TheChek News Flow

Asian shares moved in a narrow range as traders awaited inflation data from the US to gauge the impact from President Donald Trump’s tariff war before adding to their portfolios. The MSCI Asia Pacific Index swung between small gains and losses, and shares in mainland China dipped 0.6%. While China’s economic growth beat estimates on strong exports, consumer demand at home remained weak. Equity-index futures for the US were flat, after rising as much as 0.4% when Nvidia Corp. said it plans to resume some chip sales to China. Treasuries and a gauge of the dollar were steady while Bitcoin slipped below the $120,000 level. Japan’s 10-year government bond yield climbed to its highest level since 2008 amid concerns about fiscal spending. Stocks globally have rallied from their slump in April, when wide-ranging tariffs were announced, to record high levels as investors speculate the levies won’t significantly harm the US economy and company earnings. That optimism faces a key test this week as investors read the US inflation print Tuesday, which will give clues on the impact from Trump’s tariffs and the direction for interest rates, and corporate reporting season kicks off. Traders are gearing up for results from big banks early on. While corporate America is bracing for its weakest earnings season since mid-2023, lower estimates could be easier for companies to beat. As US financial giants kick off earnings season Tuesday, strategists say subdued profit expectations are setting the stage for their sizzling run to continue. After months of seeing little inflation, the CPI probably experienced slightly faster growth in June as companies started to pass along higher costs of imported merchandise associated with tariffs. The options market is betting the S&P 500 will swing 0.6% in either direction after Tuesday’s CPI, based on the cost of at-the-money puts and calls, according to Citigroup Inc. That would be in-line with implied moves the past two months, though below an average realized swing of 0.9% over the last year. Meanwhile, China’s economic growth exceeded expectations in the second quarter, but strong exports to markets outside the US masked deepening pressure caused by weak consumer demand at home. The GDP deflator — a broad measure of prices across the economy — declined for the ninth consecutive quarter, extending the longest streak since the quarterly data began in 1993.  Separately, Nvidia plans to resume sales of its H20 artificial intelligence accelerator to China based on assurances from Washington that such shipments would be approved, a dramatic reversal from the earlier stance of Trump’s administration. US government officials have told Nvidia that they would green-light export licenses for the H20, the company said. The news is “obviously positive, not just for the company, but also the AI semiconductor supply chain, as well as China tech platforms that are building AI capabilities,” said Vey-Sern Ling, managing director of Union Bancaire Privee. “This is also a good development for US-China relations.” US After Hours ORGO -26.1%, MDXG -21% lower on CMS proposal; TTD +14.2% to join S&P 500; ALSN +12.3% on Maryland contract win.

Macro :
- Japan, EU to Issue Joint Statement on Economic Alliance: Yomiuri

- EU Targets Boeing, US Cars and Bourbon With €72 Billion List

- Trump Threatens 100% Russia Tariffs, Vows Arms for Ukraine

- Xi Urges ‘New Model’ for China Urban Development in Rare Meeting

- Japan Bond Rout Touches New Pain Point as 10-Year Yield Rises

- France’s Government Risks Backlash With Stringent Budget Plan

Keep an eye on :

- ACLN SW : Accelleron Prelim 1H Revenue $608.0M

- AFRY SS : AFRY 2Q Operating Profit Misses Estimates

- AKRBP NO : Aker BP Narrows FY Avg Production Forecast

- BMW GY : BMW to Meet Investors as Weak China Sales Overshadow EV Strategy

- BA US : Boeing’s Triple China Deliveries Sign of Easing Trade Tensions

- BST IM : Banca CF+ CEO Open to Consider Offer for Banca Progetto: Sole

- 1211 HK : How BYD caught up with Tesla in the global EV race - FT --> +075%

- COP US : ConocoPhillips Seeks to Expand Oil Exploration in Alaskan Arctic

- DHG ID : Pandox, Eiendomsspar to Make Firm €1.4b Offer for Dalata Hotel

- DOCM SW : DocMorris Gets Cardlink Approval Extension Until Jan. 2027

- DOM SS : Dometic 2Q Ebit Beats Estimates

- ELISA FH : Elisa 2Q Comparable Ebitda Meets Estimates

- ERICB SS : Ericsson 2Q Net Sales Miss Estimates

- INDT SS : Indutrade 2Q Profit After Tax Misses Estimates
- KNDS : German Government to Weigh Investing in Tank Maker KNDS, BZ Says

- KTN GY : Kontron Gets Three-Digit Million Euro Contract With SNCF France

- MC FP : LVMH’s Loro Piana placed under court administration over alleged worker exploitation - FT

- MERY FP : Mercialys Buys Remaining Stake in Hyperthétis for €28M

- META US : Meta’s New Superintelligence Lab Is Discussing Major A.I. Strategy Changes

- MOWI NO : Mowi Prelim 2Q Ebit About EU189M, Est. EU172.5M

- NCCB SS : NCC 2Q Operating Profit Beats Estimates

- 7201 JP : Nissan Says It Will End Production at Oppama Plant in Japan

- NSKOG NO : Norske Skog 2Q Ebitda Beats Estimates

- NVDA US : Nvidia to Resume H20 AI Chip Sales to China in US Reversal

- PNDXB SS : Pandox, Eiendomsspar to Make Firm €1.4b Offer for Dalata Hotel

- PTSB ID : Permanent TSB Holder NatWest Group Offers 63.6m Shares

- RNO FP : Nissan Says It Will End Production at Oppama Plant in Japan

- SHOT SS : Scandic 2Q Net Sales Miss Estimates

- SOLB BB : Solvay Cuts FY Underlying Ebitda Forecast, Misses Estimates

- Starling Bank : Starling Bank Weighs New York Listing, FT Reports

- TSLA US : Tesla’s Long-Awaited India Debut Bets on Luxury Vehicle Buyers

- TSLA US : How BYD caught up with Tesla in the global EV race - FT

- THULE SS : Thule 2Q Net Sales Beat Estimates

- TOM2 NA : TomTom Narrows FY Revenue Forecast

- TTD US : Trade Desk Shares Jump as Company to Join S&P 500 Index
- VOLCARB SS : Volvo Car Takes $1.2 Billion Non-Cash Impairment Over Tariffs