Daily US Equity Opening News - OpenAI plans AI speaker for 2027; BABA plans revenue-sharing for Qwen users

DAY AHEAD:

• US INDEX FUTURES: ES +0.6%, NQ +1.3%, YM +0.3%, RUT +1.0%
• BROKER MOVES: ABNB upgraded at Wedbush; PG downgraded at Argus. For the full list, click here.
• MAJOR MORNING MOVES RECAP: NET, ABNB, MCHP, TEAM, RMD, DOCS, TTD, CART, MP, SG, DV. For the full list, click here.
• DATA: The NY Fed will publish its consumer inflation expectations report for the month.
• CENTRAL BANKS: Fed’s Barkin (2027 voter, neutral) takes part in a fireside chat.
• ENERGY: Baker Hughes reports weekly rig count data (prev. oil 451, gas 127, total 588).

• OpenAI - OpenAI plans a doughnut-shaped, hockey puck-sized AI smart speaker for 2027, priced around USD 300-400, Bloomberg reports. Designed with Jony Ive’s LoveFrom, it will feature moving parts, lights, microphones, speakers, cameras and sensors, and is intended as an AI-first companion.
• ByteDance, Anthropic - ByteDance is training a new AI model with up to 10tn parameters, potentially approaching the scale of Anthropic’s Mythos system, the Financial Times reports, citing three people with knowledge of the matter. The model is in the pre-training stage, which typically takes three to six months, with its final size yet to be determined. If completed at the planned scale, the model would be around three times larger than Moonshot AI’s Kimi K3.
• Moonshot - Moonshot AI’s Kimi K3 escaped its sandbox during cybersecurity testing after a containment misconfiguration, Wired reports. Frontier Security said the model probed network settings and accessed the internet without permission, but did not hack external systems because answers were available on GitHub. Researchers said Kimi K3 showed weaker internal cyber safeguards than many rival models.
• SK Hynix (SKHY) - SK Hynix will pay a KRW 375/shr dividend, and plans to announce its shareholder return policy in Q3. It is also considering additional shareholder return measures. Separately, SK Hynix approved KRW 54tln of investment in new AI-memory fabs; it will invest KRW 35.2tln in Yongin Y2, targeting a June 2029 cleanroom opening for HBM and next-generation DRAM, and KRW 19.1tln in Cheongju M17, targeting December 2028 for NAND production.
• AMD (AMD) - AMD will acquire Taalas, a developer of specialised AI inference silicon; terms were undisclosed. Taalas’ technology targets compute and memory bottlenecks in general-purpose architectures and is intended to complement AMD’s existing platform. AMD plans to integrate the technology into its accelerator roadmap. The deal remains subject to customary closing conditions and regulatory approvals.
• SK Hynix (000660 KS) - Plans to invest KRW 35.2tln in a second-phase chip fab in Yongin by 2031, alongside a KRW 19.1tln investment in its M17 chip fab in Cheongju, South Korea. Meanwhile, to pay KRW 375/shr dividend; to announce shareholder return policy plan in Q3, considering additional shareholder return measures
• Cloudflare (NET) - Shares rose after quarterly earnings and revenue beat expectations, and both its near-term and FY outlooks topped forecasts, supported by strong customer growth. Q2 adj. EPS 0.29 (exp. 0.27), Q2 revenue USD 696.1mln (exp. 664.7mln). Customers generating more than USD 100,000 in annualised revenue increased 26% Y/Y to 4,698. Sees Q3 adj. EPS 0.34 (exp. 0.32), Q3 revenue between USD 736-737mln (exp. 721.3mln). Raises FY26 adj. EPS guidance to between 1.25-1.26 (exp. 1.20), and FY26 revenue guidance to between USD 2.864-2.870bln (exp. 2.81bln).
• Microchip Technology (MCHP) - Microchip Technology shares rose in extended trading after a Q1 beat, and its outlook topped forecasts, supported by strengthening demand across AI data centres, industrial, automotive and aerospace markets. Q1 EPS 0.76 (exp. 0.69), Q1 revenue USD 1.49bln (exp. 1.46bln). Net sales +38% Y/Y and +13.2% Q/Q to USD 1.485bln, above the high end of guidance, supported by improving demand, continued inventory normalisation and stronger factory utilisation, which drove better operating leverage. CEO said the quarter marked continued progress towards the company’s long-term business model. Sees Q2 adj. EPS between 0.38-0.41 (exp. 0.33), Q2 revenue between USD 1.59-1.61bln (exp. 1.55bln).
• Akamai Technologies (AKAM) - Shares rose in extended trading after quarterly earnings and revenue beat, supported by steady security demand and strong growth in cloud infrastructure services. Q2 EPS 1.59 (exp. 1.58), Q2 revenue USD 1.1bln (exp. 1.09bln). Security and Cloud Infrastructure Services remained strong, with YTD multi-year CIS contract wins worth more than USD 2.8bln, including a new US technology customer contract worth more than USD 600mln over four years. CEO said these wins strengthen Akamai’s position as an AI infrastructure provider. GPU demand remains exceptionally strong, and current capacity is fully sold out. Sees Q3 EPS between 1.60-1.80 (exp. 1.60), Q3 revenue between USD 1.11-1.13bln (exp. 1.13bln), Q3 capex between USD 475-525mln. Narrows FY26 EPS guidance to between 6.40-7.05 (exp. 6.71; prev. saw 6.40-7.15), narrows FY26 revenue guidance to between USD 4.45-4.53bln (exp. 4.5bln; prev. saw 4.45-4.55bln), and sees FY26 capex at about 40% of revenue, including approximately USD 60mln this year toward up to USD 500mln of additional GPU capacity investment.
• Atlassian (TEAM) - Atlassian surged in extended trading after a Q4 beat, and its near-term outlook topped forecasts, supported by strong cloud growth and accelerating adoption of its AI-focused platform tools. Q4 EPS 1.87 (exp. 1.50), Q4 revenue USD 1.766bln (exp. 1.66bln). Cloud revenue +31% Y/Y, while the MCP server and Teamwork Graph CLI surpassed 1mln monthly active users, more than doubling Q/Q. Sees Q1 revenue between USD 1.705-1.715bln (exp. 1.67bln), Cloud revenue growth of about 28.5% Y/Y, Data Centre revenue growth of about -4% Y/Y, adj. operating margin of about 28.5%. Sees FY27 revenue growth of about 13% Y/Y (exp. 7.36bln), subscription ARR growth of about 18%, Cloud revenue growth of about 25.5%, Data Centre revenue growth of about -17%, and adj. operating margin of about 25%.
• Twilio (TWLO) - Shares rose 16% after a Q2 beat, and guidance above expectations. Q2 adj. EPS 1.47 (exp. 1.32), Q2 revenue USD 1.5bln (exp. 1.43bln). CEO said organic growth accelerated again, while profitability and free cash flow reached record levels. Management highlighted the revamped Twilio platform as infrastructure for customer interactions across both human users and AI agents. Sees Q3 adj. EPS between 1.42-1.47 (exp. 1.40).
• Lyft (LYFT) - Lyft edged higher in extended trade after stronger than expected revenue, record bookings, supported by rising rider demand and World Cup activity, outweighed a profit miss caused by heavier promotional spending. Q2 EPS 0.13 (exp. 0.14), Q2 revenue USD 1.8bln (exp. 1.81bln). Gross bookings +23% Y/Y to USD 5.5bln; active riders +17% Y/Y to a record 30.5mln, with approximately 30% of North American rideshare trips linked to a partner. Net income was USD 50.3mln (exp. 56mln), with marketing expenses +68% Y/Y as higher rider incentives and loyalty spending weighed on profitability. The FIFA World Cup supported demand, particularly for airport rides and host-city activity, while FreeNow is performing better organically as integration into Lyft’s global platform progresses. CEO said it is progressing towards more than 1bln rides in FY26 as it develops into a hybrid transportation platform. CEO also highlighted smooth autonomous vehicle fleet operations in Nashville, strong testing results in London and growing e-bike adoption in urban commuting. Sees Q3 gross bookings between USD 5.5-5.67bln (exp. 5.57bln), and Q3 adj. EBITDA between USD 183-203mln.
• Gen Digital (GEN) - Q1 adj. EPS 0.71 (exp. 0.69), Q1 revenue USD 1.34bln (exp. 1.31bln). CEO said the company is seeing stronger performance from its integrated Cyber Safety, Identity Protection and Financial Wellness platform, describing Q1 as a beat-and-raise start to FY27. Sees Q2 adj. EPS between 0.71-0.73 (exp. 0.71), Q2 revenue between USD 1.325-1.35bln (exp. 1.33bln). Raised FY27 adj. EPS view to between 2.87-2.97 (exp. 2.90; prev. saw 2.85-2.95) and raised FY27 revenue view to between USD 5.375-5.475bln (exp. 5.38bln; prev. saw 5.325-5.425bln).
• Corsair Gaming (CRSR) - Q2 adj. EPS USD 0.23 (exp. USD 0.07), revenue USD 314.335mln (exp. USD 310.48mln); sees FY26 EPS USD 0.85-0.94 (exp. USD 0.72), revenue USD 1.4-1.47bln (exp. USD 1.43bln), Q3 EPS USD 0.09-0.12 (exp. USD 0.11) and revenue USD 320-350mln (exp. USD 332.3mln).
• Dropbox (DBX) - Q2 adj. EPS USD 0.75 (exp. USD 0.74), revenue USD 631.5mln (exp. USD 626.35mln); raised FY26 GAAP revenue view to USD 2.513-2.523bln (exp. USD 2.51bln, prev. USD 2.5-2.51bln) and adjusted operating margin view to 40.0%-40.5% (prev. 39.5%-40.0%); sees Q3 GAAP revenue USD 627-630mln (exp. USD 626mln), adjusted gross margin ~81.5% and unlevered FCF at least USD 1.07bln; BofA raised PT to USD 30 from USD 28 but maintained Underperform rating.
• Applied Optoelectronics (AAOI) - Q2 non-GAAP EPS USD 0.06 (exp. USD 0.01), revenue USD 191.9mln (exp. USD 190.48mln); sees Q3 non-GAAP EPS USD 0.11-0.26 (exp. USD 0.28), revenue USD 255-290mln (exp. USD 264.56mln) and gross margin 29%-30.5%; expects USD 471mln in monthly data center revenue by mid-2027.
• nLight (LASR) - Q2 adj. EPS USD 0.17 (exp. USD 0.14), Revenue USD 82.6mln (exp. USD 78.58mln); sees Q3 revenue USD 63-73mln (exp. USD 69.89mln), adj. EBITDA USD 1-7mln and gross margin 24%-30%, with ~USD 17mln of product revenue delayed due to supply chain challenges.
• JFrog (FROG) - Q2 adj. EPS USD 0.27 (exp. USD 0.24), revenue USD 163.8mln (exp. USD 155.64mln); raised FY26 adj. EPS view to USD 0.96-1.00 (exp. USD 0.95, prev. USD 0.93-0.97) and revenue view to USD 648-652mln (exp. USD 632.92mln, prev. USD 628-632mln); sees Q3 adj. EPS USD 0.22-0.24 (exp. USD 0.22) and revenue USD 164-166mln (exp. USD 159.02mln); KeyBanc raised PT to USD 114 from USD 89, citing accelerating cloud growth and strong customer adoption.

• Alphabet (GOOGL) - Reported a share stake of 551.2mln Class A shares of SpaceX (SPCX).
• Meta Platforms (META) - Meta was ordered to pay USD 567mln into a New Mexico child-safety fund, bringing total penalties in the case to USD 942mln. A judge deemed its platforms a public nuisance and ordered safeguards including messaging restrictions, limits on nudity, notification curbs and a 90-hour monthly usage cap for under-18s. Meta plans to appeal.
• DoubleVerify (DV) - Nielsen Holdings has agreed to acquire DoubleVerify in an all-cash transaction valuing the company at approximately USD 2.15bln, or USD 13.60/shr per share, a 30% premium to DoubleVerify’s 60-trading day VWAP as of 5th August. The deal is financed via committed debt from Barclays, BofA Securities and Citi alongside equity and cash; expected to close by Q1 2027.
• Roku (ROKU) - Q2 EPS 1.08 (exp. 0.61), Q2 revenue USD 1.35bln (exp. 1.30bln). Advertising revenue +25% Y/Y to USD 673mln, subscription revenue +26% Y/Y to USD 548mln, with both businesses benefiting from the FIFA World Cup. Roku continues to benefit from cord-cutting while investing in advertising technology and content discovery to improve engagement and monetisation. The company is awaiting completion of its USD 22bln acquisition by Fox, which is expected to close in H1 FY27.
• The Trade Desk (TTD) - Shares tumbled in afterhours following quarterly earnings and revenue missing expectations, and its revenue outlook well below consensus. Q2 EPS 0.34 (exp. 0.40), Q2 revenue USD 715mln (exp. 751.55mln). CEO said the quarter fell short of the company’s standards, citing execution issues. Management is taking actions to improve execution, upgrade the platform and sharpen investment priorities as marketers navigate a complex advertising environment. Sees Q3 revenue of at least USD 650mln (exp. 806mln), and Q3 adj. EBITDA of USD 160mln.
• Take-Two (TTWO) - Q1 EPS USD -0.18 (exp. -0.21), revenue USD 1.53bln (exp. USD 1.36bln); sees Q2 EPS (USD 0.84)-(USD 0.75) (exp. -0.63), revenue USD 1.42-1.47bln (exp. USD 1.81bln), EBITDA (USD 20mln)-USD 4mln and net bookings USD 1.62-1.67bln; sees FY27 EPS USD 0.55-0.75, revenue USD 7.9-8.1bln (exp. USD 8.61bln), EBITDA USD 993mln-1.053bln and net bookings USD 8-8.2bln.

• Alibaba (BABA) - Alibaba plans to require major users of its next Qwen open-source AI model to share revenue, Reuters reports. The approach mirrors Moonshot’s Kimi K3 licensing, which can require up to 30% revenue sharing above USD 20mln annual sales. Alibaba’s rate is undecided, while Kimi K3 costs about one-third of Anthropic’s Fable model.
• Airbnb (ABNB) - Airbnb rose in afterhours following quarterly earnings and revenue beats, and as Q3 outlook topped forecasts. Q2 EPS 1.37 (exp. 1.22), Q2 revenue USD 3.61bln (exp. 3.58bln). Gross booking value USD 27.2bln. Management said FY growth expectations improved on stronger Nights and Seats Booked trends, traction from product and growth initiatives and continued healthy travel demand. Sees Q3 revenue between USD 4.69-4.77bln (exp. 4.61bln), including an approximately 3ppt FX tailwind; Q3 GBV growth seen in the mid-teens; Nights and Seats Booked growth in the low double digits; sees a moderate ADR increase in Q3. For FY26, sees revenue growth of at least the mid-teens (exp. 13.96bln), and FY26 adj. EBITDA margin of at least 35.5%.
• DraftKings (DKNG) - Results missed expectations as the sports betting industry faced increasing competition from prediction market platforms, adding pressure to growth and profitability, Bloomberg said. It reported Q2 adj. EBITDA of USD 115mln (exp. 154mln), and Q2 revenue of USD 1.44bln (exp. 1.51bln).
• Levi (LEVI) - Disclosed a cybersecurity incident, but no consumer data has been impacted and no business interruption.
• Dream Finders Homes (DFH), Beazer Homes (BZH) - Dream Finders will acquire Beazer Homes in an all-cash deal at an enterprise value of approximately USD 2.2bln, with Beazer shareholders receiving USD 33.50 per share. The combined company will operate across 26 markets and approximately 520 active communities, with the transaction expected to close in Q4 2026.
• Instacart (CART) - Q2 adj. EPS USD 0.45 (exp. USD 0.54), Revenue USD 1.04bln (exp. USD 1.03bln); sees Q3 adj. EBITDA USD 320-340mln and GTV USD 10.3-10.55bln; Barclays raised PT to USD 77 from USD 69, citing record-high growth despite increasing competition.
• Wendy's (WEN) - Q2 adj. EPS USD 0.18 (exp. USD 0.16), revenue USD 571mln (exp. USD 557.73mln); withdrew FY26 financial outlook and cut quarterly dividend to USD 0.07 from USD 0.25 to create flexibility to invest in its turnaround.
• Under Armour (UAA) - Q1 adj. EPS USD 0.05 (exp. USD 0.02), revenue USD 1.1bln (exp. USD 1.11bln), adj. operating income USD 52mln (exp. USD 35.6mln); backed FY27 adj. EPS view of USD 0.08-0.12 (exp. USD 0.11) and adj. operating income view of USD 140-150mln (exp. USD 148.7mln), while cut FY27 revenue outlook to a mid-single-digit percentage decline from a slight decline.
• Sweetgreen (SG) - Shares fell after Q2 earnings as weaker consumer demand following the multistate cyclospora outbreak drove a sharp cut to FY26 EBITDA guidance, with TD Cowen cutting its PT to USD 5 from USD 8; Q2 adj. EPS (USD 0.22) (exp. -0.12), Revenue USD 192.7mln (exp. USD 194.52mln); cut FY26 adj. EBITDA view to (USD 27)-(USD 23)mln (prev. USD 1-6mln), sees same-store sales down 8%-7% and ~13 net new restaurant openings.
• Figs (FIGS) - Q2 adj. EPS USD 0.15 (exp. USD 0.07), revenue USD 196.6mln (exp. USD 186.11mln); raised FY26 revenue growth view to ~20% (prev. 14%-16%) and adj. EBITDA margin view to 14.8%-15% (prev. 13%-13.2%); KeyBanc raised PT to USD 20 from USD 19, citing broad-based growth and active customer gains.
• RealReal (REAL) - RealReal (REAL) - Q2 non-GAAP EPS (USD 0.01) (exp. -0.02), revenue USD 193mln (exp. USD 188.14mln); sees 2026 revenue USD 788-797mln (exp. USD 780.9mln) and adj. EBITDA USD 66-69mln, Q3 revenue USD 194-198mln (exp. USD 190.99mln) and adj. EBITDA USD 13.5-14.5mln; UBS raised PT to USD 16 from USD 14 but kept Neutral, citing improved supply generation and buyer/seller engagement against elevated valuation.

• Monster Beverage (MNST) - Shares rose in extended trading after record earnings and stronger-than-expected sales, as robust international growth was offset by higher operating and aluminium costs. Q2 adj. EPS 0.60 (exp. 0.58), Q2 revenue USD 2.54bln (exp. 2.43bln). International net sales +34.6% Y/Y, representing approximately 46% of total revenue, highlighting continued strength outside the US. CEO said the energy drink category continues to attract new consumers, expand usage occasions and increase household penetration. Plans increased FY26 marketing investment across social, digital, media and new partnerships to support existing products, new launches and broader consumer reach, while product innovation remains central to its long-term growth strategy.
• JBS (JBS) - Danantara to invest USD 2.5bln in JV with JBS (JBS).

• Bank of America - Bank of America investment banking co-head Mike Joo is leaving after one year in the role to pursue an external opportunity, Bloomberg reports. Co-head Faiz Ahmad and group chairman Karim Assef will continue leading the business.
• Aflac (AFL) - Shares slipped in extended trading Aflac after a Q2 miss, impacted by a stronger USD and weaker performance in its Japan business. Q2 adj. EPS 1.75 (exp. 1.76), Q2 revenue USD 4.1bln (exp. 4.24bln). In Japan, growth opportunities were supported by new products including Anshin Palette medical insurance, Miraito cancer insurance and Tsumitasu life insurance, while in the US Aflac remains focused on supplemental health products and related employee benefits.
• American International Group (AIG) - Q2 adj. EPS 2.00 (exp. 1.93). Adj. EPS +10% Y/Y and core operating ROE was 11.1%. Net premiums written +9% Y/Y on a constant-currency basis, or +11% excluding North America Property, with growth across all three business segments. General Insurance underwriting income was USD 686mln, with a calendar-year combined ratio of 89.0% and adj. accident-year combined ratio of 88.1%. CEO Eric Andersen said AIG continued to benefit from organic growth, recent strategic transactions and its diversified global portfolio, while the pricing environment has become more selective and growth increasingly depends on line-specific risk-adjusted returns. Management remains confident in achieving its 2025 Investor Day financial objectives.
• Rocket Companies (RKT) - Q2 adj. EPS 0.16 (exp. 0.16), Q2 revenue USD 2.78bln (exp. 2.83bln). Rocket reached record purchase and refinance market share despite a difficult spring housing market, and delivered its most profitable quarter in four years, the CEO said. Management highlighted increasing integration across home search, mortgage origination and servicing, supported by AI-driven customer interactions. Sees Q3 revenue between USD 2.5-2.7bln (exp. 2.91bln).
• Sezzle (SEZL) - Q2 adj. EPS USD 1.13 (exp. USD 1.01), revenue USD 149.68mln (exp. USD 135.07mln); raised FY26 adj. EPS view to USD 5.25 (exp. USD 5.12, prev. USD 5.10) and raised FY26 revenue growth view to 35% (prev. 30%-35%).
• Japan Topix - Japan’s Topix index faces its largest overhaul, with more than a third of its constituents set to be phased out from October under new eligibility rules, according to Bloomberg. Firms ranking in the bottom 3% of TSE free-float market cap in August face removal, cutting off access to an estimated USD 1tln tracked by passive funds.
• Allianz SE (ALIZY) - Allianz reported record Q2 operating profit +11% Y/Y at EUR 4.87bln (exp. 4.58bln). Pimco attracted EUR 31.7bln of third-party inflows, and Allianz Global Investors EUR 7.6bln. Confirmed FY operating profit guidance of EUR 17.4bln +/- EUR 1bln; will continue to expand in Asia.

• Eli Lilly (LLY), Novo Nordisk (NVO) - A US federal judge dismissed a lawsuit by compounding pharmacy Strive Specialties alleging the drugmakers illegally blocked access to customized versions of their weight-loss drugs.
• ResMed (RMD) - Shares slipped in afterhours following a FY profit miss, and its outlook pointed to more moderate growth, despite stronger quarterly earnings, sustained demand and a dividend increase. Q4 EPS 2.95 (exp. 2.89), Q4 revenue USD 1.46bln (exp. 1.46bln). CEO said the quarter reflected continued global momentum, sustained demand for ResMed’s market-leading products and disciplined execution. Raised quarterly dividend by 10% to 0.66/shr.
• Progyny (PGNY) - Shares fell in extended trading after Q3 revenue guidance missed expectations and the company lowered its FY sales outlook. Q2 EPS 0.55 (exp. 0.52), Q2 revenue USD 350.51mln (exp. 348.65mln). CEO said member engagement tracked towards the higher end of expectations as members continued to use family-building and broader health services. Sees Q3 adj. EPS between 0.50-0.52 (exp. 0.52), Q3 revenue between USD 335-345mln (exp. 350.57mln), Q3 adj. EBITDA between USD 56-59mln, reflecting a somewhat stronger seasonal slowdown in summer member activity, with September activity expected to return to H1 levels. Raised FY26 adj. EPS guidance to between 2.04-2.10 (exp. 2.06; prev. saw 1.98-2.09), raised FY26 adj. EBITDA guidance to between USD 233-240mln (prev. saw 232-244mln), lowered FY26 revenue guidance to between USD 1.36-1.39bln (exp. 1.38bln; prev. saw 1.37-1.41bln).
• Halozyme (HALO) - Q2 adj. EPS USD 2.28 (exp. USD 1.82), revenue USD 481mln (exp. USD 402.28mln); raised 2026 non-GAAP EPS view to USD 8.65-9.00 (exp. USD 8.10, prev. USD 7.75-8.25) and revenue view to USD 1.835-1.910bln (exp. USD 1.77bln, prev. USD 1.710-1.810bln); Citizens and H.C. Wainwright raised PTs to USD 93 and USD 115, respectively, citing strong royalty growth and better-than-expected Q2 results.
• Doximity (DOCS) - Q1 adj. EPS USD 0.29 (exp. USD 0.30), Revenue USD 156.6mln (exp. USD 151.73mln); sees Q2 revenue USD 170-171mln (exp. USD 171.77mln) and adj. EBITDA USD 80.5-81.5mln; sees FY27 revenue USD 671-681mln (exp. USD 670.34mln) and adj. EBITDA USD 309-329mln.
• QuidelOrtho (QDEL) - Q2 adj. EPS USD 0.13 (exp. -USD 0.05), revenue USD 631mln (exp. USD 618.83mln); cut FY26 adj. EPS view to USD 0.65-0.90 (exp. USD 1.84, prev. USD 1.80-2.00) and revenue view to USD 2.52-2.60bln (exp. USD 2.71bln, prev. USD 2.70-2.75bln).
• Replimune (REPL) - FDA granted accelerated approval for Tudriqev in combination with nivolumab for adults with unresectable advanced cutaneous melanoma who progressed on an anti-PD-1 regimen. In the IGNYTE trial, Tudriqev plus nivolumab achieved a 24.2% objective response rate and a 14.1-month median duration of response in the efficacy-evaluable population; continued approval is contingent on confirmatory evidence of clinical benefit.

• China Crude Imports - China’s crude oil imports rose +22% M/M to 35.73mln tonnes in July, equivalent to 8.45mln BPD. Coal imports +20% Y/Y at 42.73mln tonnes, while natural gas imports -0.9% Y/Y. China increased Russian crude purchases as renewed Strait of Hormuz disruption constrained Middle Eastern supplies.
• Petrobras (PBR) - Q2 net profit BRL 52.4bln (exp. 44.7bln), Q2 revenue BRL 169.5bln (exp. 160.4bln), Q2 adj. EBITDA +79.6% Y/Y to BRL 93.8bln (exp. 90.1bln), supported by higher oil prices and record operating performance. Results were partly offset by government measures to restrain domestic fuel prices, including BRL 4.9bln of export taxes on crude and diesel, while operating cash flow was affected by a BRL 9.7bln delay in government fuel-price-control subsidy payments. It invested about USD 5.3bln in Q2, up nearly 20% Y/Y, with 82% directed to exploration and production. The company announced BRL 17.4bln of dividends and interest on equity, equivalent to approximately BRL 1.35/shr.
• Northern Oil and Gas (NOG) - Q2 adj. EPS 1.13 (exp. 1.12), Q2 revenue USD 670.8mln (exp. 584.72mln). Maintained FY26 production guidance between 143,000-148,000 boe/d.

• MP Materials (MP) - Q2 adj. EPS USD -0.01 (exp. USD 0.00), Revenue USD 108.49mln (exp. USD 95.95mln).
• Critical Minerals - The White House invited executives from Rio Tinto (RIO), BHP (BHP), Freeport-McMoRan (FCX), MP Materials (MP), USA Rare Earth (USAR), Energy Fuels (UUUU), US Antimony (UAMY), Sunrise Energy Metals (SRL) and The Metals Company (TMCWW) to a critical-minerals meeting with President Trump, Bloomberg reports. The summit will showcase US efforts to reduce reliance on China and may include new deals and MOUs.
• China Gold - The PBoC is increasing gold inventories in Hong Kong and relocating some reserves from London, Bloomberg reports. The move supports Hong Kong’s new gold-clearing system and broader ambition to become a major bullion trading hub. The PBoC has also continued official sector gold purchases, while Hong Kong is courting other central banks to participate in its clearing system.

• Boeing - The FAA ordered inspections of 471 Boeing 737 Max jets for cracks in a component reinforcing the front door frame, Bloomberg reports. The directive covers 737 Max 8, 9 and 8200 variants and takes effect on 10th September. Boeing said it supports the checks and is working on changes to prevent future cracking.
• Republic Services (RSG) - Republic Services edged lower as its FY earnings outlook came in slightly below expectations, despite better than expected quarterly earnings and revenue and solid operating momentum. Q2 adj. EPS 1.85 (exp. 1.82), Q2 revenue USD 4.43bln (exp. 4.36bln). Pricing above cost inflation and disciplined cost management supported faster revenue and EBITDA growth. CEO noted strong operating momentum. Sees FY26 adj. EPS between 7.23-7.28 (exp. 7.29), FY26 revenue between USD 17.2-17.3bln (exp. 17.2bln), FY26 adj. EBITDA seen between USD 5.525-5.55bln.

• Consolidated Edison (ED) - Q2 adj. EPS 0.83 (exp. 0.77). CEO Tim Cawley said results reflected strong electric service reliability, disciplined infrastructure investment and continued preparation for extreme-heat conditions, while the company remains focused on affordability and supporting New York’s clean-energy transition. Maintained FY26 adj. EPS guidance between 6.00-6.20 (exp. 6.11).
• Vistra (VST) - Q2 revenue 4.02bln (exp. 5.46bln); sees FY adj. EBITDA of 6.8-7.6bln (exp. 7.26bln).
• PPL Corp. (PPL) - Q2 adj. EPS USD 0.33 (exp. USD 0.34), revenue USD 2.11bln (exp. USD 2.21bln); backed FY26 adj. EPS view of USD 1.90-1.98 (exp. USD 1.95) and reaffirmed annual EPS growth target of 6%-8% through at least 2029.

• US-Iran - US President Trump said the Iran war could end soon and the Strait of Hormuz is “sort of open”. He also spoke with Saudi Crown Prince Mohammed bin Salman about Iran. A US official said Hormuz is an international waterway, no party controls transit lanes, and temporary routes will operate without impediment.
• US-Iran - Oman and Iran reached a temporary Strait of Hormuz agreement. A source said inbound traffic would use a northern corridor near Iran and outbound traffic a southern corridor near Oman before shifting to a middle corridor jointly managed. A separate Iranian plan could bar US, Israeli and other hostile vessels and impose fines of up to 20% of cargo value. Elsewhere, an Iranian journalist said reports of indirect US-Iran contacts through intermediaries were false. The journalist said Iran-Oman talks are bilateral and the draft understanding concerns transit arrangements through the Strait of Hormuz rather than reopening it.

• Fedspeak - Fed’s Musalem (2028 voter) said monetary policy must impose meaningful restraint on underlying inflation, arguing policymakers cannot afford to tolerate elevated prices in anticipation of stronger future productivity growth.
• Fed Repos - The Fed’s Foreign and International Monetary Authorities Repo Facility recorded zero activity for an eighth consecutive week through 5th August, suggesting Japan did not use the tool during its latest yen intervention efforts, Bloomberg says. Separately, monetary authorities withdrew approximately USD 17bln from the Fed’s foreign reverse repo facility, bringing the total to USD 318bln, the largest two-week decline since early January.
• JPY Intervention - Japan confirmed three JPY-buying interventions during Golden Week, totalling JPY 11.74tln, Bloomberg reports. Authorities bought JPY 6.28tln on 30th April, JPY 780bln on 4th May, JPY 4.68tln on 6th May. The pattern suggests Japan may use smaller follow-up interventions to reinforce currency gains and deter speculation, Bloomberg said.
• EURJPY - The US sold EURs to buy JPY during last week’s intervention without informing the ECB beforehand, the FT reports. Some ECB officials viewed the move as an unprecedented breach of coordination conventions. The intervention aimed to support the JPY while avoiding Treasury sales that could push US yields higher.
• German IP - German industrial production rose 0.2% M/M in June (exp. 0.2%; prev. 0.7%), a third consecutive monthly increase. Automotive output rose 3.6%. The economy ministry said manufacturing remained resilient despite external pressures. Analysts at ING wrote that "despite higher energy prices and the war in the Middle East, German industry continued its modest cyclical rebound, with an improvement in June," but added that "whether this rebound can really translate into a structural and sustainable recovery remains a different story."

• US Tariffs - President Trump signed an order imposing 15% tariffs on imported polysilicon derivatives, including silicon wafers, photovoltaic cells and solar modules, effective 4th December. Minimum import prices were set at USD 21/KG for raw polysilicon, USD 100/KG for ingots and wafers, USD 0.22/watt for solar cells, USD 0.38/watt for solar modules.
• China Trade - China’s July exports rose 23.9% Y/Y in USD terms (exp. 22.7%; prev. 27%), driven by AI-related demand for high-tech goods. Imports grew 27.5% Y/Y (exp. 28.6%; prev. 36%), and the trade surplus narrowed to USD 112.5bln (exp. 108.0bln; prev. 125.62bln). Semiconductor exports nearly doubled in value in January-July 2026, with overall high-tech product exports up 40.7%. China’s crude oil imports rose +22% M/M to 35.73mln tonnes in July, equivalent to 8.45mln BPD. Coal imports +20% Y/Y at 42.73mln tonnes, while natural gas imports -0.9% Y/Y. China increased Russian crude purchases as renewed Strait of Hormuz disruption constrained Middle Eastern supplies.