Daily US Equity Opening News - TSM to raise advanced and mature chipmaking prices; NVDA discloses 9.3% NBIS stake

DAY AHEAD:

US INDEX FUTURES: ES +0.4%, NQ +1.2%, YM +0.2%, RUT +0.3%
BROKER MOVES: RL upgraded at Raymond James; ADBE, INTU, and CRM downgraded at Morgan Stanley. For the full list, click here.
MAJOR MORNING MOVES RECAP: TSM, NBIS, CCK, DHR, HAS, GM, MMM . For the full list, click here.
EVENTS: US Defence Secretary Hegseth will testify before the Senate Appropriations Committee on President Trump’s USD 87.6bln Iran war funding request at 14:30EDT/19:30BST; lawmakers are expected to question him about the failed ceasefire, three US service-member deaths and indications that Washington is escalating the conflict.
ENERGY: API reports weekly energy inventories after the US close. NOTE: WTI August 2026 futures expire today.
EARNINGS: Notable US companies reporting today include: Chubb (CB), Capital One Financial (COF), Interactive Brokers (IBKR), EQT (EQT).

NEWS:

GEOPOLITICS

US-Iran - The US and Iran exchanged strikes for a 10th day as Pakistan and Qatar sought a truce. Iran attacked US sites, including an Amazon.com facility in Bahrain, while Washington targeted command centres, launch sites and air defences. Shipping risks have also widened as the Houthis threatened Saudi-bound Red Sea traffic. A senior US official told Fox News that US President Trump is expected to decide whether to expand military operations against Iran in the coming days. Officials described two options: a new 10-day ceasefire to reopen the Strait of Hormuz or full-scale war. Expanded strikes could include Tehran and nuclear sites, a US official said.
Saudi-Yemen - The Saudi-led coalition began measures to protect Red Sea shipping after Yemen’s Houthis announced an immediate blockade of Saudi vessels. The threat endangers Saudi crude exports routed through Yanbu while Strait of Hormuz traffic remains restricted. Saudi Arabia said it would protect ships under international law.

TECH

TSMC (TSM) - TSMC plans to raise advanced and mature chipmaking prices by 5-10% from 2027, with additional high-performance computing orders facing a 10-15% premium, Nikkei reports. Rising materials, equipment and overseas construction costs are driving increases.
Samsung Electronics (SSNLF) - Samsung Electronics hired former Hyundai Motor robotics executive Dongkun Lee to lead its robotics strategy, and it created an RX Business Office. Samsung will establish robotics research hubs in the US, China and Japan, recruit two professors and build a data factory to accelerate robot deployment.
Oracle (ORCL) - Oracle faces over USD 7bln in collateral requirements for its Wisconsin data centre after the state’s Public Service Commission declined to reconsider credit rules imposed on utility We Energies, FT reports. The yearly collateral cost exceeds USD 100mln. The facility underpins Oracle’s USD 300bln contract with OpenAI.
Nebius (NBIS), Nvidia (NVDA) - Nvidia disclosed a 9.3% stake in Nebius, comprising roughly 22.26mln shares including a warrant, obtained as part of a USD 2bln investment made earlier this year. Nvidia cannot exercise the warrant before 11th September.
Calix (CALX) Q2 2026 (USD): EPS 0.47 (exp. 0.40), Revenue 293.33mln (exp. 289.95mln); sees Q3 EPS at 0.37-0.45 (exp. 0.46) and Q3 revenue of 301-307mln (exp. 301.63mln). Sees 2026 revenue at the higher end of 15-20% expectations and targets annual growth in the years ahead.
Chinese AI - The Trump administration is considering restricting or banning the use of advanced Chinese open-source AI models, Axios reports, citing knowledgeable sources. Measures under discussion include adding Chinese AI labs to the Commerce Department's Entity List, tightening procurement rules, and discouraging US companies from using Chinese AI technology.
Micron (MU) - BofA analysts added Micron (MU) and Keurig Dr Pepper (KDP) to the firm's US 1 List, a collection of its best investment ideas.
Samsung Electronics (005930 KS) - Samsung Electronics has reportedly begun construction of the Hybrid Bonding mass-production line at Pyeongtaek P5, according to Korean press citing sources
Microsoft (MSFT) - Announced a significant expansion of its strategic partnership with Mistral AI to help enterprises and regulated industries adopt frontier AI with greater choice, control and operational consistency.
Salesforce (CRM) - Downgraded at Morgan Stanley to 'Equal Weight' from 'Overweight' with a USD 185 PT (prev. 287). The firm said Salesforce is "actively disrupting itself to position for the agentic era." Strong Agentforce performance is yet to drive an inflection in the company's organic growth as legacy portfolio drags persist. Morgan Stanley believes Salesforce shares are likely to remain range-bound absent a notable growth inflexion.
Intuit (INTU) - Downgraded at Morgan Stanley to 'Equal Weight' from 'Overweight' with a USD 335 PT (prev. 580). The firm believes Intuit shares will likely remain under pressure in the near-term, saying it will take time for investors to garner confidence in the company's revenue acceleration. Morgan Stanley cites tax uncertainty and limited catalysts for the downgrade.
Adobe (ADBE) - Downgraded at Morgan Stanley to 'Underweight' from 'Equal Weight' with a USD 240 PT (prev. 365). The firm said Adobe's freemium, leadership, and reinvestment transitions "compound execution risk" as generative AI disruption increasingly clouds its path to annual recurring revenue reacceleration. Morgan Stanley believes "cleaner growth and AI monetisation elsewhere" in the software space support a relative Underweight rating on Adobe shares.
Datadog (DDOG) - Downgraded at Jefferies to 'Hold' from 'Buy' with a USD 280 PT (prev. 210). The firm says its thesis on Datadog being an AI beneficiary and category leader has largely played out in the first half of 2026. Jefferies cites valuation for the downgrade with the shares up 94% year-to-date. The rally leaves "little cushion for any execution slippage". Jefferies would look to get constructive again on the shares at a better entry point.
Tenable (TENB) - Downgraded at Truist to 'Hold' from 'Buy' with a USD 40 PT (prev. 27). The firm believes the stock's risk/reward is balanced at current share levels. Truist sees limited upside from here, saying Tenable's medium-term financial profile "still requires clearer evidence of durable revenue acceleration." The company needs to demonstrate faster Tenable One migration, stronger net retention, and tangible monetisation from Hexa and other AI-driven workflows for the shares to move higher.

CONSUMER DISCRETIONARY

General Motors Company (GM) Q2 2026: Adj. EPS 3.57 (exp. 3.19), Revenue 48bln (exp. 47.01bln). Sees FY26 adj. EPS at 12-14 (exp. 12.97) and FY26 adj. EBIT of 13-16bln (exp. 14.8bln). Said 2027 results are expected to be better than 2026, with several key drivers set to grow revenue, margins, EBIT and FCF; FY26 guidance assumes no material escalation in the Middle East. CFO said the company is seeing a resilient consumer across its portfolio; says the company is selling vehicle as fast as they can make them. CFO said higher gasoline prices have not impacted sales.
D.R. Horton (DHI) Q3 2026 (USD): EPS 3.20 (exp. 2.97), Revenue 9.20bln (exp. 9.10bln). Sees FY revenue at 32.5-33.0bln (exp. 33.664bln).
Genuine Parts (GPC) Q2 2026 (USD): Adj. EPS 2.15 (exp 2.08), Revenue 6.54bln (exp. 6.43bln). Maintained FY26 adj. EPS view of 7.50-8.00 (exp. 7.70) and backed FY26 revenue view of up 3-5.5%.
Trip Advisor (TRIP) - Downgraded at BTIG to 'Neutral' from 'Buy'. The firm views TripAdvisor as "on the wrong side of the AI theme" given its top-of-funnel positioning, where pressure is building and likely to accelerate as the large platforms gain traction in the travel planning process. In addition, numbers have consistently trended lower, leaving BTIG lowering its second half estimates below the street view, with data checks pointing to ongoing traffic pressure at brand Tripadvisor and mixed reads for Viator.
Amazon (AMZN) - Iran’s IRGC targeted Amazon infrastructure in Bahrain, according to state media.
Mobileye (MBLY) - From 2027 some Stellantis (STLA) vehicles are to integrate Mobileye's REM road experience management technology. Mobileye to supply Cloud-enhanced ADAS for select future Stellantis vehicles.
Yum Brands (YUM) - Taco Bell visits fell nearly 19% below the Friday average on 17th July after authorities linked a cyclosporiasis outbreak to lettuce supplied by Taylor Farms, Bloomberg reports. Taco Bell removed the lettuce voluntarily. The outbreak also reduced traffic at Chipotle (CMG) and Panera Bread, according to Placer.ai data.
Crown Holdings (CCK) Q2 2026 (USD): Adj. EPS 2.49 (exp. 2.16), Revenue 3.67bln (exp. 3.37bln). Global beverage can volumes increased 5%, driven by double-digit growth in Asia, gains of 7% in Europe, and 5% in North America, more than offsetting softer demand in Latin America. CEO noted strong performance across beverage can equipment and North American Tinplate, while Transit performed well despite a tepid global industrial production environment. CFO said the global beverage can market remains healthy, the manufacturing network continues to perform at a high level, and the balance sheet remains strong. Sees Q3 adj. EPS between 2.20-2.30 (exp. 2.26). Raised FY26 guidance, sees adj. EPS between 8.30-8.50 (exp. 8.11; prev. saw 7.90-8.30), adj. free cash flow of at least 900mln, and capex of 550mln.
Cracker Barrel (CBRL) - Announced a sale-leaseback and divestiture transactions, and now sees FY26 revenue at or above USD 3.27-3.30bln (exp. 3.29bln), while expecting to exceed its prior FY26 adj. EBITDA view of USD 120-125mln. It completed a sale-leaseback of 26 company-owned Cracker Barrel store locations generating net proceeds of approximately USD 77mln, which it intends to use for debt reduction. It also sold certain Maple Street Biscuit Company assets to Biscuit Belly, and will close the remaining 16 MSBC locations. Expects non-cash charges of USD 37-39mln in Q4, and additional cash charges of USD 6-8mln tied to exiting the business, with some expected in Q4 and some in FY27.
Shopify (SHOP) - Downgraded at Rothschild & Co Redburn to 'Neutral' from 'Buy' with a USD 130 PT (prev. 160). The firm cites competition from Meta Platforms (META) for the downgrade. Meta is pivoting from a consumer AI assistant to a small business AI tool, "resulting in a longer growth runway, wider moat, and higher margins and returns". Rothschild believes Shopify's moat has shrunk due to Meta.
Royal Caribbean (RCL) - Appointed Tara Bunch, former Senior Vice President and Global Head of Operations at Airbnb (ABNB), to its board of directors.
Volkswagen (VWAGY) - Volkswagen is in advanced talks to sell a majority stake in Skoda Auto Volkswagen India to JSW Group, though valuation and investment terms remain unresolved, Bloomberg reports. The deal would provide Volkswagen with capital and a local partner, while giving JSW access to Volkswagen platforms.
Mercedes (MBG) - Mercedes is lobbying to raise a proposed US ownership threshold for connected-vehicle sales from 15% to 25%, Bloomberg reports; the draft law would bar automakers more than 15% owned by Chinese entities, while Mercedes-Benz is nearly 20% Chinese-owned.
Swatch (SWGAY) - Swatch reported H1 revenue of CHF 3.12bln (exp. 3.05bln), net income of CHF 16mln (exp. 84.3mln) and operating profit of CHF 52mln (exp. 131.8mln); execs said stronger momentum in May, June and July should improve production utilisation and profitability in H2.

FINANCIALS

Charles Schwab (SCHW) Q2 2026 (USD): EPS 1.62 (exp. 1.56), Revenue 7.07bln (exp. 6.90bln). Net interest revenue 3.36bln (exp. 3.38bln). Total net new assets 118.7bln (exp. 111.13bln).
UK Financials, JPMorgan (JPM) - JPMorgan chief Jamie Dimon reiterated his criticism of the UK’s bank tax surcharge, warning the new PM Burnham that tax hikes risk driving capital out of the country. Dimon added that calls to tax lenders may sound appealing, but carry adverse consequences.
BlackRock (BLK), Meta Platforms (META) - BlackRock is marketing more than USD 12bln of debt for a Meta data centre through Global Infrastructure Partners and HPS Investment Partners, Bloomberg reports. Their funds own 80% of Project Sopaipilla Holdings, while Meta holds 20%. The project is expected online in 2028 and reflects BlackRock’s USD 25bln expansion into private markets.
Barclays (BCS), Samsung Electronics (SSNLF) - Barclays and Samsung will launch Samsung’s first US credit card programme, offering device financing and cashback rewards, Bloomberg reports. The Samsung Galaxy Card will have no annual fee, 5% cashback on Samsung purchases and 2% on streaming services. Barclays is expanding its US consumer partnerships beyond airlines, cruise operators and General Motors (GM), the article notes.
Marsh (MRSH) Q2 2026 (USD): EPS 2.96 (exp. 2.90), Revenue 7.4bln (exp. 7.28bln). Risk & Insurance Services revenue 4.8bln, an increase of 4%, or 3% on an underlying basis. Consulting revenue 2.6bln, an increase of 10%, or 8% on an underlying basis.
W. R. Berkley (WRB) Q2 2026 (USD): Adj. EPS 1.27 (exp. 1.08), Revenue 3.72bln (exp. 3.2bln). Gross premiums written grew to a record USD 4.1bln, and it generated an annualised operating return on beginning-of-year stockholders’ equity of 20.5%, supported by underwriting performance and record net investment income. Insurance segment gross premiums written rose 5.4%, and net premiums written increased 3.7%, both to record levels, while the accident year combined ratio excluding catastrophe losses was 88.1%.
Zions Bancorp (ZION) Q2 2026 (USD): Adj. EPS 1.74 (exp. 1.57), Adj. revenue 878mln (exp. 876.52mln). CEO said net equity investment gains of USD 215mln on Visa Class B-1 shares and USD 37mln on SBIC investments added 1.12 and 0.19 per share, respectively, compared with net equity investment gains of USD 9mln.
Synchrony Financial (SYF) Q2 2026 (USD): EPS 2.59 (exp. 2.13).
KeyCorp (KEY) Q2 2026 (USD): Adj. EPS 0.44 (exp. 0.42), Revenue 1.96bln (exp. 1.97bln). Raised FY26 revenue view to up 7-8% (prev. up 7%) and sees FY26 NII up 9-11% (prev. up 9-10%).
MSCI (MSCI) Q2 2026 (USD): Adj. EPS 4.94 (exp. 4.97), Revenue 867mln (exp. 868.81mln).

INDUSTRIALS

Northrop Grumman (NOC) Q2 2026 (USD): EPS 7.68 (exp. 6.84), Revenue 10.9bln (exp. 10.8bln). Sees FY revenue of 43.75-44.25bln (exp. 44.0bln) and FY adj. EPS of 28.60-29.10 (exp. 27.94).
Equifax (EFX) Q2 2026 (USD): Adj. EPS 2.25 (exp. 2.20), Revenue 1.70bln (exp. 1.70bln); sees Q3 adj. EPS at 2.15-2.25 (exp. 2.27) and Q3 revenue of 1.68-1.71bln (exp. 1.71bln). Raised FY26 adj. EPS view to 8.39-8.69 (exp. 8.60, prev. 8.34-8.74) and raised FY26 revenue view to 6.71-6.78bln (exp. 6.76bln, prev. 6.69-6.81bln).
3M Company (MMM) Q2 2026 (USD): Adj. EPS 2.40 (exp. 2.25), Revenue 6.5bln (exp. 6.41bln). Raised FY26 adj. EPS view to 8.80-8.95 (exp. 8.74, prev. guided 8.50-8.70). CEO said, "As a result of our strong first-half performance and continued momentum, we are increasing our full-year guidance and remain confident in our ability to create long-term value for shareholders."
Lockheed Martin (LMT) - US President Trump supports licensing Patriot missile manufacturing to Ukraine, WSJ reports. Ukraine will also manufacture BAE Systems (BA/ LN) L119 howitzers under a deal viewed as a potential blueprint for future Patriot missile production.
Boeing (BA) - Boeing and MSC Air Cargo announced an order for five 777-8 Freighters. Meanwhile, Boeing has asked the US government to intervene over a record EUR 3bln EU loan to Airbus (AIR FP), and is seeking greater transparency on European lending to its rival.
GE Aerospace (GE) - UK Export Finance signed a GBP 750mln agreement with GE Aviation (GE) to support maintenance of regional aircraft engines in the UK
Airbus (EADSY) - Airbus CEO said it remains on track to meet its FY target of 870 aircraft deliveries after H1 2026 deliveries increased 15% Y/Y.
RTX (RTX) - Received a USD 1.81bln US Navy contract modification for production of AN/SPY-6 radar hardware and related equipment. Exercised options could raise the contract’s cumulative value to USD 3.39bln.
FAA - The FAA is working to accelerate the deployment of air taxis, drones, supersonic aircraft, and commercial space launches, Reuters reports. Deputy FAA Administrator Chris Rocheleau said the agency is addressing certification and regulatory issues to support next-generation aviation.

ENERGY

Halliburton Company (HAL) Q2 2026 (USD): Adj. EPS 0.55 (exp. 0.54), Revenue 5.7bln (exp. 5.50bln), Adj. net income 461mln (exp. 450.6mln).
Gulf of Mexico - Tropical Storm Bertha formed over the northern Gulf of Mexico as the year’s second named storm. The slow-moving system could bring up to 8 inches of rain this week, with officials warning of possible flash flooding from the Florida Panhandle to Texas.
Adnoc - Adnoc approved a USD 6.2bln gas project with TotalEnergies (TTE), Eni (E) and China National Petroleum Corp. at Umm Shaif. Output is expected from 2030, reaching 600mln cubic feet daily, around 10% of UAE consumption. The plan includes USD 5.1bln of offshore contracts, and a USD 365mln Adnoc Drilling programme for 14 wells.
Magnolia Oil & Gas (MGY) - Magnolia Oil & Gas began an underwritten public offering of USD 1bln in Class A shares to help fund Magnolia Operating’s acquisition of WildFire Intermediate Holdings. Funding will also include new senior notes, revolving credit borrowings and cash.
Ecopetrol (EC) - Ecopetrol provided an update after its recent cybersecurity incident, and said it was limited to file downloads, with no identified compromise to information integrity, user identities, access credentials or transactional systems across the company, subsidiaries and partners. An external actor attempted to destroy, delete or encrypt data after infiltrating 3,300 accounts. Containment efforts are in an advanced phase.
Clean energy/power - JPMorgan adjusted ratings and the clean energy and power infrastructure group as part of a Q2 earnings preview. The firm notes that the pullback over the past two months "creates compelling entry points, particularly given broad-based order and pipeline momentum". However, JPM believes several potential renewables uncertainties remain. The Department of Commerce's Section 232 investigation into US imports of polysilicon could increase costs for solar. JPM downgraded five stocks in the space :Quanta Services (PWR) downgraded to 'Neutral' from 'Overweight' with a USD PT of 714 (prev. 805), Xylem (XYL) downgraded to 'Neutral' from 'Overweight' with a USD PT of 130 (prev. 140), Brookfield Renewable Partners (BEP) downgraded to 'Neutral' from 'Overweight' with a USD PT of 36 (prev. 40), Brookfield Renewable (BEPC) downgraded to 'Neutral' from 'Overweight' with a USD PT of 38 (prev. 42), and Array Technologies (ARRY) downgraded to 'Neutral' from 'Overweight' with a USD PT of 8 (prev. 10).
Kazakhstan - Kazakhstan Energy Minister said it plans to produce up to 40mln tons of oil in 2026. Meanwhile, Kazakhstan to stop piping oil to Black Sea after tanker attacks.

COMMUNICATIONS

Google (GOOGL) - European Commission will impose its first fine under the DMA on Thursday against Google, fine of up to ten percent of global annual revenue is possible, reports Handelsblatt. Meanwhile, Tae Kim published Google is a Secular short: "Google should be in a great position in the AI race with its data, billions of users, and financial resources. But the reality is it is not. Misexecution and cultural rot abound. Key employees are frustrated at being unable to get the resources they need. They are leaving. The underlying problems will show up in the numbers. Once the market sniffs it out, the stock will drop precipitously. Google is a secular short."
Meta Platforms (META) - Meta faces trial in Tennessee over allegations that Instagram was deliberately designed to be addictive for teenagers and that the company misled the public by downplaying internal research linking the platform to youth mental health harms, according to Reuters. Meta stated it has already built controls to protect Tennessee teens who use its platforms daily.
Warner Bros. Discovery (WBD), Paramount Skydance (PSKY) - Paramount Skydance’s USD 110bln takeover of Warner Bros. Discovery faces potentially lengthy delays after a judge paused the deal for two weeks over likely antitrust violations, Bloomberg reports. A longer hold could trigger USD 7mln daily late fees after September and over USD 1bln in extra costs, while a blocked deal carries a USD 7bln breakup payment.

HEALTHCARE

Danaher (DHR) Q2 2026 (USD): Adj. EPS 1.94 (exp. 1.84), Revenue 6.27bln (exp. 6.14bln). Raised FY26 adj. EPS view to 8.45-8.60 (exp. 8.50, prev. 8.35-8.55).
Novartis (NVS) - Reported Q2 net revenue of USD 14.4bln (exp. 14.1bln), core EPS of 2.41 (exp. 2.20) and adj. profit of USD 5.94bln (exp. 5.34bln). Newer cancer medicines offset declining Entresto sales amid growing generic competition; skin disease pill Rhapsido generated USD 64mln, beating estimates. FY guidance was reaffirmed. CEO said Novartis returned to sales growth in Q2, driven by continued momentum from Kisqali, Kesimpta, Scemblix and Pluvicto, and it expects several important readouts in H2. CFO said current guidance is the right one at this moment. Said management expects accelerating revenue and earnings growth in H2 and beyond, with productivity benefits supporting high-single-digit earnings growth.
Novo Nordisk (NVO) - Novo Nordisk is sueing Eli lilly (LLY) in the US federal court, alleging claim under the Lanham Act, according to court records. The Lanham Act is the primary federal statute governing trademarks, service marks, and unfair competition in the US.
AdaptHealth (AHCO), Cardinal Health (CAH) - AdaptHealth will sell its Diabetes Health business to Cardinal Health for USD 235mln cash. The transaction requires regulatory approval and customary closing conditions. AdaptHealth will detail financials and guidance impacts in its Q2 2026 earnings call in August.
Gilead (GILD) - Downgraded at Leerink to 'Market Perform' from 'Outperform' with a USD 127 PT (prev. 146). The firm is anticipating long-term headwinds to HIV prophylaxis market expansion and is cutting its 2031 estimates for annual US sales to USD 4bln (prev. 6bln) and sees "modest demand" for Gilead's portfolio of longer-acting HIV treatments. The firm also sees "meaningful real and perceived pressure" on Kite's lymphoma and myeloma businesses from a slew of competitive approaches and growing evidence that Trodelvy lags class competitors in outcomes and breadth of development.
Medtronic (MDT) - Unveiled Touch Surgery Aide, an AI-native surgical computing platform designed to deliver real-time AI support during procedures. The platform expands the Touch Surgery ecosystem by enabling multimodal AI-driven insights, surgical case review and workflow improvements across more than 1,500 operating rooms globally.
Agios Pharmaceuticals (AGIO) - Reported Phase 2 data for tebapivat in sickle cell disease showing improvements in hemoglobin and hemolysis across all dose groups. However, the study did not demonstrate sufficient differentiation from other pyruvate kinase activators, with hemoglobin response rates of 43.8%, 47.1%, and 29.4% across treatment arms versus 33.3% for placebo. Based on the results, Agios will not advance tebapivat in sickle cell disease.

CONSUMER STAPLES

Hasbro (HAS) Q2 2026 (USD): EPS 1.28 (exp. 1.16), Revenue 1.14bln (exp. 1.07bln). Consumer products revenue 463mln, +5%; Entertainment revenue12.8mln, -20%; Wizards of the Coast and Digital Gaming revenue 663.8mln, +27%. Raised 2026 revenue growth view to 5%-7% from 3%-5% (exp. 4.99bln).
Unilever (UL), McCormick (MKC) - The CMA is seeking comments on McCormick’s anticipated acquisition of Unilever’s foods business. The case opened on 21st July, but a formal Phase 1 investigation has not yet begun. Interested parties may submit views on UK competition effects by 5th August.
Kraft Heinz (KHC) - Kraft Heinz and Disney (DIS) have made a multi-year partnership to serve HKC products at DIS properties and use DIS characters on some KHC goods, WSJ reports.
Utz Brands (UTZ) - Said to be taken private at USD 14.25/shr in cash.
Lindt (LDSVF) - H1 sales CHF 2.33bln (exp. 2.36bln), EBIT CHF 26.2mln (prev. 259.2mln); execs said geopolitical uncertainty and market volatility hurt consumer sentiment and European tourism, while North America and Rest of the World achieved double-digit growth; it reaffirmed FY guidance.

MATERIALS

Steel Dynamics (STLD) Q2 2026 (USD): EPS 3.69 (exp. 3.69), Revenue 6.1bln (exp. 5.53bln). Steel shipments reached a record 3.7mln tons, while improving steel pricing drove a sequential 30% increase in consolidated operating income. CEO said steel pricing continued to improve during Q2, supporting strong performance across the steel platform, while metals recycling, steel fabrication and aluminium also performed solidly. CEO noted that customer sentiment, order activity and pricing continue to improve, and it remains confident that market conditions support strong domestic steel and aluminium consumption through the remainder of 2026 and into 2027. Commissioning of its aluminium flat rolled products mill and San Luis Potosi recycled aluminium slab centre continues, with two of three cold mills operational and the third expected to begin commercial operations in August, while the second CASH line is expected to begin material qualifications in Q4 2026.

REAL ESTATE

Segro (SEGXF), Prologis (PLD) - Prologis met Segro management in London following a revised proposal but said discussions failed to provide clarity on a path to a recommended transaction. The offer values Segro at 993p/shr, a 9.7% premium to its pro forma adjusted NAV of 905p. Prologis has until 5pm on 22nd July to announce a firm intention or stand down.

TRADE

US Tariffs - US President Trump signed a proclamation adjusting tariffs on aluminium imports, citing insufficient domestic primary aluminium production. The Commerce Secretary was directed to establish an incentive programme for companies investing in US smelters; those with approved onshoring plans may import primary aluminium at half the otherwise applicable Section 232 tariff rate.
US-Canada - President Trump imposed 50% tariffs on certain Canadian goods, citing unequal treatment of US cars, dairy and alcohol. Introduced under Section 338 of the 1930 Tariff Act, the duties take effect in 30 days; energy, potash, critical minerals and fish are exempt. Canada PM Carney said the plans violate CUSMA, adding that he remains prepared for intensive talks while supporting domestic workers, farmers, businesses and families. Ontario Premier Doug Ford said Canada should respond “tariff for tariff, dollar for dollar” if the Trump administration’s additional tariffs on Canadian goods proceed.
South Korea Trade - South Korean exports rose 52.3% Y/Y in 1st-20th July, while imports increased 20.0% and the provisional trade surplus reached USD 12.2bln. Working-day-adjusted exports climbed 62.9%, marking the highest value recorded for the period. Semiconductor demand linked to AI supported growth.

MACRO

US-Japan investment package - JPMorgan and other US banks are close to agreeing to provide financing for part of Japan's USD 550bln US investment pledge, Reuters reports, citing two people familiar with the discussions. Japanese banks have reportedly been hesitant to participate due to the high cost of securing long-term US dollar funding for large infrastructure projects.
China Growth - China’s cabinet pledged to meet its FY economic growth target after Q2 growth fell below the official range. A State Council meeting chaired by Premier Li called for maximising the efficient use of fiscal funds, while markets expect faster spending and increased infrastructure investment.