$MCD - MCDONALD'S EPS BEATS, SALES COME IN SLIGHTLY LIGHT

Results

• Adj. EPS: $3.38 vs. $3.32 est.
• Revenue: $7.10B vs. $7.13B est.
• EPS: $3.32
• Global Comparable Sales: +1.3% vs. +1.39% est.
• U.S. Comparable Sales: +0.8% vs. +1.06% est.
• Global Systemwide Sales: +5.0% (+4.0% constant currency)

Other

• Pre-tax Charges: $52M
• Leadership: Named Skye Anderson President of McDonald's USA, succeeding Joe Erlinger.
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$SPCX - SPACEX EARNINGS: ANALYSTS FOCUSED ON AI, NOT THE QUARTER

SpaceX reports earnings today, but Bernstein says "the quarterly results should not matter."

Instead, analysts are focused on management's confidence in its AI and orbital data center strategy.

Bernstein says the investment case is about "if, not when" for a multi-trillion-dollar valuation, while Deutsche Bank expects in-line results and believes the stock could stabilize after lock-up expirations. Both see AI growth as the key catalyst.
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CME GROUP JULY VOLUME HITS NEW RECORD OF 27 MILLION CONTRACTS, UP 23% YEAR OVER YEAR
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*TESLA CHINA JULY DELIVERIES RISE 37.8% Y/Y: CPCA

*CPCA SAYS TESLA CHINA JULY DELIVERIES HIT 93,579 UNITS
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BESSENT ON YEN INTERVENTION: IT'S IMPORTANT TO HAVE A FRAMEWORK -CNBC INTERVIEW
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BESSENT ON YEN INTERVENTION: THEY ARE MAKING SERIOUS EFFORTS TO STEM DEVLUATION IN CURRENCY-CNBC INTERVIEW
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🇯🇵 BESSENT BACKS JAPAN'S YEN STABILIZATION EFFORTS

U.S. Treasury Secretary Scott Bessent said Washington has been in "close contact" with Japan over yen intervention.

"It's important to have a framework," Bessent said, adding Japan is making "serious efforts" to stem the yen's depreciation.

He also said he has a good working relationship with his Japanese counterpart and believes Japan "will put the right policies in place."
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BESSENT ON YEN INTERVENTION: IF YEN WEAKENS OTHER CURRENCIES WOULD FOLLOW
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BESSENT: MANY PEOPLE BELIEVE CHINESE YUAN IS UNDERVALUED
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BESSENT ON YEN INTERVENTION: BELIEVE BANK OF JAPAN WILL DO WHAT IS NEEDED
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BESSENT ON YEN INTERVENTION: SEE NO REASON FOR JAPAN TO STOP ACCUMULATING SUBSTANTIAL OVERSEAS ASSETS
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BESSENT: WE MAY HAVE IRAN DEAL TOMORROW TO OPEN HORMUZ -CNBC INTERVIEW
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BESSENT: DEAL POSSIBLE TUESDAY OR WEDNESDAY ON HORMUZ -CNBC INTERVIEW
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BESSENT: SAW QUITE A FEW SHIPS COMING OUT OF HORMUZ EVEN NOW
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BRENT CRUDE FUTURES DOWN OVER 1% ON HOPES FOR U.S.-IRAN DEAL
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BESSENT: WE ARE SEEING A DETOX IN THE FED
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TRUMP'S IRAN STRIKE THREATS: A TIMELINE

🔸 March 21: Trump threatened to "hit and obliterate" Iranian power plants unless Hormuz reopened within 48 hours.

🔸 March 23: Delayed strikes for five days, citing "productive conversations" with Iran.

🔸 April 7: Warned "a whole civilization will die tonight."
🔸 Hours later: A two-week ceasefire was announced.

🔸 April 21: Said he expected "to be bombing" if talks failed.
🔸 Later that day: Extended the ceasefire.

🔸 May 17: Warned, "the Clock is Ticking."

🔸 May 18: Paused planned strikes after requests from Qatar, Saudi Arabia, and the UAE.

🔸 June 11: Said the U.S. would hit Iran "VERY HARD TONIGHT."
🔸 Hours later: Canceled the operation, saying a deal was near.

🔸 August 1: Said the U.S. was "locked and loaded."
🔸 Later: Called off the attack to pursue a deal with Tehran.
(@WalterBloomberg)

US JUN TRADE DEFICIT $73.26B; CONSENSUS DEFICIT $72.9B

MAY TRADE BAL REVISED TO DEFICIT $77.65B FROM DEFICIT $77.58B

JUN EXPORTS $314.73B, -0.9%; IMPORTS $387.99B, -1.8%
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SOCGEN: BUY THE DIP, SEES S&P 500 AT 8,000

Societe Generale says U.S. earnings strength is broadening beyond Big Tech and continues to support equities.

The bank notes 86% of companies have beaten earnings estimates, margins are at record highs, and 2026 EPS forecasts have risen to $335.

SocGen says AI investment remains strong and expects the S&P 500 to reach 8,000, urging investors to "buy the momentum dip."
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SPOT SILVER RISES 3% TO $59.90/OZ
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FED'S PAULSON: THIS IS A COMPLICATED TIME FOR MONETARY POLICY - CNBC

PAULSON: INFLATION IS TOO HIGH, WANTS TO BRING IT DOWN

PAULSON: NEED MILDLY RESTRICTIVE MONETARY POLICY AND FED LIKELY HAS THAT NOW
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