Morning News

Source: Wall Street News

## Market Overview

As the market awaited the Federal Reserve's interest rate decision and the intensive earnings reports of major U.S. tech companies, investors' concerns about the high valuation of U.S. stocks overshadowed the positive trade news. The three major U.S. stock indexes closed lower, with the S&P ending its six-day winning streak. U.S. bonds and the U.S. dollar rose in tandem. UPS fell more than 10% as the company still has not released its annual forecast. UnitedHealth公布 a disappointing profit forecast, with its stock price dropping 7.5%, dragging down the Dow. Novo Nordisk plummeted more than 20% after its earnings report.

Due to strong 7-year U.S. Treasury note auction, U.S. Treasury yields generally fell on Tuesday, with the 10-year yield dropping nearly 9 basis points. The U.S. dollar fluctuated and closed up 0.3%. Bitcoin staged a "V-reversal" decline, once rebounding to $119,000, then falling afterward.

Trump set a new deadline for the final ultimatum to Russia, and crude oil surged more than 3%, with U.S. oil once rebounding to the $70 mark. Most domestic futures night sessions rose, with coking coal closing up nearly 7% and coke up more than 5.9% in the night session.

During the Asian session, the ChiNext Index broke through 2,400 points, pharmaceutical stocks surged, national bonds fell sharply, coking coal dropped more than 6%, Hong Kong stocks rebounded in the afternoon, and Pop Mart rose nearly 6%.

## Key News

China and the United States will continue to promote the 24% portion of the suspended U.S. reciprocal tariffs and China's countermeasures to be extended as scheduled for 90 days.

A U.S. court will hold oral arguments on Thursday, and the "reciprocal tariffs" are facing the "risk of cancellation".

U.S. chip stocks generally rose before the market. The European Union may purchase 40 billion euros of AI chips in the U.S.-EU trade agreement. U.S. Commerce Secretary: There is still a lot of "bargaining" with the EU, and digital services tax, steel and aluminum will be the focus of negotiations.

Trump set a new deadline for Russia to reach a Russia-Ukraine agreement, reducing it from 50 days to 10 days, warning to impose tariffs on Russia, and crude oil rose more than 4% intraday.

India has suspended new trade concessions, preparing to deal with U.S. high tariffs, aiming to finalize the agreement by September or October.

Trump and Bessent set the tone: After interest rates fall, the United States will issue more long-term bonds.

The number of U.S. JOLTS job openings in June was 7.437 million, which was lower than expected, indicating a slowdown in recruitment. Imports plummeted, the U.S. goods trade deficit narrowed more than expected, and Wall Street raised its Q2 GDP forecast. An important U.S. housing price index fell for three consecutive months, recording the largest drop since 2022.

Novo Nordisk's U.S. stock plummeted 28% before the market. It appointed a new CEO and lowered its full-year guidance, with sales of the weight-loss drug Wegovy falling short of expectations.

It's not just about selling inventory. Reports say NVIDIA has placed a new order for 300,000 H20 units from TSMC. NVIDIA's new open-source model: three times the throughput, can run on a single card, and also won the inference SOTA.

Report: Microsoft is in in-depth negotiations on long-term access to OpenAI technology, and the agreement may be reached within weeks. The GPT-5 benchmark test was leaked, and it is reported that it may be released in two days.

## Market Closing Reports

### European and American Stock Markets:

- S&P 500 Index: down 0.30%, closing at 6,370.86 points.

- Dow Jones Industrial Average: down 0.46%, closing at 44,632.99 points.

- Nasdaq Composite Index: down 0.38%, closing at 21,098.29 points.

- European STOXX 600 Index: up 0.33%, closing at 550.58 points.

### A-Shares:

- Shanghai Composite Index: up 0.33%, closing at 3,609.71 points.

- Shenzhen Component Index: up 0.64%, closing at 11,289.41 points.

- ChiNext Index: up 1.86%, closing at 2,406.59 points.

### Bond Market:

- U.S. 10-year Treasury yield: down 7.95 basis points, at 4.3303%.

- U.S. 2-year Treasury yield: down 5.05 basis points, at 3.8750%.

### Commodities:

- COMEX gold futures: up 0.44%, at $3,324.60 per ounce.

- WTI September crude oil futures: up 3.75%, at $69.21 per barrel.

- Brent September crude oil futures: up 3.52%, at $72.51 per barrel.

### Details of Key News

#### Global Highlights

Trump said he might visit China at invitation and claimed to have received one; Foreign Ministry responds. According to CCTV News, a reporter asked: President Trump said today that he might visit China at invitation and claimed to have received an invitation. Could the Foreign Ministry confirm whether China has sent the invitation or provide more details? Guo Jiakun said: For the specific issue you mentioned, please refer to the press release previously issued by the Chinese side.

China and the United States will continue to promote the 24% portion of the suspended U.S. reciprocal tariffs and China's countermeasures to be extended as scheduled for 90 days. According to Xinhua News Agency and CCTV News, China-U.S. economic and trade talks were held in Stockholm, Sweden. The two sides had candid, in-depth and constructive exchanges on economic and trade issues of common concern, including China-U.S. economic and trade relations and macroeconomic policies. Li Chenggang, China's International Trade Negotiator and Vice Minister of Commerce, said that the economic and trade teams of China and the United States will continue to maintain close communication, timely exchange views on economic and trade issues, and continue to promote the stable and healthy development of bilateral economic and trade relations.

A U.S. court will hold oral arguments on Thursday, and the "reciprocal tariffs" are facing the "risk of cancellation". A U.S. federal appeals court will hold oral arguments on a key lawsuit this Thursday, which challenges the legality of Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs. Although the Trump administration has taken frequent actions in the trade field recently, the legality of its tariff policy is facing fundamental questioning. If it loses the lawsuit, the recently reached trade agreements may become invalid. After that, the White House may launch a long-term "Tariff Plan B".

U.S. chip stocks generally rose before the market. The European Union may purchase 40 billion euros of AI chips in the U.S.-EU trade agreement. U.S. Commerce Secretary: There is still a lot of "bargaining" with the EU, and digital services tax, steel and aluminum will be the focus of negotiations.

A spokesperson for the European Commission said that the EU is confident that the trade agreement will gain support from member states, enterprises and citizens. The spokesperson said that the EU has conveyed the "sincere intention" of EU enterprises to purchase energy and invest in the United States.

Lutnick said that pharmaceuticals and automobiles are key areas for reaching a trade agreement with the EU. The Trump administration will announce "huge" tariffs on non-U.S.-made drugs within the next two weeks; the work of setting global reciprocal tariffs will be completed by August 1. The media said that Europe and the United States are seeking to finalize a joint statement by August 1 to clarify part of the agreement, after which the United States will reduce tariffs on specific industries.

Europe signed an "unequal treaty", with the U.S. dollar and euro recording their largest gains and losses since May respectively. Leaders of Germany and France and other European circles have expressed strong dissatisfaction with the U.S.-EU trade agreement, calling it a "dark day" and believing that the EU "succumbed to pressure". Analysts pointed out that investors realized that such an unequal "agreement" will have a negative impact on the growth of other regions in the world, driving funds to flow into the U.S. dollar for safe haven. The U.S. dollar is expected to record its first monthly rise this year in July.

The U.S.-EU tariff agreement is better than expected, and Goldman Sachs raised Europe's economic growth. Considering the smaller increase in effective tariffs, the possible decline in trade policy uncertainty and better-than-expected economic activity data, Goldman Sachs lowered its estimate of the impact of trade tensions on the euro zone's real GDP from -0.6% to -0.4%, and raised Europe's growth forecasts for 2025 and 2026 by 0.1 percentage points each, to 1.1% and 1.2% respectively.

Trump set a new deadline for Russia to reach a Russia-Ukraine agreement, reducing it from 50 days to 10 days, warning to impose tariffs on Russia, and crude oil rose more than 4% intraday. The new deadline means that the deadline set by Trump for Russia to reach a Russia-Ukraine agreement has been advanced from September 2, proposed two weeks ago, to August 8. Trump said that if Russia does not make progress in ending the Russia-Ukraine conflict, the United States will start imposing tariffs on Russia within 10 days and take other measures. He is not worried that sanctions against Russia will affect the oil market, and the United States can increase oil production. Crude oil recorded the largest intraday gain in six weeks since the Iran-Israel conflict on Tuesday.

India has suspended new trade concessions, preparing to deal with U.S. high tariffs, aiming to finalize the agreement by September or October. India decided to suspend new trade concessions before the U.S. deadline of August 1, and instead seek to resolve trade differences through a comprehensive bilateral agreement. An Indian official said that the goal is to finalize the comprehensive bilateral agreement by September or October. The United States said that negotiations with India need more consultations because Trump focuses more on a good agreement rather than a quick one.

Trump and Bessent set the tone: After interest rates fall, the United States will issue more long-term bonds. U.S. President Trump and Treasury Secretary Bessent recently stated publicly that they will wait for Powell to step down and interest rates to fall before considering issuing more long-term Treasury bonds, trying to imply that a "timing" strategy will replace the "regular and predictable" bond issuance principle adhered to by the U.S. Treasury Department for decades. This has aroused market concerns, believing that such speculative operations may push up risk premiums and even counterproductively increase borrowing costs.

The number of U.S. JOLTS job openings in June was 7.437 million, which was lower than expected, indicating a slowdown in recruitment. The number of U.S. job openings in June decreased after two consecutive months of growth, but the overall level remained stable. The hiring rate in June slowed to 3.3%, the lowest level since last November. The number of layoffs changed little and remained at a low level. The number of employees who chose to resign voluntarily decreased. Analysts said that this JOLTS report supports the view that "the U.S. labor market is gradually cooling down". Nevertheless, the demand for labor is still relatively healthy.

Imports plummeted, the U.S. goods trade deficit narrowed more than expected, and Wall Street raised its Q2 GDP forecast. The U.S. goods trade deficit narrowed by 10.8% month-on-month to $86 billion in June, which was lower than the forecast of all economists surveyed by the media. U.S. imports fell 4.2% to $264.2 billion in June. Among them, imports of consumer goods fell to the lowest level since September 2020, the value of imports of industrial supplies fell to the lowest level since 2021, and imports of automobiles also declined. U.S. goods exports fell by 0.6%.

An important U.S. housing price index fell for three consecutive months, recording the largest drop since 2022. U.S. 20-city housing prices fell for the third consecutive month in May, down 0.34% month-on-month, the largest drop since the end of 2022, dragging down the national housing price annual increase to 2.3%, a new low in nearly a year. Experts pointed out that the spring market has limited driving effect, and it is hard to say there is a trend rebound. With the rise of mortgage rates, housing prices may continue to be under pressure in the next few months.

Novo Nordisk's U.S. stock plummeted 28% before the market. It appointed a new CEO and lowered its full-year guidance, with sales of the weight-loss drug Wegovy falling short of expectations. Novo Nordisk said that the sales growth expectation at constant exchange rates was lowered from 13%-21% to 8%-14%, and the operating profit growth expectation was lowered from 16%-24% to 10%-16%. The main reason is that the sales performance of its flagship weight-loss drug Wegovy in the cash payment channel is lower than expected, affected by the impact of "unsafe and illegal large-scale generic drugs". Novo Nordisk closed down nearly 22% on Tuesday, once falling 28% intraday, hitting a new low since February 2022.

It's not just about selling inventory. Reports say NVIDIA has placed a new order for 300,000 H20 units from TSMC. Due to strong demand for H20 chips, NVIDIA changed its previous strategy of relying only on existing inventory and instead increased new production orders. According to reports, the new order will supplement the existing inventory of 600,000-700,000 H20 chips.

NVIDIA's new open-source model: three times the throughput, can run on a single card, and also won the inference SOTA. NVIDIA's newly launched Llama Nemotron Super v1.5 open-source model is specially designed for complex reasoning and agent tasks. While achieving SOTA performance in scientific, mathematical, programming and agent tasks, the model also increases the throughput to three times that of the previous generation, and can run efficiently on a single card, achieving more accurate, faster and lighter performance of "having it all".

Report: Microsoft is in in-depth negotiations on long-term access to OpenAI technology, and the agreement may be reached within weeks. The definition and trigger conditions of AGI have become key points of dispute in the negotiations between the two sides. Technically, the OpenAI board has the right to determine when the company reaches the AGI level. Once it is determined to meet the standard, Microsoft will lose the right to use the technology developed after that node. Commercially, if OpenAI proves that it can create a total profit of about $100 billion for Microsoft, in this case, Microsoft will lose the right to use all OpenAI's technologies, including products developed before the trigger point.

GPT-5 benchmark test leaked, reported to be released in two days? GPT-5 is coming, and it's coming strong! The leaked benchmark test + Minecraft actual test directly shocked the whole network: the GPT-5-pro codenamed Zenith is as smooth as flowing water in the game, known as "magic-level AI". What's more, it is revealed that it will be released on July 31, beating Grok 4 Heavy! Is OpenAI going to turn the table again?

The 2025 Fortune Global 500 list was announced. Walmart ranked first for the 12th consecutive year, and NVIDIA soared to 66th. NVIDIA's ranking soared to 66th, entering the top 10 in the profit list for the first time. BYD entered the top 100 for the first time. The rankings of China's five major Internet giants all rose. Xiaomi ranked 297th, an increase of 100 places.

#### Domestic Macro

Hong Kong Monetary Authority: The regulatory system for stablecoin issuers will take effect on August 1, and institutions intending to apply for licenses can apply before September. The Hong Kong Monetary Authority issued a press release stating that the regulatory system for stablecoin issuers will be implemented from August 1. Institutions intending to apply for licenses should contact the HKMA on or before August 31. Individual institutions that believe they are fully prepared and wish to be considered as soon as possible should submit applications to the HKMA on or before September 30. As of today, the HKMA has not issued any licenses.

Shanghai: Heard the report on the deliberation opinions of the "Regulations on the Promotion of Private Economy in Shanghai (Draft)". According to Shanghai Observer, the 23rd session of the Standing Committee of the 16th Shanghai Municipal People's Congress opened today (July 29). The meeting heard the municipal government's explanations on the "Regulations on the Promotion of Private Economy in Shanghai (Draft)", "Regulations on China (Shanghai) Pilot Free Trade Zone (Revised Draft)" and other documents, as well as the report on the deliberation opinions of the relevant committees of the Municipal People's Congress, and conducted group deliberations on the relevant draft regulations.

China's stock market has achieved a "summer breakthrough", and Goldman Sachs believes that in the future, we should "focus on individual stocks rather than indexes". Goldman Sachs pointed out that given that the market has risen 25% so far this year and valuations are no longer at a low level, investors should pay more attention to individual stock selection (Alpha) rather than a general market rise (Beta). Goldman Sachs' strategy focus has shifted to sectors such as insurance and materials, and it also recommends focusing on two themes: China's private leading enterprises (Prominent 10) and shareholder returns.

Consensus on two main lines is being formed. Societe Generale Securities said that the intensity of industry rotation has continued to converge since May, and the convergence has continued recently. The two main lines of "technology growth industry trend" and "low-valued cycle repair" are凝聚ing market consensus. Behind this, on the one hand, it comes from the prosperity advantages of technology growth and cycles. On the other hand, the lack of incremental funds and the stronger pricing of marginal transactional funds are also important reasons for the rapid rotation of the market before.

#### Domestic Companies

The Photovoltaic Industry Association clarified the rumors about polysilicon, and the progress of "large-scale acquisition of small-scale" storage is still uncertain. It is understood that the acquired polysilicon production capacity involves many enterprises such as Xinyi, CSG, Baofeng, Runyang, and Hesheng Silicon Industry. When talking about this matter, insiders believe that the progress of polysilicon storage still depends on the negotiation situation. In addition, the key is to reduce inventory. Companies with inventory should stop production to reduce inventory; otherwise, even if the large-scale acquisition of small-scale in the polysilicon link is completed, it will not be possible to allocate the next operating load.

Goldman Sachs raised its expectation for China's RoboTaxi market size, and Shanghai became a major commercial hub! Goldman Sachs said that the progress in Shanghai confirms their judgment that first-tier cities will lead the initial development of the industry. Based on positive factors such as technological progress, cost reduction and ecosystem expansion, Goldman Sachs expects that the acceleration of commercialization will bring considerable growth to the market. It is expected that by 2030, China's RoboTaxi market size will reach $14 billion, with a fleet size of about 535,000 vehicles.

JPMorgan explained the TSMC CoWoS capacity war: NVIDIA locked in 60%, and the cloud AI chip market is expected to surge 40%-50% by 2026. TSMC's advanced packaging CoWoS has become a must for the AI competition. JPMorgan predicts that the global total demand for CoWoS wafers will reach 1 million in 2026, with NVIDIA accounting for 595,000. AMD, Broadcom, Amazon and other leading players are fiercely competing for the remaining capacity. TSMC is accelerating the expansion of CoWoS capacity, and it is expected that the monthly capacity will reach 93,000 by the end of next year. AI business is expected to contribute 25% of its total revenue this year.

#### Overseas Macro

ECB: The rise of USD stablecoins will weaken Europe's monetary policy control. The dominance of USD stablecoins will bring strategic and economic advantages to the United States, enabling it to finance its debts at a lower cost while exerting global influence. For Europe, this means higher financing costs relative to the United States, impaired monetary policy autonomy and geopolitical dependence.

Will global stock markets continue YOLO? Hawkish central bank statements may trigger sell-offs. Market sentiment indicators have sent mild sell signals. The real risk point this week may be that the Federal Reserve or the Bank of Japan may release unexpected hawkish signals. If the central bank's stance turns tough, the shock wave will first sweep through developed market bonds, especially short-term bonds. Although the stock market is not directly in the "danger zone", its resilience will also be tested.

JPMorgan recommends "going long on U.S. bonds and shorting the U.S. dollar": tariffs "push up inflation in Q3 and pull down growth in Q4", and the market is too complacent. JPMorgan economists' baseline forecast shows that tariffs will push core PCE inflation up from 2.3% to 4.0% in Q3, and real GDP growth will drop to only 0.2% in Q4. Although CEO confidence and price transmission do not pose a threat for the time being, JPMorgan believes that market sentiment is too complacent and recommends investors to buy U.S. bonds and sell the U.S. dollar to hedge risks, because the slowdown in growth may catch the Federal Reserve and investors off guard.

JPMorgan Asset Management is bullish on European stocks against the trend, refuting the "three major doubts", saying it is not too late to get on board now. Strategist Karen Ward believes that despite structural problems, European companies have strong historical profitability and will benefit from the application of AI technology. At the same time, the appreciation of the euro is not a negative factor for European stocks, and the recovery of domestic consumption and the financial industry will be the main drivers. The current valuation of European stocks is still low, providing an investment opportunity to outperform U.S. stocks.

Overseas Companies

Apple's Earnings Highlight: Can Gross Margin Withstand Tariff Pressure? Bank of America predicts that due to tariff impacts, Apple's Q3 gross margin will drop to 46.1%, a significant decline from 47.1% in the previous quarter. Analysts warn that without price increases, tariffs effectively act as a tax on Apple's product costs. The real test will come in Q4, when Apple faces an additional $1 billion negative impact on gross margin from tariffs, pushing the overall gross margin further down to 45%. Whether the new product cycle can drive sufficient ASP (Average Selling Price) growth to offset cost pressures will be a key determinant of the stock's trajectory.

Apple Loses Another AI Executive – Fourth Departure to Meta's Super Intelligence Team in a Month. Apple's AI team is facing a talent exodus crisis. The company's multimodal AI researcher Zhang Bowen resigned last Friday and will join Meta's newly established Super Intelligence Team. In the past month, four core AI researchers have moved to Meta's newly formed "Super Intelligence Team." The departure of key members has thrown Apple's foundational AI model team into disarray, with many engineers considering leaving. Internal divisions over whether to continue developing in-house models or switch to third-party technologies like OpenAI and Anthropic have further damaged morale.外界担忧 this could undermine Apple's long-term competitiveness in AI.

Boeing's Q2 Revenue Surges 35% YoY, Beating Expectations; Net Loss Narrows to $610 Million with Strong Commercial Aircraft Deliveries. Benefiting from rising new orders, Boeing secured 455 net new orders in Q2, pushing its total backlog to a record $619 billion by quarter-end, including over 5,900 commercial aircraft worth $522 billion.

Price Hikes Drive P&G's Q4 Earnings Beat; $1 Billion Tariff Impact Expected Next Fiscal Year. P&G reported Q4 results with net sales up 2% to $20.89 billion, exceeding expectations, and EPS of $1.48, beating the $1.42 forecast. Its Personal Care segment saw 4% price growth, with sales driven by "innovation-based pricing." P&G expects tariffs to cause approximately $1 billion in cost impacts in FY2026.

Starbucks Accelerates Reforms; China Same-Store Sales Return to Growth, Stock Rises 4.6% After Hours. Despite Q3 same-store sales and profits falling short of expectations, Starbucks showed recovery signs, with its stock rising 4.6% after hours. Investors focused on positive news: CEO Nicole stated the revival plan is "ahead of schedule" and promised a series of product innovations by 2026. While same-store sales fell for the sixth consecutive quarter, China's same-store sales grew 2% – the first increase in 18 months.

Kering's Q2 Revenue Drops More Than Expected; Gucci Sales Fall 25% Again – Possible Price Hikes This Autumn Amid Tariff Pressures. Kering's revenue missed expectations for the fourth straight quarter, with Q2 same-store sales dropping 15% – faster than Q1. Flagship brand Gucci's same-store sales fell 25%, matching Q1's decline. Same-store sales declines slowed to 10% in North America and 19% in Asia-Pacific (including China) in Q2, while Japan's accelerated to 29% due to weaker tourism spending. The CFO noted the 15% tariffs in the U.S.-EU deal were as expected, and Kering can manage via price adjustments – with some hikes in Q2 and possible second-round increases this autumn. After the earnings, Kering's U.S. shares reversed early losses of over 2% to turn positive.

Anthropic's Valuation Soars – Seeking Up to $5 Billion in Funding at $170 Billion Valuation. Media reported Tuesday that the company is negotiating a funding round led by Iconiq Capital to raise $3-5 billion, valuing it at $170 billion. In March, Anthropic completed a $3.5 billion funding round led by Lightspeed Venture Partners, with a $61.5 billion valuation at the time.

Cybersecurity Powerhouse Merger: Palo Alto CEO's "Big Bet" – $20 Billion Bid for CyberArk. If completed, the deal would unite two major cybersecurity players and mark the largest bet yet by Palo Alto Networks CEO Nikesh Arora. CyberArk's stock surged 18% to a new high after the news, while Palo Alto Networks' shares dropped 5.1%.

U.S.'s Largest-Ever Railway Merger: Union Pacific to Acquire Norfolk Southern for $85 Billion. Union Pacific announced an agreement to acquire Norfolk Southern in a cash-and-stock deal worth approximately $72 billion. The merged entity will become America's first railroad operator connecting the Pacific and Atlantic, with over 50,000 miles of track covering 43 states. The deal, expected to close in 2027, requires U.S. Surface Transportation Board (STB) approval and includes a $2.5 billion breakup fee if rejected. Both stocks fell over 3% on Tuesday.

Industries/Concepts

1. Liquid Cooling: Guolian Minsheng Securities' research report notes that with accelerating shipments of next-gen high-performance computing chips domestically and abroad, liquid cooling penetration in data centers is expected to rise rapidly, driving further order growth for liquid cooling infrastructure suppliers and entering a phase of high-speed performance growth.

2. Motorcycles: Shenwan Hongyuan's report points out that exports of large-displacement (>250cc) motorcycles in June saw significant year-on-year growth acceleration. Chinese motorcycle exports are a key vehicle for China's manufacturing upgrading and consumer brand globalization, with the logic of mid-to-high-end Chinese motorcycles replacing local and Japanese brands continuing. Domestically, as motorcycle bans ease, large-displacement penetration is expected to further increase.

3. Utilities: Dongwu Securities notes that water, solid waste, gas, and electricity sectors involve government pricing – with particular attention to C-end fees for water services and waste disposal, where marketization is low! Market-oriented pricing can boost ROE efficiency and ensure cash flow. Meanwhile, reduced capital expenditures in water services and waste-to-energy sectors are driving sustained cash flow growth and improving dividend capacity.

4. Film & Television: Dongfang Securities' report states that "Nanjing Photo Studio" has boosted the market, driving a recent recovery in box office revenues. Attention should focus on August animated films – if the summer season recovery pushes annual box office beyond the 48 billion yuan threshold, it could inject a强心 shot into the industry.

Today's Key News Preview

- U.S. Q2 real GDP and Personal Consumption Expenditures (PCE) annualized quarter-on-quarter preliminary values.

- U.S. July ADP employment change.

- Eurozone Q2 GDP.

- Federal Reserve announces interest rate decision; Fed Chair Powell holds monetary policy press conference.

- U.S. Treasury releases quarterly refunding statement.

- Bank of Canada policy rate.

- U.S. weekly EIA crude oil inventory change.

- Earnings reports from Microsoft, Meta, Qualcomm, and Arm.

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