Eksentricity

Tech

AI & Semiconductors

• AI Chipset Demand: Nvidia’s stock has surged 155% in 2024 due to high demand for its GPUs, essential for AI training and inference. Evercore ISI has maintained a buy rating on Nvidia, raising its price target to $150 per share.
• AI Hardware Leader: Nvidia is poised to benefit from continued demand from hyperscale cloud customers like Microsoft and Meta, as well as anticipated government purchases in the latter half of the year.
• Nvidia’s Future Outlook: Despite some investor concerns, Nvidia’s growth prospects remain strong with the upcoming launch of Blackwell processors, expected to deliver significant performance and efficiency improvements.
• Nvidia’s Q2 Earnings: Analysts anticipate another robust performance from Nvidia for the second quarter of fiscal 2025, with expected earnings of $0.64 per share and revenue of $28.68 billion.

Tech & AI Innovation

• Apple’s AI Strategy: Apple is focusing on making its devices more user-friendly through AI, including enhancements to Siri, writing tools, and image generation capabilities.
• AI in Smartphones: Apple’s AI push is anticipated to boost iPhone sales, maintaining its position as a leading smartphone company.
• AI in Manufacturing: Sustainable Metal Cloud, a Singapore-based company, has developed a technology that reduces energy consumption in AI data centers by up to 50% using HyperCubes.
• AI Data Centers: Concerns surrounding the environmental impact and stability of using nuclear power for AI data centers are growing as AI systems require increasing energy resources.

Cryptocurrency & Blockchain

• Crypto Market Fluctuations: Major cryptocurrencies experienced declines on Monday, mirroring the drop in blue-chip equity indices. Bitcoin fell 1.42% to $63,158.63, while Ethereum decreased 2.24% to $2,691.57.
• Crypto Regulation: The Securities and Exchange Commission’s lawsuit against cryptocurrency exchange Kraken will proceed to trial after a California judge ruled in favor of the SEC.
• Crypto Security Measures: Bitget, a global cryptocurrency exchange, has introduced P2P Shield, a new security feature to protect users from fraud in their peer-to-peer transactions.

Tech Industry & Emerging Technologies

• European EV Production Expansion: Xpeng, a Chinese EV maker, is seeking a manufacturing site in Europe to reduce the impact of import tariffs.
• Global EV Market: The global EV market is experiencing slower growth than anticipated, with EV companies like Rivian facing challenges.
• 5G Network Expansion: Nokia has signed a deal with Claro Argentina to deploy 5G infrastructure throughout the country.
• Meta’s Geothermal Plans: Meta Platforms has partnered with Sage Geosystems to significantly expand geothermal power use in the U.S., marking the first deployment of next-generation geothermal energy east of the Rocky Mountains.
• Amazon’s AI Assistant: Amazon has launched its AI-powered shopping assistant, Rufus, in India, following its successful launch in the U.S.

Tech Investments & Acquisitions

• Berkshire Hathaway’s Tech Investments: Warren Buffett’s Berkshire Hathaway holds a substantial stake in Nvidia but recently sold its shares in Snowflake.
• Apple Leadership Changes: Apple has appointed Kevan Parekh as its new CFO, replacing Luca Maestri, who is transitioning to a new role within the company.
• HCL Technologies Deal: HCL Technologies has extended its agreement with Xerox, utilizing HCL’s AI technology to improve key business metrics.

Finance

Bank Performance

• Canadian Bank Performance: BMO’s third-quarter adjusted net income fell to CA$1.98 billion ($1.47 billion), or CA$2.64 ($1.96) per share, missing analyst expectations. This was primarily due to a significant increase in provisioning for credit losses, nearly doubling year-over-year to CA$906 million ($671 million). However, the bank reported revenue growth in Canadian personal and commercial banking, strong client activity in market-sensitive businesses, and continued efforts to expand its U.S. operations.
• US Bank Performance: Bank of Nova Scotia (BNS) reported quarterly earnings of $1.19 per share, meeting analysts’ expectations. However, revenues missed the consensus estimate, coming in at $6.11 billion versus the expected $6.06 billion. The bank’s performance was impacted by the recent rise in credit losses.
• Regional Banking Consolidation: Old Second Bancorp (OSBC) will acquire five Illinois branch locations from First Merchants Corporation (FRME), strengthening its position as one of the largest banks headquartered in Chicago.

Financial Services

• Share Repurchases: ING Group repurchased 11,078,000 shares during the week of August 19, 2024, bringing the total repurchased to 124,136,837 shares for €1,973,804,976.23, nearing 79% of the program’s maximum value.
• Dividend Growth: Penns Woods Bancorp (PWOD) declared a third-quarter cash dividend of $0.32 per share, reflecting its strong financial performance and commitment to shareholder rewards.

Investment Trends

• Foreign Investor Shift: Foreign investors are exiting expensive Indian stocks, favoring new listings with lower valuations. They seek cheaper exposure and potentially better returns, as Indian stocks trade at record highs and valuations top most major markets.
• Project Finance Provisions: The Reserve Bank of India (RBI) plans to phase out increased provisioning for project financing, easing the burden on lenders. The central bank is considering giving projects nearing completion leniency in provisioning requirements and may delay the onset of these provisions by a year or extend the time frame for full implementation.

Digital Finance

• Crypto Millionaire Growth: The number of crypto millionaires worldwide soared 95% in the past year to 172,300 individuals, driven by the rise of Bitcoin ETFs and the increasing value of crypto assets. The number of pure Bitcoin millionaires more than doubled to 85,400.
• Account Aggregators: These financial technology companies enable secure and consent-based sharing of financial data between financial institutions and users, providing individuals with access to all their financial information in one place. This transparent and controlled data sharing aligns with the Digital Personal Data Protection (DPDP) Act 2023.
• Fraudulent Trading Apps: The CEO of Zerodha, Nithin Kamath, has warned investors about a surge in fake trading app scams targeting unsuspecting investors. These scams typically involve fraudulent applications that mimic the interfaces of legitimate brokerage platforms, with promises of easy profits.
• Co-branded Credit Card Boom: Co-branded credit cards (CBCCs) are gaining popularity in India, driven by the booming economy and shifting consumer preferences. Projections indicate a 35-40% compound annual growth from fiscal year 2024 to 2028, with e-commerce currently dominating the market. The Amazon Pay ICICI Bank and Flipkart Axis Bank Credit Cards lead the charge.

Healthcare

Sector: Healthcare
Summary:
Sector: Healthcare

Mergers & Acquisitions

• Acquisitions & Expansion: Medi Assist Healthcare Services acquired Paramount Health Services & Insurance TPA for Rs 311.8 crore, expanding its market share in the health insurance industry. Medi Assist now manages 36.6% of the group segment and 23.6% of the overall health insurance industry.
• Strategic Partnerships: IBA partnered with the University of Pennsylvania Health System to install two Proteus® ONE compact proton therapy solutions at the Penn Presbyterian Medical Center. The agreement includes operation and maintenance services from IBA, with treatment expected to begin in 2027.
• Research Collaborations: Addex Therapeutics and Indivior PLC selected clinical candidates from their GABAB positive allosteric modulator (PAM) research collaboration. Indivior will develop the chosen compound, while Addex is eligible for USD 330 million upon achieving milestones. Addex will continue its GABAB PAM program for chronic cough, moving towards IND-enabling studies.
• Network Expansion: McKesson Corporation acquired a controlling interest in Core Ventures, a business and administrative services organization established by Florida Cancer Specialists & Research Institute. This acquisition will integrate FCS physicians into McKesson’s The US Oncology Network.

Product Approvals & Launches

• New Treatment Options: The European Commission approved PiaSky® (crovalimab) for adults and adolescents with paroxysmal nocturnal haemoglobinuria (PNH). PiaSky is the first monthly subcutaneous (SC) treatment for PNH in the EU, offering an alternative to intravenous infusions.
• Generic Market Entry: Alembic Pharmaceuticals received USFDA approval for its abbreviated new drug application (ANDA) for Betamethasone Valerate Foam, a generic equivalent of Luxiq Foam, strengthening Alembic’s US market presence.
• Expanded Indications: The European Commission extended the indications of the antifungal Cresemba® (isavuconazole) to pediatric patients, based on results from two pediatric clinical studies. This extension grants Cresemba additional market exclusivity for two years in the EU.
• Accessibility & Demand: Eli Lilly launched a new form of its weight-loss drug Zepbound at a lower price to reach uninsured patients, aiming to expand Zepbound supply in the U.S. as demand increases.

Financial Performance

• Profit & Revenue Growth: Medi Assist Healthcare Services reported a 5.9% increase in consolidated net profit to Rs 18.82 crore in Q1 FY25. Net sales jumped 19.1% YoY to Rs 167.71 crore during the quarter.
• Year-on-Year Growth: Alembic Pharmaceuticals reported an 11.5% year-on-year increase in profit after tax (PAT) for the April-June quarter of FY2024-25. Revenue from operations grew 4.4% year-on-year to Rs 1,563.8 crore in the June quarter.
• Strong Cash Position: Oculis Holding AG reported a strong cash position of $131.2 million as of June 30, 2024, extending its cash runway into the second half of 2026.
• Market Capitalization: Lupin share price hit a new high of Rs 2,156.75, surpassing its previous high. The company’s market capitalization reached Rs 98,351 crore during the intraday.

Clinical Trials & Research

• Immune Response Research: Transgene published a peer-reviewed article demonstrating that TG6050 induces immune remodeling of the tumor microenvironment in animal models. This highlights TG6050’s potential for sustained intratumoral expression of interleukin-12 (IL-12) and anti-cytotoxic T-lymphocyte associated antigen-4 (CTLA-4) antibody.
• COVID-19 Prevention: Invivyd announced positive 180-day efficacy data from the CANOPY Phase 3 clinical trial of pemivibart for pre-exposure prophylaxis (PrEP) of COVID-19. The data showed an 84% relative risk reduction in participants contracting confirmed symptomatic COVID-19.
• Eye Disease Treatment: Clearside Biomedical completed the final participant visit in the ODYSSEY Phase 2b clinical trial of CLS-AX (axitinib injectable suspension) for neovascular age-related macular degeneration (wet AMD).
• Global Vaccine Launch: Bharat Biotech announced that phase 3 trials of its oral cholera vaccine, Hillchol, proved safe for public use. The vaccine will be launched globally amid supply shortages and an expanding outbreak.

Economy & Real estate

Hong Kong Property Market

• Expected Fed Rate Cut: Hong Kong property developers anticipate increased market activity due to an expected U.S. Federal Reserve interest rate cut. Six new projects with 2,800 flats are scheduled to launch in September. Centaline Property Agency predicts a fourfold rise in first-hand home transactions to 2,000 in September, compared to the projected 500 deals in August.
• Impact of Rate Cut: Industry experts believe a rate cut will eliminate market uncertainty, boosting first-hand property sales and stimulating accumulated purchasing power.
• Inventory Levels: Developers prioritize clearing large inventories, which stood at 22,300 unsold residential units in July. Despite a rate reduction, significant price increases are unlikely due to the substantial inventory.
• Recent Transactions: Wang on Properties sold over two-thirds of its 60 units at the Finnie project in Quarry Bay, priced between HK$4.29 million and HK$8.54 million, reflecting a 30% discount compared to a nearby project launched in 2021.

Chinese Real Estate Crisis

• Hidden Debt: The Chinese finance ministry has prohibited local governments from raising illegal debt for infrastructure projects with insufficient returns, aiming to curb “hidden debt.” Estimates suggest this hidden debt, primarily from local government financing vehicles, could reach 30-50 trillion yuan, a substantial amount compared to China’s GDP.
• Fiscal Revenue Strain: The sluggish land market continues to pressure fiscal revenues. In July, government fund budget revenue plummeted by 33.6% year-on-year, driven by a 40.3% decline in land use rights sales.
• Property Debt Rescue Plan: The rescue plan launched in May has yielded disappointing results. Commercial banks have only lent 24.7 billion yuan under the scheme, significantly less than the targeted 500 billion yuan.
• TARP Solution: Chinese authorities are urged to consider a solution similar to the U.S. Troubled Assets Relief Program (TARP), injecting capital into systemically important institutions rather than buying unsold properties.

Indian Oil & Gas Sector

• Strong Performance: The Nifty Energy Index has risen 31% this year, on track for its ninth consecutive year of gains. Indian energy companies are attracting investors due to the country’s rapidly growing energy consumption and policy incentives to boost domestic oil and gas production.
• Dividend Payouts: Indian energy companies offer attractive dividend yields, particularly compared to the scarcity of dividends in other markets. The Nifty Energy Index’s projected 12-month dividend yield is 2.1%, higher than the 1.2% for the benchmark Nifty 50.
• Refiners’ Prospects: Refiners are expected to benefit from improved margins in the next two quarters, and ongoing capacity expansion will likely yield long-term rewards.
• Global Price Volatility: India’s reliance on imported crude oil and natural gas exposes its refiners to global price swings, and the country’s clean energy transition presents a challenge for traditional energy firms.

US Economy and Interest Rates

• Recession Concerns: UBS Global Wealth Management has raised its U.S. recession odds from 20% to 25%, citing weaker jobs growth and the recent rise in the unemployment rate.
• Soft Landing Anticipation: Despite the revised odds, the brokerage continues to expect a soft landing for the U.S. economy, with consumer spending driving growth. However, the economic outlook is described as “cloudy.”
• Rate Cut Expectations: Federal Reserve Chair Jerome Powell has signaled an imminent start to interest rate cuts, with markets pricing in a 25-basis-point reduction in September. Expectations for further easing in the coming months have also increased.
• Impact of Rate Cuts: The effectiveness of rate cuts in preventing a recession remains a topic of debate, with some analysts warning of an impending downturn.

Global Equity Markets

• Positive Outlook: The benchmark Sensex and Nifty indices experienced a strong uptrend rally, fueled by Powell’s hint of potential interest rate cuts.
• Sector Performance: The IT sector outperformed, while selective profit booking was observed in PSU banks and healthcare stocks.
• FII and DII Activity: Foreign portfolio investors (FPIs) bought shares worth Rs 483.36 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,870.22 crore on August 26, 2024.
• Global Market Influence: Asian stocks declined on Tuesday, driven by rising tensions in the Middle East and concerns over global supply chains. Investors are closely watching Nvidia’s earnings report for insights into AI-related investments.

US Real Estate Market

• Record Home Prices: Home prices in the U.S. hit a record high in June, with the S&P CoreLogic Case-Shiller U.S. National Home Price Index rising 5.4% annually.
• Price Tier Divergence: Low-price tier homes are rising faster than the overall market in 75% of the large markets covered.
• Impact of Rising Rates: Price increases occurred despite rising mortgage rates from April through June, suggesting that the decline in rates has not yet been enough to attract buyers back to the market.
• Price Outlook: While prices are expected to ease month-to-month going into fall, they are unlikely to drop significantly and are expected to remain higher than last fall.

Indian Real Estate Market

• Demand for Affordable Housing: The National Real Estate Development Council (Naredco) has appealed to the government to provide home loans up to Rs 25 lakh at a 5% interest rate for the middle class.
• Pricing Pressure: Naredco president G Hari Babu predicts that home prices may start deflating as early as next year, except for luxury and ultra-luxury homes.
• Impact of High Interest Rates: Babu attributes the current slowdown in new bookings to high interest rates, making it difficult for many to afford monthly installments.

REIT Sector

• Growth Drivers: The REIT and Equity Trust – Other industry is benefiting from strong fundamentals in healthcare real estate, advertising space, and a selective rebound in the office category.
• Rate Cut Influence: Recent rate cut expectations have boosted investor enthusiasm in the REIT sector.
• Challenges: Geopolitical uncertainties and a slowing economy remain concerns, and customers are prioritizing cost management and delaying leasing decisions in some asset categories.

Indian Pension System

• Unified Pension Scheme (UPS): The Union Cabinet approved the UPS, which offers an assured pension of 50% of the average basic pay for central government employees with a minimum qualifying service of 25 years.
• States’ Choice: Finance Minister Nirmala Sitharaman clarified that the UPS is not mandatory for states, which can make their own decisions.
• Benefits of UPS: The UPS aims to address issues arising from the Old Pension Scheme (OPS) and the NPS, providing a pro-rata benefit for shorter service periods.

Road EPC Sector

• Moderating Growth: Revenue growth of road EPC companies is projected to moderate to 5-7% by FY26 due to lower national highway awards and procedural issues.
• Stable Credit Profiles: Despite the slowdown, credit profiles are expected to remain stable due to steady operating profitability and strong balance sheets.

Fractional Ownership

• hBits’ SM REITs: Mumbai-based fractional ownership firm hBits plans to launch its first SM REIT (small-medium real estate investment trust) in the third quarter of FY25.
• Expansion Plans: hBits aims to increase its assets under management to Rs 10,000 crore over the next five years.

Global Gold Market

• India-UAE Trade Agreement: India has notified the import of up to 160 tonnes of gold from the UAE at a concessional rate for 2024-25 under the India-UAE free trade agreement.
• Gold Imports: India’s gold imports dipped by 4.23% to USD 12.64 billion during April-July 2024-25 due to global economic uncertainties.
• Budget Duty Reduction: The government has reduced the customs duty on gold and silver to 6% from 15%.

Retail

Retail Performance

• Overall Performance: The retail sector experienced mixed results. Companies like Skechers (SKX) saw significant growth, while others like Five Below (FIVE) faced challenges due to factors such as slowing consumer demand and regional difficulties.
• Consumer Confidence: Consumer confidence plays a major role in retail performance. While footwear saw strong demand, discretionary goods faced headwinds due to inflation and high interest rates.
• Omnichannel Strategies: Retailers are investing in omnichannel capabilities to adapt to changing consumer habits. This includes strengthening e-commerce, improving mobile app experiences, and optimizing logistics to meet customer needs across channels.
• International Expansion: International expansion remains a key growth driver for many retailers. Companies are focusing on high-growth markets like China and India while adapting to diverse preferences and local regulations.

Retail Trends

• Value Shopping: Consumers are seeking value and deals, driving growth in off-price retailers like Burlington Stores (BURL) and Nordstrom Rack.
• Premiumization: Premiumization is evident in segments like appliances and beauty. Consumers are willing to spend more on high-quality products, benefiting companies like Samsung and Ulta Beauty (ULTA).
• Sustainability: Consumer demand for sustainable products and packaging is growing. Companies like Reformation are capitalizing on this trend, showcasing their commitment to sustainability.

Retail Challenges

• Supply Chain Disruptions: The retail sector continues to face supply chain challenges due to labor shortages, increased transportation costs, and geopolitical tensions.
• Inflation: Rising inflation is impacting consumer spending and retailer margins. Companies are focusing on cost management, value pricing strategies, and product innovation to remain competitive.
• Competition: Competition remains intense, with both traditional brick-and-mortar retailers and e-commerce players vying for market share.

Retail Innovation

• Digital & Technology: Retailers are adopting new technologies to improve customer experience, efficiency, and competitiveness. This includes advancements in e-commerce platforms, mobile apps, and personalized marketing.
• Data Analytics: Retailers are leveraging data analytics to understand consumer behavior, optimize inventory, and personalize marketing campaigns.
• Sustainability Initiatives: Retailers are implementing sustainable practices across their operations, products, and packaging to meet growing demand for eco-friendly choices.

Infrastructure

Infrastructure Expansion and Job Creation

• Company Investments: Paul Mueller Company is investing $22 million to expand its Springfield, MO headquarters, adding over 100,000 square feet of space and creating 133 new jobs. The expansion includes a new facility for assembling large production modules, doubling R&D space, and enhancing employee amenities. The company will benefit from the Missouri Works program, providing capital through withholdings or tax credits for job creation, and Missouri One Start, which assists eligible businesses with recruitment and training.

Hydrogen and Carbon Capture Technology

• H2Teesside Project: Technip Energies has been awarded the Front-End Engineering Design (FEED) contract by bp for the H2Teesside project in the UK, set to be one of the UK’s largest low-carbon hydrogen production facilities integrated with carbon capture technology. Technip Energies will deliver a comprehensive design utilizing in-house expertise and global best practices, integrating hydrogen and carbon capture technologies.
• Decarbonization Integration: The H2Teesside hydrogen production and distribution pipeline will integrate with other decarbonization projects in the region. CO2 captured from the facility will be exported to the Northern Endurance Partnership (NEP) CO2 gathering system.

Infrastructure Development and Growth

• Government Stimulus: The Zacks Building Products – Heavy Construction industry is maintaining momentum, fueled by a significant U.S. government infrastructure push focused on enhancing roads, bridges, and broadband connectivity.
• Increased Demand: Industry players are benefiting from rising demand across sectors such as communications, power transmission, and other infrastructure projects.
• Challenges and Opportunities: Despite challenges like project delays, a competitive labor market, and rising costs, companies are well-positioned to capitalize on opportunities in this strong market environment.

Infrastructure Investment Trusts (InvITs)

• National Infrastructure Trust IPO: National Infrastructure Trust, sponsored by Gawar Construction Ltd, has filed preliminary papers for a Rs 1,600 crore Initial Public Offering (IPO). The IPO comprises a fresh issue of units aggregating up to Rs 1,200 crore and an Offer For Sale (OFS) of units valued up to Rs 400 crore by the sponsor selling unitholder.
• Proceeds Utilization: The proceeds are proposed to be utilized towards providing loans to project SPVs for pre-payment of external borrowings and repayment of unsecured loans availed by the project SPVs from the sponsor.

Infrastructure Company Performance

• Financial Performance Highlights:
  • Ceigall India reported a 76.53% growth in consolidated net profit from continued operations to Rs 77.85 crore in Q1 FY25, with revenue from operations up 26.49% to Rs 822.39 crore.
  • Bondada Engineering secured a Rs 575.74 crore contract to execute solar projects in Maharashtra.
  • JSW Infrastructure saw a fall in net profit to Rs 292.44 crore in Q1 FY25, though revenue from operations grew by 14.99% year on year.
  • Patel Engineering is targeting a top-line growth of around 10% for the current year, focusing on maintaining profitability through cost management and reduced interest expenses.

Cybersecurity Threats

• Seattle-Tacoma Airport Cyberattack: Seattle-Tacoma International Airport is grappling with a cyberattack that has disrupted its internet, phone, email, and other systems. The attack has affected flight and baggage details, airport apps, and website access. The airport is investigating the incident with external experts and federal partners, including the TSA and Customs and Border Protection. Travelers are advised to allow extra time and use airline mobile applications for boarding passes and bag tags.

Commodities

Oil & Gas

• PetroChina Performance: PetroChina reported record operating profits for the first half of 2024, driven by strong drilling output and higher oil prices. Net income reached 88.61 billion yuan ($12.44 billion), up 3.9% year-on-year. This strong performance was attributed to robust international crude oil prices and a surge in domestic natural gas demand.
• Production Growth & Exploration: PetroChina’s oil and natural gas equivalent output increased to 905.5 million barrels, up from 893.8 million barrels the previous year. The company promoted new projects and focused on exploration and development, leading to significant discoveries in key basins.
• Valeura Production Ramp-Up: Valeura Energy successfully ramped up oil production at its Nong Yao C development in the Gulf of Thailand. The Nong Yao complex is now operating at full processing capacity, with stable average production of 13.4 mbbls/d. Combined with the Wassana field, total production averaged 26.2 mbbls/d.
• Chevron-Hess Acquisition Delay: Chevron’s acquisition of Hess is facing delays due to a contractual dispute regarding the Stabroek block in Guyana. ExxonMobil is challenging the deal, claiming Chevron’s purchase triggers a right of first refusal clause. The matter is currently in arbitration.

Metals

• Gold Price Fluctuations: Gold prices dipped slightly but remained near record highs. Safe-haven demand, driven by geopolitical tensions in the Middle East and expectations of a U.S. Federal Reserve interest rate cut, provided support. Spot gold was flat at $2,515.83 per ounce.
• Copper Price Surge: Copper prices rose to an almost six-week high, supported by investor demand and optimism over potential interest rate cuts in the U.S. Copper for September delivery briefly touched $4.3065 per pound, its highest level since July 18.
• First Atlantic Nickel Project: First Atlantic Nickel Corp. made significant progress at its Atlantic Nickel Project in Newfoundland, Canada, completing Phase 1 road upgrades and expanding exploration efforts along the 30 km nickel-bearing trend.

Renewable Energy

• KPI Green Energy Expansion: KPI Green Energy shares rallied after the company announced its subsidiary, Sun Drops Energia Private Limited, received a 13.30 MW solar power plant project. The company reported a 98% year-on-year profit increase for the June quarter.

Other Commodities

• Durian Market Competition: Malaysia’s first shipment of fresh durian to China has arrived, competing with Thailand and Vietnam for market share. China imported 1.4 million tonnes of durian last year, with 68% coming from Thailand.
• Global Bitumen Market Growth: The global bitumen market is projected to reach US$ 116 billion by 2034, driven by the growing number of construction projects worldwide, particularly in waterproofing applications.
• Toughened Glass Industry: The global toughened glass industry is projected to reach US$ 94.6 billion by 2034, fueled by demand for energy-efficient building materials and safety glass regulations.

Other

• Fractal Agriculture Investment: Fractal, a farmer financing company, announced the expansion of its farmland co-investment product, raising over $15 million in capital and deploying $8 million to farmers across the Midwest.
• Calibre Mining Resource Expansion: Calibre Mining Corp. announced additional resource expansion drill results from its Pan Heap Leach Gold Mine in Nevada, showing higher gold grades than the stated Mineral Resource grade, potentially increasing mine life.
• Premier American Uranium Drill Results: Premier American Uranium Inc. reported positive preliminary drill results from its Cyclone ISR Uranium Project in Wyoming, with mineralized intervals consistent with previous technical reports.
• Volt Lithium Expansion: Volt Lithium Corp. announced the deployment and installation of its first Field Unit in the Permian Basin, Texas, processing over 200,000 liters of oilfield brine daily, doubling its previous capacity.
• Fancamp Exploration Agreement: Fancamp Exploration Ltd. partnered with Lode Gold Resources Inc. to advance mineral exploration in the Yukon and New Brunswick.
• Premier Energies IPO: Premier Energies, a solar PV cells and modules manufacturer, received 9,35,61,699 bids for shares against 4,46,40,825 shares on offer, indicating a subscription rate of 2.10 times.
• Cartier Resources High-Grade Gold: Cartier Resources Inc. announced high-grade gold results for the VG10 Zone at its Chimo Mine Project in Quebec, Canada.
• Archrock Acquisition: Archrock, Inc. announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, clearing the way for its acquisition of Total Operations and Production Services, LLC.
• Coal India Contribution: Coal India Ltd’s contribution to the government’s exchequer rose 2.06% to Rs 20,071.96 crore in the April-July period.
• Pasofino Gold Liberia Project: Pasofino Gold sees Liberia as a strong candidate for gold mining due to its pro-mining stance, favorable laws, and high levels of Foreign Direct Investment. The company’s Dugbe Gold Project holds a significant resource of approximately 3.3 million ounces of gold.
• WestKam Gold Acquisition: WestKam Gold Corp. finalized a purchase agreement with Ameranium Resources Corp. for the Powerline One Project, a 2,649-acre uranium property in Utah.
• Cerro de Pasco Exploration: Cerro de Pasco Resources Inc. received authorization from the Peruvian Ministry of Energy and Mines to begin exploration at the Quiulacocha Tailings Project, marking the first such exploration within a tailings storage facility in Peru.
• Woodside Energy Performance: Woodside Energy Group Ltd. reported a decline in operating revenue and underlying net profit for the first half of FY24, though the company maintained a high dividend payout ratio to return value to shareholders.

Politics & Legal

Presidential Debate

• Debate Terms and Tensions: The upcoming U.S. presidential debate between Vice President Kamala Harris and Republican candidate Donald Trump is set to be contentious, with disagreements over the use of open microphones during the event. Trump, citing bias from the ABC network, threatened to withdraw from the debate if microphones remain unmuted, while Harris’s team pushed for open microphones throughout the event.
• Open Microphone Controversy: Trump’s campaign initially agreed to the same terms as CNN’s June debate, which included muted microphones. However, Trump later expressed a preference for open microphones, citing his dislike for the mute option used in the last debate.
• Public Opinion and Impact: The September 10 debate is considered a pivotal event, with Harris holding a slight edge in betting odds, although Trump has led in some polls. Recent social media posts from Trump, however, have cast doubt on his participation.
• Harris vs. Trump: While Harris leads in most polls, a recent Rasmussen poll, potentially an outlier, showed Trump ahead by 3 points.

Securities Fraud Lawsuits

• False and Misleading Statements: Several companies have been hit with class action lawsuits alleging false and misleading statements about their operations. PDD Holdings Inc. (formerly Pinduoduo Inc.) faces accusations of making misleading statements regarding malware in its applications, goods produced by forced labor, and the associated legal and political risks.
• Manufacturing Challenges: Methode Electronics, Inc. is accused of misleading investors about its manufacturing challenges, including employee shortages, production planning deficiencies, and logistical defects, impacting its financial performance and its ability to achieve its 2023 diluted EPS guidance and organic sales CAGR.
• Revenue Recognition Practices: Spire Global, Inc. is facing a shareholder class action lawsuit alleging misrepresentations about its revenue recognition practices for its Space Services contracts.
• Market Share Misrepresentations: A class action lawsuit claims that Extreme Networks, Inc. misrepresented its organic demand, revenue growth, and market share gains to investors, hiding a decline in organic demand and revenue by relying on backlog fulfillment.

Political Campaign Finance

• Crypto Industry’s Political Investments: The cryptocurrency industry has committed a record $119 million to the 2024 presidential election. Major companies like Coinbase and Ripple are directing funds to pro-cryptocurrency candidates.
• Trump’s Bitcoin Embrace: Donald Trump’s recent embrace of Bitcoin has been attributed to a coordinated effort by three Puerto Ricans who successfully persuaded him of the cryptocurrency’s potential.
• Crypto Advocacy: Pro-cryptocurrency attorney John Deaton, challenging Elizabeth Warren in the 2024 election, criticized the senator’s stance against price gouging by corporations, highlighting her past legal defense of insurance companies.

International Relations

• Trade Tensions and Escalating Conflict: China’s escalating military investment in the Western Pacific and its stance on Taiwan are highlighted by the $15.3 billion, or 7% of its defense budget, allocated to military exercises in the region in 2023.
• China-US and China-Canada Tensions: Despite heightened tensions, Jake Sullivan, the U.S. National Security Advisor, has landed in Beijing, hinting at a potential summit between U.S. President Joe Biden and Chinese President Xi Jinping. The Chinese Embassy in Canada has condemned Canada’s imposition of a 100% tariff on Chinese electric vehicles, characterizing the move as trade protectionism and politically motivated.
• Russia-Ukraine War Escalation: Russia launched a wave of drone and missile attacks on Ukraine, killing at least five people, raising concerns about the escalation of the conflict.

Domestic Political News

• Travis King Case: U.S. Army Private Travis King, who defected to North Korea last year, will plead guilty to five charges, including desertion.
• Durov Arrest and Freedom of Speech: The arrest of Pavel Durov, founder of Telegram, in France has sparked global reactions, with accusations of U.S. orchestration and concerns about freedom of speech.
• Voting Integrity Concerns: Margaret Hoover’s new PBS special examines the reliability of vote counting across America, aiming to address concerns about the integrity of voting systems.
• Cannabis Legalization and Impaired Driving Concerns: Florida law enforcement officials have expressed concerns about impaired driving if cannabis is legalized in the state, while advocates emphasize the importance of education and enforcement of impaired driving laws to mitigate risks.
• Economic Policy Criticism: Vivek Ramaswamy criticized Kamala Harris’ economic agenda, particularly her proposed price controls, drawing comparisons to Venezuela’s economic policies and highlighting the potential for unintended consequences.

Stock Picks

Industrials

Stock Splits

• High Priced Stocks: Booking Holdings (BKNG), AutoZone (AZO), and MercadoLibre (MELI) are all trading above $2,000 per share. Despite the recent market correction, a stock split could be likely for these companies if growth continues and the current market trend reverses.
• Stock Split History: Booking Holdings last split its stock in 2005, while AutoZone has not split its stock since 1994. Given their significant price increases in recent years, both companies may consider a split soon.

Investor Sentiment

• Druckenmiller’s Buys: Renowned investor Stanley Druckenmiller has recently added positions in Philip Morris International (PM) and Coherent (COHR). His investment in Philip Morris reflects confidence in the company’s focus on smoke-free products. Coherent, benefiting from the AI boom, has also caught Druckenmiller’s attention, as evidenced by his investment in Nvidia.

PSU Bank Index

• Nifty PSU Bank Index: The index has shown an upward trend, driven by expectations of economic recovery and government support for public sector banks. The recent correction presents an opportunity for investors to accumulate shares at lower levels.
• Key Support Levels: Investors can consider buying at the key support levels of 6,960, 6,900, and 6,825 to capitalize on the anticipated outperformance of the Nifty PSU Bank Index.

Capital Goods

• BSE Capital Goods Index: The index has gained recently, with ABB India, Kaynes Technology, NBCC (India), Sona BLW Precision Forgings, and Larsen & Toubro among the top performers.
• Market Performance: Despite gains in the sector, companies like Timken India, Hindustan Aeronautics, and Praj Industries have experienced declines, indicating mixed investor sentiment toward the capital goods sector.

Overbought Stocks

• RSI Indicator: Several stocks are currently trading in overbought conditions according to the RSI indicator, suggesting they may be due for a short-term correction. Caution is advised when trading overbought stocks, especially if divergence is observed in other momentum oscillators.
• Overbought Stocks List: Minda Corp, Allcargo Logistics, Central Depository Services (CDSL), ICICI Lombard General Insurance, and Vijaya Diagnostic Centre are all currently overbought and could be vulnerable to a short-term pullback.

Miscellaneous

Legal Action

• Class Action Lawsuits Filed: Several class action lawsuits have been filed against companies like Arbor Realty Trust, Inc., Five Below, Inc., DXC Technology Company, and Indivior PLC. The complaints allege that these companies made misleading statements about their business and financial performance, leading to losses for investors.
• Investor Action Encouraged: Investors who experienced losses are encouraged to contact legal representatives to discuss their rights and potential involvement in these class action suits. Deadlines for filing lead plaintiff motions are also being announced.

Private Equity in Sports

• NFL Investment Opportunity: The NFL has approved a new policy allowing select private equity firms to acquire up to a 10% stake in NFL teams. This marks the league’s entry into the world of private equity investment.
• Initial Investment Partners: The first firms approved for this investment include Ares Management, Sixth Street Partners, Arctos Partners, and a consortium comprising Dynasty Equity, Blackstone, Carlyle Group, CVC Capital Partners, and Ludis. The NFL will retain a percentage of any profits generated from future sales of ownership stakes by private equity firms.

Stadium Naming Rights

• Northwest Stadium: The Washington Commanders’ new stadium will be named Northwest Stadium following a naming rights agreement with Northwest Federal Credit Union.
• Financial Terms: The deal is valued at an average annual amount in the low $8 million range, which includes Northwest branding across the stadium, including a new logo. The Commanders are still deciding between Washington, D.C., and Virginia for the stadium’s location.

Nature-Based Education

• Free Teacher Workshops: The Canadian Museum of Nature is offering free, virtual, nature-based workshops for teachers across Canada. These live and interactive sessions, led by museum educators, cover various natural science topics.
• Curriculum Alignment: The workshop content is tailored to align with the curricula in each province and territory. The three free workshops offered are: Coastal Adventure, Exploring Rocks and Minerals, and The Raven’s Riddles.

Korean Cultural Center Exhibition

• Hangeul Wall Unveiling: The Korean Cultural Center New York (KCCNY) is hosting the unveiling of the world’s largest Hangeul Wall, created by artist Ik-Joong Kang. This 26 x 72 foot wall features 20,000 Hangeul tiles, connecting the knowledge and experiences of global citizens.
• Featured Artwork: The exhibition includes two significant loaned artworks by Kang: “1392 Moon Jars (Wind)” and “Throw Everything Together and Add,” which illustrate key points in his artistic journey. Kang’s work bridges East and West through his evocative art.

“To Live & Dine” Food Festival

• Miami Culinary Event: MIAMI Magazine’s annual food festival, “To Live & Dine,” returns to Paradise Plaza in the Miami Design District, offering a delicious night out showcasing South Florida’s culinary scene.
• Event Details: Taking place on September 10, 2024, from 6 pm to 9 pm, attendees can sample dishes from top Miami restaurants and food concepts, enjoy refreshing cocktails, desserts, and Romeo and Julieta Cigars. A portion of the proceeds will benefit Chapman Partnership, an organization that assists individuals experiencing homelessness.