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Good evening,
With no monetary policy meetings or public speeches by central bankers, no notable earnings releases, or economic data on Monday, there were no clear catalysts for the weaker equity markets. Benchmark Treasury yields remained unchanged from Friday, while currency markets saw little movement, with a modest appreciation in the dollar index ahead of tomorrow’s inflation report.
In geopolitics, Trump and Putin are scheduled to meet in Alaska on Friday for a high-stakes summit focused on the Ukraine conflict, with Moscow already proposing a ceasefire in exchange for territorial gains in Eastern Ukraine.
Regarding tariffs, in an unusual deal, Nvidia and AMD agreed to give the Trump administration 15% of sales from their AI chips exported to China in exchange for export approval. China accounted for 13% of Nvidia’s total revenue in the past year. Both stocks finished marginally lower.
Tariffs on China were set to increase on Tuesday, but Trump extended the deadline by 90 days to allow more time for negotiations. Soybean futures advanced 2.4% today, after Trump suggested China quadrupled its imports from the US.
Also, bullion markets breathed a sigh of relief after Trump announced that gold imports would not be subject to tariffs, alleviating concerns over potential disruptions in global supply chains. Gold futures in the US fell 2.6% today. Gold spot in London ended 1.5% lower.
Economics: China's consumer inflation, released on Saturday, was unchanged in July (0.0%) from a year ago after rising 0.1% in June and against analyst expectations of a decline. Producer prices (PPI inflation) fell 3.6% YoY, a steeper fall than anticipated.
It was a quiet start to the week for corporate deals, with a few business headlines to highlight.
Paramount Global has agreed to acquire UFC (Ultimate Fighting Championship) media rights in a groundbreaking 7-year deal valued at ~$7.7bn, securing exclusive broadcast and streaming rights, marking a major coup for Paramount+ in the live sports streaming space. (CNBC)
Rights Issue: Denmark’s Orsted A/S (mcap $14bn), the world’s largest offshore wind developer, plummeted 30% today after a surprise >$9bn rights issue. The stock has lost 48% in the LTM. (Reuters)
Norges Bank Investment Management, Norway’s SWF, has divested from two Israeli companies, telecom operator Bezeq (mcap $5.2bn) and fuel provider Paz Retail & Energy, over their links to West Bank settlements, and is now pulling out of all Israeli assets following escalating criticism regarding Gaza. (ToI)
In the crypto space, the exchange Bullish, parent of CoinDesk, raised its planned IPO amount by 57% to $990mn and a guidance price of $32-33, which would value the company at $4.8bn.
Day ahead (Tue): the Reserve Bank of Australia holds a rate decision meeting (25bp cut to 3.60% exp), US CPI inflation (2.7% YoY exp) and UK employment update.
See you tomorrow.
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