Trending Market News

Chevron will sign memorandums of understanding with Iraq on Friday to advance its takeover of the West Qurna 2 oilfield and develop the Nassiriya oilfield project. The agreements follow Iraqi Prime Minister Ali al-Zaidi's visit to the U.S., including meetings with Chevron executives and President Trump, as Iraq seeks American partnerships to boost oil output.

• West Qurna 2, one of the world's largest oilfields, currently produces about 460,000 barrels per day; Chevron entered exclusive talks for the field in February
• The MOUs will progress commercial terms toward a final takeover agreement for West Qurna 2 and advance the Nassiriya project covering four exploration blocks
• Chevron is also discussing potential pipeline routes with Iraq to transport crude oil while bypassing the Strait of Hormuz

Trump Media & Technology Group launched 'Truth API' on Thursday, a data feed providing businesses with real-time access to posts from high-ranking Truth Social accounts. The application programming interface aims to give organizations immediate, verified access to influential posts on the platform.

• The Truth API targets organizations that prioritize tracking influential Truth Social content
• The service provides real-time access specifically to posts from the highest-ranking accounts on the platform
• This marks Trump Media's expansion into data services for businesses monitoring social media activity

State Street reported a 56% increase in quarterly profit to $1.08 billion, driven by strong fee income growth across its custody and asset management businesses. The custodian bank benefited from an 18% rise in assets under custody to $57.86 trillion and a 23% jump in assets under management to $6.28 trillion. Total fee revenue climbed 17% to $3.19 billion in the quarter ended June 30.

• Assets under custody and administration reached $57.86 trillion, up 18% year-over-year, driven by higher market levels and net new business
• Foreign exchange trading revenue surged 26% to $494 million, boosted by higher client volumes particularly in the Asia-Pacific region
• Quarterly profit rose to $1.08 billion or $3.65 per share, representing a 56% increase from the prior year period

The European Commission ordered Google to open 11 Android features to AI rivals like OpenAI and provide access to search services for competitors under EU Digital Markets Act rules. The measures aim to increase competition against Google's Gemini AI and search engine dominance, with implementation starting January 2025 for search and July 2027 for Android features. Google criticized the decision, claiming it undermines privacy and security protections for millions of Europeans.

• Google must enable rival AI assistants to use voice commands and access key Android functionalities similar to 'hey Google' commands, with changes taking effect in the next Android iteration by July 2027
• The company must provide competitors with data and services access starting January 2025, though it can assess cybersecurity and data protection risks before granting access
• Google's lawyer Kent Walker argued the rulings 'discount extensive evidence of user harm' and that the company had offered alternative solutions to satisfy DMA goals while protecting users

Boeing is nearing FAA certification for a critical engine anti-ice system fix on its 737 MAX, which will enable delivery of the long-delayed MAX 7 and MAX 10 variants. The issue, discovered in 2021, could cause engine overheating and failure, blocking certification of these models while allowing existing MAX 8 and 9 variants to continue flying. The fix will also require retrofitting the entire in-service MAX fleet.

• Boeing has approximately 30 MAX 7s and nine MAX 10s already built awaiting delivery, with the MAX 10 representing at least 28% of outstanding MAX orders and now 98% through certification flight testing
• The anti-ice system redesign addresses potential engine overheating issues discovered in 2021; existing MAX aircraft will require retrofits that can mostly be done during maintenance shifts, though new wiring installation is more invasive
• Certification is years behind schedule due to stricter oversight following the 2018-2019 crashes that killed 346 people and the January 2024 Alaska Airlines cabin panel blowout, allowing Airbus to expand its narrowbody market lead

Wipro, India's fourth-largest software services provider, missed first-quarter revenue expectations as clients reduced non-essential tech spending amid geopolitical uncertainty and AI-driven disruption. The company reported consolidated revenue of 244.79 billion rupees ($2.54 billion) for the quarter ended June 30, below analyst estimates of 247.76 billion rupees despite a 10.6% year-over-year increase.

• Q1 revenue reached 244.79 billion rupees ($2.54 billion), missing analyst estimates of 247.76 billion rupees
• Revenue grew 10.6% year-over-year but fell short due to clients holding back on discretionary technology spending
• Geopolitical uncertainty and AI-led disruption are creating headwinds for India's software services sector

Iran warned it would retaliate against U.S. and regional infrastructure if President Trump follows through on threats to strike Iranian power plants and bridges next week unless negotiations resume. The U.S. has conducted multiple strikes against Iranian military targets this week after commercial ships came under attack in the Strait of Hormuz. Iran declared the Strait an 'invincible red line' and threatened to crush all remaining infrastructure in the region if attacked.

• Trump threatened to target Iranian power plants and bridges next week unless diplomatic negotiations resume, escalating from recent U.S. strikes on Iranian command centers, air defense sites, and coastal facilities including Bandar Abbas.
• Iran vowed that 'everything that is still intact' in the region would be 'crushed under steel blows' if Trump's threats are implemented, emphasizing that foreign interference in the Strait of Hormuz will not be tolerated.
• Oil prices showed muted reaction with Brent crude down 0.5% to $84.42 per barrel, as markets have become increasingly desensitized to the conflict despite analysts warning the situation may result in a prolonged stalemate.

Chinese chipmaker CXMT's $8.6 billion IPO will generate at least $41 million in fees for six Chinese investment banks, marking Asia's biggest IPO this year. The deal provides a significant boost to China's investment banking industry, which has seen fee pools shrink dramatically from a 2022 peak of $4.16 billion to $984.75 million in 2025. CXMT is China's largest DRAM chip manufacturer, and the IPO reflects the country's push for technological advancement.

• CXMT's fee rate of 0.48% is well below the 4.52% average for China A-share IPOs, reflecting the chipmaker's strong bargaining power despite intense competition among banks to participate in this strategic deal
• The $8.6 billion IPO would be the largest Chinese A-share listing ever, surpassing SMIC's 2020 record, with proceeds potentially reaching $9.8 billion if overallotment options are triggered
• Five of the six banks involved (China Securities, CICC, Guotai Haitong, Huatai Securities, and China Merchants Securities) rank among China's top-10 A-share underwriters, highlighting the deal's strategic importance

British grocery technology company Ocado is in discussions with multiple potential retail partners in the U.S. to expand its automated distribution center business, while maintaining forecasts for positive cash flow. The company reported half-year earnings boosted by termination fees after partners Kroger and Sobeys closed robotic fulfillment centers due to weak demand.

• Adjusted earnings fell 12% to £81 million ($109.63 million) for the half-year, excluding one-off termination payments from partners
• Partners Kroger (U.S.) and Sobeys (Canada) recently closed robotic customer fulfillment centers citing weaker-than-expected demand
• Ocado maintains forecast to achieve positive cash flow in the current six-month period and full-year positive cash flow next year

The U.S. will impose a 25% tariff on most Brazilian imports starting July 22, following a Section 301 investigation into alleged unfair trade practices including censorship directives to U.S. tech firms, preferential treatment for other nations, and intellectual property issues. An additional 12.5% forced-labor duty may be added next week, potentially bringing total tariffs to 37.5%.

• Certain goods are exempt from the 25% tariff, including beef, orange juice, aircraft parts, and energy products
• Secretary of State Marco Rubio accused Brazilian President Lula's government of not negotiating 'in good faith' and prioritizing ego over reaching a deal
• The tariff dispute has become entangled in Brazil's upcoming October presidential election, with accusations that a senator's Washington visit helped trigger the levies

Chinese President Xi Jinping will outline China's vision for global AI governance at Shanghai's World Artificial Intelligence Conference on Friday, marking his first attendance at the annual forum. His participation underscores Beijing's positioning of AI as both an economic driver and strategic technology amid U.S.-China competition. Huawei will debut its Atlas 950 SuperPoD AI computing cluster, demonstrating China's progress in building domestic alternatives to U.S. technology like Nvidia chips.

• Huawei's Atlas 950 SuperPoD system, linking thousands of Ascend AI processors, showcases China's efforts to circumvent Western sanctions; DeepSeek's V4 model reportedly runs entirely on Huawei's Ascend chips
• Beijing is promoting its open-source AI models as a 'public good' to bridge global AI inequality, contrasting with closed U.S. models, and proposed creating a World AI Cooperation Organisation (WAICO) with no formal members yet
• The conference coincides with U.S.-China preparations for first government-level AI talks under Trump administration; major U.S. tech firms show little representation while UN Secretary-General and multiple world leaders will attend

Hyundai Motor Group announced it will acquire SoftBank's remaining 10% stake in Boston Dynamics for approximately $335 million, making the U.S. robotics company a wholly owned subsidiary. The move aims to advance Hyundai's deployment of robotics technology across its manufacturing operations, with plans to introduce humanoid robots at a Georgia plant starting in 2028.

• Hyundai originally acquired an 80% stake in Boston Dynamics in 2021 and is now buying SoftBank's remaining ~10% for roughly 500 billion won ($335 million)
• Boston Dynamics' humanoid robot Atlas will be deployed at Hyundai's Georgia car manufacturing plant beginning in 2028, initially for parts sequencing tasks
• Robot deployment is expected to expand to broader manufacturing processes including component assembly by 2030

The New York Times filed a court motion to block federal grand jury subpoenas issued to three of its journalists regarding their reporting on security concerns related to a new Qatari-donated Air Force One used by the President. The move represents a press freedom challenge against the Justice Department's attempt to compel reporter testimony about their news gathering.

• Three NYT journalists received federal grand jury subpoenas connected to their reporting on security issues involving the President's Air Force One
• The aircraft in question was reportedly donated by Qatar, raising potential security and diplomatic concerns
• The case tests press protections against government efforts to obtain information about confidential sources and newsgathering activities

Eli Lilly is in advanced talks to acquire AtaiBeckley, a psychedelic drugmaker, with a deal potentially being announced as soon as this week, according to Bloomberg News. The acquisition would expand Lilly's portfolio into the emerging psychedelic therapeutics space. Neither company has commented on the reported negotiations.

• The deal could be announced within days, indicating negotiations are in final stages
• AtaiBeckley specializes in psychedelic drug development, representing a new therapeutic area for Eli Lilly
• Neither Eli Lilly nor AtaiBeckley has provided official comment on the acquisition talks

Airbus is in discussions to sell additional A330neo widebody aircraft to Saudi low-cost carrier Flynas, with a potential announcement expected at next week's Farnborough Airshow. Bloomberg reported that Flynas is looking to convert options for eight A330s into firm orders, though sources downplayed similar reports regarding Germany's Condor Flugdienst.

• Flynas is reportedly seeking to firm up options for eight A330neo aircraft, expanding its widebody fleet
• An announcement could come as early as the Farnborough Airshow next week
• Industry sources dismissed reports that German carrier Condor was preparing a similar order for approximately six A330neos

United Airlines reported second-quarter earnings that exceeded Wall Street estimates, but the carrier faces approximately $6 billion in additional fuel costs for 2026 due to spiking jet fuel prices amid U.S.-Iran conflict. Despite higher fares passed on to customers, demand has remained strong, with the airline posting $17.67 billion in revenue and maintaining its full-year earnings guidance.

• Jet fuel prices surged 34% in July alone, driving United's Q2 fuel costs up 84% year-over-year to $2.3 billion, with fuel becoming the airline's largest expense after labor
• United achieved its highest unit revenue growth since early 2023 at 12.1%, with increases across premium, corporate, and basic economy segments for both domestic and international routes
• The airline expects to cover up to 90% of higher fuel costs in Q3 and 100% in Q4 through fare increases and may further cut capacity plans due to fuel price volatility

A U.S. bipartisan Russia sanctions bill that would allow President Trump to impose 100% tariffs on top buyers of Russian oil and gas has drawn concern from Democratic lawmakers. Critics warn the legislation, which reduced tariffs from an initial 500% proposal, grants Trump expansive trade powers with vague criteria that could target India, Japan, and some EU countries. The bill includes no congressional oversight mechanism or expiration date for the tariff authority.

• The bill targets the top five buyers of Russian crude (China, India, Slovakia, Hungary, Azerbaijan) and natural gas importers, with exemptions for countries importing less than 15% of Russian exports who reduce purchases
• Democratic Finance Committee leaders warn the legislation 'outsources responsibility' to Trump and could raise consumer prices, with no congressional disapproval mechanism and authority that never expires
• Analysts expect Trump may use tariff threats as bargaining chips in trade talks, while the bill's sanctions provisions would pull the EU's sanctioned vessel list into U.S. enforcement

Uber is nearing a deal to acquire German food delivery company Delivery Hero for approximately €12.5 billion ($14.34 billion), according to the Financial Times. The acquisition would significantly expand Uber Eats' presence in Europe, the Middle East, Asia, and Latin America, though it may face antitrust scrutiny due to operational overlaps. An announcement could come as early as Thursday.

• Uber is expected to pay roughly €41 per share for Delivery Hero, which has a market value of about €11.6 billion
• To reduce antitrust concerns, Delivery Hero plans to split off and sell its Turkish unit Yemeksepeti and several European operations to an investment firm before the deal closes
• The deal follows months of speculation after Uber initially approached Delivery Hero in May with a lower offer of €38 per share

Dave Brown, a senior vice president at Amazon Web Services, is leaving the company after nearly 19 years at the end of this month. He will be replaced by Dave Treadwell, a top executive from Amazon's e-commerce division. Brown was instrumental in building AWS's core EC2 service and most recently oversaw compute and machine learning services including Bedrock and SageMaker.

• Brown was part of the early team that built AWS's EC2 service in South Africa in the 2000s and is a member of CEO Andy Jassy's influential S-Team of 28 top executives
• His departure comes as AWS benefits from strong AI-driven demand, with the cloud unit posting significant growth in Q1
• Dave Treadwell, described as having 'deep technical expertise' and 'relentless customer focus,' will take over Brown's responsibilities for compute and ML services

Citigroup's stock plunged after the bank surprised investors by forecasting significantly higher expenses in the second half of the year, despite reporting a 45% rise in net income for Q2. The bank plans to pull forward investments from its projected $5 billion growth spending and will exceed the initial $800 million budgeted for layoffs, prompting analysts to revise earnings estimates downward.

• Citigroup reported 13.1% return on tangible common equity in H1 but maintained full-year guidance of only 10-11%, triggering concern about a 'dreadful' second half
• Bank of America raised efficiency ratio estimates to 60.3% from 59.6% and lowered EPS projections, while Jefferies also cut earnings-per-share estimates
• CEO Jane Fraser emphasized the increased spending represents 'offensive' investments for market share gains rather than restructuring costs, though analysts cited 'muddled messaging' on the earnings call