DAY AHEAD:

• DATA: In North America, US existing home sales are expected to ease to 4.04mln (prev. 4.09mln); NFIB business optimism (prev. 97.4); weekly US ADP employment data are due (prev. 15.0K).

• SUPPLY: Germany auctions EUR 6bln of 2031 Bobls; US sells USD 58bln of 3-year notes.

• ENERGY: After hours the API will publish weekly energy inventory data.

• EARNINGS: Notable corporates reporting today include: Lumentum Holdings Inc. (LITE), Cardinal Health Inc. (CAH), CoreWeave Inc. (CRWV), Super Micro Computer Inc. (SMCI), On Holding AG (ONON).

NEWS:

GEOPOLITICS:

• US-Iran - President Trump demanded reparations from Iran as negotiations over reopening the Strait continued, while Iran seeks compensation for war damage, an end to the US naval blockade, and release of frozen assets. Analysts said that the hardened positions reduced any prospects for an immediate deal.

• Bab al-Mandab - A maritime incident was reported in Bab al-Mandab, with a ship (reportedly a Saudi vessel) targeted by the Yemeni army.

• Libya - A drone attack on Libya’s Zawiya refinery destroyed a storage tank holding 4.5mln litres of vehicle fuel, prompting the NOC to declare an emergency. Another drone targeted an affiliated oil blending and packaging plant. Four attacks have hit Zawiya in three days, with no group claiming responsibility.

MACRO:

• Fed - President Trump said he had spoken only once briefly with Fed Chair Warsh since May, despite reports of multiple conversations, Bloomberg reports. Trump reiterated support for Warsh, said policy decisions rest with the Fed board, and again signalled his preference for lower rates.

• RBA - The RBA held its Cash Rate unchanged at 4.35%, as expected, in a unanimous decision. The board said policy remains somewhat restrictive, and further hikes are possible if inflation risks rise. It said that inflation remains elevated, with risks to the upside; expects headline and underlying inflation to reach the 2.5% target midpoint only in early 2028; CPI forecasts were trimmed; GDP forecasts were also nudged higher. Governor Bullock said the board discussed only holding or raising rates, reiterating that a hike remains possible if inflation risks persist. She cited still-high inflation and Middle East risks, while saying subdued growth is needed to reduce inflation.

• BoJ - The BoJ may consider another rate hike at its 18th September policy meeting after raising rates in June, informed sources told JIJI. Rising inflation risks include AI-related demand, JPY depreciation and higher crude oil prices. Follows July’s confab, where some board members called for faster rate increases than markets expected.

• BoK - BoK outgoing Senior Deputy Governor Ryoo Sangdai said the central bank will likely need further rate hikes as strong growth sustains underlying inflation. The timing and pace will depend on incoming data.

TECH:

• Nvidia (NVDA) - Nvidia confirmed that it has signed agreements with Apollo Global Management (APO), Blackstone (BX), BlackRock (BLK), Brookfield Asset Management (BAM), Goldman Sachs (GS) and KKR (KKR) to mobilise more than USD 500bln of third-party capital for AI infrastructure and Nvidia hardware. CEO Jensen Huang said the initiative aims to establish compute as a financeable, revenue-generating asset class, using institutional credit, insurance funds and private capital.

• Intel (INTC) - Intel sought to increase its share sale to about USD 20bln with an over-allotment option (from an initially touted USD 15bln), Bloomberg reports; the offering has reportedly attracted more than USD 100bln in demand. Pricing is expected around USD 95/shr+ (vs closing price of USD 97.52/shr on Monday).

• TSMC (TSM) - TSMC’s CPU revenue could reach the high USD 30bln range in 2027, representing a mid-teens share of total revenue and rivalling AI accelerators in wafer revenue contribution, Bernstein analysts said. Bernstein raised its TSMC target price to TWD 3,300 (from TWD 2,780), citing faster CPU growth driven by agentic AI.

• Apple (AAPL) - Apple remains on track to launch glass-centric iPhone Pro models in 2027, with curved glass extending into the sides around a central metal band, Bloomberg reports. A more ambitious all-glass design was scrapped over manufacturing difficulties. The report adds that Apple’s 2027 plans are in advanced testing.

• OpenAI - OpenAI completed a roughly USD 7bln secondary share sale allowing current and former employees to sell stock at an USD 852bln valuation, CNBC confirmed. The tender offer follows OpenAI’s USD 122bln March funding round, and comes ahead of a potential IPO, which OpenAI filed its prospectus with the SEC in June. Separately, OpenAI is hiring a power trading lead to manage electricity and fuel exposure across its data centre portfolio, as it expands energy capabilities as electricity demand from its AI infrastructure grows.

• Anthropic - Anthropic is meeting potential investors ahead of a targeted September or early October IPO, seeking to address concerns over Chinese competition, US political tensions and data centre opposition, WSJ reports. Anthropic said its run-rate revenue exceeded USD 47bln in May, and plans further expansion into healthcare and biology AI applications.

• CoreWeave (CRWV) - CoreWeave closed a USD 2.6bln loan facility backed by AI, financial services and technology customers. The facility has an approximate 5yr, extending beyond the average 3yr length of underlying customer contracts. CoreWeave said the structure improves financing flexibility for shorter-dated contracts, broadening access to enterprise customers and higher-margin deals.

• Amkor Technology (AMKR) - Amkor Technology is considering selling a stake in its China business, which could be valued at USD 1.0-1.5bln, Bloomberg says. It is working with an advisor on a potential carveout, and may retain a minority holding. Discussions are preliminary, with Asian investment firms and industry players expected to show interest.

• Kioxia Holdings (KXIAY) - Kioxia said Bain Capital vehicle BCPE Pangea Cayman2 became its largest shareholder with a 14.19% stake after Toshiba reduced its holding to 14.12%. SK Hynix (SKHY) holds bonds convertible into substantially all of BCPE Pangea Cayman2’s voting rights, and has agreed to keep its Kioxia voting stake at or below 15% until 2028.

• AST SpaceMobile (ASTS) - Q2 EPS -0.77 (vs -0.41 Y/Y), Q2 revenue USD 31.5mln (exp. 34.5mln). Sees FY26 revenue between USD 150-200mln (exp. 155.7mln).

• Kyndryl (KD) - Kyndryl plans to acquire Healthcare IT Leaders for an undisclosed amount to expand its AI-led healthcare IT modernisation capabilities. Completion is expected in Q2 FY27.

COMMUNICATIONS:

• Alphabet (GOOG) - Google DeepMind’s AGI Safety and Alignment Team is encouraging job candidates to submit a separate form alongside applications to reduce the risk of being automatically screened out by Google’s internal AI systems, Bloomberg reports.

• Trump Media (DJT) - Q2 EPS -0.86 (vs -0.08 Y/Y), Q2 revenue USD 1.67mln (vs 0.883mln Y/Y). Net loss widened to USD 238.1mln, while total assets were approximately USD 2.0bln. Interim CEO said the company has tightened capital allocation and is prioritising its core media businesses alongside the proposed merger with TAE Technologies, which management views as a key long-term value driver tied to energy infrastructure. Expects legal expenses to decline materially going forward.

• Getty Images (GETY) - Q2 adj. EPS -0.05 (exp. 0.02), Q2 revenue USD 229.1mln (exp. 237.29mln). Results were pressured by continued weakness in Agency and iStock e-commerce, while enterprise-facing businesses remained resilient and continued to grow. Getty is actively assessing measures to improve liquidity, and has engaged advisors to evaluate strategic financing alternatives and balance sheet management initiatives.

CONSUMER CYCLICALS:

• Amazon (AMZN) - NY City Mayor Mamdani backed the Delivery Protection Act, which would license certain last-mile facilities, impose safety, training and labour standards, and hold operators such as Amazon responsible for workers performing core services. The proposal also aims to regulate delivery quotas, schedules and routes and strengthen oversight of subcontracting practices.

• China Vehicle Sales - CPCA data showed China sold 1.47mln passenger cars in July (vs 1.651mln in June; -21.1% Y/Y). Tesla (TSLA) exported 66,330 vehicles in July (vs 36,000 in June).

• Tesla (TSLA), SpaceX (SPCX) - Tesla’s 2025 CEO Performance Award Agreement contains a clause waiving all operational targets upon an acquisition, WSJ says. A SpaceX takeover (over which CEO Musk holds roughly 86% of the vote) would leave only market-value thresholds to determine his payout, with a sufficiently high deal price potentially unlocking the full 424mln shares, capped at approximately USD 824bln.

• General Motors (GM) - General Motors will sell its 49.99% stake in a planned USD 3.5bln Indiana EV battery joint venture to Samsung SDI, which will operate the site as a wholly owned entity, Bloomberg reports. The plant will also produce energy-storage cells. GM and Samsung SDI separately agreed to develop next-generation prismatic EV batteries.

• Lululemon (LULU) - Lululemon chief strategy officer Rachel Acheson left the company about a month before Heidi O’Neill is due to become CEO on 8th September. Acheson had worked at Lululemon for more than 14 years.

CONSUMER STAPLES:

• Processed Food - The FDA proposed requiring companies to notify it about new food ingredients and explain why they are safe, while delaying a definition of ultra processed food, WSJ reports. The rule would make ingredient information public but stop short of requiring pre-market approval. Health officials said stronger regulation would require congressional action.

• Flowers Foods (FLO) - Flowers Foods is seeking to divest its Tastykake baked goods business, which could be valued at around USD 350mln, according to sources cited by Reuters. Flowers is reportedly working with advisors on the process as it shifts towards higher-growth brands.

• UK Tobacco, Gambling - UK PM Burnham outlined plans to make it easier for councils to block new betting shops and require vape shops and adult gaming centres to obtain planning permission. The government will also tighten the definition of vape shops to prevent businesses avoiding restrictions by presenting themselves as general convenience stores.

• InterContinental Hotels (IHG) - H1 2026 revenue USD 2.66bln (exp. 2.67bln), operating profit of USD 671mln (prev. 623mln Y/Y); Q2 global RevPAR +4.1%, Americas RevPAR +4.8%, Greater China +3.1%. IHG said it remains on track to return over USD 1.2bln to shareholders in 2026.

FINANCIALS:

• Goldman Sachs (GS) - Brazilian police named two Goldman Sachs employees as suspects in an investigation into whether the bank misrepresented the ultimate ownership of a stake in Oncoclinicas do Brasil Servicos Medicos, Bloomberg reports. Police said the employees knowingly participated in efforts to mislead Oncoclinicas, securities regulator CVM, exchange operator B3 and investors.

• Morgan Stanley (MS) - Morgan Stanley plans to facilitate about USD 1.5tln of investment activity over the next decade tied to US innovation and infrastructure. The initiative will cover capital raising, financing and advisory work across innovation platforms and strategic industries, infrastructure, and growth-company capital.

• Riot Platforms (RIOT) - Riot shares jumped 24% in extended US trading on news that it has struck a USD 9.1bln deal with Anthropic for 191 megawatts of AI data centre capacity in Texas, under a contract running through June 2048. Extension options could lift Riot’s total sales to USD 16.1bln.

• Blackstone (BX) - Blackstone is nearing a roughly USD 2bln deal for a minority stake in Air Canada’s Aeroplan loyalty programme, Bloomberg says. Canadian funds are also expected to invest alongside Blackstone.

REAL ESTATE:

• Simon Property Group (SPG) - Q2 FFO 3.29 (exp. 3.18), Q2 revenue USD 1.79bln (exp. 1.61bln). Domestic property NOI +8.5% Y/Y and portfolio NOI +8.3% Y/Y. Raises FY26 FFO guidance to between 13.20-13.30 (exp. 13.21; prev. saw 13.10-13.25).

INDUSTRIALS:

• Rocket Lab (RKLB) - Shares fell almost 8% in extended trading after a wider than expected quarterly loss, outweighing stronger revenue, an above-consensus outlook, backlog growth and confirmation that its Neutron rocket remains on track. Q2 EPS -0.08 (exp. -0.05), Q2 revenue USD 234.07mln (exp. 230.94mln). Q2 backlog reached a record USD 2.36bln (exp. 2.29bln), while more than USD 1bln of new launch and space systems contracts have already been signed in Q3. CEO highlighted strong demand across the business, alongside the completed Mynaric and Motiv acquisitions and the announced Iridium transaction. RKLB has established Rocket Lab Germany to pursue European satellite manufacturing and launch opportunities and was selected for a dedicated Neutron mission for Kepler Communications, targeted no earlier than 2028. Sees Q3 revenue between USD 250-265mln (exp. 235.9mln), adj. gross margin between 35-37%, adj. operating expenses between USD 121-127mln, adj. EBITDA loss between USD 17-23mln.

• Lockheed Martin (LMT), L3Harris Technologies (LHX) - Lockheed said the Stage 2 rocket motor for its Next Generation Interceptor programme completed a static fire test in a high-vacuum chamber replicating low-Earth orbit conditions. The L3Harris Technologies motor demonstrated performance under expected thermal and pressure stresses, including thrust, chamber pressure and combustion stability.

• Maersk (AMKBY) - Maersk said logistics operations in parts of Colombia are disrupted following an earthquake; terminal operations in Buenaventura have been temporarily suspended.

• Boeing (BA) - Boeing was awarded a USD 109.03mln US Navy delivery order for 76 outer wing panels used on F/A-18 aircraft.

• Southwest Airlines (LUV) - Southwest Airlines appointed Royal Caribbean (RCL) Chairman and CEO Jason Liberty and Rocket Companies (RKT) CEO Varun Krishna to its board, effective immediately. Southwest said their experience and expertise will support its strategic priorities and shareholder value creation.

ENERGY:

• China Teapots - China’s independent refiners may increase Iranian crude purchases as Shandong oil inventories fall, Bloomberg reports. Stockpiles are said to have dropped to 360mln bbls in July (down 35mln bbls M/M). Iranian crude accounts for about 90% of teapot refinery purchases, while nearly 30mln bbls remain on tankers in Asian waters.

• BP (BP) - BP plans to sell a 20% stake in Venezuela’s Cocuina gas field to Trinidad’s National Gas Company, according to sources cited by Reuters; a final investment decision could be made by the end of the year.

MATERIALS:

• Indonesia Copper - Copper shipments from Indonesia face delays after a boiler leak halted the Gresik smelter processing ore from the Grasberg mine, Bloomberg reports. Mitsubishi Materials said operations were suspended following the 8th August breakdown, with restart timing undecided.

• Codelco - June copper production -4.8% Y/Y to 114,400 tonnes, Escondida production +45.8% Y/Y to 111,400 tonnes, Collahuasi +1.7% Y/Y to 34,900 tonnes. Chile’s government will allow Codelco to retain and reinvest 100% of its 2025 profit of USD 2.42bln, an unprecedented move intended to strengthen the state miner’s balance sheet and reduce reliance on additional debt financing.

• USA Rare Earth (USAR) - Q2 EPS -0.15 (exp. -0.13), Q2 revenue USD 5.82mln (exp. 8.05mln). CEO noted progress toward an integrated rare earth supply chain, including the planned acquisition of Serra Verde, funding documentation with the Commerce Department, an intended investment in Carester and selection of South Carolina for a second US metal-making, and magnet manufacturing facility. The company also commissioned its Wheat Ridge Colorado hydrometallurgical facility. Expects to close the Serra Verde acquisition by the end of August, complete the Round Top definitive feasibility study in Q4 FY26 for publication in Q1 FY27, and reach 600 metric tonnes/annum of run-rate magnet manufacturing capacity at its Stillwater facility in Q4 FY26.

• Glencore (GLNCY) - A Glencore-backed consortium is seeking to take control of Sherritt International, which operates North America’s only significant cobalt refinery, FT reports.

• Salzgitter (SZGPY) - H1 2026 revenue EUR 4.59bln (prev. 4.66bln Y/Y), EBITDA EUR 277.7mln (prev. 116.8mln Y/Y). Aurubis contributed EUR 193mln, while the P28 programme added EUR 97mln; sees FY26 sales around EUR 10bln, adj. EBITDA between EUR 725-825mln, adj. EBT of EUR 325-425mln.

HEALTHCARE:

• AstraZeneca (AZN), Bristol Myers Squibb (BMY) - AstraZeneca and Bristol Myers Squibb had reached a serious stage in talks over a mostly share-based acquisition of BMY by AstraZeneca at a premium, with an announcement targeted for mid-August, FT reports; AstraZeneca’s board subsequently issued an order to terminate discussions after its shares fell over 9% on 3rd August, following the initial report detailing the potential merger.

• Hims & Hers Health (HIMS) - Shares fell almost 7% in extended trading after a much wider-than-expected quarterly loss and pressure on margins from its shift towards branded weight-loss drugs and international expansion outweighed a raised revenue outlook. It reported Q2 EPS -0.37 (exp. -0.01), Q2 adj. EBITDA USD 60.3mln (vs 82.2mln Y/Y), Q2 revenue USD 753mln (exp. 730.1mln); Q2 subscribers 2.9mln (exp. 2.74mln). CEO said customer relationships and global scale continue to deepen despite lower Y/Y adj. EBITDA. Sees Q3 revenue between USD 880-900mln (exp. 862.7mln); sees FY26 revenue between USD 3.1-3.3bln (exp. 3.05bln), FY26 adj. EBITDA between USD 275-325mln, implying an adj. EBITDA margin between 9-10%.

• Qiagen (QGEN) - QIAGEN received FDA clearance for its QIAstat-Dx BCID GPF Plus AMR Panel, the platform’s first US-cleared bloodstream infection test.

• Philips (PHG) - Philips and Exor updated their long-term relationship agreement, allowing Exor to increase its stake in Philips to up to 22% of issued ordinary shares and voting rights from the previous 20% cap. Exor could raise its holding further with Philips Supervisory Board approval.