IRAQI OIL MINISTRY SAYS TANKERS CARRYING IRAQI CRUDE HAVE PASSED THROUGH STRAIT OF HORMUZ - STATE MEDIA
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PEZESHKIAN: "I WILL NOT RESIGN"
Reports from Iran:
President Pezeshkian says he has no intention of resigning and insists he is fully aligned with Iran's military.
"They want to create a rift," he said.
He also defended the government's casualty figures from the January events, accusing critics of inflating the death toll from around 3,000 to 30,000–40,000 and calling them "cowardly and traitorous."
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Reports from Iran:
President Pezeshkian says he has no intention of resigning and insists he is fully aligned with Iran's military.
"They want to create a rift," he said.
He also defended the government's casualty figures from the January events, accusing critics of inflating the death toll from around 3,000 to 30,000–40,000 and calling them "cowardly and traitorous."
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BOFA: TARGET FX VOLATILITY, NOT THE WHOLE MARKET
Bank of America says investors should focus on specific currency pairs—not broad FX volatility—if the Fed resumes rate hikes.
The bank highlights Japanese yen and British pound pairs as the strongest opportunities.
Historically, these pairs have seen the biggest volatility around Fed hikes, making targeted trades more attractive than betting on the entire G10 FX market.
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Bank of America says investors should focus on specific currency pairs—not broad FX volatility—if the Fed resumes rate hikes.
The bank highlights Japanese yen and British pound pairs as the strongest opportunities.
Historically, these pairs have seen the biggest volatility around Fed hikes, making targeted trades more attractive than betting on the entire G10 FX market.
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SENIOR IRANIAN SOURCE TO REUTERS: TEMPORARY HORMUZ PLAN UNDER DISCUSSION WITH OMAN GIVES TEHRAN FULL CONTROL OVER INBOUND SHIPPING
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IRAN PROPOSES NEW HORMUZ SHIPPING PLAN
Reuters, citing a senior Iranian source, reports that Tehran and Oman are discussing a temporary plan to reopen the Strait of Hormuz.
The proposal would give Iran full control over inbound shipping, while Oman would coordinate outbound traffic after notifying Tehran.
The source says the plan would give Iran visibility over all vessel movements and the ability to intervene if necessary. Iran is reportedly unlikely to accept any alternative.
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Reuters, citing a senior Iranian source, reports that Tehran and Oman are discussing a temporary plan to reopen the Strait of Hormuz.
The proposal would give Iran full control over inbound shipping, while Oman would coordinate outbound traffic after notifying Tehran.
The source says the plan would give Iran visibility over all vessel movements and the ability to intervene if necessary. Iran is reportedly unlikely to accept any alternative.
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BARCLAYS: S&P 500 EARNINGS CRUSH EXPECTATIONS
Barclays says 85% of S&P 500 companies have beaten Q2 earnings estimates, well above the long-term average of 76%.
Revenue rose 11.2% year-over-year, while EPS jumped 25.1%, led by Big Tech.
Despite the strong results, Barclays notes that both earnings beats and misses have triggered negative stock reactions on average—a rare pattern that suggests investors had already priced in much of the good news.
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Barclays says 85% of S&P 500 companies have beaten Q2 earnings estimates, well above the long-term average of 76%.
Revenue rose 11.2% year-over-year, while EPS jumped 25.1%, led by Big Tech.
Despite the strong results, Barclays notes that both earnings beats and misses have triggered negative stock reactions on average—a rare pattern that suggests investors had already priced in much of the good news.
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$SPOT - SPOTIFY TOPS 300M SUBSCRIBERS, Q3 REVENUE OUTLOOK BEATS
Results
• Revenue: €4.78B vs. €4.79B est. (slight miss)
• EPS: €2.61
• Gross Margin: 33.4%
• Free Cash Flow: €797M
• Premium Subscribers: 300M vs. 299.2M est.
• MAUs: 777M vs. 778.2M est.
Guidance
• Q3 Revenue: €5.0B vs. €4.93B est. (beat)
• Q3 Operating Income: €670M vs. €677.8M est. (below est.)
• Q3 Premium Subscribers: 305M vs. 305.3M est.
• Q3 MAUs: 788M vs. 793.6M est.
• Q3 Gross Margin: 32.9%
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Results
• Revenue: €4.78B vs. €4.79B est. (slight miss)
• EPS: €2.61
• Gross Margin: 33.4%
• Free Cash Flow: €797M
• Premium Subscribers: 300M vs. 299.2M est.
• MAUs: 777M vs. 778.2M est.
Guidance
• Q3 Revenue: €5.0B vs. €4.93B est. (beat)
• Q3 Operating Income: €670M vs. €677.8M est. (below est.)
• Q3 Premium Subscribers: 305M vs. 305.3M est.
• Q3 MAUs: 788M vs. 793.6M est.
• Q3 Gross Margin: 32.9%
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U.S. ARMY HAS DEPLETED MUCH OF ITS LONG-RANGE LAND-BASED MISSILES DURING IRAN WAR: SOURCES
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EXCLUSIVE-U.S. ARMY HAS DEPLETED MUCH OF ITS LONG-RANGE LAND-BASED MISSILES DURING IRAN WAR: SOURCES
Reuters, citing sources, reports the U.S. has used "virtually all" of its long-range ATACMS and PrSM missiles during the five-month war with Iran, raising concerns about readiness for future conflicts.
The report also says Patriot, THAAD, and Tomahawk stockpiles have been significantly reduced.
The White House disputes concerns, saying the U.S. has ample munitions and production is being ramped up.
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Reuters, citing sources, reports the U.S. has used "virtually all" of its long-range ATACMS and PrSM missiles during the five-month war with Iran, raising concerns about readiness for future conflicts.
The report also says Patriot, THAAD, and Tomahawk stockpiles have been significantly reduced.
The White House disputes concerns, saying the U.S. has ample munitions and production is being ramped up.
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-TRUMP ADMINISTRATION DRAFTING BAN ON U.S. IMPORTS OF CHINESE DATA CENTER DEVICES: SOURCES
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U.S. PLANS BAN ON NEW CHINESE DATA CENTER PARTS
Reuters reports the Trump administration is drafting a ban on imports of new Chinese optical transceivers used in AI data centers over national security concerns.
The proposed FCC rule, expected this year, aims to prevent espionage, malware, and supply chain risks.
The move could hit China's Zhongji Innolight while benefiting U.S. rivals such as Coherent and Lumentum, though it may increase costs for cloud providers like AWS.
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Reuters reports the Trump administration is drafting a ban on imports of new Chinese optical transceivers used in AI data centers over national security concerns.
The proposed FCC rule, expected this year, aims to prevent espionage, malware, and supply chain risks.
The move could hit China's Zhongji Innolight while benefiting U.S. rivals such as Coherent and Lumentum, though it may increase costs for cloud providers like AWS.
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SYRIA TELLS US IT IS WILLING TO DRASTICALLY DROP RUSSIAN OIL IMPORTS, SOURCES SAY
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SYRIA TO CUT RUSSIAN OIL IMPORTS AMID U.S. SANCTIONS TALKS
Reuters, citing sources, reports Syria has agreed to sharply reduce Russian oil imports as it discusses the removal of its U.S. State Sponsor of Terrorism designation.
The move would mark a major shift away from reliance on Russian crude and could weaken Moscow's influence in Syria.
Sources say the U.S. did not formally make the oil cuts a condition for lifting the designation, but the issue has featured prominently in talks.
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Reuters, citing sources, reports Syria has agreed to sharply reduce Russian oil imports as it discusses the removal of its U.S. State Sponsor of Terrorism designation.
The move would mark a major shift away from reliance on Russian crude and could weaken Moscow's influence in Syria.
Sources say the U.S. did not formally make the oil cuts a condition for lifting the designation, but the issue has featured prominently in talks.
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*US DRAFTING BAN ON CHINA DATA CENTER COMPONENTS: REUTERS
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71% OF DEMOCRATS NOW IDENTIFY AS LIBERAL, UP FROM 55% IN 2012, ACCORDING TO REUTERS/IPSOS POLL
71% OF LIBERAL DEMOCRATS SAY GOVERNMENT-PROVIDED HEALTHCARE FOR ALL IS ESSENTIAL TO BEING LIBERAL, REUTERS/IPSOS POLL FINDS
76% OF LIBERAL DEMOCRATS SAY HIGHER TAXES ON CORPORATIONS AND BILLIONAIRES ARE ESSENTIAL LIBERAL POLICY, REUTERS/IPSOS POLL FINDS
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71% OF LIBERAL DEMOCRATS SAY GOVERNMENT-PROVIDED HEALTHCARE FOR ALL IS ESSENTIAL TO BEING LIBERAL, REUTERS/IPSOS POLL FINDS
76% OF LIBERAL DEMOCRATS SAY HIGHER TAXES ON CORPORATIONS AND BILLIONAIRES ARE ESSENTIAL LIBERAL POLICY, REUTERS/IPSOS POLL FINDS
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YEMEN'S HOUTHIS SAY THEY HIT SAUDI TARGET AT NARJAN AIRPORT - STATEMENT
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ANZ: U.S. OIL MARKET SUPPORT MAY BE FADING
ANZ says a key pillar supporting the global oil market is weakening as U.S. exports slow.
U.S. crude and petroleum product exports have fallen by roughly 1.5 million bpd since June, alongside weaker production and drilling activity.
"Not as well known has been the support that the U.S. has provided," ANZ said.
"U.S. supply has become a larger concern," the bank added, warning weaker exports could reduce the ability of non-OPEC producers to offset Middle East supply disruptions, providing further support for oil prices.
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ANZ says a key pillar supporting the global oil market is weakening as U.S. exports slow.
U.S. crude and petroleum product exports have fallen by roughly 1.5 million bpd since June, alongside weaker production and drilling activity.
"Not as well known has been the support that the U.S. has provided," ANZ said.
"U.S. supply has become a larger concern," the bank added, warning weaker exports could reduce the ability of non-OPEC producers to offset Middle East supply disruptions, providing further support for oil prices.
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CITADEL: JULY RESET THE BULL MARKET, NOT ENDED IT
Citadel's Scott Rubner says July's sharp selloff and sector rotation cleared out excessive positioning without breaking the broader bull market.
Retail investors turned net sellers, AI and semiconductor stocks were heavily sold, and leveraged ETF assets fell by more than $60B from their June peak.
"July did not change the structural bull market. It reset it," Rubner said, adding investors can now focus more on company fundamentals than positioning.
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Citadel's Scott Rubner says July's sharp selloff and sector rotation cleared out excessive positioning without breaking the broader bull market.
Retail investors turned net sellers, AI and semiconductor stocks were heavily sold, and leveraged ETF assets fell by more than $60B from their June peak.
"July did not change the structural bull market. It reset it," Rubner said, adding investors can now focus more on company fundamentals than positioning.
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QATAR'S FOREIGN MINISTRY SPOKESPERSON ON U.S-IRAN TALKS: WE CAN CONFIRM THAT EFFORTS ARE ONGOING WITH ALL PARTIES, WE ARE LOOKING INTO DIPLOMATIC SOLUTION
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IRAN THREATENS TO TARGET U.S. WARSHIPS IN HORMUZ
Iranian military adviser Mohsen Rezaei warned Iran "will not stand idly by" as the U.S. naval blockade continues.
"If the United States brings warships into the illegal route in the Strait of Hormuz, we will target them," he said.
Rezaei also insisted Iran "will under no circumstances allow any route through the Strait of Hormuz other than Iran's route," while accusing Washington of violating the June memorandum of understanding.
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Iranian military adviser Mohsen Rezaei warned Iran "will not stand idly by" as the U.S. naval blockade continues.
"If the United States brings warships into the illegal route in the Strait of Hormuz, we will target them," he said.
Rezaei also insisted Iran "will under no circumstances allow any route through the Strait of Hormuz other than Iran's route," while accusing Washington of violating the June memorandum of understanding.
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$CAT - CATERPILLAR POSTS RECORD QUARTER, CRUSHES EARNINGS ESTIMATES
Results
• Adj. EPS: $8.17 vs. $6.17 est. (beat)
• EPS: $7.77
• Revenue: $20.50B vs. $19.34B est. (beat)
• Record Sales: First quarter in company history with more than $20B in revenue.
• Restructuring: Costs increased due to the divestiture of certain non-U.S. entities.
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Results
• Adj. EPS: $8.17 vs. $6.17 est. (beat)
• EPS: $7.77
• Revenue: $20.50B vs. $19.34B est. (beat)
• Record Sales: First quarter in company history with more than $20B in revenue.
• Restructuring: Costs increased due to the divestiture of certain non-U.S. entities.
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