>>> US After Hours Summary: WBTN +38.8%, INTA +25.5%, ECG +18.8% higher on earni

After Hours Summary: WBTN +38.8%, INTA +25.5%, ECG +18.8% higher on earnings; CAVA -21.2%, LAZR -19.3%, CRWV -10.5% lower on earnings; CRCL -5.5% on stock offering

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: WBTN +38.8% (also announces deal with Disney), INTA +25.5% (also authorizes new $150 mln share repurchase program), ECG +18.8%, DFDV +7.1%, LITE +1.3%

Companies trading higher in after hours in reaction to news: VG +6% (responds to positive tribunal decision), FIP +1.9% (to delay 10-Q filing), FNKO +1.8% (names new CEO), CTM +1.3% (teams with Quarrio to provide agentic AI for Govt), DGNX +1% (signs non-binding MOU to acquire Findings), HURA +0.9% (stock offering by selling shareholders, relates to warrants), LLY +0.8% (discloses insider buys by several execs), DRS +0.5% (completes demos of Mission Equipment Package), AFL +0.3% (authorizes new 100 mln share repurchase program), DMAC +0.2% (files for $100 mln mixed securities shelf offering)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: CAVA -21.2%, LAZR -19.3%, HYLN -12.8%, CRWV -10.5%, ZVRA -9%, CAE -5.4%, KLC -5.4%, RGTI -4.3%, HRB -0.3% (also increases dividend)

Companies trading lower in after hours in reaction to news: ACDC -27.1% ($75 mln stock offering), PETS -14.1% (CEO and CFO resign), DNN -11.6% ($250 mln convertible notes offering), ABSI -9.8% (files for $400 mln mixed securities shelf offering), LEU -5.9% ($650 mln convertible notes private offering), CRCL -5.5% (launches 10 mln share offering, comprised of 2 mln shares by co and 8 mln shares by selling shareholders), ERAS -4.5% (files for $500 mln mixed securities shelf offering), HGV -2.8% (announces launch of 7 mln share offering by APO and $40 mln concurrent repurchase; also stock offering by selling shareholders), FORM -2% (names new CFO, reaffirms Q3 guidance), MIRM -2% (files mixed securities shelf offering), SILA -2% (files mixed securities shelf offering), RILY -1.6% (to delay 10-Q filing), TTC -1.4% (names new COO), CMPX -1% (stock offering), MSBI -0.9% (to delay 10-Q filing), CTRE -0.7% (15.5 mln share offering), SKLZ -0.5% (to delay 10-Q filing), BRO -0.1% (acquires the assets of Tire Shield)

>>> What to look at today - 12th of August 2025

Asian stocks rose, led by technology shares, after President Donald Trump signaled a willingness to let US companies resume some chip sales to China and extended a trade truce with the country. MSCI’s Asia Pacific index rose 0.7% as chip shares such as Advantest Corp. rallied. Micron Technology Inc. raising its outlook and easing tensions at Intel Corp. also helped lift sentiment. Earlier, Trump indicated he’d be open to allowing Nvidia Corp. to sell a scaled-back version of its most advanced AI chip to China. Japan’s Nikkei-225 index was the standout, gaining 2.8% to a record high as stocks such as Softbank Group Corp. surged. The yen weakened for a third consecutive session while a gauge of the dollar declined 0.1%. In Australia, the central bank cut its key interest rate to 3.60% as estimated. Stocks extended their gains while the Aussie fell. Trump’s move on chip exports helped ease market concerns over escalating technology sanctions and potential supply-chain disruptions. Investors were also reassured by the extension of the tariff truce with China, which removed a key source of uncertainty ahead of US inflation data due later Tuesday. On trade, Trump extended a pause of sky-high tariffs on Chinese goods through Nov. 10, stabilizing trade ties between the world’s two largest economies. The hike was set for Tuesday. Later Tuesday, attention will shift to inflation data, which is forecast to show American consumers saw a slight pickup in inflation as retailers gradually raised prices on a variety of items subject to higher import duties. The core consumer price index in the US, regarded as a measure of underlying inflation because it strips out volatile food and energy costs, will show a 0.3% increase for July, according to the median projection in a Bloomberg survey of economists. Money markets show traders have priced in more than two rate reductions by December, with about a 90% probability of a quarter-point Fed cut next month. The latest jobs report also pointed to a sharp cooling in the labor market over the last few months. Policymakers left rates unchanged at the end of July. Meanwhile, the Fed’s two vice chairs, Michelle Bowman and Philip Jefferson, and Dallas Fed President Lorie Logan are under consideration to serve as chair of the central bank when the position opens next year, according to two administration officials. Treasury Secretary Scott Bessent will interview additional candidates in the coming weeks, said the officials. Trump named EJ Antoni, chief economist of the conservative Heritage Foundation, to lead the Bureau of Labor Statistics after firing the former head of the agency earlier this month. US After Hours BBAI -27.3%, PUBM -23%, CE -13.2%, FLNC -11.4% lower on earnings; WOW +46.9% to be taken private; HRB -0.8% names new CEO.

Nikkei +2.22% Hang Seng -0.01% CSI +0.52% Shanghai +0.47% Shenzen +0.08%

Eur$ 1.1623 CNH 7.1917 CNY 7.1873 JPY 148.39 GBP 1.3434 CHF 0.8111 RUB 79.5225 TRY 40.7178 WTI$ 64.15 +0.31% Gold 3,354 +0.36% BTC 119,800 +0.17% ETH 4,312+1.50%

S&P -0.08% Nasdaq -0.12% EuroStoxx +0.28% FTSE +0.11% Dax +0.22% SMI +0.18%

Macro :
- Trump Downplays Expectations for Summit Deal With Putin
- Fed Chair Search Expands to Include Bowman, Jefferson and Logan
- It Will Take More Than Trump to Make the ‘Euro Moment’ Last
- China’s 30-Year Yields Rise to Four-Month High on Trade Optimism

Keep an eye on :
- Angelini IPO : Angelini Holding Mulls Opening Up Capital to Investors: MF
- AAPL US : Musk Accuses Apple of Unfairly Favoring OpenAI Among iPhone Apps
- ASTS US : AST SpaceMobile 2Q Loss per Share 41C
- AGR LN : Assura Should Reconsider Its Advice on Bid, Holder TMR Says
- BBVA SM : BBVA Says It Will Stick With Offer for Sabadell After TSB Sale
- BELL SW : Bell 1H Ebitda CHF159.7M Vs. CHF151.6M Y/y
- CE US : *CELANESE SHARES SINK 14% POSTMARKET AS 3Q VIEW TRAILS ESTIMATE
- CMP US : Compass Minerals 3Q Sales Beat Estimates
- DMP GY : Dermapharm 1H Adjusted Ebitda EU148.0M Vs. EU153.0M Y/y
- ENX FP : Euronext July Total Cash Market Transaction Value Y/y +13%
- HNR1 GY : Hannover Re 2Q Ebit Misses Estimates
- ISS DC : ISS 1H Organic Revenue Beats Estimates; Increases Share Buyback
- KODK US : Eastman Kodak Shares Fall After Going Concern Warning (-12%)
- KOMN SW : Komax 1H Net Sales Miss Estimates
- MARA US : Mara in Pact With EDF Pulse Ventures for 64% Stake in Exaion
- NOEJ GY : Norma 2Q Adjusted Ebit Beats Estimates
- OKLO US : Oklo 2Q R&D Oper Expenses Beats Estimates
- OKLO US : Oklo, Lightbridge to Evaluate More Co-Location Opportunities
- PLUG US :Plug Power 2Q Loss per Share 20C, Est. Loss/Shr 16C
- PPGN SW : PolyPeptide Group Narrows FY Revenue Forecast
- 1913 HK : -1.15%
- RAIVV FH : Raisio 2Q Adjusted EPS Matches Estimates
- RHM GY : Rheinmetall chief says tanks to get cheaper despite defence spending surge - FT
- RVRC SS : RVRC Holding FY Dividend per Share Beats Estimates
- SAB SM : BBVA Says It Will Stick With Offer for Sabadell After TSB Sale
- SDZ SW : Lupin Partners Sandoz for Marketing of Ranibizumab Biosimilar
- SBGI US : Sinclair is exploring mergers for its broadcast business
- GLE FP : SocGen Completes 9.6% of Share Buy-Back Program as of Aug. 8
- STOORB SS : Storskogen 2Q Sales Miss Estimates
- TECN SW : Tecan Announces Share Buyback Program; 1H Orders CHF458.3M
- TAG GY : TAG Immobilien 1H FFO EU91.6M Vs. EU88.1M Y/y
- TWEKA NA : TKH 1H Adjusted Ebita EU80.2M Vs. EU95.8M Y/y
- TPOU LN :Daniel Loeb fights investors over plan to convert London vehicle into Cayman insurer - FT
- TTE FP : NextDecade Secures Financing From TotalEnergies, GIP for Train 4
- UBSG SW : UBS Offering by Holder Prices at CHF31.46/Share: Terms
- UMG NA : Taylor Swift Teases Surprise Album ‘The Life of a Showgirl’
- UEC US : Uranium Energy Gains as Goldman Rates Buy on Policy Tailwinds
- X US : US Steel Plant Hit By Deadly Blast Has History of Accidents
- VLA FP : Valneva 1H Net Loss EU20.8M Vs. Profit EU34.0M Y/y, Valneva 1H Net Loss EU20.8M Vs. Profit EU34.0M Y/y
- VWS DC : Vestas Gets 950 MW of Orders in US
- VOW GY : Scania Plans to Export Half of Trucks Built at China Plant: FT
- WAWI NO : Wallenius Wilhelmsen 2Q Ebit Beats Estimates

>>> Europe : Brokers Upgrades & Downgrades - 12th of August 2025

>>> Up
* Barrick Mining Raised to Outperform at CIBC; PT C$41.35
* Palo Alto Networks Raised to Overweight at Piper Sandler
* Prosus Raised to Add at AlphaValue/Baader
* Ralph Lauren Raised to Hold at CFRA; PT $250
* Repsol Raised to Overweight at JPMorgan; PT 15.50 euros
* Sartorius Raised to Buy at Jefferies; PT 263 euros
* Technip Energies Raised to Add at AlphaValue/Baader

>>> Down
* Avolta Cut to Hold at Octavian; PT 47 Swiss francs
* C3.ai PT Cut to $30 from $50 at Citizens
* Domino's Pizza Group Cut to Hold at Shore Capital
* Endomines Finland Cut to Sell at Inderes; PT 24 euros
* Equinor Cut to Underweight at JPMorgan; PT 240 kroner
* Legal & General PT Cut to 200 pence from 220 pence at RBC
* NN Group Cut to Neutral at UBS
* Orsted Cut to Sell at Arctic Securities; PT 180 kroner

>>> Initiation
* Hemnet Rated New Neutral at Cantor; PT 231 kronor
* Solvay ADRs Rated New Neutral at BNPP Exane; PT $3.10

>>> Call

>>> Stoxx 600 Pre-Market Indications

  • Sartorius (SRT3 TH) +2.7%
    • Sartorius Raised to Buy at Jefferies; PT 263 euros
  • NN Group (2NN TH) +2.1%
  • Vestas (VWSB TH) +2%
    • Vestas Gets 950 MW of Orders in US
  • Repsol (REP TH) +1.3%
  • Standard Chartered (STD TH) +1.1%
  • Unilever (UNVB TH) +1%
  • Thales (CSF TH) -1%
  • Hannover Re (HNR1 TH) -1.1%
    • Hannover Re 2Q Ebit Misses Estimates
  • Hensoldt (HAG TH) -1.1%
  • Saab (SDV1 TH) -1.2%
  • BAE (BSP TH) -1.2%
  • UBS (0UB TH) -1.3%
    • UBS Offering by Holder Prices at CHF31.46/Share: Terms
  • Orsted (D2G TH) -1.6%

FT : Even a giant capital increase will not clear Ørsted’s storm clouds

Even a giant capital increase will not clear Ørsted’s storm clouds
The Danish group has little choice but to pursue a rights issue given its Sunrise Wind project has run into a Trump-shaped obstacle

Capital increases among European utilities come in two distinct flavours. On the one hand, companies such as Iberdrola have raised equity to invest in attractive new growth opportunities. At the other end of the spectrum is Denmark’s Ørsted. It plans to raise $9.4bn of equity — equivalent to about two-thirds of its market value after Monday’s 30 per cent share price fall — to plug a leak in its financing model.


As unwelcome as this rights issue is, Ørsted has little choice but to pursue it. The group was hoping to sell a stake in its Sunrise Wind project off the New York coast to reduce its share of development capex and free up money to finance other projects. President Donald Trump’s aversion to wind energy has blown potential buyers off course. Given Sunrise Wind is a roughly DKr60bn project ($9.4bn), and developers typically commit to much of the investment upfront, walking away was also not an option. 

Should everything now go according to plan, Ørsted should get some bang for its new bucks. All other things being equal, a higher-than-forecast equity stake in this large US project should deliver higher than expected earnings when the project starts producing electricity.

But the group’s new target for 2027 ebitda — of above DKr32bn — compares to consensus expectations that are already above DKr33bn on S&P Capital IQ numbers. While Sunrise Wind will only be operational for some of that year, and forecasts for the years beyond may yet rise, it is hard to escape the conclusion that post capital increase shareholders will be looking at much reduced earnings per share.

What’s more, it would take a brave investor to bet on the fact that this trouble-prone company will now face fair winds. While the US may be a particularly difficult spot for renewables developers, Ørsted’s business model is challenged more broadly. It is hard to bid for projects, do the groundwork and then sell them down to finance growth when capital is expensive, project development costs often show unhelpful bumps, and offshore wind assets are no longer the sought-after asset they once were.

In this context, Ørsted’s rights issue does have some logic. The group, which is trying to sell stakes in other wind projects, will at least have a stronger negotiating hand. And it can point to the fact that, over time, the much-buffeted offshore wind market will adjust to higher development costs, with governments offering more support to get projects off the ground. Yet Ørsted still has to get through a mountain of construction work before it can reap its rewards. Calmer waters are a way off yet.

>>> TradeGate Pre-Market Indications

DAX:
  • Sartorius (SRT3 TH) +3.2%
    • Sartorius Raised to Buy at Jefferies; PT 263 euros
  • Hannover Re (HNR1 TH) -1%
    • Hannover Re 2Q Ebit Misses Estimates
MDAX:
  • Evotec (EVT TH) +1.1%
  • TAG Immobilien (TEG TH) +0.9%
    • TAG Immobilien 1H FFO EU91.6M Vs. EU88.1M Y/y
  • K+S (SDF TH) -0.2%
    • K+S 2Q Ebitda Misses Estimates
  • Hensoldt (HAG TH) -1.1%
SDAX:
  • Norma (NOEJ TH) +4%
    • Norma 2Q Adjusted Ebit Beats Estimates
  • Mutares (MUX TH) +1.5%
  • Indus Holding (INH TH) -0.2%
    • Indus Holding 1H Adjusted Ebita EU56.1M
  • Deutz (DEZ TH) -0.8%

NYT DealBook : Is It a Tax, or a Payoff?

Is It a Tax, or a Payoff?
A deal for Nvidia and AMD to give the Trump administration a cut of chip sales to China raises questions about national security and trade policy goals.

The Trump chip commission
As President Trump has waged trade wars around the globe, he has said that his goal is to establish American superiority in international commerce and in key areas like artificial intelligence.

But news that his administration struck a deal in which Nvidia and Advanced Micro Devices agreed to pay the U.S. 15 percent of what they make in selling A.I. chips to China in exchange for export licenses raises key questions. What is Trump’s actual end goal when it comes to trade? And is his approach putting Washington’s lead in A.I. — and national security — at risk?

The TL;DR: Nvidia’s C.E.O., Jensen Huang, met with Trump at the White House on Wednesday and agreed to fork over a portion of sales of H20 processors; the Commerce Department granted the licenses two days later, The Times reports. (AMD reached a similar agreement for its MI308 chip.)

Huang had called for Nvidia to be allowed to do more business with China, warning that Chinese rivals like Huawei would otherwise take market share.

The highly unusual move could mean big numbers: Nvidia is expected to sell more than $15 billion worth of H20 chips through the end of the year and AMD about $800 million worth of MI308 processors, according to Bernstein Research. That could yield more than $2 billion in revenue to the U.S. government.

What is the policy trying to accomplish? It’s a question that has also been raised by the tariff barrage, which was often described as a way to rebalance global trade — but has also been cited as a way to generate revenue. (“The good news is that Tariffs are bringing Billions of Dollars into the USA!” the president said recently on social media.)

Trump’s approach worries China hawks. They’re concerned that allowing Chinese companies to get even lesser chips like the H20 could still bolster America’s main rival in a key technology, especially one highly useful for military applications. And that it could lead to Beijing making similar demands on other companies to loosen restrictions.

“What’s next — letting Lockheed Martin sell F-35s to China for a 15 percent commission?” Liza Tobin, who previously served as China director at the National Security Council during the Trump and Biden administrations, told The Financial Times.

A bigger test of Trump’s approach to China looms: The F.T. reports that Beijing has pressed Washington to relax export restrictions on high-bandwidth memory chips, which were imposed last year by the Biden administration. Experts say that resuming those sales could help Huawei and other Chinese companies eventually produce chips whose performance rivals Nvidia’s.

Remember that sky-high tariffs on China are set to take effect tomorrow, though Commerce Secretary Howard Lutnick said last week that a 90-day delay was probable. With pressure building on the Trump administration to reach a trade deal with China and with Nvidia potentially setting a precedent of companies paying for export licenses, what will the president do?

SMCP : China’s Xi calls for unity in talks with Brazil’s Lula amid US trade rupt

China’s Xi calls for unity in talks with Brazil’s Lula amid US trade rupture
Leaders discussed war in Ukraine, the role of Brics and G20 in defending multilateralism, and COP30 summit, according to Brasilia

Brazilian President Luiz Inácio Lula da Silva has spoken by phone with Chinese leader Xi Jinping for about an hour, in a high-level contact aimed at reinforcing ties with Brazil’s largest trading partner while confronting a sudden rupture in trade relations with the United States.
The call on Tuesday morning Beijing time, requested by Lula, had been in preparation for several days, according to Brazilian officials. Advisers at the Planalto Palace and the foreign ministry had been in contact with Beijing since last week to arrange the timing, which had to accommodate the 11-hour time difference with the Chinese capital.

During the call, Xi told Lula that bilateral relations were at their best ever and that the nations should work together to set an example of solidarity and self-reliance for the Global South, according to Chinese state news agency Xinhua.

Sources told the South China Morning Post that the decision to press ahead with the meeting came after Lula consulted senior ministers about the potential impact of new US trade measures and the diplomatic message he wanted to send.

The conversation took place four days after US President Donald Trump’s administration imposed a 50 per cent tariff on a broad range of Brazilian exports, measures that threaten billions of dollars in annual trade.
Hours earlier, Washington extended a 90-day pause on similar duties for Chinese goods, highlighting a stark difference in treatment between Beijing and Brasilia.

Xi told Lula that China supported Brazil in defending its legitimate rights.

“Countries should unite and take a clear stand against unilateralism and protectionism,” Xi was quoted as saying.

According to a statement from the Brazilian presidential palace, Lula and Xi discussed the war in Ukraine, the role of Brics and the G20 in defending multilateralism, and preparations for COP30, the United Nations climate summit to be hosted by Brazil in November.
Xi confirmed “China will send a senior delegation to Belem”, the city hosting the summit, and the leaders agreed to deepen cooperation in health, energy, the digital economy and satellite technology.

“President Lula reiterated China’s importance to the success of COP30 and the fight against climate change. President Xi indicated that China will work with Brazil to ensure the conference’s success,” according to the readout released by the Brazilian government.

Brazilian officials say Lula also wanted to use the call to ensure that trade between the two countries remains stable despite broader tensions in global markets.

The phone call was part of a broader diplomatic push by Lula in recent days to align positions among Brics members in response to US trade actions. He spoke last week with Indian Prime Minister Narendra Modi, whose country faces the same tariff rate, and with Russian President Vladimir Putin, whose economy has been hit by separate sanctions.

China has already signalled public support for Brazil in the dispute. On Wednesday, Chinese Foreign Minister Wang Yi told Celso Amorim, Lula’s chief foreign policy adviser, that Beijing opposed “unjustified external interference” in Brazilian affairs and criticised the “use of tariffs for political leverage”.

In late July, the Chinese foreign ministry offered to strengthen economic cooperation with Brasilia, citing interest in aviation, a key industry for Brazil’s Embraer.

Brazil counts China as its largest export market, with soybeans, iron ore and oil dominating sales. The United States remains a smaller but strategic buyer, particularly for higher-value manufactured goods such as aircraft. The sudden tariff increase threatens to disrupt trade flows and inject new volatility into Brazil’s economy at a time of sluggish growth.

Trump has frequently accused the Brics bloc of acting against US interests. Lula has sought to position the grouping as a counterweight to what he calls protectionist and unilateral measures by Washington. Talks among Brics leaders on trade coordination are expected to continue in the coming weeks, according to Brazilian officials.