flow, high-return investment and continued shareholder returns through share repurchases and a higher quarterly dividend.

UTILITIES:

• Atmos Energy (ATO) - Q3 EPS 1.43 (exp. 1.36). Q3 capex USD 1.05bln. Sees FY26 EPS between 8.40-8.50 (exp. 8.45), and FY26 capex of USD 4.2bln.

FINANCIALS:

• JPMorgan (JPM) - CEO Jamie Dimon said leverage across prime brokerage, hedge funds, ETFs and Treasury arbitrage is high. He warned this increases the risk of a rapid market disruption, though added that markets handled Situational Awareness’s leveraged AI-stock unwind well.
• JPMorgan (JPM) - Federal prosecutors reviewed whistleblower claims that JPMorgan executives ignored antifraud deficiencies and improperly denied over USD 100mln in reimbursements, WSJ reports. No wrongdoing has been alleged, and the investigation’s status is unclear, WSJ adds. JPMorgan said the claims lacked merit and its reimbursement standards met or exceeded legal requirements.
• Morgan Stanley (MS) - Morgan Stanley’s Japan brokerage revenue rose almost 10% to JPY 168.3bln in the year ended March, exceeding JPMorgan’s JPY 154.5bln, Bloomberg reports. Equity trading and its Mitsubishi UFJ Financial Group (MUFG) partnership supported growth. JPMorgan (JPM) remained the most profitable foreign investment bank, the report said.
• CME Group (CME), Flutter Entertainment (FLUT) - CME Group and FanDuel are scaling back their prediction-market partnership after weak uptake, Bloomberg reports. FanDuel will route sports contracts through Crypto.com while retaining CME for economic and financial markets. FanDuel Predicts had 91K monthly users in June versus nearly 5mln for Kalshi.
• MetLife (MET) - Q2 adj. EPS 2.43 (exp. 2.29), Q2 revenue USD 19.15bln (exp. 19.55bln). Adj. EPS +20% Y/Y, supported by strong underwriting and broad-based volume growth; YTD adj. return on equity reached 17%. Authorised a new USD 3bln share repurchase programme, incremental to approximately USD 400mln remaining under its April 2025 authorisation. CEO said the New Frontier strategy is driving balanced growth and attractive returns, supported by the company’s scale, diversification and financial strength.
• Allstate (ALL) - Q2 adj. EPS 8.99 (exp. 6.07), Q2 revenue USD 18.6bln (exp. 17.3bln). Revenue growth reflected higher policies in force, increased average homeowners insurance pricing and strong investment results. Net income USD 3.2bln, adj. net income was USD 2.3bln, while trailing 12-month adj. net income return on equity reached 44.2%. Increased Q2 share repurchases to USD 1.0bln.
• Fidelity National Financial (FNF) - Q2 adj. EPS 1.39 (exp. 1.32), Q2 revenue USD 4.05bln (exp. 3.79bln). The Title segment delivered an adj. pre-tax margin of 17.8% despite elevated mortgage rates and historically low residential transaction volumes. F&G assets under management before reinsurance approached USD 75bln, supported by continued execution across growth, profitability and capital efficiency.
• Manulife (MFC) - Q2 core EPS 1.09 (vs 0.95 Y/Y). Saw double-digit top-line growth across all three insurance segments; Asia core earnings +21% Y/Y, while Global Wealth and Asset Management expanded margins and generated positive net flows, including contributions from CQS and Comvest. Manulife agreed to transfer biometric risk on CAD 3.2bln of long-term-care reserves to Munich Re (MURGY), with closing expected in Q4; the transaction will reduce cumulative long-term-care morbidity sensitivity by 24%, is expected to be broadly capital-neutral and should have an immaterial first-year impact of about CAD 30mln on core earnings and shareholder net income, declining over time.
• Commerzbank (CRZBY) - Q2 revenue EUR 3.3bln (exp. 3.25bln), operating profit EUR 1.37bln (exp. 1.31bln), NII EUR 2.06bln (prev. 2.06bln Y/Y); confirmed FY26 and 2030 targets, and announced an ECB-approved buyback of up to EUR 1.2bln.
• Banco BPM (BNNCY) - Q2 net income EUR 581mln (exp. 533.2mln), Q2 revenue EUR 1.67bln (exp. 1.6bln); raises FY26 net income guidance above EUR 1.95bln, and DPS above EUR 1.00; CEO said a merger with Credit Agricole (ACA FP) Italia would be industrially solid.
• Swiss Re (SSREY) - H1 insurance revenue USD 8.24bln (exp. 20.33bln), net profit USD 2.83bln (exp. 2.71bln); Q2 net profit USD 1.3bln (exp. 1.2bln); maintained FY26 guidance, raised its 2028 cost-reduction target to USD 500mln; appointed Velina Peneva as L&H Re CEO.
• Zurich Insurance (ZURVY) - H1 net income USD 3.5bln (prev. 3.07bln), business operating profit USD 4.77bln (exp. 4.66bln), P&C operating profit USD 2.81bln (exp. 2.73bln); raised FY26 Life operating profit growth guidance to at least 10%.
• Blue Owl (OWL) - Blue Owl Capital’s two private credit funds repurchased USD 90mln of shares, Bloomberg reports.

REAL ESTATE:

• Realty Income (O) - Q2 AFFO 1.09 (exp. 1.09), Q2 revenue USD 1.55bln (exp. 1.44bln). The company invested approximately USD 2.6bln during the quarter; management highlighted the recently announced USD 6bln hyperscale data centre JV, and continued expansion of the Realty Income Investment Management platform as new growth channels. CEO said the core portfolio remained resilient and capital allocation disciplined. Raises FY26 AFFO guidance to between 4.44-4.45 (exp. 4.45; prev. saw 4.41-4.44).
• Host Hotels & Resorts (HST) - Q2 EPS 0.35 (exp. 0.34), Q2 revenue USD 1.64bln (exp. 1.61bln). Comparable hotel RevPAR +7.0% Y/Y, supported by solid rate growth, the World Cup, leisure transient demand and group business, while comparable hotel total RevPAR +5.9% Y/Y, also benefiting from higher food and beverage revenue. CEO said affluent consumers continue to prioritise travel and group demand remains healthy across many markets. Raises FY26 EPS guidance to between 1.35-1.38 (exp. 1.36; prev. saw 1.30-1.37), raises FY26 comparable hotel RevPAR and total RevPAR growth guidance to between 4.75-5.25% Y/Y.

HEALTHCARE:

• Bayer (BAYRY) - Bayer requested delaying a hearing on its USD 7.25bln Roundup settlement to 10th September (from 19th August); said that the postponement would help the parties process requests to revoke settlement opt-outs.
• Merck KGaA (MKKGY) - Q2 revenue of EUR 5.43bln (exp. 5.29bln), EBITDA before one-time items EUR 1.6bln (exp. 1.53bln); raised FY26 net sales guidance to EUR 21-21.8bln (prev. 20.4-21.4bln), and EBITDA guidance to EUR 5.9-6.3bln (prev. 5.7-6.1bln).
• Solventum (SOLV) - Q2 adj. EPS 2.55 (exp. 1.91), Q2 revenue USD 2.2bln (exp. 2.16bln). CEO said results exceeded expectations as the company advanced its transformation into a more focused MedTech business. Intends to separate its Health Information Systems business, and is evaluating options including a standalone company, combination with another industry player or an alternative transaction, with completion targeted within 12-18 months. The separation is intended to sharpen focus on MedSurg and Dental Solutions and support greater investment in priority growth areas. Raises FY26 adj. EPS guidance to between 7.10-7.20 (exp. 6.55; prev. saw 6.40-6.60), raises FY26 organic sales growth guidance to between 2.5-3.0% (prev. saw 2.0-3.0%), and raises FY26 free cash flow guidance to between USD 200-300mln (prev. saw about 200mln).
• McKesson (MCK) - Q1 adj. EPS 9.93 (exp. 9.54), Q1 revenue USD 105.4bln (exp. 103.74bln). Adj. EPS +20% Y/Y, supported by strength in core distribution, continued growth in oncology and multispecialty, and solid execution across biopharma services. Raises FY27 adj. EPS guidance to between 44.20-45.00 (exp. 44.25; prev. saw 43.80-44.60), citing strong Q1 performance, durable operating momentum and disciplined capital allocation.
• Steris (STE) - Q1 adj. EPS 2.59 (exp. 2.49), Q1 revenue USD 1.5bln (exp. 1.5bln). Management said underlying demand remained stable, with Healthcare growth supported by share gains in consumables and services and solid capital equipment orders. Announced a targeted restructuring linked to consolidation of US formulated chemistries manufacturing and distribution into a new North Carolina centre, with planned closures in St. Louis and Plymouth. Plan is expected to generate pre-tax charges between USD 55-70mln, including cash costs between USD 40-50mln, with completion seen by FY30. Maintains FY27 adj. EPS guidance between 11.10-11.30 (exp. 11.16), revenue growth view between 7-8%; raises FY27 capex guidance to approximately USD 450mln (prev. saw 375mln), and lowers free cash flow guidance to approximately USD 800mln (prev. saw 850mln).
• Qiagen (QGEN) - Q2 adj. EPS 0.62 (exp. 0.60), Q2 revenue USD 535mln (exp. 527.46mln). Growth was led by Sample Technologies, QIAcuity and QDI, while US instrument spending remained under pressure. CEO said new sample-preparation systems and QIAcuity gene-expression kits are building momentum, supporting confidence in stronger H2 FY26 growth. Maintains FY26 adj. EPS view of at least 2.43 (exp. 2.44), and FY26 net sales growth of approximately 1-2%.
• Moderna (MRNA) - Moderna’s mRNA flu vaccine mFlusiva received US approval for adults aged 50 and over. It gained traditional approval for ages 50-64 and accelerated approval for those 65 and older, with a post-marketing trial required. Moderna expects limited retail availability within weeks.