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Citigroup reported second-quarter profit that beat Wall Street estimates, posting its highest quarterly revenue in a decade at $24.8 billion, up 14% year-over-year. The bank benefited from volatile markets driven by U.S.-Iran tensions and robust investment banking activity fueled by AI-related deals and lighter regulation under the Trump administration.

• Investment banking revenue jumped 44% to $1.55 billion, with Citi advising on over $300 billion in deals including SpaceX's record $75 billion IPO and the $44.8 billion Unilever-McCormick merger
• Trading desks capitalized on market volatility: equities trading revenue rose 45% and fixed-income trading increased 7%, driven by oil price swings and AI-trade momentum
• Net income surged 45% to $5.8 billion ($3.15 per share) with return on tangible common equity hitting 13%, reaching the high end of the bank's 2027-2028 targets under CEO Jane Fraser's overhaul strategy

Biogen's experimental Alzheimer's drug diranersen showed mixed results in a Phase 2 trial, with the lowest dose reducing cognitive decline by 26% and cutting toxic tau protein levels by 50-65%. While the drug missed its primary endpoint of showing dose-dependent response, it demonstrated benefits across five of six assessment tools, prompting Biogen to plan a Phase 3 trial starting in 2027 with results expected in 2030-2031.

• The 60 mg dose slowed decline by 26% on CDR-SB (comparable to approved drugs Leqembi and Kisunla), 42% on ADAS-Cog13, and 50% on MMSE cognitive tests
• Diranersen is the first drug to show that lowering tau protein can slow Alzheimer's progression, using a gene-silencing approach rather than antibodies
• Side effects were mild to moderate with no cases of ARIA brain swelling seen with competing amyloid-targeting drugs; the trial included 416 patients over 18 months

United Airlines announced it will charge passengers extra to keep middle seats empty on its Airbus A321XLR aircraft, part of a broader industry trend of airlines monetizing previously included amenities. The move follows similar actions by Delta, which recently removed lounge access and seat selection from its cheapest business class fares.

• United's new option features rows with empty middle seats that include a tray table for window and aisle passengers on A321XLR long-range narrowbody planes
• Delta recently joined United in stripping perks from basic premium fares, including removing Delta One lounge access and advance seat selection from cheapest long-haul business class tickets
• Airlines are increasingly carving up cabins to create upsell opportunities, with United also planning 'Relax Row' seats that convert into beds on wide-body aircraft starting in March

Researchers in the Democratic Republic of Congo have begun a clinical trial testing Gilead Sciences' experimental antiviral obeldesivir as a post-exposure treatment for the ongoing Bundibugyo Ebola outbreak. The trial, led by Congo's National Institute for Biomedical Research and France's ANRS with support from humanitarian organizations, aims to enroll about 1,000 participants in Ituri province, the outbreak's epicenter. The outbreak has resulted in 1,963 confirmed cases and 719 deaths in Congo.

• The study will enroll approximately 1,000 people aged 12 and older who had high-risk exposure to confirmed Ebola cases within five days but remain asymptomatic, with participants monitored daily for 21 days and final follow-up at 42 days
• The project has secured 3.4 million euros from the Global Health EDCTP3 partnership and European Commission, plus $6 million from Africa CDC, South Africa, and the Democratic Republic of Congo
• A separate compassionate-use protocol will provide Gilead's injectable remdesivir to children under 12 and pregnant or breastfeeding women exposed to the virus

HCA Healthcare reported preliminary second-quarter revenue of $20.23 billion, exceeding Wall Street's average expectation of $19.43 billion. The hospital chain's revenue beat represents approximately 4% above analyst estimates, signaling stronger-than-expected performance in the quarter.

• Preliminary Q2 revenue reached $20.23 billion, surpassing the $19.43 billion analyst consensus compiled by LSEG
• The revenue beat of roughly $800 million (4.1% above estimates) suggests robust patient volumes or pricing for the hospital operator
• HCA announced preliminary results ahead of its full quarterly earnings release, indicating management confidence in the results

Goldman Sachs reported a significant profit increase in Q2, driven by record equities trading revenue and a surge in dealmaking activity. The bank earned $6.63 billion in total profit ($20.98 per share) as market volatility from the Middle East war and a wave of mega-deals boosted performance across trading and investment banking divisions.

• Equities revenue surged 72% year-over-year to $7.42 billion (a record), while fixed income revenue jumped 32% to $4.59 billion, fueled by market volatility and events like SpaceX's IPO
• Investment banking fees rose 55% to $3.40 billion, with Goldman advising on a record pace of M&A deals in H1 2026, driven by corporate efforts to expand AI businesses
• Asset and wealth management revenue increased 20% to $4.60 billion as Goldman continues diversifying away from volatile trading operations; its private credit fund avoided industry-wide redemption pressures

Aena's Spanish airports handled 31.6 million passengers in June, a 3.8% increase year-over-year, demonstrating Spain's strength as a tourism hub. The growth comes despite global airline industry challenges including geopolitical instability, aircraft delivery delays, and labor shortages. Aena's total network, including international airports, saw 37 million passengers in June.

• First-half 2026 passenger traffic reached 156.2 million, up 3.7% year-over-year, though growth slowed from the previous year's 4.5% increase
• Madrid's Adolfo Suarez Barajas remained Spain's busiest airport, followed by Barcelona-El Prat and Palma de Mallorca
• Aena's entire network of 46 Spanish airports, 17 Brazilian airports, and two UK airports saw 3.5% passenger growth to nearly 37 million in June

Bank of America reported higher second-quarter profit driven by record trading revenue of $7.1 billion, up from $5.3 billion a year earlier. Market volatility from geopolitical tensions between the U.S. and Iran, along with oil price spikes and shifting interest rate expectations, prompted clients to actively rebalance portfolios. The bank posted net income of $9.1 billion, or $1.21 per share.

• Sales and trading revenue reached a record $7.1 billion in Q2, with equities revenue surging 70% to $3.6 billion, significantly exceeding the CEO's 15% growth expectation
• Net interest income rose 9% to $16 billion as strong consumer spending drove steady loan demand, with average loans and leases up 1% to $321 billion year-over-year
• Geopolitical tensions, particularly U.S.-Iran conflicts affecting crude supplies and oil prices, created market uncertainty that benefited the bank's trading desks through increased client activity

Spero Therapeutics has licensed exclusive rights to develop and commercialize Innovent Biologics' experimental autoimmune disease drug IBI355 outside Greater China in a deal worth up to $1.1 billion. The agreement marks Spero's first immunology asset as it expands beyond infectious diseases, while Innovent retains rights in its home market and will receive upfront payments plus milestone payments and royalties.

• IBI355 targets CD40L protein for autoimmune and inflammatory diseases, with completed early-stage testing in healthy volunteers and Sjögren's disease patients
• Spero plans to begin a mid-stage trial for IgG4-related disease in Q2 2027, while Innovent will conduct a China study in Sjögren's disease by early 2027
• Innovent is eligible for approximately $1.1 billion in total payments including upfront, development, regulatory and commercial milestones, plus sales royalties

JPMorgan Chase reported a second-quarter profit of $21.2 billion ($7.70 per share) driven by a 30% surge in investment banking fees and an 86% jump in equity trading revenue. The bank benefited from a dealmaking boom with global M&A surpassing $3 trillion year-to-date and market volatility from Middle East conflicts that boosted trading activity.

• Investment banking fees rose 30% year-over-year as JPMorgan retained its top spot in global league tables, participating in landmark deals including NextEra Energy's $67 billion merger and Alphabet's $85 billion equity offering
• Equity trading revenue surged 86% while fixed-income trading increased 6%, driven by market volatility from Iran conflict and Strait of Hormuz shipping disruptions that rattled oil prices and inflation concerns
• CEO Jamie Dimon cited U.S. economic resilience supported by AI-driven capital investment, fiscal stimulus, and efficient regulation; the IPO market recovery was led by SpaceX's $2 trillion debut, the largest listing in history

Wells Fargo reported a 17% jump in second-quarter profit to $6.41 billion ($2.00 per share), driven by strong trading revenue and rising interest income from loan growth. The results reflect the bank's expansion following the lifting of its asset cap last year, which had constrained growth. CEO Charlie Scharf cited strong consumer spending, low credit losses, and robust business balance sheets as key factors.

• Net interest income rose 5% to $12.32 billion with average loans jumping 12% year-over-year, while markets revenue surged 24% to $2.21 billion
• Investment banking fees jumped 35% to $939 million, fueled by major deals including advising on NextEra's $67 billion acquisition and serving as bookrunner on SpaceX's record $86 billion IPO
• Wells Fargo climbed to fourth place in U.S. M&A rankings for the first half of 2026 from eighth position a year earlier, reflecting its expanding investment banking capabilities

Manhattan U.S. Attorney Jay Clayton issued subpoenas to New York Times journalists to testify before a federal grand jury regarding a leak investigation related to security concerns over President Trump's new Air Force One. The Times vowed to fight the subpoenas, calling them an intimidation attempt, while the Justice Department stated it is targeting leakers of classified information, not journalists.

• Journalists have limited federal protections against subpoenas; the First Amendment does not allow reporters to refuse unless subpoenas are issued in bad faith, and no federal shield law exists to protect sources
• Press groups accuse the Trump administration of using subpoenas and search warrants too freely against outlets including the Washington Post and Wall Street Journal, though the administration says it targets leakers, not journalists
• If granted immunity, journalists who refuse to testify could face contempt charges resulting in jail time or fines; the Times can challenge subpoenas as overbroad, issued in bad faith, or violating Justice Department internal policies

BMW is recalling 29,119 vehicles in the United States due to a defect in the engine starter relay that may corrode, causing overheating and short circuits that increase fire risk. The recall affects multiple models including the 530e xDrive, 740Le xDrive, and certain iPerformance vehicles, as announced by the U.S. National Highway Traffic Safety Administration.

• The recall covers 29,119 BMW vehicles including plug-in hybrid models like the 530e xDrive and 740Le xDrive
• The defect involves engine starter relay corrosion that can lead to overheating, short circuits, and potential fires
• BMW dealers will replace the defective engine starter at no cost to affected vehicle owners

Subaru is recalling 541,237 vehicles in the United States due to an incorrect Gross Axle Weight Rating (GAWR) listed on the certification label. The recall was announced by the U.S. National Highway Traffic Safety Administration on Tuesday, July 14.

• The recall affects over half a million Subaru vehicles manufactured with incorrect GAWR certification labels
• The issue involves the Gross Axle Weight Rating, which indicates the maximum weight capacity that can be safely carried by a vehicle's axle
• The National Highway Traffic Safety Administration (NHTSA) officially announced the recall

Samsung Electronics is in the early stages of exploring a potential American Depositary Receipts (ADR) offering in the United States, according to a Bloomberg News report citing people familiar with the matter. Reuters could not immediately verify the report. An ADR listing would give U.S. investors easier access to Samsung shares.

• The exploration is still in early stages, with no confirmed timeline or details about the potential ADR offering
• ADRs would allow Samsung shares to trade on U.S. exchanges, potentially expanding the company's investor base and improving liquidity
• Reuters was unable to independently verify Bloomberg's report about the South Korean electronics giant's plans

Switzerland's Competition Commission (COMCO) has opened a preliminary investigation into Google after the company removed the 'Choice Screen' feature in Switzerland, which allowed Android users to select their default search engine during device setup. The feature remains available in other European countries, creating unequal treatment for Swiss users and potentially limiting competition in a market where Google holds 82% share.

• Google removed the 'Choice Screen' option in Switzerland while maintaining it in other European Economic Area countries, forcing Swiss users to accept Google as the default search engine
• COMCO stated that default settings play a decisive role in digital markets and the removal limits visibility of competing search engines during device setup
• Google controls 82% of Switzerland's search market according to Statcounter, and the investigation will examine potential violations of the Swiss Cartel Act

Iran's oil minister stated on July 14 that the country's oil exports are continuing normally despite the U.S. cancelling a 60-day waiver of oil sanctions the previous week. Minister Mohsen Paknejad claimed Iran has maintained mechanisms for years to neutralize the impact of U.S. sanctions and expects no disruption to exports.

• The U.S. cancelled a 60-day waiver of oil sanctions on Iran last week, reimposing restrictions on Iranian oil exports
• Iran's oil ministry asserts it has long-standing mechanisms in place to circumvent U.S. sanctions and maintain export flows
• The statement comes amid broader tensions in the region, with related reports indicating U.S.-Iran confrontations in the Strait of Hormuz

Nvidia has reduced its list of authorized Asian customers by more than half after implementing stricter compliance checks designed to prevent AI chips from reaching China. The chipmaker has intensified due diligence efforts over recent months in Singapore, Malaysia, and Japan, creating a new 'white list' of approved buyers.

• Nvidia created a new 'white list' requiring companies to pass tougher compliance checks before being authorized to purchase AI chips
• The customer reduction affects buyers across Singapore, Malaysia, and Japan, with intensified due diligence conducted over the past few months
• The move aims to prevent Nvidia's AI chips from being diverted to China amid ongoing technology export restrictions

Chipotle is opening its first restaurant in Mexico on Thursday in the Monterrey area, marking its initial entry into the country under a development agreement with restaurant group Alsea. The expansion is part of Chipotle's broader strategy to open 350-370 new restaurants in 2026 and grow its international presence beyond its current 4,100+ locations worldwide.

• The first location opens in San Pedro Garza García, Nuevo León, with plans to expand into Mexico City in 2027 as part of a larger rollout across the country
• Chipotle selected Monterrey for its strong economy, growing population, and status as a leading business and innovation hub in Mexico
• The Mexico expansion is executed through a partnership with Alsea, as Chipotle pursues international growth alongside its goal of opening 350-370 new restaurants globally in 2026

The U.S. FDA approved an at-home injectable starting dose of Eisai and Biogen's Alzheimer's drug Leqembi, allowing patients to self-administer or receive injections from caregivers instead of requiring initial clinic visits for intravenous infusions. This approval could improve patient access and differentiate Leqembi from competitor Eli Lilly's Kisunla, which requires IV infusions.

• The subcutaneous formulation (Leqembi IQLIK) allows at-home administration, while previously patients needed 18 months of IV infusions at clinics before switching to maintenance treatment
• The FDA approval was based on earlier IV trials showing effectiveness in early Alzheimer's patients, with the injectable version demonstrating equivalent amyloid plaque reductions without separate large-scale outcome trials
• Possible side effects at injection sites include redness, swelling, rash, pain, or bruising; the drug targets amyloid beta protein that forms plaques in Alzheimer's patients' brains