YEN SUDDENLY STRENGTHENS, TRADERS ALERT TO INTERVENTION RISK
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IRAN'S FARS SAYS IRGC STOPPED TWO TANKERS FROM PASSING THROUGH STRAIT OF HORMUZ; 4 OTHER TANKERS CHANGED COURSE
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EUROZONE INFLATION REACCELERATES
Eurozone inflation rose to 2.9% in July from 2.8%, matching forecasts, as higher oil prices following renewed US-Iran tensions lifted energy costs.
The data reinforced expectations the ECB will raise interest rates again, with markets and economists now focused on a potential September hike. Core and services inflation also accelerated, while the eurozone economy continued to show resilient growth.
(@WalterBloomberg)
Eurozone inflation rose to 2.9% in July from 2.8%, matching forecasts, as higher oil prices following renewed US-Iran tensions lifted energy costs.
The data reinforced expectations the ECB will raise interest rates again, with markets and economists now focused on a potential September hike. Core and services inflation also accelerated, while the eurozone economy continued to show resilient growth.
(@WalterBloomberg)
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KOREAN CHIP STOCKS STAGE RECORD REBOUND
SK Hynix surged 30% and Samsung Electronics jumped 27%, lifting the Kospi 18%, as Citadel's purchase of distressed AI assets fueled a relief rally.
Analysts said heavy deleveraging by retail investors and hedge funds has largely run its course, improving sentiment toward Korean equities after weeks of sharp AI-driven selling.
(@WalterBloomberg)
SK Hynix surged 30% and Samsung Electronics jumped 27%, lifting the Kospi 18%, as Citadel's purchase of distressed AI assets fueled a relief rally.
Analysts said heavy deleveraging by retail investors and hedge funds has largely run its course, improving sentiment toward Korean equities after weeks of sharp AI-driven selling.
(@WalterBloomberg)
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$AMZN - AMAZON - DURING Q2 2026, WE RECEIVED ABOUT $640 MILLION OF TARIFF REFUNDS UNDER IEEPA - FILING
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JAPAN LIKELY SPENT MORE THAN Y6 TLN ON CURRENCY INTERVENTION ON JULY 30, DATA SUGGEST
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$XOM - EXXONMISSES ESTIMATES AS OUTPUT REMAINS STRONG
Results
Adj. EPS: $3.52 vs. $3.54-$3.60 est. ❌
Adj. Earnings: $14.68B vs. $15.10B est. ❌
Production: 4.514M boepd
Permian Production: Record 1.8M+ boepd
Operations
Guyana: Fifth FPSO to begin production in Q4.
Outages: 150K boepd offline in UAE; 450K boepd remains offline in Qatar.
Capital Return
Dividend: $1.03/share declared for Q3.
(@WalterBloomberg)
Results
Adj. EPS: $3.52 vs. $3.54-$3.60 est. ❌
Adj. Earnings: $14.68B vs. $15.10B est. ❌
Production: 4.514M boepd
Permian Production: Record 1.8M+ boepd
Operations
Guyana: Fifth FPSO to begin production in Q4.
Outages: 150K boepd offline in UAE; 450K boepd remains offline in Qatar.
Capital Return
Dividend: $1.03/share declared for Q3.
(@WalterBloomberg)
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MARKET MOVERS
🟢 UPGRADES
$BAX: Citigroup upgraded to Neutral; PT raised to $28 from $17
$CORZ: KBW upgraded to Outperform; PT raised to $28 from $25
$PTEN: JP Morgan upgraded to Neutral; PT raised to $12 from $10
$KPTI: H.C. Wainwright upgraded to Neutral
🔴 DOWNGRADES
$RBLX: Benchmark downgraded to Sell; PT cut to $50 from $60
$BXMT: KBW downgraded to Market Perform; PT cut to $16 from $20
$NBTB: Stephens downgraded to Equal Weight; PT raised to $55 from $52
(@WalterBloomberg)
🟢 UPGRADES
$BAX: Citigroup upgraded to Neutral; PT raised to $28 from $17
$CORZ: KBW upgraded to Outperform; PT raised to $28 from $25
$PTEN: JP Morgan upgraded to Neutral; PT raised to $12 from $10
$KPTI: H.C. Wainwright upgraded to Neutral
🔴 DOWNGRADES
$RBLX: Benchmark downgraded to Sell; PT cut to $50 from $60
$BXMT: KBW downgraded to Market Perform; PT cut to $16 from $20
$NBTB: Stephens downgraded to Equal Weight; PT raised to $55 from $52
(@WalterBloomberg)
📅 TRUMP SCHEDULE — FRIDAY, JULY 31
7:30 AM — Out-of-town travel pool call time
8:00 AM — Executive Time
9:00 AM — In-town pool call time
11:00 AM — Cabinet Meeting (Camp David)
TBD
• Departs White House for Camp David
• Arrives Camp David
• Departs for Bedminster, NJ
• Arrives Trump National Golf Club Bedminster
(@WalterBloomberg)
7:30 AM — Out-of-town travel pool call time
8:00 AM — Executive Time
9:00 AM — In-town pool call time
11:00 AM — Cabinet Meeting (Camp David)
TBD
• Departs White House for Camp David
• Arrives Camp David
• Departs for Bedminster, NJ
• Arrives Trump National Golf Club Bedminster
(@WalterBloomberg)
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SPAIN CALLS MIGRANT SURGE AN 'ATTACK'
Spanish PM Pedro Sánchez called the arrival of up to 60,000 migrants into Ceuta from Morocco a violation of Spain's territorial integrity.
Spain has begun returning migrants with Morocco's cooperation and deployed the military to secure the border. The crisis has prompted calls across Europe for tougher border controls and renewed scrutiny of Spain's immigration policies.
(@WalterBloomberg)
Spanish PM Pedro Sánchez called the arrival of up to 60,000 migrants into Ceuta from Morocco a violation of Spain's territorial integrity.
Spain has begun returning migrants with Morocco's cooperation and deployed the military to secure the border. The crisis has prompted calls across Europe for tougher border controls and renewed scrutiny of Spain's immigration policies.
(@WalterBloomberg)
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BOFA: INFLATION EXPECTATIONS TEST FED CREDIBILITY
BofA said 5Y5Y forward inflation expectations have become the key gauge of Fed credibility as markets question whether policymakers will follow through on inflation-fighting rhetoric.
The bank said recent gains in forward breakevens reflect weakening confidence in the Fed, though levels remain within historical ranges. BofA still expects the Fed to begin raising rates in September.
(@WalterBloomberg)
BofA said 5Y5Y forward inflation expectations have become the key gauge of Fed credibility as markets question whether policymakers will follow through on inflation-fighting rhetoric.
The bank said recent gains in forward breakevens reflect weakening confidence in the Fed, though levels remain within historical ranges. BofA still expects the Fed to begin raising rates in September.
(@WalterBloomberg)
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MORGAN STANLEY CUTS CHINA GDP FORECAST
Morgan Stanley lowered its 2026 China GDP forecast to 4.6% from 4.8% after weaker-than-expected June activity.
The bank cited slowing infrastructure spending, softer consumer demand and continued property weakness. It expects policy support to stay focused on AI and energy infrastructure rather than consumption, while still forecasting modest growth improvement in the second half.
(@WalterBloomberg)
Morgan Stanley lowered its 2026 China GDP forecast to 4.6% from 4.8% after weaker-than-expected June activity.
The bank cited slowing infrastructure spending, softer consumer demand and continued property weakness. It expects policy support to stay focused on AI and energy infrastructure rather than consumption, while still forecasting modest growth improvement in the second half.
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HASSETT: THINK THE 10-YEAR TREASURY YIELD CLIMB IS A TEMPORARY MATTER
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$NVDA - MOONSHOT'S KIMI BUILT ON 20,000 NVIDIA CHIP CLUSTER VIA ALIBABA
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HASSETT: WILL CONTINUE MEASURES TO KEEP OIL PRICE DOWN IF NEEDED
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MOONSHOT BUILDS AI ON ALIBABA'S NVIDIA CLUSTER
Chinese AI startup Moonshot built its Kimi model using access to an Alibaba computing cluster of around 20,000 Nvidia GPUs, according to Bloomberg.
The partnership highlights Alibaba's role in supplying large-scale AI infrastructure as competition among Chinese AI developers intensifies.
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Chinese AI startup Moonshot built its Kimi model using access to an Alibaba computing cluster of around 20,000 Nvidia GPUs, according to Bloomberg.
The partnership highlights Alibaba's role in supplying large-scale AI infrastructure as competition among Chinese AI developers intensifies.
(@WalterBloomberg)
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📊 SEPTEMBER FED HIKE BACK IN PLAY
The Fed held rates steady and offered no guidance, but markets viewed the meeting as dovish after Chair Kevin Warsh suggested tighter financial conditions may already be doing some of the Fed's work.
Despite the pause, three FOMC officials dissented in favor of a 25 bp hike. Kalshi now prices a 53% chance of a September rate hike, versus 46% for no change.
https://t.co/3TXWilnZWT
(@WalterBloomberg)
The Fed held rates steady and offered no guidance, but markets viewed the meeting as dovish after Chair Kevin Warsh suggested tighter financial conditions may already be doing some of the Fed's work.
Despite the pause, three FOMC officials dissented in favor of a 25 bp hike. Kalshi now prices a 53% chance of a September rate hike, versus 46% for no change.
https://t.co/3TXWilnZWT
(@WalterBloomberg)
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TRUMP WARNS ISRAEL ON GAZA DEAL
A U.S. official said President Donald Trump would be "very disappointed" if Israel fails to honor the agreed 20-point Gaza peace plan.
The U.S. expects Israel to comply, while Hamas' disarmament is expected to be refined over the coming weeks, with progress anticipated within one to two months despite opposition from members of Israel's governing coalition.
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A U.S. official said President Donald Trump would be "very disappointed" if Israel fails to honor the agreed 20-point Gaza peace plan.
The U.S. expects Israel to comply, while Hamas' disarmament is expected to be refined over the coming weeks, with progress anticipated within one to two months despite opposition from members of Israel's governing coalition.
(@WalterBloomberg)
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BCA RESEARCH TURNS BULLISH ON GOLD
BCA Research said it's time to buy gold, arguing the recent selloff is nearing an end as headwinds from higher real yields fade.
The firm expects a weaker U.S. dollar to become a tailwind for gold, while continued central bank buying, geopolitical risks, and reserve diversification should provide long-term support.
(@WalterBloomberg)
BCA Research said it's time to buy gold, arguing the recent selloff is nearing an end as headwinds from higher real yields fade.
The firm expects a weaker U.S. dollar to become a tailwind for gold, while continued central bank buying, geopolitical risks, and reserve diversification should provide long-term support.
(@WalterBloomberg)
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TRADERS BRACE FOR S&P 500 VOLATILITY
Investors are increasing hedges against broader S&P 500 swings as macro risks—including inflation, Fed uncertainty and geopolitical tensions—take center stage after earnings season.
Goldman Sachs favors a reverse dispersion trade, betting on higher index volatility but lower single-stock volatility. Demand for downside protection is also rising ahead of the historically volatile August-September period.
(@WalterBloomberg)
Investors are increasing hedges against broader S&P 500 swings as macro risks—including inflation, Fed uncertainty and geopolitical tensions—take center stage after earnings season.
Goldman Sachs favors a reverse dispersion trade, betting on higher index volatility but lower single-stock volatility. Demand for downside protection is also rising ahead of the historically volatile August-September period.
(@WalterBloomberg)
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