Trending Market News

British grocery technology company Ocado is in discussions with multiple potential retail partners in the U.S. to expand its automated distribution center business, while maintaining forecasts for positive cash flow. The company reported half-year earnings boosted by termination fees after partners Kroger and Sobeys closed robotic fulfillment centers due to weak demand.

• Adjusted earnings fell 12% to £81 million ($109.63 million) for the half-year, excluding one-off termination payments from partners
• Partners Kroger (U.S.) and Sobeys (Canada) recently closed robotic customer fulfillment centers citing weaker-than-expected demand
• Ocado maintains forecast to achieve positive cash flow in the current six-month period and full-year positive cash flow next year

The U.S. will impose a 25% tariff on most Brazilian imports starting July 22, following a Section 301 investigation into alleged unfair trade practices including censorship directives to U.S. tech firms, preferential treatment for other nations, and intellectual property issues. An additional 12.5% forced-labor duty may be added next week, potentially bringing total tariffs to 37.5%.

• Certain goods are exempt from the 25% tariff, including beef, orange juice, aircraft parts, and energy products
• Secretary of State Marco Rubio accused Brazilian President Lula's government of not negotiating 'in good faith' and prioritizing ego over reaching a deal
• The tariff dispute has become entangled in Brazil's upcoming October presidential election, with accusations that a senator's Washington visit helped trigger the levies

Chinese President Xi Jinping will outline China's vision for global AI governance at Shanghai's World Artificial Intelligence Conference on Friday, marking his first attendance at the annual forum. His participation underscores Beijing's positioning of AI as both an economic driver and strategic technology amid U.S.-China competition. Huawei will debut its Atlas 950 SuperPoD AI computing cluster, demonstrating China's progress in building domestic alternatives to U.S. technology like Nvidia chips.

• Huawei's Atlas 950 SuperPoD system, linking thousands of Ascend AI processors, showcases China's efforts to circumvent Western sanctions; DeepSeek's V4 model reportedly runs entirely on Huawei's Ascend chips
• Beijing is promoting its open-source AI models as a 'public good' to bridge global AI inequality, contrasting with closed U.S. models, and proposed creating a World AI Cooperation Organisation (WAICO) with no formal members yet
• The conference coincides with U.S.-China preparations for first government-level AI talks under Trump administration; major U.S. tech firms show little representation while UN Secretary-General and multiple world leaders will attend

Hyundai Motor Group announced it will acquire SoftBank's remaining 10% stake in Boston Dynamics for approximately $335 million, making the U.S. robotics company a wholly owned subsidiary. The move aims to advance Hyundai's deployment of robotics technology across its manufacturing operations, with plans to introduce humanoid robots at a Georgia plant starting in 2028.

• Hyundai originally acquired an 80% stake in Boston Dynamics in 2021 and is now buying SoftBank's remaining ~10% for roughly 500 billion won ($335 million)
• Boston Dynamics' humanoid robot Atlas will be deployed at Hyundai's Georgia car manufacturing plant beginning in 2028, initially for parts sequencing tasks
• Robot deployment is expected to expand to broader manufacturing processes including component assembly by 2030

The New York Times filed a court motion to block federal grand jury subpoenas issued to three of its journalists regarding their reporting on security concerns related to a new Qatari-donated Air Force One used by the President. The move represents a press freedom challenge against the Justice Department's attempt to compel reporter testimony about their news gathering.

• Three NYT journalists received federal grand jury subpoenas connected to their reporting on security issues involving the President's Air Force One
• The aircraft in question was reportedly donated by Qatar, raising potential security and diplomatic concerns
• The case tests press protections against government efforts to obtain information about confidential sources and newsgathering activities

Eli Lilly is in advanced talks to acquire AtaiBeckley, a psychedelic drugmaker, with a deal potentially being announced as soon as this week, according to Bloomberg News. The acquisition would expand Lilly's portfolio into the emerging psychedelic therapeutics space. Neither company has commented on the reported negotiations.

• The deal could be announced within days, indicating negotiations are in final stages
• AtaiBeckley specializes in psychedelic drug development, representing a new therapeutic area for Eli Lilly
• Neither Eli Lilly nor AtaiBeckley has provided official comment on the acquisition talks

Airbus is in discussions to sell additional A330neo widebody aircraft to Saudi low-cost carrier Flynas, with a potential announcement expected at next week's Farnborough Airshow. Bloomberg reported that Flynas is looking to convert options for eight A330s into firm orders, though sources downplayed similar reports regarding Germany's Condor Flugdienst.

• Flynas is reportedly seeking to firm up options for eight A330neo aircraft, expanding its widebody fleet
• An announcement could come as early as the Farnborough Airshow next week
• Industry sources dismissed reports that German carrier Condor was preparing a similar order for approximately six A330neos

United Airlines reported second-quarter earnings that exceeded Wall Street estimates, but the carrier faces approximately $6 billion in additional fuel costs for 2026 due to spiking jet fuel prices amid U.S.-Iran conflict. Despite higher fares passed on to customers, demand has remained strong, with the airline posting $17.67 billion in revenue and maintaining its full-year earnings guidance.

• Jet fuel prices surged 34% in July alone, driving United's Q2 fuel costs up 84% year-over-year to $2.3 billion, with fuel becoming the airline's largest expense after labor
• United achieved its highest unit revenue growth since early 2023 at 12.1%, with increases across premium, corporate, and basic economy segments for both domestic and international routes
• The airline expects to cover up to 90% of higher fuel costs in Q3 and 100% in Q4 through fare increases and may further cut capacity plans due to fuel price volatility

A U.S. bipartisan Russia sanctions bill that would allow President Trump to impose 100% tariffs on top buyers of Russian oil and gas has drawn concern from Democratic lawmakers. Critics warn the legislation, which reduced tariffs from an initial 500% proposal, grants Trump expansive trade powers with vague criteria that could target India, Japan, and some EU countries. The bill includes no congressional oversight mechanism or expiration date for the tariff authority.

• The bill targets the top five buyers of Russian crude (China, India, Slovakia, Hungary, Azerbaijan) and natural gas importers, with exemptions for countries importing less than 15% of Russian exports who reduce purchases
• Democratic Finance Committee leaders warn the legislation 'outsources responsibility' to Trump and could raise consumer prices, with no congressional disapproval mechanism and authority that never expires
• Analysts expect Trump may use tariff threats as bargaining chips in trade talks, while the bill's sanctions provisions would pull the EU's sanctioned vessel list into U.S. enforcement

Uber is nearing a deal to acquire German food delivery company Delivery Hero for approximately €12.5 billion ($14.34 billion), according to the Financial Times. The acquisition would significantly expand Uber Eats' presence in Europe, the Middle East, Asia, and Latin America, though it may face antitrust scrutiny due to operational overlaps. An announcement could come as early as Thursday.

• Uber is expected to pay roughly €41 per share for Delivery Hero, which has a market value of about €11.6 billion
• To reduce antitrust concerns, Delivery Hero plans to split off and sell its Turkish unit Yemeksepeti and several European operations to an investment firm before the deal closes
• The deal follows months of speculation after Uber initially approached Delivery Hero in May with a lower offer of €38 per share

Dave Brown, a senior vice president at Amazon Web Services, is leaving the company after nearly 19 years at the end of this month. He will be replaced by Dave Treadwell, a top executive from Amazon's e-commerce division. Brown was instrumental in building AWS's core EC2 service and most recently oversaw compute and machine learning services including Bedrock and SageMaker.

• Brown was part of the early team that built AWS's EC2 service in South Africa in the 2000s and is a member of CEO Andy Jassy's influential S-Team of 28 top executives
• His departure comes as AWS benefits from strong AI-driven demand, with the cloud unit posting significant growth in Q1
• Dave Treadwell, described as having 'deep technical expertise' and 'relentless customer focus,' will take over Brown's responsibilities for compute and ML services

Citigroup's stock plunged after the bank surprised investors by forecasting significantly higher expenses in the second half of the year, despite reporting a 45% rise in net income for Q2. The bank plans to pull forward investments from its projected $5 billion growth spending and will exceed the initial $800 million budgeted for layoffs, prompting analysts to revise earnings estimates downward.

• Citigroup reported 13.1% return on tangible common equity in H1 but maintained full-year guidance of only 10-11%, triggering concern about a 'dreadful' second half
• Bank of America raised efficiency ratio estimates to 60.3% from 59.6% and lowered EPS projections, while Jefferies also cut earnings-per-share estimates
• CEO Jane Fraser emphasized the increased spending represents 'offensive' investments for market share gains rather than restructuring costs, though analysts cited 'muddled messaging' on the earnings call

Novo Nordisk received European Commission approval for its once-daily Wegovy pill for weight management, making it the first oral GLP-1 weight-loss treatment cleared across the EU. The approval gives Novo Nordisk a competitive advantage over Eli Lilly's Foundayo, which has not yet received EU regulatory clearance. The pill is approved for adults with obesity or who are overweight with weight-related health conditions.

• Clinical trials showed patients taking the Wegovy pill lost approximately 17% of body weight on average, compared to about 3% for placebo recipients
• The approval covers oral semaglutide 25 mg for adults with BMI of at least 30, or at least 27 with one weight-related health condition, used alongside diet and exercise
• The Wegovy pill is currently available in the US, Britain, and UAE, with plans to launch in additional countries in the second half of 2026

Warren Buffett endorsed President Trump's selection of Kevin Warsh as Federal Reserve Chair, calling it a 'good choice.' Warsh, who took office in May after congressional confirmation, has pledged changes to Fed policy with a focus on achieving 2% inflation and maximum employment. He testified before Congress this week outlining his approach.

• Warsh made his mark during his first Fed chair meeting in June, pledging a new direction in Fed policy and promising to tackle inflation
• Buffett praised Warsh's commitment to the country, noting he will do his best to achieve the dual mandate of 2% inflation and maximum employment
• Warsh returned to Capitol Hill for testimony before the Senate Banking Committee following his May confirmation

Kathryn Ruemmler, Goldman Sachs' former chief legal officer, is scheduled for a voluntary transcribed interview with the House Oversight Committee on Wednesday regarding her relationship with convicted sex offender Jeffrey Epstein. The appearance follows her recent transition from chief legal officer to an advisory role after facing renewed scrutiny over her connections to Epstein between 2014 and 2019.

• Ruemmler met Epstein in 2014 while working at Latham & Watkins and maintained contact through 2019, including receiving luxury gifts and a phone call from him after his July 2019 arrest on federal charges
• Goldman Sachs CEO David Solomon stated that media scrutiny made it difficult for Ruemmler to manage her role, leading to her transition from chief legal officer to an advisory position
• The House Oversight Committee's broader examination of Epstein's crimes has included interviews with former President Bill Clinton, Microsoft founder Bill Gates, and Commerce Secretary Howard Lutnick

Warren Buffett confirmed he personally initiated Berkshire Hathaway's investment in Alphabet. Berkshire first disclosed its stake in the tech giant during an earlier period and has significantly expanded the position since, including a $10 billion private stock purchase last month.

• Buffett personally drove the decision to invest in Alphabet, marking a significant tech investment for Berkshire Hathaway
• Berkshire increased its Alphabet stake substantially, adding $10 billion through a private stock purchase last month
• The investment represents a notable move by Buffett into major technology stocks

Warren Buffett called Bill Gates' association with Jeffrey Epstein 'distasteful' but said people make mistakes, defending his decision to redirect his annual charitable donations away from the Gates Foundation. The 95-year-old Berkshire Hathaway chairman is now directing all donations to four family-linked foundations run by his three children. Despite the change, Buffett said he and Gates remain in contact and recently spent several hours together in Omaha.

• Since 2006, Buffett has donated over $47 billion worth of Berkshire stock to the Gates Foundation, making it the largest recipient of his annual donations until this year's overhaul
• Buffett's 2024 donations are going entirely to four family foundations: the Susan Thompson Buffett Foundation (9 million Class B shares) and three foundations led by his children (1 million Class B shares each)
• Buffett stated he extensively reviewed information about Gates' relationship with Epstein before changing his giving strategy, but noted he found 'nothing in there that was beyond what I could picture myself doing'

Google is defending a 2024 lower court ruling that overturned a €1.49 billion ($1.7 billion) EU antitrust fine at Europe's top court. The original 2019 fine alleged Google used restrictive clauses in AdSense contracts from 2006-2016 to block rivals from placing search ads on publisher websites. The case is part of nearly €9.5 billion in EU antitrust penalties against Google over two decades.

• Google argues the European Commission ignored evidence showing rivals had substantial opportunities to compete, and that the General Court's reasoning was clear and complete
• The Commission contends the lower court imposed unprecedented burdens on regulators and effectively treats exclusive clauses as lawful by default
• A non-binding court opinion is expected November 12, 2026, with a final ruling in following months; the lower court's annulment marked a rare setback for EU regulators

Johnson & Johnson exceeded Wall Street's second-quarter expectations with sales of $25.31 billion, driven by strong performance in its pharmaceutical division, particularly immunology drug Tremfya and cancer treatment Darzalex. The company raised its full-year sales and profit outlook despite headwinds from its Abiomed heart pump business, which saw a 2% decline following a UK study questioning Impella pump safety.

• Tremfya sales surged 72.5% to $2 billion, significantly beating estimates of $1.74 billion, as J&J works to offset revenue losses from patent-expired Stelara
• Abiomed heart pump sales fell 2% year-over-year after a UK study raised safety concerns, down from 14% growth in the first quarter
• J&J raised its full-year sales forecast to $101.1 billion (from $100.8 billion) and increased its adjusted earnings outlook

BlackRock reported record assets under management of $15.34 trillion in Q2, up from $12.53 trillion a year earlier, driven by strong market gains and $192 billion in net client inflows. The world's largest asset manager beat Wall Street profit estimates as equity markets rallied 15% and investors poured money into its ETF and private markets platforms.

• Net client inflows totaled $192 billion in the quarter, led by $92 billion into fixed-income products and $71.6 billion into equity products, reflecting strong demand for the firm's iShares ETF platform
• BlackRock is aggressively expanding into private markets after spending $28 billion on acquisitions including HPS Investment Partners and Global Infrastructure Partners, targeting $400 billion in gross private markets fundraising from 2025 to 2030
• The company's private credit fund HLEND faced elevated redemption pressures with investors seeking to withdraw 13.3% of assets, though BlackRock maintained its 5% quarterly redemption cap amid broader concerns about lending standards in the sector