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Consumer prices rose 0.1% in July, matching expectations, with annual inflation at 3.4%. Core CPI (excluding food and energy) increased 0.2% monthly and 2.5% annually. The moderate readings suggest the energy-driven inflation surge earlier in the year is easing, though prices remain above the Federal Reserve's 2% target.

• All CPI readings matched Dow Jones consensus forecasts, with both headline and core inflation showing moderate monthly increases
• Stock market futures rose and Treasury yields fell following the release, indicating positive market reaction to the tame inflation data
• Inflation levels remain well above the Fed's 2% target but the moderation may reduce urgency for imminent interest rate hikes

EasyJet flight attendants in France will strike on August 15-16 to demand better working conditions after negotiations with the company failed. The unions blame EasyJet for not responding seriously to repeated warnings, potentially causing flight cancellations and disruptions during the strike period.

• The SNPC-FO trade unions initiated the strike after talks between multiple unions and EasyJet over working conditions yielded no results
• Unions attribute any resulting flight disruptions solely to EasyJet's failure to address their concerns over recent months
• The strike occurs as EasyJet is being acquired by investment fund Apollo in a deal valuing the airline at £5.70 billion ($7.70 billion)

The Trump administration is auctioning over 81 million acres in the Gulf of Mexico for oil and gas drilling on Wednesday, the third of 30 lease sales mandated by a 2025 tax and spending law. The sale comes amid elevated oil prices following disruptions from the U.S.-Israeli war with Iran, though initial interest appears limited with only 69 bids submitted for 0.4% of the offered acreage.

• Only 12 companies submitted 69 bids covering 330,000 acres, representing just 0.4% of the 81 million acres offered
• The March auction generated $47 million in high bids, significantly less than the December sale's $279.4 million
• The sale includes 15,100 unleased blocks located 3 to 231 miles offshore with water depths ranging from 9 feet to over 11,100 feet

Tencent reported second-quarter revenue of 204.78 billion yuan ($30.36 billion), beating analyst estimates, driven by accelerating domestic gaming sales and AI-driven advertising. However, net profit of 56 billion yuan missed expectations of 61.82 billion yuan. The company's stock is down 26% year-to-date amid concerns over rising capital expenditure and intense AI competition in China.

• Domestic gaming revenue surged 17% year-on-year to 47.3 billion yuan, a significant acceleration from 6% growth in Q1 2026, driven by titles like Delta Force and Valorant
• The company is testing AI assistant Xiaowei within WeChat and recently launched its Hy3 AI model globally, competing against Alibaba, DeepSeek, and Moonshot AI
• Capital expenditure increased during the quarter, contributing to investor concerns as the stock declined 26% in 2026 despite revenue rising 11% year-on-year

Bank of America announced a $250 billion initiative to finance U.S. digital and infrastructure projects from January 2026 through July 2027, timed with America's 250th anniversary. The program will support AI data centers, energy infrastructure, and transportation projects through lending, investments, and advisory services, aiming to boost economic growth and create tens of thousands of jobs.

• The 18-month 'Critical Infrastructure Finance Initiative' will deploy capital across three sectors: digital infrastructure (data centers), energy and power (renewable generation and storage), and core infrastructure (transportation and natural gas)
• The announcement follows Morgan Stanley's recent commitment to facilitate $1.5 trillion over the next decade for similar technology and infrastructure projects
• Eligible financial activities will be measured from January 1, 2026 (start of America's 250th year) through July 4, 2027, and will include primary market lending, capital markets services, and banking advisory offerings

The International Energy Agency raised its 2026 oil demand destruction forecast to 1.6 million barrels per day, up from nearly 1 million barrels previously estimated, as the closure of the Strait of Hormuz continues to squeeze the global economy. High fuel prices are suppressing consumption while maritime disruptions undermine efforts to boost supply, which remains 6.3 million barrels per day lower year-on-year.

• Oil demand forecast to fall by 1.6 million barrels per day in 2026, an increase of 510,000 barrels per day from the July prediction
• Global oil supply remains 6.3 million barrels per day lower year-on-year in July due to renewed hostilities and maritime disruptions in the Strait of Hormuz
• Brent crude prices have shown extreme volatility, surpassing $100 per barrel and falling near $70 per barrel last month, currently trading just under $90

Foxconn, the world's largest contract electronics maker, reported a 35% jump in second-quarter profit to T$59.97 billion, surpassing analyst expectations. The strong performance was driven by continued robust demand for AI-related products, benefiting the company's roles as Nvidia's biggest server maker and Apple's top iPhone assembler.

• Q2 net profit reached T$59.97 billion for April-June period, beating the consensus estimate of T$58.8 billion
• Profit increased 35% year-over-year from T$44.4 billion in the same quarter last year
• Growth attributed to strong AI demand, leveraging Foxconn's position as Nvidia's largest server manufacturer and Apple's primary iPhone assembler

The Japanese yen has erased about half its gains from a historic U.S.-Japan joint intervention less than two weeks ago, now trading around 159 per dollar after briefly strengthening to 155. The reversal highlights how fundamental economic forces—particularly wide interest rate differentials favoring the dollar—are proving resilient against short-term intervention measures.

• The yield gap remains substantial with 10-year U.S. Treasuries at 4.686% versus Japanese government bonds at 2.846%, incentivizing carry trades where investors borrow cheaply in yen to invest in higher-yielding U.S. assets
• Experts view the intervention as successful in reducing speculative excess and establishing 160 as a 'political line in the sand,' but note it cannot eliminate underlying yield advantages without BOJ rate hikes or increased Japanese investment attractiveness
• Analysts suggest the Bank of Japan may need at least two more rate increases by its September meeting to sustainably support the yen, though concerns about Japan's banking system and massive public debt may be constraining more aggressive policy tightening

Electric vehicles now dominate China's car market, accounting for 65.1% of new passenger car sales in July 2025, up from 54% a year ago. Geely's low-cost Xingyuan led overall sales with nearly 197,500 units sold in the six months through July, while Tesla's Model Y ranked second with over 180,000 units. Despite market leadership, BYD barely cracked the top 5 individual models, and Volkswagen was the only traditional foreign automaker in the top 10.

• Geely's Xingyuan electric hatchback, priced under 100,000 yuan ($14,820), was the bestselling model with 197,500 units sold, establishing Geely as BYD's closest rival in overall China sales volume for 2025
• Tesla's Model Y maintained strong sales at 180,000+ units despite a premium price of 263,500-313,500 yuan, outselling Chinese rivals like Li Auto's i6 and Xiaomi's SU7
• Overall passenger car sales in China fell 20.3% year-over-year through July, with new energy vehicle sales down 12.5%, despite EVs capturing a growing market share

Commonwealth Bank of Australia (CBA), the country's largest lender, reported a 7% increase in full-year cash earnings to A$10.98 billion ($7.75 billion) for the year ended June 30. The record profit was driven by strong home and business lending volumes and solid credit quality, exceeding analyst expectations.

• Cash earnings of A$10.98 billion ($7.75 billion) beat the Visible Alpha consensus estimate of A$10.85 billion
• Growth was fueled by robust mortgage and business lending volumes combined with resilient credit quality
• CBA maintains its position as Australia's biggest lender by market capitalization and mortgage portfolio

CoreWeave, an AI cloud computing company, exceeded Wall Street's quarterly revenue expectations on Tuesday, reporting $2.58 billion in second-quarter revenue compared to analyst estimates of $2.56 billion. The better-than-expected results were driven by strong demand for the company's computing services that power artificial intelligence systems.

• CoreWeave reported Q2 revenue of $2.58 billion for the quarter ended June, slightly above the $2.56 billion analyst consensus estimate
• Strong demand for AI computing services was the primary driver behind the revenue beat
• The results reflect continued robust growth in the AI cloud infrastructure market as companies invest heavily in AI capabilities

Norway's $2.3 trillion sovereign wealth fund, the world's largest, disclosed for the first time that it holds a 0.05% stake in SpaceX valued at $1.22 billion as of June 30. The fund, which invests Norway's oil and gas revenues, owns an average of 1.5% of all listed companies globally and is invested in approximately 7,200 companies worldwide.

• The fund's $1.22 billion SpaceX stake represents just 0.05% ownership, modest compared to its other tech holdings
• Norway's wealth fund is valued at $2.3 trillion, making it the world's largest sovereign wealth fund and single investor
• The fund maintains a diversified portfolio across 7,200 companies globally, plus investments in property and renewable projects

Brad Lightcap, a longtime OpenAI executive who served as Chief Operating Officer until April, announced his departure after eight years with the company. His exit continues a pattern of recent leadership changes at the AI lab, following his move to a 'special projects' role in April when his COO responsibilities were transferred to Chief Revenue Officer Denise Dresser.

• Lightcap announced his departure on X (formerly Twitter) after an eight-year tenure at OpenAI
• He had been demoted from COO in April 2025, with most responsibilities reassigned to Chief Revenue Officer Denise Dresser
• The departure represents the latest in an ongoing series of executive shakeups at the high-profile AI company

Jazz Pharmaceuticals announced it will acquire Actio Biosciences for $820 million upfront, plus up to $500 million in milestone payments. The deal centers on Actio's lead drug ABS-1230, an oral precision therapy for KCNT1+ epilepsy, a rare disorder with no FDA-approved treatments. The acquisition expands Jazz's rare epilepsy portfolio and is expected to close in Q4 2024.

• ABS-1230 has shown early promise in clinical trials and targets KCNT1+ epilepsy, an ultra-rare condition with no current FDA-approved treatments
• Actio's non-epilepsy pipeline will spin off into a separate privately-held company focused on rare genetic neurological diseases, with Jazz retaining a minority stake
• Both company boards have approved the transaction, which strengthens Jazz's existing portfolio of treatments for rare cancers, sleep disorders, and epilepsy

Nvidia is developing Nemotron 4, a new open-source AI model family designed to rival top global open-source models, according to The Information. The largest model is expected to have at least 1 trillion parameters and could be ready as early as late fall, though no official release date has been set. This move comes as open-source AI models gain attention amid rising AI costs and increasing competition from Chinese AI labs.

• The largest Nemotron 4 model is expected to have at least 1 trillion parameters, with final training still incomplete and a potential late fall release
• Nvidia is among few major U.S. firms releasing open-source models, a sector gaining traction as AI costs rise and Chinese models approach capabilities of leading American labs like Anthropic and OpenAI
• The company separately unveiled Nemotron 3.5 Lightning and NeMo Switchyard, an open-source routing library for directing AI tasks to suitable models

Formula E announced a multi-year global streaming deal with Disney+ and ESPN covering 144 countries, starting with the 2026-27 season in December. The agreement, described as a 'landmark moment' by Formula E's CEO, will complement existing free-to-air and linear broadcast partners. No financial terms were disclosed.

• The deal coincides with Formula E's new GEN4 era featuring more powerful cars that accelerate 0-60 mph in 1.8 seconds, faster than Formula One cars
• Disney's global reach is expected to introduce Formula E to millions of new fans while preserving broad accessibility through existing broadcast partners
• The next season will feature 21 rounds across 13 events, with the Liberty Global-owned championship seeking to expand its audience

Bumble is eliminating its signature women-first messaging rule, allowing either person in a match to initiate conversation, in an effort to boost user engagement amid industry-wide challenges. The dating app company is also extending reply windows from 24 to 72 hours to reduce expired matches. The changes come as Bumble reported a 16.4% decline in paying users and forecast third-quarter revenue below Wall Street estimates.

• Tests in Canada showed the policy change resulted in higher chat initiation rates, fewer expired chats, and more mutual conversations
• The move abandons Bumble's defining feature since its 2014 launch, which required women to message first in heterosexual matches, making it more similar to competitors like Tinder
• Bumble reported a 16.4% decline in paying users and issued weak third-quarter revenue guidance, reflecting broader struggles in the dating app industry with user fatigue and slowing growth

Venture Global raised its 2026 adjusted core profit forecast to $8.7-$9.1 billion from $8.2-$8.5 billion, marking the second consecutive quarterly increase. The upward revision is driven by higher expected liquefaction fees ($12.50-$13.50 per MMBtu versus $9.50-$10.50 previously) and stronger sales volumes. Growing European demand and Middle East supply disruptions have boosted appetite for U.S. LNG exports.

• The company increased its assumed fixed liquefaction fee range by approximately 30% for remaining unsold 2026 LNG cargoes, reflecting improved global market conditions
• Second quarter net income more than tripled to $1.35 billion from $368 million year-over-year, with LNG sales rising to 466.4 TBtu from 329.2 TBtu
• Venture Global exported 127 cargoes in Q2 versus 89 a year earlier and expanded supply agreements with European partners to strengthen its presence in the key European market

Taiwan Semiconductor Manufacturing Company (TSMC) announced a $1.77 billion investment in a joint venture with Sony Group to develop and manufacture next-generation image sensors. The chipmaker will invest 282 billion yen in the partnership, marking a significant collaboration between the world's leading chip foundry and the Japanese electronics giant in the imaging technology sector.

• TSMC will invest 282 billion yen ($1.77 billion) in the joint venture with Sony Group
• The partnership focuses on developing and manufacturing next-generation image sensors
• The collaboration combines TSMC's advanced semiconductor manufacturing capabilities with Sony's leading position in image sensor technology

Swiss sportswear brand On missed second-quarter sales estimates, reporting 850.3 million Swiss francs versus the expected 878.16 million, as the company faces pressure from weakening consumer demand and higher U.S. tariff costs. The company is prioritizing profitability over volume and raised its full-year gross profit margin outlook to at least 65%.

• Sales growth in the Americas market, which represents over half of On's revenue, slowed to 13% from 17% in the prior quarter
• The company widened its full-year sales guidance range to 3.47-3.56 billion Swiss francs (constant currency), compared to the previous target of about 3.51 billion
• On continues strong expansion in Asia-Pacific with 54.7% sales growth on a constant-currency basis, offsetting weakness in core markets