US INDEX FUTURES: ES +0.5%, NQ +0.8%, YM +0.7%, RUT +0.8%
BROKER MOVES: EFX upgraded at Rothschild Redburn; LMB downgraded at JPMorgan. For the full list, click here.

DAY AHEAD:

EVENTS: US President Trump will deliver remarks in South Carolina at 19:00EDT on Friday.
DATA: In North America, US S&P Global flash PMIs: Composite expected at 53.2 (prev. 54.5), services at 54.0 (prev. 54.6), and manufacturing at 53.9 (prev. 53.9).
CENTRAL BANKS: BoC publishes its Q2 Senior Loan Officer Survey.
CRA: Fitch reviews Poland (A); Moody’s reviews the Netherlands (Aaa) and Sweden (Aaa).
ENERGY: Baker Hughes reports weekly rig counts (prev. oil 455, gas 128, total 593).

NEWS:

INDEX

SPX - UBS lifted its year-end 2026 S&P 500 target to 8,100 (prev. 7,900) and 2027 target to 8,400 (prev. 8,200).

TECH:

Nvidia (NVDA) - Nvidia is in preliminary talks with South Korean AI chip designer Rebellions over a potential technical partnership, investment or acquisition, Bloomberg reports. CEO Huang met Rebellions CEO Park this week. Rebellions has raised about USD 850mln from investors including SK Hynix (SKHY), Samsung Ventures (SSNLF) and Arm (ARM), and was last valued at around USD 2.3bln.
Nvidia (NVDA) - Nvidia denied a report by The Information that it plans to ship a China-specific language processing unit by year-end, stating it has no LPU sales in China and no China-specific LPU product on its roadmap. The Information had cited two Nvidia employees claiming small-batch shipments of a Groq-licensed chip compliant with US export controls were planned by year-end, with orders already placed by several customers.
Nvidia (NVDA) - Nvidia is in advanced discussions to make an investment in Cloverleaf Infrastructure, WSJ reports, citing sources; expected to invest several hundred million dollars; announcement expected as soon as Friday. Cloverleaf works with utilities to develop clean-powered, ready-to-build sites for the largest data center users and providers.
Broadcom (AVGO) - Broadcom is in talks with lenders to raise more than USD 60bln in senior secured debt for an AI chip financing deal, benefiting Anthropic and other companies, Bloomberg reports. The financing may also include a roughly USD 30bln junior tranche, potentially bringing the total to approximately USD 100bln. Blackstone (BX) and Apollo Global Management (APO) are in discussions to participate, with the debt to be issued via a special purpose vehicle.
SK Hynix (SKHY) - SK Hynix is considering building a memory chip plant in Japan’s Miyagi prefecture, potentially investing tens of trillions of won, Hankyoreh reports. The project would expand production amid rising memory demand, and could become the first large-scale semiconductor manufacturing investment in Japan by a South Korean chipmaker. SK Hynix said no decision has been made. A SEC filing showed SK hynix said it is reviewing measures to strengthen its memory business, including establishing additional production bases.
Samsung Electronics (SSNLF) - Samsung plans to pay around KRW 30tln in Q3 cash dividends, and expects 2026 shareholder returns between KRW 90-110tln. The company plans to decide on remaining shareholder returns at its January 2027 board meeting. Separately, Samsung is expected to regain the global smartphone market lead in 2026, Counterpoint Research said; global shipments are forecast to fall 14.3%, while Samsung volumes rise 0.8%, ahead of Apple (AAPL), supported by its integrated supply chain and distribution network. Huawei is also expected to sustain significant growth, while Chinese rivals face sharper declines.
Anthropic - Anthropic is set to add Citigroup (C) alongside Morgan Stanley (MS), Goldman Sachs (GS) and JPMorgan (JPM) among the lead banks for its planned IPO, Bloomberg reports. The company may file for a listing by the end of August, with more banks potentially joining. Anthropic expects its planned IPO to match or exceed SpaceX’s (SPCX) record USD 75bln initial offering, potentially USD 86.2bln including overallotment. Elsewhere, Anthropic plans to let enterprise customers retain required 30-day data on their own cloud infrastructure when using advanced AI models; the system is expected later this year, and was developed with more than 100 regulated-industry customers.
SanDisk (SNDK) - Launched two NAS-focused high-endurance SSDs, the NAS 600 using SATA and NAS 800 using NVMe; Both target professional users and small businesses.
OpenAI, Apple (AAPL) - OpenAI added Mac support for controlling Apple’s iMessage through ChatGPT, allowing users to read, search, summarise, draft and send messages with consent, Bloomberg reports. OpenAI said the plug-in runs locally, does not index all messages and requires multiple permissions. The feature comes amid broader tensions between OpenAI and Apple over privacy and competition.
Uber (UBER) - Uber is being fined by the Dutch regulator USD 966mln for violating the EU data protection act; Uber say sit will appeal the fine, according to reports.
Fortive (FTV) - Fortive raised its quarterly dividend +16.7% to USD 0.07/shr.
OSI Systems (OSIS) - Q4 EPS USD 3.78 (exp. USD 3.77), revenue USD 484.1mln (exp. USD 529.7mln); sees FY27 EPS USD 11.13-11.49 (exp. USD 11.44) and revenue USD 1.875-1.93bln (exp. USD 1.94bln); expanded share repurchase authorization by 1mln shares.

COMMUNICATIONS:

Spotify Technology (SPOT) - Spotify Technology increased its share repurchase programme by USD 1.5bln. With USD 723mln remaining under the existing authorisation, the total available for buybacks is now approximately USD 2.223bln.
Meta (META), Google (GOOGL), Snap (SNAP) - The companies saw a bellwether teen lawsuit alleging social media addiction and mental-health harm dismissed without payment, reducing one of three cases scheduled for October trials; two similar cases remain, Reuters re[prts.
Social media - California's lawmakers are approaching the passing of social media restrictions for those under 16yrs old, Washington Post reports; measures that would be among the most strict in the US

CONSUMER CYCLICAL:

Ross Stores (ROST) - Ross Stores rose in extended US trading after quarterly earnings and revenue beat expectations, and it raised FY profit guidance, supported by strong comp sales, customer traffic and demand for discounted apparel. Q2 adj. EPS 2.06 (exp. 1.94), Q2 revenue USD 6.26bln (exp. 6.16bln). Q2 reported EPS was 2.66, including a 0.60 benefit from approximately USD 253mln of tariff refunds. Q2 comparable store sales +10%, primarily driven by customer traffic, with strength across merchandise and regions, particularly the Midwest and home and cosmetics businesses. CEO said compelling merchandise, marketing and improvements to the in-store experience drove strong results, with growth supported by both new customers and higher engagement from existing shoppers. It opened 47 stores in Q2, and raised its FY26 opening plan to 115 locations. Sees Q3 EPS between 1.75-1.83 (exp. 1.74), Q3 comp sales +6-7% (exp. +3.1%); sees Q4 EPS between 2.17-2.26, and Q4 comps +4%-5% (exp. +2.6%). RaiseD FY26 EPS view to between 8.61-8.77 (exp. 7.82; prev. saw 7.50-7.74), including the 0.60 Q2 tariff refund benefit.

CONSUMER STAPLES:

Beef - US President Trump said for the next 90 days, US will allow up to 300K metric tons of product for ground beef to be imported with no quota... have a commitment this beef will be sold at 25% below current market prices.
Anheuser-Busch InBev (BUD) - AB InBev will invest USD 13mln in its Baldwinsville, New York brewery to support Michelob ULTRA and Cutwater production and expand workforce training. The spending is part of its USD 600mln US investment programme across 2025-2026.
Boston Beer Company (SAM), Ingredion (INGR) - Ingredion appointed Diego Reynoso as CFO effective 1st October 2026, with Reynoso departing Boston Beer, where he served as CFO. Boston Beer named Matt Murphy, currently chief accounting officer, as interim CFO and treasurer effective 15th September, while initiating a search for a permanent replacement.
Flowers Foods (FLO) - Shares slipped in extended trading after a Q2 miss and lowered outlook. Q2 adj. EPS 0.21 (exp. 0.22), Q2 revenue USD 1.19bln (exp. 1.23bln). Exec said results reflected continued challenges across the fresh packaged bread category, with macroeconomic pressures, changing consumer purchasing behaviour and sustained competitive activity creating a tougher operating environment than anticipated. Cuts FY26 adj. EPS view to between 0.75-0.85 (exp. 0.83; prev. saw 0.80-0.90), cuts FY26 revenue view to between USD 5.07-5.142bln (exp. 5.17bln; prev. saw 5.163-5.267bln), and cuts FY26 adj. EBITDA outlook to between USD 453-481mln (prev. saw 465-495mln).
BJ's Wholesale Club (BJ) - Q2 adj. EPS USD 1.36 (exp. USD 1.17), revenue USD 6.23bln (exp. USD 5.94bln); raised FY26 adj. EPS view to USD 4.60-4.80 (exp. USD 4.55, prev. USD 4.40-4.60) and backed comp. sales ex-gas growth of 2%-3%; Q2 membership reached a record 8.5mln. CCO Paul Cichocki will retire effective August 21.

FINANCIALS:

JPMorgan (JPM) - India’s Securities and Exchange Board issued an interim order banning JPMorgan unit Copthall Mauritius Investment and local brokerage Mansi Share and Stock Broking from the capital market within six days of alleged manipulative trading on 13th August, Bloomberg reports. The entities allegedly manipulated the indicative equilibrium price of the BSE Sensex during the closing auction window to benefit options positions, and must repay approximately INR 37mln in combined unlawful gains to have the ban lifted.
Prediction Markets, CME Group (CME) - CME CEO Terry Duffy urged the CFTC to strengthen oversight of prediction markets, citing alleged manipulation cases involving Kalshi and Polymarket. CFTC Chairman Michael Selig rejected the criticism. Bloomberg says that the dispute highlights tensions between traditional exchanges and prediction market platforms, as CME also challenges the regulator over perpetual futures.
T. Rowe Price - T. Rowe Price agreed to acquire F/m Investments, a fixed income manager and ETF specialist with about USD 19bln in AUM. The deal is expected to increase T. Rowe Price’s fixed income AUM by nearly 9%, and more than double its fixed income ETF assets. Closing is expected in early 2027; terms were undisclosed.
Banca Monte dei Paschi (BMPSY), Banco BPM (BNNCY), Banca Generali (BGN IM), Intesa Sanpaolo (ISNPY) - Monte Paschi launched all-share bids for Banco BPM at EUR 25.3bln, and Banca Generali at EUR 8.7bln, as CEO Luigi Lovaglio seeks to fend off a takeover bid from Intesa Sanpaolo. Monte Paschi also plans an extra dividend of EUR 4bln via a mix of cash and shares from its Generali stake. A shareholder vote on the plan is scheduled for 29th October, requiring two-thirds approval under Italy’s passivity rule.

INDUSTRIALS:

SpaceX (SPCX) - US President Trump targets 1,000 US commercial launches annually by 2030, up from 178 in 2025, with measures to expand launch sites and streamline permitting.
Panama Canal - The Panama Canal Authority will cap daily transits at 34 vessels from 4th September, and 32 from 15th September, reversing a previous pledge to avoid restrictions, Reuters reports. The measures follow a 44% drop in watershed inflows, and rainfall running 34% below the historical average from May-August, with a severe 2026-2027 El Nino expected to further reduce water levels. The canal currently averages 35 daily transits against a capacity of approximately 40.
FedEx (FDX), UPS (UPS) - FedEx and UPS were each awarded modified US Transportation Command contracts with estimated values of USD 2.72bln. The contracts cover continued express and ground small-package delivery under the Next Generation Delivery Service-2 programme through 30th September 2030, with a combined cumulative programme value of USD 5.72bln.
FedEx (FDX) - To introduce a demand surcharge on non-standard shipments, effective September 21st to February 7th 2027; this will be to and from the Middle East, East Africa. India and sub-saharan Africa.
Boeing (BA) - Boeing was awarded a USD 156.2mln US Navy contract covering up to 31 P-8A Engine Build-Up kits and up to two Quick Engine Change kits for C-40A Clipper spare engines.
Grupo Aeromexico (AERO), Delta Air Lines (DAL) - Grupo Aeromexico said the US Court of Appeals for the Eleventh Circuit vacated a Department of Transportation order terminating approval of its joint venture with Delta Air Lines and related antitrust immunity. The JV and immunity therefore remain in effect. Aeromexico will review potential next steps with Delta and advisors.
AeroVironment (AVAV) - AeroVironment will form AV Eagle, a majority-owned JV with Greece’s Eyeonix, to pursue defence opportunities in Greece and Europe. The venture is expected to become operational in FY27 and could establish Greek production for unmanned aerial systems, loitering munitions and counter-drone systems by 2028.

ENERGY:

Keystone XL Pipeline - Pipeline developers are pursuing three projects to move western Canadian heavy oil to US Gulf Coast refineries as an alternative to Keystone XL, WSJ reports. The plans involve South Bow, Bridger Pipeline and existing Keystone infrastructure, but face regulatory hurdles, particularly in Montana. President Trump has separately called for reviving Keystone XL.
US Gasoline - The Trump administration will allow early sales of winter gasoline blends from 1st September to increase supply and curb prices, Bloomberg reports. The EPA waiver permits gasoline containing 10% ethanol to replace more expensive summer blends earlier than usual.
ExxonMobil (XOM) - German authorities withdrew carbon credits from 30 China-based projects deemed suspicious, overstated or fake, including one funded by ExxonMobil, Bloomberg reports. The projects claimed 2.1mln tonnes of CO2 savings. ExxonMobil’s project claimed nearly 96K tonnes, while Vitol was also linked to a withdrawn project but said it bought no credits.

MATERIALS:

Holcim AG (HCMLY), James Hardie (JHX) - Holcim is acquiring James Hardie Industries’ Fermacell and Aestuver businesses in Europe for EUR 840mln. The transaction is expected to close in H1 2027. James Hardie is exiting Europe to focus on higher-growth markets in the US and Australia.

UTILITIES:

US Electricity Demand - West Texas electricity demand is surging as oil and gas producers expand power use while technology companies target the Permian Basin for data centres, Bloomberg reports. Diamondback Energy (FANG) expects its power needs to double over the next decade even with flat production, while Citigroup (C) warned the region could face outages next summer.

HEALTHCARE:

Abbott (ABT) - Abbott agreed to pay about USD 670mln to resolve the Gill case and NEC-related claims involving approximately 2K additional infants. The agreements are not admissions of liability. Around 1.7K lawsuits remain pending, involving claims on behalf of approximately 12.7K infants.
Aveanna Healthcare (AVAH) - Priced its 15mln-share secondary offering at USD 11.75, within a deal 11.65–11.90 range; certain selling stockholders, including J.H. Whitney affiliates, will receive the proceeds, while Aveanna receives none.

GEOPOLITICS:

US-Iran - Iran's President Pezeshkian said "The war must end at some point, it is better to end the war today, when we are in power and dignity and the whole world acknowledges our victory", IRIB reports. Meanwhile, US Treasury Secretary Bessent vowed to unveil details of what he called “the greatest coordinated economic isolation in the history of the world” against Iran at a Monday press conference. Bloomberg says that China, which buys 90% of Iranian oil exports, presents the central challenge, with analysts warning that targeting Chinese banks or companies risks worsening bilateral tensions ahead of President Xi’s planned visit to Washington next month.
Iran - Iran and Oman have finalised a preferential trade agreement aimed at strengthening economic ties, Nour News reports. The deal has been sent to Iran’s parliament for final review. Parliament speaker Ghalibaf said Iran must draw up plans to overcome unjust sanctions in order to defeat them.
US-Iran - Israeli security officials assess that the near-term risk of an expanded conflict with Iran has decreased after US President Trump announced tougher economic sanctions, Jerusalem Post reports. The measures are intended to buy time until after US midterm elections. Meanwhile, Israel is increasing military preparedness and seeking additional funding for munitions and advanced weapons.
US Politics - President Trump appeared on former lawyer Michael Cohen’s radio show after years of hostility, marking a public reconciliation, AP reports. Cohen said he had resubmitted a pardon application to the White House. The interview was friendly, with Trump praising Cohen for recanting previous statements and Cohen saying they had forgiven each other. On Iran, Trump said the US is close to controlling the Strait of Hormuz and has destroyed Iran’s naval and air forces. He said Iran retains some missiles and drones but has limited production capacity, and added that reaching a deal is difficult because Iranian leadership has been eliminated.

MACRO:

Japan Inflation - Japan’s CPI rose 1.9% Y/Y in July (exp. 1.9%; prev. 1.6%), while core CPI ex-fresh food rose 1.8% Y/Y (exp. 1.8%; prev. 1.6%), and CPI ex-food and energy printed 1.8% Y/Y (exp. 1.9%; prev. 1.7%). With the BoJ expecting CPI ex-fresh food to rise clearly above 2% in H2 of the current fiscal year, it is widely expected to raise its key rate by 25bps to 1.25% at its 18th September confab, with OIS pricing approximately 80% probability of a hike.
UK Consumer Confidence - GfK reported UK consumer confidence rose 3 points to -14 in August, its highest level since August 2024, with the index surging 9 points over the past two months. All tracked sentiment indicators improved, with major purchase intentions at their highest since 2021. GfK cautioned it is too soon to tell whether the improvement will translate into a sustained recovery in spending given ongoing challenges including a difficult jobs market and rising inflation.
UK Retail Sales - UK retail sales fell by -0.5% M/M in July (exp. -0.5%), with the annual rate dropping to 1.6% Y/Y (exp. 2.2%, prev. 3.8%). The ex-fuel measure fell by -0.9% M/M (exp. -0.5%), leaving the annual rate at 2.3% Y/Y (exp. 3.3%, prev. 5.0%). Retail sales fell for the first time since April, as earlier promotions pulled purchases forward into June, and warm weather conditions weighed on clothing demand. The data does little to change the BoE’s calculus. Analysts said that the summer confidence boost from warm weather, the World Cup and PM Burnham’s cost-of-living announcements risks being eclipsed by slowing wage growth, higher energy bills and inflationary risks from the Iran war, raising caution that the Burnham bounce may prove short-lived ahead of his first budget in the Autumn.
UK Budget - UK Chancellor Healey has been warned by investors and analysts to limit Budget borrowing and maintain efforts to reduce the fiscal deficit amid the bond sell-off, FT reports.

TRADE:

US-Canada - Canada trade official Dominic LeBlanc said Canada and the US are “very close” to finalising a trade agreement that could halve US tariffs on Canadian steel and aluminium and lower auto duties.
South Korea - South Korea’s exports rose 61.5% Y/Y on a working-day adjusted basis in the first 20 days of August (prev. 62.9%), with semiconductor exports surging 198.8%, and computer-related shipments jumping 242.1%. On an unadjusted basis, exports gained 56%, while imports rose 19%, generating a trade surplus of approximately USD 14bln.