Track market-moving stories before they get noisy

Summary:

EUR/USD climbed to its highest level in more than six weeks after breaking above 1.1500. Softer expectations for further Federal Reserve tightening continued to pressure the US dollar. Traders now await ISM manufacturing data before shifting attention to Friday's US payrolls report. The euro began the week on a stronger footing, extending last week’s rally as broad-based weakness in the US dollar continued to support the common currency. EUR/USD climbed above 1.1500, reaching its highest level since mid-June after investors scaled back expectations that the Federal Reserve will need to resume raising interest rates this year.

Last week’s Fed meeting marked a turning point for the dollar. Although policymakers left interest rates unchanged, markets were unconvinced that officials are prepared to deliver another hike unless inflation accelerates significantly. Treasury yields retreated after the meeting, dragging the greenback lower across major currency pairs and allowing the euro to recover sharply from July’s lows.

At the same time, geopolitical concerns eased after reports that the United States postponed further military action against Iran. The decline in oil prices that followed helped reduce immediate inflation concerns, removing one of the main factors that had recently supported the US dollar.

US economic data now becomes the next catalyst for EUR/USD With the Federal Reserve now temporarily out of the spotlight, investors are turning their attention to incoming economic data for fresh clues on the direction of US monetary policy.

Monday’s ISM Manufacturing PMI will offer an early indication of how the US industrial sector performed in July after recent signs that business activity has begun to stabilize. Markets will also monitor the S&P Global Manufacturing PMI for confirmation of broader economic momentum.

However, attention is already shifting toward Friday’s Nonfarm Payrolls report, widely regarded as the week’s most important release. A resilient labour market could revive expectations for tighter monetary policy later this year, while weaker employment growth would strengthen the view that the Fed has reached the end of its tightening cycle.

That makes this week’s data particularly important for EUR/USD after last week’s breakout.

Euro buyers regain technical control The technical picture has improved considerably over the past several sessions.

After establishing support around 1.1350, EUR/USD has produced a strong impulsive recovery, breaking through the psychological 1.1500 level while also clearing the descending trendline that had capped prices since June.

The rally has been accompanied by a move back above both the 100-day and 200-day moving averages, reinforcing the argument that medium-term bullish momentum is returning. Price is now consolidating just below 1.1560, suggesting buyers are pausing after a rapid advance rather than showing signs of exhaustion.

A sustained move above 1.1558 would expose the June high near 1.1620, while a successful break there could encourage a broader recovery toward 1.1650.

Bullish Outlook The outlook remains positive while EUR/USD holds above 1.1480. Continued weakness in the US dollar and softer Treasury yields could allow buyers to challenge 1.1558, with 1.1620 becoming the next major upside objective.

Bearish Outlook Failure to hold above 1.1480 would increase the risk of profit-taking after last week’s rally. A decisive break below 1.1430 could expose 1.1350, signalling that the recent recovery was only corrective rather than the beginning of a broader trend reversal.

On the downside, the first layer of support sits near 1.1480, followed by 1.1455, which represents the midpoint of the latest advance. A move below 1.1430 would weaken the current bullish structure and suggest that sellers are regaining control.

EUR/USD Outlook The near-term outlook for EUR/USD remains constructive after last week’s decisive break above the 1.1500 psychological level shifted momentum back in favour of buyers. However, the pair is entering a data-heavy week that could determine whether the rally has enough strength to extend toward the June highs. Traders will closely monitor the US ISM Manufacturing PMI and Friday’s Nonfarm Payrolls report for fresh clues on the Federal Reserve’s policy path. Softer-than-expected US data could reinforce dollar weakness and lift EUR/USD toward 1.1620, while stronger economic readings may trigger a pullback as investors revive expectations of tighter US monetary policy. For now, the broader bias remains bullish as long as the pair holds above key support around 1.1480.

The latest earnings report from Tesla (TSLA +0.76%) wasn't pretty. The company missed Wall Street's expectations by roughly 38%, operating profit fell to about $400 million from $923 million a year earlier, and free cash flow swung to negative $1.1 billion as capital spending surged. Not surprisingly, the stock sold off sharply. Yet CEO Elon Musk sounded remarkably unconcerned.

Instead of focusing on weak quarterly results, Musk emphasized what Tesla is building: autonomous driving, robotaxis, Optimus humanoid robots, and the AI infrastructure needed to support those businesses. Management is intentionally spending heavily today because it believes those investments could create substantially larger revenue streams over the next decade. So the question is: Is that confidence justified?

Musk's view The automotive business is clearly under pressure. Vehicle pricing remains competitive, regulatory credit sales have declined, and margins continue to face pressure. Tesla's automotive gross margin fell to roughly 16.3% during Q2, well below the levels investors became accustomed to just a few years ago. Meanwhile, the company continues spending billions on AI infrastructure, compute capacity, factories, and robotics, helping drive free cash flow to negative $1.1 billion during the second quarter.

If Tesla were simply an electric vehicle manufacturer, those trends would be concerning enough to justify a much lower valuation. But that's not how Musk wants investors to view the company.

Image source: Getty Images.

His argument is that today's earnings tell investors very little about Tesla's long-term value because the company's biggest opportunities haven't yet begun contributing meaningful profits. Robotaxis remain in the early stages of deployment, Optimus is still under development, and Tesla continues investing aggressively in AI training infrastructure that management believes will support both businesses.

Big promises Of course, that doesn't mean investors should simply ignore the disappointing quarter. Tesla has a long history of making ambitious promises years before they become commercially meaningful. Some have eventually materialized. Others have taken much longer than originally projected. As a result, you should probably discount future projections until they begin showing up in measurable financial results.

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This is especially important because Tesla's valuation still depends heavily on businesses that remain largely unproven at scale. Wall Street appears increasingly unwilling to assign premium multiples based solely on future possibilities, which helps explain why the stock reacted so negatively despite Musk's optimistic tone.

That said, if you're long on Tesla, the investment thesis hasn't fundamentally changed. Tesla is no longer just about electric vehicle sales. It's increasingly a bet on whether the company can successfully commercialize autonomous transportation, robotics, and artificial intelligence before competitors catch up. And that makes quarterly earnings less important than actual execution.

Missing earnings by 38% certainly isn't good news. But if Musk ultimately delivers profitable autonomous driving and robotics businesses, this quarter will likely be remembered as little more than an expensive investment period. If those initiatives disappoint, however, the market may conclude that the automotive business alone isn't enough to justify Tesla's premium valuation.

SummaryCompaniesAnalysts say Novo could lift full-year guidanceInvestors look for signs of sustainable turnaroundU.S. obesity market could be worth $100 bln by end of decadeNovo Nordisk reports Q2 earnings on August 5Novo faces headwinds to expand beyond obesity, diabetesLONDON, Aug 3 - Novo Nordisk (NOVOb.CO), opens new tab investors have found little cause for optimism during a bruising two-year period of profit ​warnings, leadership upheaval and a sliding share price as rival Eli Lilly (LLY.N), opens new tab streaked ahead. Now they may have reason for hope.

Despite Novo having lost ground in ‌injectable GLP-1s in recent years, the Danish obesity drugmaker is getting a boost from its new Wegovy weight-loss pill that is holding onto its lead against Lilly's more recently launched Foundayo.

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The pair are battling for dominance in the obesity drug market, which analysts expect to be worth more than $100 billion by the end of the decade in the United States alone.

Novo's shares have climbed some 35% from a March low, with ​the company looking to go on the offensive - including with a divisive court case against Lilly over what it calls misleading marketing in the vital U.S. market.

"Novo is a ​different Novo today than a year ago," said Morten Gregersen, chief portfolio manager at Danish asset manager Formuepleje, a Novo shareholder. "They're much more ⁠consumer-oriented and they've become much more aggressive."

NOVO VS LILLY: COMEBACK STORY?Analysts and shareholders will look for clues from management that Novo's turnaround is durable when the company reports second-quarter results ​on August 5, and that it can keep pace with Lilly over the longer term.

The U.S. drugmaker reports results on the same day, and analysts broadly expect robust sales of its blockbuster ​weight-loss and diabetes injections, Mounjaro and Zepbound.

Recent IQVIA prescription data suggests demand for oral Wegovy remains stronger than analysts initially expected and well above Lilly's Foundayo, although Barclays noted the figures understate total Foundayo demand because they exclude certain distribution channels.

"One of the concerns had been that orforglipron from Lilly was going to come along and make things a lot tougher for oral Wegovy," said Barclays analyst James Gordon, using ​the generic name for Foundayo. "But so far... orforglipron doesn't really seem to have impacted the product."

ARE WE AT AN INFLECTION POINT?Novo spent 2025 on the defensive as mounting U.S. pricing pressure ​and competition led to four guidance cuts and wiped billions from its market value. The company replaced its CEO and launched a restructuring that cut 9,000 jobs.

This year, Novo has regained some momentum with ‌oral Wegovy, ⁠which it launched in the U.S. in January, firing hopes that the worst may be behind it.

The pill, however, has yet to alter the broader picture. After overtaking Wegovy injections last year, Lilly's Zepbound has maintained a commanding lead in the U.S. market, with weekly prescriptions more than double those of Novo's drug in recent months. Novo's ability to broaden beyond obesity and diabetes is also under scrutiny after a recent heart disease drug trial fail.

"The real question is...when is the inflection point? Which particular quarter looks like a trough, and then do we see ​growth back from that point?" said HSBC analyst ​Rajesh Kumar.

He said expectations for 2026 had ⁠improved, though that partly reflected generic competition for Wegovy arriving later than previously expected, pushing some of the pressure into 2027 rather than eliminating it.

NOVO NORDISK LOOKS TO 'MAKE SOME NOISE'Novo and Lilly's rivalry has spilled into the courts. Last month, Novo sued Lilly in a U.S. federal ​court, accusing it of false advertising for using comparisons of efficacy that omit its newer, higher-dose Wegovy. Lilly has denied the allegations.

BMO ​analyst Evan Seigerman said that ⁠Novo was being more "aggressive" and trying to "make some noise", even if the suit was unlikely to make a huge difference.

"It's kind of like using a lawsuit as a bit of publicity to shift opinions," he said.

Others like Sven Borho, managing partner at Orbimed, said that the suit would struggle to change the perception in the U.S. that Zepbound was superior to Wegovy. Instead, he said ⁠Novo needed to ​strike deals in the obesity space to persuade the market that they can compete with Lilly long term.

Analysts ​said Novo could edge up its full-year outlook, though the main positive may be a lack of crisis and drama.

"Even if there is no guidance raise, it will be comforting to know that the company has left the era of ​profit warnings," said Markus Manns, portfolio manager at Union Investment.

Reporting by Maggie Fick and Bhanvi Satija; Additional reporting by Stine Jacobsen and Michael Erman; Editing by Adam Jourdan and Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Maggie is a Britain-based reporter covering the European pharmaceuticals industry with a global perspective. In 2023, Maggie's coverage of Danish drugmaker Novo Nordisk and its race to increase production of its new weight-loss drug helped the Health & Pharma team win a Reuters Journalists of the Year award in the Beat Coverage of the Year category. Since November 2023, she has also been participating in Reuters coverage related to the Israel-Hamas war. Previously based in Nairobi and Cairo for Reuters and in Lagos for the Financial Times, Maggie got her start in journalism in 2010 as a freelancer for The Associated Press in South Sudan.

Bhanvi is a London-based reporter covering European pharmaceutical companies and the healthcare industry. She previously covered U.S. health and pharma firms, with a focus on the new weight loss drugs that are transforming the obesity treatment space. Her coverage includes a trend piece on the underuse of their weight-loss drugs among men, increased interest in therapies being developed for preservation of lean mass, and a scoop on gene therapy maker Sarepta defying an FDA order to stop shipping its muscular dystrophy treatment.

Pound-Dollar could extend its recovery if US labour market data weakens further, although stronger ISM surveys may help steady the Greenback. The Pound to US Dollar (GBP/USD) exchange rate climbed to a 15-day high last week as investors scaled back Federal Reserve rate hike expectations following softer US economic data and the latest central bank decisions.

At the time of writing, GBP/USD was trading around $1.3483, up approximately 1% over the week.

Latest — Exchange Rates:

Pound to Dollar (GBP/USD): 1.347555 (-0.05%)

Euro to Dollar (EUR/USD): 1.153631 (+0.06%)

Dollar to Yen (USD/JPY): 156.42647 (-0.65%)

Image: GBP/USD monthly returns WEEKLY RECAP:

The US Dollar (USD) opened the week on a firm footing as a cautious market mood boosted demand for the safe-haven currency.

Trading remained subdued until Wednesday evening, when the Federal Reserve left interest rates unchanged by a 9-3 vote and adopted a broadly neutral tone.

Following the decision, markets pared back expectations for further Fed interest rate hikes this year, triggering broad-based US Dollar weakness.

Image: GBP/USD 1-month chart performance Share article

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Selling pressure intensified on Thursday after second-quarter US GDP growth slowed to 1.5%, missing expectations and decelerating from 2.1% in the first quarter.

At the same time, the latest core PCE price index suggested inflation cooled modestly in June, adding to expectations that the Fed may be in no hurry to tighten policy further.

An improving market mood also kept the safe-haven US Dollar under pressure into the end of the week.

Meanwhile, the Pound (GBP) traded without clear direction during the first half of the week ahead of the Bank of England's policy decision.

The BoE announcement provided modest support for Sterling, although gains were uneven as investors assessed the voting split and Governor Andrew Bailey's comments.

Policymaker Catherine Mann joined two colleagues in voting for an interest rate increase after previously supporting unchanged policy, while Bailey reiterated there was little evidence that inflation was becoming entrenched in the UK economy.

After a soft start on Friday, Sterling recovered after Chancellor John Healey confirmed the date of the Autumn Budget and reiterated the government's commitment to maintaining its fiscal rules, helping reassure investors.

Image: Pound-to-Dollar exchange rate forecast consensus range as of August 2026 Share article

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Near-Term GBP/USD Forecast: Non-Farm Payrolls Report in Focus Looking ahead, the US ISM manufacturing and services PMIs on Monday and Wednesday are expected to provide the first major clues on the health of the US economy.

If both surveys point to improving business activity, the US Dollar could regain some support.

However, the week's key release will be Friday's US non-farm payrolls report.

A stronger-than-expected increase in employment could revive support for the Greenback, although any further rise in the unemployment rate may offset the positive impact.

Meanwhile, the UK's final services PMI on Wednesday is the main domestic release for Sterling. Confirmation that the UK's dominant services sector returned to growth in July could provide additional support for the Pound.

Exchange Rates UK Research Our currency coverage draws on live market data, official economic releases and published bank research.

Greb Abel's Berkshire Hathaway (BRKA +0.21%) (BRKB +0.36%) is shaping up to be similar to Warren Buffett's, but with the new CEO's signature decisive, bold stamp.

One of the features that stands out in his approach is a focus on acquiring whole companies. That's not anything new; Berkshire Hathaway owned almost 200 businesses outside of its stock portfolio before he became CEO at the beginning of the year. But with its record nearly $400 billion stockpile, Abel is finding greater opportunity in buying whole businesses than stocks.

Let's look at what that means for shareholders.

What's happening at Berkshire Hathaway with Abel at the helm Abel demonstrated that he's taking a new direction with his portfolio moves in the first quarter. He sold 15 positions, concentrating on its highest-conviction stocks, and bought two new ones: Delta Air Lines and Macy's. Those positions are worth $2.6 billion and $55 million, respectively.

He also tripled the company's position in Alphabet, adding more than $10 billion in Alphabet stock, although Buffett has taken credit for the Alphabet purchase.

Image source: Getty Images.

The company has also purchased two whole subsidiaries since Abel took office. It completed the purchase of OxyChem from Occidental Petroleum for $9.7 billion in January, a deal started when Buffett was still CEO, and it acquired homebuilder Taylor Morrison in June for $6.8 billion.  

Buffett praised Abel's dealmaking abilities, saying that Berkshire's new CEO spearheaded the acquisition. "Greg did that faster than I could have done it, smoother than I could have done it, and I never talked to the CEO. He has launched."

The implication is that Abel put more of the company's money into buying whole businesses -- $6.8 billion -- than into buying stocks -- under $3 billion -- in the deals he worked himself.

With $398 billion in cash, there are many opportunities Investors can speculate about why Berkshire is keeping so much cash, but Buffett said that he simply doesn't see great opportunities in the market. It is certainly richly valued today, and it's driven by artificial intelligence (AI) upstarts, some of which have high valuations and no profits. Those aren't the kinds of investments Buffett or Abel looks for.

With $398 billion in cash, Abel is finding value in whole companies instead. When he buys businesses, their financials get folded into Berkshire's, and shareholders gain from operating results rather than portfolio moves.

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This strategy also removes some optionality from the business; you can trade stocks for cash more easily than sell companies. Berkshire also looks to buy companies it can hold forever, and it rarely sells a subsidiary.

Although it's only been one quarter, and it's too early to say this will be Abel's pattern, it dovetails with this model of sticking to bigger plays with greater concentration. And shareholders, as well as Berkshire Hathaway fans, may see more of this activity driving the company's work.

Qwen and Alibaba logos are seen in this illustration taken, January 29, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesQwen3.8-Max has 2.4 trillion parameters, approaching Kimi K3's sizeIt shoots up AI text and visual model leaderboards, lagging only Anthropic offeringsAlibaba says new model completed software engineering project in 16 daysBEIJING, Aug 3 (Reuters) - China's Alibaba (9988.HK), opens new tab on Monday unveiled what it said is its largest and most ‌capable artificial-intelligence model, the Qwen3.8-Max, which is not far behind in size when compared with an offering from domestic rival Moonshot AI launched last month.

Chinese tech companies — a huge force in open-weight AI models globally — are locked in a ​fierce and fast-moving battle to build more powerful systems without making them prohibitively expensive to ​run.

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Qwen3.8-Max has 2.4 trillion parameters, the numerical settings a model learns from data ⁠and uses to recognise patterns, generate answers, and carry out tasks. Moonshot's Kimi K3 has 2.8 trillion ​parameters.

A higher figure does not automatically make a model better, but it has become a closely watched ​measure of the scale of the computing and data behind advanced AI systems.

Chinese tech companies are keen to publish parameter count to help their models gain traction among the developer community. Their models tend to be open-weight, meaning the ​underlying learned settings that allow developers to run or adapt the system are available for download.

By contrast, ​OpenAI, Anthropic and Google (GOOGL.O), opens new tab do not publish parameter count for their closed-source models.

Qwen3.8-Max was unveiled on crowdsourced, model-comparison platform ‌Arena.AI, ⁠where it immediately became the highest-ranking Chinese model in terms of text models, though it still lags Claude Fable 5 and three Opus variants which are all from Anthropic.

But on Arena.AI's leaderboard for AI models that analyse images and other visual material, Qwen3.8-Max ranked second globally, only behind a Claude Fable 5 variant.

Both ​Qwen3.8-Max and Kimi K3 ​can handle text, images ⁠and video, and process up to 1 million tokens at a time.

Tokens are chunks of data, often parts of words or short words, and a big ​figure means the model can take in large amounts of material in ​one go, such ⁠as long legal files, a large software codebase or hundreds of pages of documents.

Alibaba said its model uses a "mixture-of-experts" design, which divides work among specialised parts of the system instead of switching on the entire ⁠model for ​every request. Only 95 billion parameters are used at a ​time, reducing costs and response delays.

The tech giant said the model completed a software-engineering project in 16 days.

The Qwen3.8-Max is due to ​be released next week through Alibaba Cloud's Model Studio platform.

Reporting by Eduardo Baptista; Editing by Edwina Gibbs

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Eduardo Baptista is a Senior Correspondent for Reuters based in Beijing, covering China’s technology, space, and automotive industries. He has led enterprise and investigative reporting on China’s military-linked companies, artificial intelligence and semiconductor supply chains, as well as macroeconomic and industrial policy. Baptista has reported from China for nearly a decade and holds a BA in History from the University of Cambridge.

Amazon (AMZN +15.32%) shares surged after a strong second-quarter earnings report. What likely really grabbed investors' attention was CEO Andy Jassy predicting that its cloud computing unit, Amazon Web Services (AWS), could become a $1 trillion revenue business. Jassy is not known for his bold predictions, unlike Elon Musk, so this likely carried more weight with investors.

Cloud growth keeps accelerating The highlight of Amazon's quarter was once again AWS, with revenue surging 37% year over year to $42.2 billion. That was an acceleration from the 28% growth it saw in the first quarter and the 24% growth it saw in the fourth quarter. It was AWS' fastest revenue growth in nearly four and a half years (18 quarters).

Jassy said that both its artificial intelligence (AI) and chip businesses now had more than $25 billion revenue run rates, with its AI business growing by triple digits. Its backlog also grew by triple digits to $496 billion.

Operating income in the segment, meanwhile, jumped 63% to $16.6 billion. Its operating margin of 39% has now risen for four straight quarters, helped by use of its custom chips and investments in software and optimization. While Jassy said margins could fluctuate, he also said the steady rise hasn't been random.

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Amazon's e-commerce operation, meanwhile, continues to perform well. Its North America sales jumped by 16% year over year to $116.2 billion, while international sales rose 15% to $42.2 billion. Advertising continues to be a big driver, with ad revenue climbing 26% to $19.8 billion, fueled by its sponsored ad business.

The company once again saw nice operating leverage in its North American e-commerce operations, with its operating income for its North American segment jumping 21% to $9.1 billion. Its international segment saw operating income rise 15% to $1.7 billion.

Overall, Amazon's revenue jumped by 20% year over year to $200.61 billion, which easily topped the $196.47 billion analyst consensus, as compiled by LSEG. Earnings per share (EPS) more than tripled to $2.78, but they included a large gain from Amazon's investment in Anthropic, so they were not comparable to analyst estimates for EPS of $1.82.

Looking ahead, Amazon projected that its third-quarter revenue would climb to between $197 billion and $202 billion (representing growth of between 9% and 12%), which was below the $204.1 billion consensus. Adjusted for the shift in Prime Day, growth would be between 13% and 16%. Currency is expected to be an 80-basis-point drag.

Jassy also said Amazon would increase its capex budget this year, taking it from $200 billion to $220 billion, largely due to higher memory costs. He said AWS demand continues to outstrip capacity and that this will continue in 2027, while adding that "the demand we already have for 2028 is striking." Jassy topped it off by saying he sees AWS becoming a $1 trillion business in time, with strong ROIC (return on invested capital) and free cash flow.

He also went over some basic economics of the cloud business, noting that AWS should break even on its server and networking investments in two to three years, while its servers have useful lives of five to six years and it signs five-year leases. The company's data centers, meanwhile, have over 30-year useful lives, and the economics become stronger over time as Amazon doesn't have to make these upfront data center investments.

Image source: Getty Images.

Jassy has long been derided given the underperformance of Amazon's stock, despite the strong job he's done positioning both the company's e-commerce and cloud computing businesses. However, I think the vision he laid out for AWS becoming a $1 trillion revenue business and simply explaining AWS' economics really struck a chord with investors.

Even after the jump in its stock price, Amazon still trades at an attractive valuation, with a forward price-to-earnings ratio of about 31 times 2026 analyst estimates and 27 times 2027 estimates. That's still a historically low valuation for the stock and well below its retail peers Walmart and Costco. With its e-commerce business humming along and AWS gaining strong momentum, the stock still looks like a long-term buy at these levels.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on two Iranian companies central to what it describes as an illicit insurance program targeting commercial ships navigating the Strait of Hormuz.

Announced on July 29, 2026, the designations target entities accused of compelling vessels to purchase coverage framed as protection against risks that Iran itself largely generates, while channeling proceeds toward the Islamic Revolutionary Guard Corps (IRGC).

The sanctioned firms are the Persian Gulf Marine Insurance Company (PGMIC) and HormuzSafe Marine Services Authority, also referred to as Hormuz Safe.

According to Treasury officials, these organizations facilitate IRGC-endorsed policies that vessels must obtain to pass through the strategic waterway.

The coverage supposedly addresses threats such as ship seizures, yet authorities emphasize that Iran is primarily responsible for creating those very dangers.

Payments under the arrangement have included Bitcoin and other digital assets, which the regime has used in efforts to circumvent international financial restrictions.

Hormuz Safe, developed under Iran’s Ministry of Economy, markets itself as a provider of digital maritime services encompassing insurance, traffic management, security, and emergency assistance for ships in the strait.

Treasury notes that it accepts cryptocurrency payments specifically to sidestep Western sanctions and generates funds on behalf of the IRGC, thereby enhancing the regime’s influence over regional shipping.

The company was promoted on social media by Babak Morteza Zanjani, an Iranian financier previously sanctioned by the United States.

PGMIC, established by Iran’s primary insurance regulator, the Central Insurance of the Islamic Republic of Iran, acts as a broker for policies approved by the Persian Gulf Strait Authority (PGSA).

The PGSA, an IRGC-linked body, had itself been designated by OFAC in May 2026 for providing material support to the Guard Corps.

Both newly sanctioned companies were targeted under Executive Order 13902 for their activities in Iran’s financial sector.

Treasury Secretary Scott Bessent highlighted the economic pressures facing Iran, stating that with the economy in freefall and inflation reaching triple digits, the regime is urgently seeking revenue sources.

He underscored that the United States will not permit Iran to leverage global commerce or shipping routes to finance IRGC activities involving terrorism, aggression, or internal repression.

In parallel actions, OFAC designated several companies and identified multiple tankers as blocked property for their roles in transporting Iranian crude oil and petroleum products.

These vessels form part of Iran’s shadow fleet, a network used to sustain oil revenues despite sanctions. Since the start of 2026, more than 100 such vessels have faced US designations.

The latest measures aim to reinforce military interdiction efforts and intensify pressure on Iran’s energy sector, aligning with broader maximum pressure policies.

The designations freeze any US-based assets of the targeted entities and generally prohibit American persons from engaging in transactions with them.

Foreign parties risk secondary sanctions exposure for dealings involving the designated firms or vessels.

Officials frame the insurance initiative as an attempt to replace revenues disrupted by prior operations, allowing Iran to extract funds under the appearance of legitimate maritime services while tightening control over one of the world’s critical energy transit points. These steps form part of ongoing U.S. efforts to disrupt Iran’s methods of generating income through the Strait of Hormuz and its associated logistics networks.

Market news: Anthropic's annual revenue has risen to $80 billion, and is expected to exceed $100 billion by the end of August.

Market analyst Nick Dorsey revealed that Anthropic's annual recurring revenue (ARR) reached $80 billion as of mid-July, and at this pace, it may exceed $100 billion in ARR by the end of August. Nick Dorsey (@Midnight_Captl), a former global sourcing expert at Apple, focuses on investment analysis in the AI and semiconductor sectors.

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The USD/JPY exchange rate fell 170 pips in the short term, breaking below the 156 level.

USD/JPY's decline widened to 170 pips within 15 minutes, marking its first break below the 156 level since May 6, with a daily drop exceeding 1%. Earlier, the United States and Japan said they would not hesitate to further coordinate foreign exchange market interventions.

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CEO of crypto custody firm BitGo issues a 100 BTC challenge to Anthropic, accusing the latter of overhyping AI hacker risks.

Crypto custody firm Bitgo CEO Mike Belshe deposited 100 BTC into a public Bitcoin address on August 1, worth roughly $6.3 million at the time, and invited Anthropic’s Claude models to attempt to transfer funds out of the address. On-chain records show the wallet received the funds on July 31, and no transfers had been made from the balance as of August 2. Anthropic previously disclosed that 3 incidents were found during 141,006 cybersecurity assessment runs, with 6 assessment sessions involving 3 models accidentally interacting with real organizational systems. The models in question include Claude Opus 4.7, Claude Mythos 5, and an unreleased internal research model, stemming from configuration errors by third-party testing partner Irregular that allowed the test environment to connect to the internet. Belshe’s latest challenge targets Bitgo’s institutional custody platform, which uses multi-signature or multi-party computation technology to distribute signing authority across multiple independent keys. As of August 2, Anthropic has not publicly responded to the challenge.

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South Korea's stock index extended its decline to 5%, with Samsung Electronics and SK Hynix seeing their losses widen to 8%.

According to Bitget market data, South Korea’s KOSPI index extended its morning session decline to 5%, with Samsung Electronics and SK Hynix seeing their losses widen to 8%.

12 minutes ago

HIP-3 decentralized exchange platform Paragon has acquired Unitree Technology’s ticker.

According to data from hl.eco, HIP-3 decentralized exchange Paragon acquired tickers UNITREE (from Unitree) and RDDT (from Reddit) in a recent HIP-3 auction for 577.66 HYPE. Currently, HIP-3 decentralized exchange Paragon has 12 stock contract trading pairs, with daily trading volume in the millions of U.S. dollars, and has been expanding continuously through frequent ticker auctions recently.

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Saylor's Strategy moves 299.84 $BTC ($18.91M), hints at renewed selling after July $216M liquidation

Is Michael Saylor's @Strategy selling $BTC again? A wallet linked to #Strategy moved 299.84 $BTC($18.91M) 9 hours ago. The last time they moved $BTC was between July 1 and July 5. During that week, #Strategy sold 3,588 $BTC($216M).

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XRP-backed exchange-traded funds (ETFs) pulled in $27.29 million in July, marking a fourth straight month of net inflows.

The token itself trades near $1.08, down roughly 40% since the start of the year, in line with a generally poorly preforming crypto market. But many expect intuitional money and these products to be bolstering XRP, and others.

Instituional MoneyCumulative XRP ETF inflows now sit near $1.5 billion, the largest total among altcoin products. The price keeps sliding anyway.

XRP funds have ranked first or second in monthly inflows since April, without barely any outflows. Inflows ran $81.59 million in April, $131.94 million in May, $59.46 million in June, and $27.29 million in July, showing the pace has cooled even as the streak holds.

XRP ETF inflows have had an impressive run of inflows even with the price falling. Image Source: Coin Glass That steady buying stands out against a market where fresh capital keeps concentrating in a handful of tokens. Several smaller altcoin funds recorded no net flows in July. XRP kept adding, even at a slower pace.

Why the Price Isn’t Following the FlowsSteady ETF demand alone hasn’t lifted XRP’s price. Some of the pressure traces to a specific seller. Grayscale chief executive Peter Mintzberg filed to sell XRP ETF shares he acquired before the fund’s listing. He priced the sale at $20.45 a share, about half what earlier Grayscale insiders got in January.

Momentum indicators tell a similar story. XRP recently hit its most oversold readings on record. Traders remain split on whether the sell-off has finished.

Competition for capital plays a role too. Solana funds have pulled in about $1.15 billion since launch, edging back into second place in July. Hyperliquid funds added roughly $293 million in May and June before posting a first monthly outflow in July.

Bitcoin (BTC) and Ethereum (ETH) funds still dominate the category. They pulled in $172 million and $365 million in July, respectively.

Steady ETF buying shows institutional appetite for XRP has not faded. Whether that demand eventually lifts the price may depend on the broader altcoin market finding its footing first.

Joint intervention distorts dollar's strongest macro relationships EUR/USD tests January downtrend amid intervention threat Euro area data surprises strongest since early 2023 July payrolls to decide if dollar weakness persists EUR/USD is testing long-running downtrend resistance in early Asian trade on Monday, reacting to an artificial, and potentially temporary, slide in the dollar late last week. Rather than the economic calendar or technicals, it's likely the Japanese yen that determines whether resistance holds or snaps, with the threat of further joint intervention by Japanese and US authorities likely to dominate proceedings.

Yen intervention remains the dominant FX driver Markets widely expect Japan to announce on Monday that it coordinated with the US to support the yen last week, marking the first joint intervention by the two nations in decades. But the bigger question is whether authorities have finished.

As outlined in our USD/JPY week ahead report released over the weekend, prior intervention episodes suggest there's a strong chance of further action should yen weakness re-emerge. With USD/JPY already rebounding from the earlier session lows, the risk of additional intervention cannot be overlooked on Monday.

That points to further artificial downside in the dollar, driven by factors other than fundamental market forces. Should the intervention episode continue, it would likely provide another tailwind for EUR/USD, increasing the risk the recent rebound extends further.

However, whether that weakness lasts beyond the short term is another matter entirely. A heavy slate of US economic data, including Friday's non-farm payrolls report, will likely determine whether the move can grow into something more sustainable.

Traditional dollar relationships weaken

Source: TradingView

Assessing whether dollar weakness can be sustained is more difficult because some of this year's strongest relationships have weakened sharply over the past week. Over the past month, the US Dollar Index has continued to display a reasonably strong relationship with the Fed funds futures curve, reflecting market expectations for Fed rate hikes between June this year and June next year, along with US two-year Treasury yields, with 20-day correlation coefficients of 0.62 and 0.65 respectively.

However, over the past five sessions those relationships have deteriorated sharply. The correlation with the Fed funds futures curve has fallen to just 0.29, while the relationship with US two-year Treasury yields has weakened to only 0.14. Correlations with other drivers, including energy prices, have also deteriorated over the same period.

While month-end flows may explain part of the shift, the intervention episode unfolding in Japan also appears to be distorting the broader market message. What has driven the dollar for much of this year isn't necessarily what's driving it right now.

Euro data turns a corner

Source: LSEG Workstation

While intervention may be helping propel EUR/USD higher in the short term, it's not the only factor at work. Euro area economic data has staged a remarkable turnaround in recent months, with the Citi Economic Surprise Index, which measures whether data is beating or missing economists' forecasts, rebounding sharply from the lows seen during the early stages of the Iran conflict.

The recovery has been nothing short of V-shaped. Having languished in deeply negative territory in April, the index has surged to its highest level since early 2023, pointing to a growing prevalence of upside surprises across the euro area. Friday's inflation report only reinforced that trend, with both headline and underlying inflation accelerating, strengthening the case for another ECB rate hike.

By contrast, while the US economy continues to outperform, it is finding it harder to deliver upside surprises relative to elevated market expectations. That suggests EUR/USD's rebound is not solely a by-product of intervention-driven dollar weakness, with improving relative fundamentals also helping underpin the move.

The calendar takes a back seat

Source: TradingView

Speculation surrounding further intervention, along with the associated flows through the Japanese yen, are likely to remain the dominant influence on EUR/USD during Monday's session. As a result, the economic calendar may struggle to generate sustained moves unless it delivers a surprise.

Of the scheduled releases, US ISM services PMI looks the most likely candidate to spark a fundamentally driven move, although even that may be giving it too much credit in the current environment. The US Treasury's quarterly refunding announcement will also attract attention, but it's typically Wednesday's release detailing the composition of debt issuance that has the greater market impact.

The Senior Loan Officer Opinion Survey rounds out the calendar. While it has influenced markets before, it's a backward-looking report and, against this unique backdrop, its ability to generate meaningful volatility looks extremely limited.

Trendline showdown

Source: TradingView

Looking at EUR/USD on the daily timeframe, the technical stakes today are high with the pair now trading through downtrend resistance that's been in place since the highs set in late January.

The descending triangle structure that had contained price action last week was shattered following the Fed decision last Wednesday, delivering a breakout that saw EUR/USD push not only through former resistance at 1.1480, but also the 50-day simple moving average, extending the move into a test of the long-running downtrend. That becomes the key level to watch today, along with the 100-day simple moving average sitting marginally above at 1.1569.

A clean break and close above the trendline would strengthen the view that a trend change may be taking place, opening the door towards the 23.6% Fibonacci retracement of the January 2025 to January 2026 bull move at 1.1633, which also coincides with the 200-day simple moving average. Beyond that, 1.1670 is the next level to watch, with a break above opening the door towards 1.1800 and 1.1850.

On the downside, should the downtrend continue to cap gains, a reversal back towards the confluence of the 50-day simple moving average and former resistance at 1.1480 may be on the cards. A break beneath that would open the door for a retest of the support zone comprising the 38.2% Fibonacci retracement of the January 2025 to January 2026 bull move, horizontal support at 1.1364, and the June 24 swing low at 1.1325.

The oscillators continue to favour further upside. RSI (14) continues to push above the neutral 50 level without entering overbought territory at 64, while MACD has confirmed the bullish signal with a crossover above the signal line and a move back into positive territory. However, that message comes with the caveat that artificial factors have played a significant role in the latest bout of euro strength.

Toyota logo on display at the 47th Bangkok International Motor Show 2026, in Bangkok, Thailand, March 24, 2026. REUTERS/Athit Perawongmetha/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesLSEG median estimate sees April-June operating profit at 1.11 trillion yen, down 5% year on yearToyota and Lexus global first-quarter sales fall 3% to just over 2.5 million unitsQuake prompts halt at three regional plants through Wednesday and ​another in central Japan through FridayTOKYO, Aug 3 (Reuters) - Toyota (7203.T), opens new tab is forecast to post a fifth straight ‌quarterly operating profit decline this week, hit by weaker vehicle sales and rising costs, as investors gauge the impact of last week's earthquake in southern Japan.

The world's biggest automaker is expected to report 1.11 trillion yen ($7.04 billion) in profit for the April-June quarter on Tuesday, down ​5% from a year earlier, according to the median estimate of eight analysts surveyed by LSEG.

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Analysts said weaker ​sales volumes in some overseas markets and rising costs across the supply chain linked to ⁠the conflict in the Middle East likely weighed on earnings during the period.

Global sales of Toyota and Lexus vehicles fell ​3% to just over 2.5 million units in the first quarter, with sharp declines in China and the Middle East ​outweighing modest growth in the United States.

Investors will also be looking for clues on the fallout from a deadly earthquake that struck Japan's Kyushu island last week, disrupting production at suppliers and forcing Toyota to halt output at four domestic plants.

Toyota has suspended production at three plants ​in the region through Wednesday and halted output at another plant in central Japan through Friday. Two of the ​four plants are vehicle assembly sites.`

The uncertainty was highlighted on Friday when supplier Aisin (7259.T), opens new tab said it could not say when output at a ‌damaged ⁠plant near the quake's epicentre would resume. About 200 people were working on recovery efforts at the site.

Global sales in the quarter were dragged down by a 28% decline in China and a one-third drop in the Middle East.

"The first quarter could be a bit tougher than expected," said Christopher Richter, autos analyst at CLSA, adding that sales volumes appeared ​weaker than expected during the quarter.

Richter ​said Toyota had also ⁠posted weak sales in Oceania and Latin America, where BYD (002594.SZ), opens new tab and other Chinese brands are expanding aggressively.

Toyota's sales in Oceania fell 16%, while those in Central and South America were ​down 5%.

The conflict in the Middle East, which began in late February, has pushed ​up prices for ⁠materials including aluminium and naphtha and disrupted vehicle shipments to the region, analysts have said.

Toyota has also faced pressure on U.S. sales from the transition of its outgoing RAV4 sport utility vehicle to a redesigned version of one of its best-selling models ⁠globally.

Richter said ​investors would be keen to hear details about when the company expects ​the model's sales to accelerate.

Analysts will also be looking for any change to Toyota's 3 trillion yen operating profit forecast for the current financial year, ​particularly as higher material costs and earthquake-related disruptions cloud the outlook.

($1 = 157.5700 yen)

Reporting by Daniel Leussink; Editing by Saad Sayeed

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Daniel Leussink is a correspondent in Japan. Most recently, he has been covering Japan’s automotive industry, chronicling how some of the world's biggest automakers navigate a transition to electric vehicles and unprecedented supply chain disruptions. Since joining Reuters in 2018, Leussink has also covered Japan’s economy, the Tokyo 2020 Olympics, COVID-19 and the Bank of Japan’s ultra-easy monetary policy experiment.

XRP-focused exchange-traded funds (ETFs) posted the highest net inflows among digital asset investment products last week, drawing $15 million while Bitcoin and Solana-related funds faced outflows. Data provided by market analyst CarpeNoctom indicates a shift in investor behavior, with capital increasingly concentrated in select assets rather than spread uniformly across the crypto market.

XRP ETFs surpass Bitcoin and Solana productsWhile XRP ETFs brought in $15 million in net inflows, Bitcoin ETFs recorded outflows of $0.6 million, and Solana funds experienced an even steeper drop with $17 million in outflows. Ethereum ETFs, on the other hand, maintained a minor positive trend, with $0.4 million in weekly net inflows.

This divergence highlights a more selective investor approach, as net inflows were not evenly distributed. In direct comparison, Solana has seen significant ecosystem growth and increased developer activity, yet its investment products faced the largest weekly decline among the major assets tracked.

XRP’s outperformance in the ETF segment reflects growing interest from institutional investors, aided by expanded access to regulated investment vehicles in several jurisdictions. Enthusiasm surrounding Ripple’s ongoing efforts to develop its ecosystem has also been credited with bolstering investor sentiment for XRP products.

XRP spot ETFs have now accumulated approximately $775.5 million in total net inflows since launch, demonstrating persistent institutional and retail support despite broader market shifts.

Strong momentum and accumulation trendsThe strongest inflows were recorded on July 31, when XRP spot ETFs saw $7.11 million in net new capital. This surge followed a $5.57 million inflow on July 30, which means nearly $12.7 million entered XRP ETFs during just two consecutive trading days. These concentrated inflows suggest that institutional interest intensified at the end of the week, rather than accumulating steadily over time.

There were no instances of notable outflows during the week. Instead, XRP ETFs only saw either net additions or a neutral stance, signaling consistent investor commitment. Prior to the final two days, inflows remained positive but more measured—such as $547,000 on July 29 and $533,000 on July 27. Gains of $5.09 million on July 21 and $2.27 million on July 20 underscore an accumulation trend rather than a pattern driven by short-lived speculative trading.

Selective investment focus and innovative accessThese shifts illustrate how demand is becoming more targeted within the crypto investment sphere. Products tied to major coins may no longer respond in unison to broad market sentiment, and investors are making more strategic choices based on perceived fundamentals and ecosystem growth.

Given the importance of closely tracking both asset flows and access points, platforms like 1stepSwap have started to play a larger role. By enabling the direct transfer of real-world assets, such as shares of major U.S. companies and precious metals like gold and silver, onto the blockchain, 1stepSwap offers investors direct exposure through their wallets without requiring intermediaries or complex steps. Its standout feature includes real-time price discovery across markets, making it possible to buy or sell leading stocks within seconds while securing the most competitive rates and broadening portfolio diversification.

If the influx into XRP ETFs remains on this trajectory, their dominance within the expanding digital asset investment landscape could further solidify in the coming weeks.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

NuScale Power Corp (SMR -2.09%) is scheduled to report second-quarter earnings after market close on Aug. 5. The stakes are high.

So far this year, NuScale’s stock price has plunged in value by nearly 50%. The nuclear energy stock now has a market cap of just $3 billion.

And yet analysts from Bank of America believe nuclear energy will be a $10 trillion opportunity over the long term. And NuScale’s small modular reactors, or SMRs, are an ideal solution for the rising energy needs of the artificial intelligence industry.

Why the disconnect between NuScale’s current valuation and its lucrative long-term growth potential? The answer is simply execution risk.

Right now, only a handful of SMR systems operate globally. And while NuScale remains the only company in the U.S. cleared by regulators to build an SMR nuclear facility, it has yet to break ground on any commercial project.

Despite NuScale’s promising technology and project backlog, the market remains skeptical as to whether these projects will ever see the light of day and translate into real revenues and cash flows. The skepticism is reasonable, given that NuScale has repeatedly experienced delays and even outright cancellations of major projects in the past.

If uncertainty surrounding NuScale’s ability to execute on its project pipeline remains the biggest drag on its stock price, this week’s earnings call has the potential to send shares soaring.

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This catalyst could send NuScale Power’s stock price soaringNuScale has several promising projects in its pipeline. Arguably, the most valuable and near-term, however, is its 6 GW system intended for the Tennessee Valley Authority, a major U.S. utility.

This project was announced last September. But meaningful updates have been scarce since the initial announcement. Last September, NuScale’s stock price spiked to $47. Today, shares are priced below $10. A positive update on this project could, therefore, give NuScale shares a much-needed lift.

Image source: Getty Images

Fortunately, there’s a good chance that NuScale will deliver positive news on the project this year. The next catalyst is expected to be the signing of a power purchase agreement, or PPA. A PPA would essentially commit the customer to purchasing power from the project at a certain price for years to come. In short, it would ensure NuScale the revenue stream needed to justify the start of construction.

If a PPA is signed this year, uncertainty surrounding NuScale’s business should drop significantly. Not only would a PPA make it much more likely that the project would move into the construction phase, but it would also clarify uncertainties regarding NuScale’s future financing. It would also add another boost of social validation for NuScale’s technology and go-to-market approach.

"We're hopeful that TVA can come across the line at some point later this year," NuScale's CFO revealed in May, referring to the potential of signing a PPA with the Tennessee Valley Authority.

It’s more likely that an update will come later this year during subsequent earnings calls. But if NuScale’s CFO is accurate in his predictions, the news could break at any time. And given the magnitude of such an announcement, investors looking to gain exposure to the nuclear renaissance, or potentially simply add to their NuScale position at a lower cost basis, may be wise to act sooner rather than later.

Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

CompaniesAug 2 (Reuters) - UK drugmaker AstraZeneca (AZN.L), opens new tab has been exploring a deal to combine with U.S. rival ​Bristol Myers Squibb (BMY.N), opens new tab, the Financial Times reported on ‌Sunday, citing people familiar with the matter.

The deal could create one of the world's biggest pharmaceutical groups with a combined value of ​nearly $400 billion.

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The companies have held talks on a potential ​tie-up in recent months, the report said, adding ⁠that a deal could materialise soon, but could also be ​delayed or fall apart.

Reuters could not immediately verify the report. ​AstraZeneca declined to comment, while Bristol Myers did not immediately respond to a Reuters request for comment outside regular business hours.

Last year, AstraZeneca ​unveiled plans for a direct U.S. listing, aiming to capitalise ​on stronger valuations in the U.S. market while remaining listed in London.

The ‌company's share ⁠price has more than quadrupled during Pascal Soriot's 14-year tenure as CEO, soaring above the wider FTSE 100 index and main British rival GSK (GSK.L), opens new tab.

Second-quarter results last week showed strong demand ​for cancer and ​rare disease ⁠drugs continues to drive growth. Cancer treatments accounted for about $25 billion in 2025 sales, nearly ​half of the total, followed by cardiovascular, ​renal and ⁠metabolism treatments worth about $12 billion.

The report of the potential deal comes about a dozen years after AstraZeneca fended off a takeover ⁠attempt ​by larger U.S. rival Pfizer (PFE.N), opens new tab.

Reporting by Devika Nair in ​Bengaluru and Mi; Editing by Paul Simao and Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Chairman and CEO Ari Bousbib reported a sale of about 106,000 shares of IQVIA Holdings Inc. (IQV -1.17%) for total proceeds of $26.1 million in an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value~$26.1 millionShares sold~106,000Post-transaction shares (total)~1.4 millionPost-transaction shares (directly held)~836,000Post-transaction shares (indirectly held)~543,000Post-transaction value~$341.45 millionTransaction value based on SEC Form 4 weighted average sale price ($245.51); post-transaction value based on July 29, 2026 market close ($247.56).

Key questionsWhat was the structure of this disposition?
The transaction was an exercise-and-sell of stock appreciation rights expiring in February 2027, where 106,279 shares were sold at a weighted average price of $245.51.How does this impact the insider's total equity exposure?
While direct holdings were reduced by 11%, the insider retains a total beneficial position of 1.4 million shares, including significant indirect interests that remained unchanged.What is the significance of the Orohena Trust holdings?
Bousbib maintains indirect ownership of 543,000 shares through the Orohena Trust, providing continued long-term exposure to the company's valuation separate from direct executive compensation.How does the execution price compare to recent market valuation?
The shares were sold at a weighted average price of $245.51, representing a narrow discount to the $247.56 market close on the July 29, 2026 transaction date.Company OverviewMetricValueShare Price (as of market close 2026-07-30)$237.82Market Capitalization$38.8 billionRevenue (TTM)$17.0 billionNet Income (TTM)$1.4 billionCompany SnapshotIQVIA provides sophisticated analytical insights, advanced technology solutions, and comprehensive clinical research services to the life sciences industry through three primary operating segments: Technology & Analytics Solutions, Research & Development Solutions, and Contract Sales & Medical Solutions.The company generates revenue through a diversified business model that combines data analytics, technology platforms, clinical trial services, and sales force outsourcing solutions for pharmaceutical, biotechnology, and medical device manufacturers globally.IQVIA serves pharmaceutical companies, biotechnology firms, medical device manufacturers, and healthcare organizations across the Americas, Europe, Africa, and Asia-Pacific regions, positioning itself as a critical partner in drug development and commercialization.IQVIA Holdings Inc. is a premier global provider of life sciences intelligence and services operating across multiple continents. The company maintains a competitive advantage through its integrated platform combining proprietary data, advanced analytics, and extensive clinical research capabilities, enabling clients to optimize drug development timelines and commercialization strategies. With TTM revenue of $17.0 billion and a market capitalization of $38.8 billion, IQVIA has demonstrated strong market positioning and sustained growth momentum.

What this transaction means for investorsThe rights behind this sale carried a February 2027 expiration, which is the detail that explains the timing. Bousbib was converting stock appreciation rights before they lapsed, a deadline that has nothing to do with his read on the stock. He sold a bit under the day's close and kept a 1.4 million share position, including 543,000 shares in the Orohena Trust that didn't move. Ultimately, a CEO cashing in expiring rights while leaving his long-term holdings intact is basically just a sign of calendar management, not a signal about the firm’s prospects.

The timing, meanwhile, does follow a standout quarter. This past week, IQVIA reported that it grew second-quarter revenue 8.7% to $4.37 billion, lifted adjusted earnings per share 12.1% to $3.15, and posted record clinical bookings of $3.15 billion, a 1.22 book-to-bill. It also raised full-year guidance to as much as $17.475 billion. Bousbib called it “as clean a quarter” as he’s seen in more than two decades of reporting earnings across companies. Cash flow, however, performed shy of expectations, and the stock took a small hit after earnings but is still up for the year.

For long-term investors, it’ll be important to see how both the backlog and cash flow evolve from here. IQVIA has $34.2 billion in contracted work, with about $9.2 billion converting to revenue within a year, so the growth is visible well into 2027. Whether demand from biotech clients — and how that translates to cash flow — will be key in determining the firm’s trajectory.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Iqvia Holdings. The Motley Fool has a disclosure policy.

Weekly US Government Bonds 30-Year Yield The 30-year above 5.20% killed the rally before it had a second day. Gold pushed above $4,100 on Thursday’s dollar break and the long end did not flinch. By Friday the dollar had recovered and the $4,100 bid was gone. One session. That is what gold got out of the biggest Fed repricing in two months.

Payrolls Friday Settles What the Fed Left Open The July employment report at 13:30 GMT Friday is the number gold has been waiting for since Warsh refused to give the market guidance. He set this up so the data decides. Gold buyers need the number to come in soft enough to pull September odds lower and restart the dollar selling that lifted the metal above $4,100 last week. The dissenters already have the inflation argument. A firm jobs report with strong wages gives them the labor market too, and gold does not have a defense against both.

Tuesday’s JOLTS report is the early read before Friday’s main event. The week is about one question and the answer arrives in stages.

What to Watch Friday’s payrolls report decides whether the September rate trade tightens or loosens, and gold is going to follow the dollar’s reaction to the number. The Fed hold pulled hike odds down from 80% to 65% and the dollar broke lower on the repricing, but the long end did not cooperate and gold could not hold above $4,100. Tuesday’s JOLTS is the early signal. If it comes in soft, gold buyers get a head start pressing the dollar before Friday. If it comes in strong, the rate rebuild starts early and gold has to defend the week’s lows.

Gold has been straddling the 50% retracement level for weeks and the consolidation is building a base that either launches toward the 52-week moving average or breaks down toward the support below. Payrolls is the catalyst that picks the direction.

It's been a rollercoaster ride for Arm Holdings (ARM -0.77%) shares this year. The stock has more than doubled in 2026, although it is off nearly 50% from its spring highs. More recently, the company got a lift on solid fiscal first-quarter earnings and upbeat commentary about its data center central processing unit (CPU) opportunity.

Despite the company's CPU opportunity, I wouldn't be chasing the stock. Let's dig into the U.K.-based company's recent results and prospects to see why I feel this way.

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CPU opportunity in focus Arm shocked investors earlier this year when it announced that it would make its own physical chips for the first time ever, given the huge opportunity it sees in server CPUs. The company has long been a leading provider of intellectual property (IP) to the semiconductor industry, but it's never developed its own chips.

That changed when it introduced its Arm Artificial General Intelligence (AGI) CPU in March. At the time, the company projected that the data center CPU market would grow to $100 billion by 2031 and that it would be able to capture a 15% market share. Nvidia and Advanced Micro Devices, meanwhile, have more recently projected that the server CPU market would climb to $220 billion.

Arm also targeted $1 billion in server CPU revenue between fiscal 2027 and fiscal 2028. On its earnings conference call, management said it was now more confident that it would achieve over $1 billion in server CPU revenue in fiscal 2028, as its backlog has grown to over $2 billion and it has seen improved supply chain conditions. The company also said that it had secured the manufacturing capacity to help meet demand.

Arm's core business, meanwhile, remained solid in fiscal Q1. Revenue increased 22% to $1.29 billion, while annualized contract value (ACV), which smooths out license revenue, rose 13%. License revenue climbed by 23% year over year to $574 million, fueled by demand for its next-generation architecture. Softbank contributed $193 million in revenue.

Royalty revenue increased by 22% year over year to $715 million. Arm said data center royalty revenue once again doubled and that it was seeing sustained momentum. Growth was being led by hyperscalers ramping up production of Arm-based server chips, while it was also seeing strength in data processing units (DPUs) and SmartNICs. Smartphone and other device revenue grew despite overall market weakness, due to higher royalty rates coming from its newer Armv9 architecture.

Looking ahead, Arm forecasts fiscal second-quarter revenue to come in around $1.38 billion, representing year-over-year growth of 22%. License revenue is projected to grow about 30%, while royalty revenue is expected to rise in the low teens. It guided for adjusted earnings per share to be between $0.43 and $0.51.

Image source: The Motley Fool.

Arm is looking to have its cake and eat it too in the server CPU market. The company already supplies the IP behind custom data center CPUs, like Nvidia's Vera, Amazon's Graviton, and Alphabet's Axion chips.

Meanwhile, it's now offering its own server CPUs, looking to capture more share in this fast-growing market. With the rise of AI agents expected to shrink the GPU-to-CPU ratio from 8:1 for training to 1:1 for agentic AI, the data center CPU market is expected to grow rapidly in the coming years. However, Arm is now essentially competing with its own customers, which does create an interesting dynamic.

One of the biggest issues for Arm in this new endeavor is being able to get components and foundry capacity, but it looks like it has done a good job on this front. However, it does still have a headwind in its largest end market, smartphones. Smartphones and other device sales are expected to be pressured due to elevated memory costs leading to higher prices, cutting consumer demand.

With the stock trading at a forward price-to-earnings (P/E) ratio of over 100 based on the fiscal 2027 consensus estimates, this AI stock is too rich for my blood given the risks involved. The move to creating physical chips could also eventually lead to multiple compression in the stock, given that it is no longer a pure IP company.

Teva Pharmaceutical (TEVA -1.13%) stock closed out the last week of trading with significant gains, rising roughly 12.3% across the stretch. The S&P 500 gained 0.2% over the same period, and the Nasdaq Composite was up approximately 0.5%.

Teva published its second-quarter report after the market closed on July 29, posting mixed results. While earnings for the period came in below Wall Street's target, the company delivered some news that excited investors.

Image source: Getty Images.

Teva's Q2 results at a glance With its Q2 report, Teva announced non-GAAP (adjusted) earnings of $0.02 per share -- a performance that fell far short of the average analyst estimate's call for adjusted earnings per share of $0.11 in the period. Meanwhile, sales in the period came in at $4.1 billion and surpassed the average analyst target by roughly $70 million. The generic drug leader's revenue was still down roughly 1% year over year in the period, but the decline was softer than expected -- and investors saw promise in the company's guidance and a significant new development for the stock.

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What's next for Teva? For the full-year period, Teva is guiding for adjusted earnings to be between $1.91 per share and $2.11 per share after accounting for closing and administrative costs stemming from its acquisition of Emalex. Meanwhile, the average analyst estimate had called per-share earnings of $2.16 for the year. The company also guided for sales to come in between $16.5 billion and $16.85 billion. For reference, the average Wall Street estimate had targeted sales of $16.63 billion.

With its Q2 report, Teva also announced that it was gearing up to have its stock listed directly on the New York Stock Exchange. As part of the initiative, the Israel-based company's American depositary receipts (ADRs) are set to be replaced with newly listed common stock. The new common stock is set to start trading on September 14, and the direct listing could help attract support from institutional investors and retail traders.

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Danske Bank says EUR/USD’s break above 1.1500 has challenged its bullish Dollar view, with further declines in US real yields likely to place its short-Euro position under increasing pressure. The Euro to Dollar exchange rate ended July near 1.1530 after the post-Federal Reserve Dollar selloff carried the pair decisively above 1.1500.

EUR/USD gained just over 1% during July, recovering from a monthly low near 1.1354 and reaching a high around 1.1547. The pair remains 1.7% lower since the start of 2026, having traded between January’s peak at 1.2075 and a June low of 1.1325.

Image: Euro-to-Dollar exchange rate chart - 3 month timeframe Danske Bank said “modestly stronger-than-expected Q2 GDP and July flash inflation data from the largest euro area economies supported EUR”, but stressed that domestic European data were not the main reason for the move.

Instead, the bank said “the main driver behind EUR/USD rising above 1.15 has been the post-FOMC decline in US real rates.”

Nominal US yields fell following the Federal Reserve meeting, while medium and longer-term inflation expectations moved higher. According to Danske, this reflected markets reassessing “Kevin Warsh’s commitment to bringing inflation back to target”.

That combination lowered inflation-adjusted US yields and weakened one of the central supports for the Dollar.

The effect was not confined to the Euro. Danske noted that “the same effect could be seen across other risk-sensitive currencies as well”, with easier financial conditions supporting the Swedish Krona, New Zealand Dollar and South African Rand.

For the bank, the market reaction directly challenges its recent positioning.

“The shift does challenge our recent USD-positive narrative,” Danske said, adding that this view had been “underpinned by expectation of the Fed remaining on a firm tightening bias.”

The bank is not abandoning the prospect of further US rate increases. It said: “We still think the macro case for the Fed hiking rates is very much alive.”

That remains the foundation of its medium-term case for renewed Dollar strength. Sticky inflation, resilient activity and the risk that the Fed ultimately tightens more than markets now expect could restore support to US yields.

The immediate risk, however, has moved in the opposite direction.

Image: EUR/USD chart - performance so far in 2026 Danske conceded that “tactically, further decline in US real rates would certainly put our recent short EUR/USD recommendation under even more pressure.”

The technical backdrop has improved alongside the change in rates. EUR/USD has moved above both its 20-day and 50-day moving averages after spending much of July below them.

A sustained hold above 1.1500 would leave the recovery intact and bring the 1.1600-1.1665 region back into focus. The latter marked the upper part of June’s trading range before the Euro’s slide towards 1.1325.

The broader three-month trend remains less convincing. EUR/USD is still below May’s highs near 1.1800 and has fallen around 1.7% over that period.

Danske’s forecast therefore hinges on whether the post-Fed fall in real yields persists. A further decline would reinforce the Euro’s breakout and threaten the bank’s short position, while a recovery in real rates and renewed expectations of Federal Reserve tightening could pull EUR/USD back towards 1.1400.

Exchange Rates UK Research Our currency coverage draws on live market data, official economic releases and published bank research.

© VideoFlow / Shutterstock.com

Cisco Systems (NASDAQ:CSCO | CSCO Price Prediction) has become one of 2026’s surprising mega-cap winners, riding an AI infrastructure order book that expands each quarter. With shares up 52.76% year to date, the question is whether the rally has room left.

Our 24/7 Wall St. price target for Cisco is $135.69, implying 16.98% upside from the current price of $115.99. Our recommendation is buy, with a 90% confidence level. Cisco executes on the AI opportunity while trading at a materially lower multiple than its highest-flying networking peer.

Metric Value Current Price $115.99 24/7 Wall St. Price Target $135.69 Upside 16.98% Recommendation BUY Confidence Level 90% How a Sleepy Networking Giant Doubled in a Year Cisco is up 73.88% over the past year and up 1.59% in the last week, though shares slipped 0.51% over the past month. The stock sits just below its 52-week high of $129.88, well off the $64.42 low. Q3 FY26 revenue hit $15.84 billion, up 12% YoY, non-GAAP EPS of $1.06 beat consensus, and net income jumped 35.41%.

The driver is AI infrastructure. Management raised FY26 AI order guidance to $9 billion from $5 billion and AI revenue to $4 billion from $3 billion. Total product orders grew 35% YoY, with data center switching orders up over 40%.

The Case for $141 and Higher Bulls see a durable multi-year cycle. Chuck Robbins told analysts, “Cisco delivered record quarterly revenue in Q3 and we saw very strong, broad-based demand for our products, demonstrating the relevance of our technology for connecting and securing AI.”

Silicon One design wins compound, Acacia optics delivered over $1 billion in Q3 orders, and preliminary FY27 guidance calls for at least $6 billion in AI hyperscale revenue.

Our bull case points to $141.49, or 21.98% upside. Analysts including a $130.23 consensus, with 17 Buy ratings, support re-rating toward peer multiples.

What Could Go Wrong Non-GAAP gross margin compressed 260 basis points YoY to 66% in Q3 on hardware mix shift and memory costs. Services revenue slipped 1%, and hyperscaler AI order timing is “nonlinear”. Insider activity skewed toward selling, and the trailing P/E of 38 leaves little margin for error.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Cisco Systems didn't make the cut. Grab the names FREE today.

Our bear case implies $112.38, or 3.12% downside. Bulls counter that margin compression reflects a deliberate mix shift toward high-volume AI hardware where dollar profit expands, and that the $1 billion restructuring charge represents reinvestment for future growth.

How Cisco Compares to Arista and HPE Arista Networks (NYSE:ANET) is the premium comp. Arista trades at a forward P/E of 47 with 35.1% YoY revenue growth and 42.7% operating margins. Cisco’s forward P/E of 24 looks cheap by comparison, even accounting for slower growth. A modest re-rating toward Arista could make our $135.69 target conservative.

Hewlett Packard Enterprise (NYSE:HPE) is the value counterpoint. HPE trades at a forward P/E of 12 with 40% revenue growth post-Juniper, but operating margins are just 8.7%. Cisco’s 25% operating margin and 25.2% ROE justify the premium.

Company Forward P/E Operating Margin Cisco 24 25% Arista 47 42.7% HPE 12 8.7% Cisco Price Prediction 2026-2030 The 24/7 Wall St. price target of $135.69 with a buy rating and 90% confidence reflects a company that moved from perpetual show- me story to legitimate AI infrastructure leader. The tipping factor is the FY26 AI order ramp to $9 billion, backed by real Silicon One and Acacia design wins.

The setup looks constructive if Q4 revenue lands within the $16.7B to $16.9B guidance range and hyperscaler orders continue the trajectory. The thesis weakens if gross margin compression accelerates below 65% or hyperscaler orders slip below $3 billion in Q4.

Looking further out, here is where our model projects Cisco could trade, assuming FY27 AI hyperscale revenue lands at or above the $6 billion preliminary guide and non-AI growth stays in the 4% to 6% band.

Year 24/7 Wall St. Price Target 2026 $135.69 2027 $150.00 2028 $165.00 2029 $178.00 2030 $190.77 These projections assume Cisco executes on its silicon and optics roadmap. Meaningful upside or downside could come from Silicon One share gains at additional hyperscalers or a hyperscaler capex reset.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Cisco Systems didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Minjuvi® (tafasitamab), in combination with rituximab and lenalidomide, is the first and only chemotherapy-free CD19 and CD20 dual-targeted immunotherapy combination regimen listed on the Pharmaceutical Benefits Scheme (PBS) for adults with relapsed or refractory follicular lymphoma (R/R FL) (Grade 1-3a).[1],[2] In the pivotal Phase 3 inMIND clinical trial, patients with R/R FL receiving the Minjuvi combination regimen experienced a significant improvement in progression-free survival, with a 57% reduction in the risk of disease progression, relapse or death, compared with placebo plus lenalidomide and rituximab.[3] Follicular lymphoma is the second most common non-Hodgkin lymphoma (NHL), with over 10,000 Australians living with the disease and approximately 1,500 Australians diagnosed each year.[4],[5] , /PRNewswire/ -- Independent biopharmaceutical company Specialised Therapeutics (ST) is pleased to announce the listing of Minjuvi® (tafasitamab), in combination with rituximab and lenalidomide, on the Pharmaceutical Benefits Scheme (PBS) for the treatment of Australian adults with relapsed or refractory follicular lymphoma (R/R FL) (Grade 1-3a).[1] This milestone follows the Australian registration of Minjuvi for R/R FL by the Therapeutic Goods Administration (TGA) in April 2026, via the Project Orbis process.[6]

The PBS listing of Minjuvi marks the availability of the first and only chemotherapy-free CD19 and CD20 dual-targeted immunotherapy combination regimen funded in Australia for this group of patients.[1],[2] Effective 1 August 2026, eligible patients with FL who have experienced relapses or disease progression on existing therapies will now have equitable access to a new treatment option for this difficult-to-treat condition.[1]

"As the first new therapy to be reimbursed on the PBS for R/R FL in nine years, we are extremely proud to have partnered with Incyte to bring Minjuvi to Australia," said Carlo Montagner, ST Chief Executive Officer. "After securing TGA registration for Minjuvi in R/R FL earlier this year, we have been focused on expediting PBS listing to ensure eligible Australian patients could have subsidised access to a new treatment option that may help lower the risk of disease progression, relapse or death, without delay."

ST entered into an exclusive distribution agreement with Incyte (NASDAQ:INCY) in 2021 to commercialise Minjuvi in Australia, New Zealand and Singapore.

Minjuvi is a CD19 targeting immunotherapy that works within a patient's immune system to help find and eliminate malignant B-cells.[7] In combination with rituximab and lenalidomide, Minjuvi delivers a complementary immune-mediated approach that helps control disease progression and supports improved long-term outcomes for patients with follicular lymphoma.[7]

The PBS reimbursement underscores the growing recognition of innovative immunotherapy-based treatment strategies in follicular lymphoma and reinforces ST's commitment to improving access to life-changing therapies for patients across the Asia-Pacific region.

"While follicular lymphoma can be a slow-growing disease that usually responds well to the first treatment, most patients are not cured. Many patients experience frequent relapses and require multiple therapies over their lifetime, which become progressively less effective, especially for those whose disease comes back soon after initial chemotherapy treatment," said Associate Professor Philip Thompson, Clinical Haematologist at the Peter MacCallum Cancer Centre and Royal Melbourne Hospital in Melbourne. "Today's PBS listing announcement is welcome news for the Australian clinical and patient community, providing us with a new, chemotherapy-free immunotherapy treatment for R/R FL."

Minjuvi is administered via intravenous (IV) infusion in a clinic or hospital setting.[7] Patients with R/R FL receive up to 12 treatment cycles of Minjuvi, along with oral lenalidomide capsules, while rituximab is delivered intravenously for the first five cycles.[7]

"Knowing that a chemotherapy-free immunotherapy is now funded by the PBS is an important development for the follicular lymphoma community," said Sharon Winton, Chief Executive Officer of Lymphoma Australia. "As patients manage the challenges of recurring disease, this new treatment milestone offers a valuable option that is deeply meaningful to them and their families."

The PBS listing of Minjuvi for R/R FL means these patients will now have equitable access to a new targeted immunotherapy combination treatment when they need it. It is important that patients with R/R FL speak with their doctor to understand the most suitable treatment option available for them.

For further details on Minjuvi, contact your healthcare professional and please refer to the approved Australian Consumer Medicine Information or Product Information available from the TGA website.

PBS Information:

This medicine is listed on the Pharmaceutical Benefits Scheme (PBS) — AUTHORITY REQUIRED. Refer to the PBS Schedule www.pbs.gov.au for full authority information.

Important Safety Information on Minjuvi[7]

Minjuvi should be administered to patients with an active infection only if the infection is treated appropriately and well controlled. Patients with a history of recurring or chronic infections may be at increased risk of infection and should be monitored appropriately. Patients should be advised to contact their healthcare professionals if fever or other evidence of potential infection, such as chills, cough or pain on urination, develops.

Treatment with Minjuvi in combination with lenalidomide and/or rituximab should not be initiated in female patients unless pregnancy has been excluded. In the inMIND study, the most common adverse reactions were infections (68%), including viral infections (41%) and bacterial infections (27%); neutropenia (57%), rash (36.4%), asthenia (34.9%), pyrexia (19%), thrombocytopenia (17%), anaemia (17%), infusion related reaction (15.9%), pruritus (15.6%), and headache (10.4%). The most common serious adverse reactions were infections (26%), including viral infections (13%) and bacterial infections (6%), febrile neutropenia (2.8%), and pyrexia (1.8%).

Treatment with tafasitamab can cause serious or severe myelosuppression including neutropenia, thrombocytopenia, and anaemia. Complete blood counts should be monitored throughout treatment and prior to administration of each treatment cycle.

Ends.

About Minjuvi® (tafasitamab)

Minjuvi® (tafasitamab) is a humanised Fc-modified cytolytic CD19-targeting monoclonal antibody. Minjuvi incorporates an XmAb® engineered Fc domain, which mediates B-cell lysis through apoptosis and immune effector mechanism including Antibody-Dependent Cell-Mediated Cytotoxicity (ADCC) and Antibody-Dependent Cellular Phagocytosis (ADCP).[7] Incyte licenses exclusive worldwide rights to develop and commercialise Minjuvi from Xencor, Inc. 

In the U.S., Monjuvi® (tafasitamab-cxix) is approved by the U.S. Food and Drug Administration in combination with lenalidomide and rituximab for the treatment of adult patients with relapsed or refractory follicular lymphoma (FL). Additionally, Monjuvi received accelerated approval in the United States in combination with lenalidomide for the treatment of adult patients with relapsed or refractory DLBCL not otherwise specified, including DLBCL arising from low grade lymphoma, and who are not eligible for ASCT. 

Monjuvi is not indicated and is not recommended for the treatment of patients with relapsed or refractory marginal zone lymphoma outside of controlled clinical trials. 

In Europe, Minjuvi® (tafasitamab) received conditional Marketing Authorisation from the European Medicines Agency in combination with lenalidomide, followed by Minjuvi monotherapy, for the treatment of adult patients with relapsed or refractory DLBCL who are not eligible for ASCT. In addition, in December 2025, the EMA approved Minjuvi, in combination with lenalidomide and rituximab, for the treatment of adult patients with relapsed or refractory FL (Grade 1-3a) after at least one line of systemic therapy. 

In Japan, Minjuvi is approved in combination with lenalidomide for the treatment of adults with relapsed or refractory DLBCL. Minjuvi is also approved in combination with rituximab and lenalidomide for adult patients with relapsed or refractory FL (2L+ FL). 

In Australia, Minjuvi® (tafasitamab) is indicated in combination with lenalidomide followed by Minjuvi monotherapy for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL) who are not eligible for autologous stem cell transplant (ASCT).[7]

▼ This medicine is included in the TGA Black Triangle Scheme. Please report suspected adverse events to the TGA.[7]

XmAb® is a registered trademark of Xencor, Inc. 

Monjuvi and Minjuvi are registered trademarks of Incyte. 

About the inMIND Study[3]

A global, double-blind, randomised, placebo-controlled Phase 3 study, inMIND (NCT04680052) evaluated the efficacy and safety of Minjuvi (tafasitamab) in combination with rituximab and lenalidomide compared with placebo in combination with rituximab and lenalidomide in patients with relapsed or refractory follicular lymphoma (FL) Grade 1 to 3a or relapsed or refractory nodal, splenic or extranodal marginal zone lymphoma (MZL). The study enrolled a total of 654 adults (age ≥18 years), including 548 participants with R/R FL. 54 Australians participated in the study across 12 local trial sites around the country.

The primary endpoint of the study is progression-free survival (PFS) by investigator assessment in the FL population, and the key secondary endpoints are PFS in the overall population as well as positron emission tomography complete response (PET-CR) and overall survival (OS) in the FL population.

The clinical trial met its primary endpoint, with the data demonstrating a statistically significant and clinically meaningful improvement in progression-free survival (PFS) in comparison to placebo added to lenalidomide and rituximab. Patients receiving Minjuvi in combination with rituximab and lenalidomide achieved a median PFS by investigator assessment of 22.4 months (95% CI, 19.2-not evaluable [NE]) compared to 13.9 months (95% CI, 11.5-16.4) in the control arm (hazard ratio [HR]: 0.43 [95% CI, 0.32-0.58]; P<0.0001). The PFS assessed by an Independent Review Committee (IRC) was consistent with investigator-based results. Median PFS by IRC was not reached (95% CI, 19.3-NE) in the Minjuvi group versus 16.0 months (95% CI, 13.9-21.1) in the placebo group (HR: 0.41 [95% CI, 0.29-0.56].

Minjuvi was generally well-tolerated, with a manageable safety profile. Safety and tolerability were comparable with the addition of Minjuvi to lenalidomide in combination with rituximab. The most common adverse reactions in the Phase 3 study (≥20%) in patients receiving Minjuvi, excluding laboratory abnormalities, were respiratory tract infections (including COVID-19 infection and pneumonia), diarrhoea, rash, fatigue, constipation, musculoskeletal pain and cough.

About Specialised Therapeutics

Founded in 2007, Specialised Therapeutics is an independent specialty pharmaceutical company, providing novel therapies and technologies to patients in Australia, New Zealand and across Southeast Asia. Headquartered in Singapore, ST partners with global pharmaceutical, biotech and diagnostic companies to bring novel healthcare opportunities to patients who are impacted by a range of diseases. ST has built a strong track record of success, navigating complex regulatory, reimbursement and commercialisation environments in its diverse regions across multiple therapeutic areas. The ST mission is to provide specialty therapies where there is an unmet need to communities that would otherwise not have ready access to such therapies. The company's broad therapeutic portfolio currently includes novel agents in oncology, haematology, CNS, neurology, endocrinology, ophthalmology and supportive care, although it is not confined to these areas.           

Additional information can be found at www.stbiopharma.com.

REFERENCES:

[1]. Australian Government, Department of Health, Disability and Ageing. PBS Schedule: PBS Publications & Downloads [August 2026].

[2]. NCCN Clinical Practice Guidelines in Oncology. B-Cell Lymphomas. Version 3.2026.

[3]. Sehn LH, et al. Lancet. 2026 Jan 10;407(10524):133-146.

[4]. Lymphoma Australia. Types of Lymphoma: Follicular Lymphoma. [Accessed July 2026].

[5]. Australian Institute of Health and Welfare (AIHW). Cancer Data in Australia: Prevalence Data Workbook – Blood Cancer Histology. [Accessed July 2026].

[6]. Therapeutic Goods Administration. Australian Register of Therapeutic Goods (ARTG): MINJUVI (tafasitamab). [Accessed July 2026].

[7]. MINJUVI Australian Product Information. 20 April 2026.

SOURCE Specialised Therapeutics

Wietse Wind, founder and developer of the Xaman wallet, has issued an urgent alert to the XRP community after scammers used a verified X (formerly Twitter) account to promote an alleged “XMN” token falsely linked to the Xaman project.

The fraudulent post appeared from the official X account of Arlington ISD, suggesting attackers managed to compromise and take control of this verified account. The scammers adopted Xaman’s official branding and announced that a token claim process for XMN was live on the XRPL network, directing users to an “allocation checker” site.

By leveraging a high-profile, verified social media account, the scammers increased the apparent legitimacy of their claims. Such tactics, which rely on capturing trust through recognizable brands or verification marks, are increasingly common in phishing attacks targeting cryptocurrency users.

Wietse Wind responded quickly, making it clear that Xaman has no token now or planned for the future, and categorically called the campaign a scam targeting unsuspecting users.

There is no Xaman token. There will not be a Xaman token. These are scams, and users should remain vigilant against such attempts at deception.

Wind and the Xaman team reiterated their commitment to monitoring for impersonation and scam accounts, while encouraging the community to report suspicious activity.

Escalation of fraud in the XRP ecosystemAttempts to impersonate the Xaman wallet or launch fake tokens have persisted throughout 2026, with increasingly aggressive tactics appearing across the XRP ecosystem. Earlier this year, South Korean authorities arrested a group accused of stealing 3.4 million XRP (about $8.55 million) from 71 individuals by exploiting trust in the community through similar schemes.

Ripple‘s former CTO, David Schwartz, also highlighted the growing sophistication of coordinated phishing efforts, with malicious actors launching fake airdrops, running giveaway schemes, and adopting the branding of established teams to lure victims and drain their assets.

Such attacks generally seek to create a sense of urgency or legitimacy, pushing users to act quickly and hand over sensitive access or sign transactions they do not fully understand.

Scammers consistently manufacture urgency, borrow legitimate branding, and pressure users to act before verifying the authenticity of claims.

Wietse Wind has remained consistent in his advice to the community. He urges users not to sign transactions unless they are certain of a source’s legitimacy, to avoid engaging with any social media posts or accounts offering free tokens, airdrops, or promising early access to products or features that have not been confirmed by official channels.

He emphasized that Xaman does not have a desktop wallet, browser extension, or proprietary token. Any communication suggesting otherwise should be treated as fraudulent. Users are strongly advised to double-check announcements directly from official sites and social channels before taking any action.

Reporting suspicious accounts or domains remains a crucial step in countering these scams. Wind and other prominent figures in the space continue to stress that a proactive, cautious approach offers the best protection amid a rise in social engineering and phishing attempts.

Amid increased scam activity, platforms that facilitate easier and safer access to digital assets also attract attention. For instance, 1stepSwap stands out as a user-friendly platform bridging traditional finance and crypto by directly tokenizing real-world assets such as US equities and commodities like gold and silver onto the blockchain. Its market scanning algorithms ensure that trades are executed at the most competitive price instantly, enabling users to diversify their portfolios while maintaining direct wallet custody, without intermediaries.

The risk of scams grows alongside greater integration between traditional assets and blockchain solutions, highlighting the importance of vigilance, verification, and reliance on trusted sources in the digital asset space.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Ripple’s valuation in the private market has reached an estimated $50 billion, reflecting a 400% increase from its 2019 estimate of $10 billion. The new valuation coincided with a $750 million share buyback that enabled employees and early investors to sell shares to the company at the updated price.

Ripple’s growth driven by buyback and product expansionThis valuation increase comes amid Ripple’s ongoing legal dispute with the US Securities and Exchange Commission, a case that has spanned several years. Despite the regulatory headwinds, Ripple has expanded its operations globally, secured new licenses, launched the RLUSD stablecoin, and bolstered its digital asset custody and enterprise payment infrastructure via strategic acquisitions.

Ripple operates as a fintech company focused on enterprise blockchain payments and cross-border transaction solutions. Its latest initiatives are aimed at broadening the use and adoption of blockchain technology in institutional finance and global payments.

While the valuation of Ripple as a company does not directly affect the XRP token price, analysts note that a stronger capital base allows for accelerated development on the XRP Ledger, wider RLUSD adoption, and scaling up of institutional payment offerings. These developments have the potential to attract more banks, asset managers, and institutions and may support long-term demand for XRP.

Institutional outlook: Standard Chartered’s targetsInstitutional sentiment for XRP remains robust. Standard Chartered, one of the world’s leading international banking groups, recently published its long-term cryptocurrency outlook and reaffirmed its 2030 XRP target of $28. The bank also maintained targets of $500,000 for Bitcoin, $40,000 for Ethereum, and $2,000 for Solana, despite adjusting certain short-term forecasts.

Standard Chartered’s maintained $28 price target for XRP signals continued confidence in XRP’s expected participation in expanding markets for cross-border payments, stablecoins, and tokenized real-world assets.

Reaching the $28 mark would imply an approximately 2,500% rally from the current price of $1.08, according to market data provider CoinCodex. Achieving this long-term target would likely require increased institutional adoption, greater use of the XRP Ledger for tokenization and payments, steady ETF demand, and greater regulatory clarity in major financial markets.

AssetCurrent PriceStandard Chartered 2030 TargetPotential UpsideXRP$1.08$282,500%Bitcoin$68,000$500,000635%Ethereum$3,400$40,0001,076%Solana$150$2,0001,233%XRP’s recent performance reflects growing enterprise interest. On-chain data shows that XRP registered the highest average transaction size among major cryptocurrencies, a metric typically linked to institutional or enterprise-level transfers. Evernorth, a business division focused on digital health services, is reportedly increasing its use of XRP for treasury management, strengthening the trend toward enterprise capital movement within the network.

Mini dictionary: Evernorth is a health services company under Cigna, providing digital and data-driven solutions. Its enhanced use of XRP in treasury operations suggests a growing trend of blockchain applications beyond financial services.

Indicators of increasing institutional demandInvestors are also showing confidence by moving considerable amounts of XRP off Binance and into self-custody, suggesting a preference for long-term holding. In addition, US spot XRP ETFs have drawn more than $1.5 billion in cumulative net inflows, reducing the liquid supply on exchanges and increasing institutional exposure to the asset.

These developments—Ripple’s higher valuation, Standard Chartered’s reaffirmed forecast, surging institutional transaction sizes, growing treasury use, strong ETF inflows, and exchange outflows—point to sustained institutional confidence in the Ripple and XRP ecosystem, despite ongoing market volatility.

Major global investors and institutions continue to position for Ripple’s anticipated role in the future digital asset landscape, as reflected by recent capital flows and corporate strategies.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

10h05 ▪ 4 min read ▪ by Fenelon L.

Summarize this article with:

Intersect unveiled the first steps of Cardano’s Dijkstra hard fork, which will deploy three innovations: Nested Transactions, Linear Leios, and Peras. The Ouroboros Leios protocol, cornerstone of this update, promises to improve the network’s throughput and finality. The roadmap foresees deployment of the first two phases by the end of 2026.

In Brief The Dijkstra hard fork will introduce three innovations: Nested Transactions, Linear Leios, and Peras, with a progressive deployment starting in 2026. The van Rossem intra-era hard fork, effective since July 18, laid the technical foundations for this transition. The network’s on-chain governance activates with a vote on a new parameter, the election of the Constitutional Committee, and the CAP portal in alpha. The Dijkstra Era Takes Shape After Cardano’s van Rossem Hard Fork On July 18, Cardano activated the van Rossem intra-era hard fork, upgrading the protocol to version 11. This update improved Plutus performance, strengthened ledger consistency, and node security.

However, the main event is yet to come: this hard fork has indeed prepared the ground for the Dijkstra era, the next major step in Cardano’s technical roadmap. In its weekly report, Intersect (the member organization coordinating the ecosystem development) confirmed that planning for the Dijkstra era is now underway, with a process aimed at involving the community in defining the scope of future forks. 

This transition continues the on-chain governance model Cardano inaugurated with its first hard fork entirely driven by ADA holders.

The initial deployment of the Dijkstra era will be carried out in several phases, each bringing key innovation. The first will introduce Nested Transactions, a mechanism that allows nesting transactions within each other to optimize resource management and reduce network load. Next comes Linear Leios, a linear version of the Ouroboros Leios protocol which is at the heart of Cardano’s scaling. 

This next-generation consensus protocol aims to significantly increase network throughput while maintaining the security and decentralization that Cardano is known for. Finally, Peras will enhance transaction finality by speeding up the time required for a transaction to be considered irreversible. 

The Haskell Node team is currently working to deliver the first two phases (Nested Transactions and Linear Leios) on the mainnet by the end of 2026, as reported by U.Today.

On-Chain Governance and Debate Over the Next Hard Fork’s Name Meanwhile, Cardano governance is active on several fronts. A parameter update action has been opened for voting, the election of the Constitutional Committee is now on-chain, and the Constitutional Amendment Portal (CAP) has been launched in alpha for community testing.

These mechanisms illustrate the rise of decentralized governance, where each ADA holder can participate in protocol decisions. Regarding naming, a working group proposed naming the next hard fork after Alexander Esgen, while an on-chain action suggests the name Fabian von Bergen. The community is invited to provide feedback.

In short, Cardano is reaching a decisive new stage in its roadmap with the Dijkstra era, whose three technical pillars (Nested Transactions, Linear Leios, and Peras) outline a faster, more scalable, and smoother network for users. The convergence of protocol scaling, activation of on-chain governance levers, and progressive deployment of innovations by the end of 2026 creates a rare dynamic in the project’s history. 

Cardano has never been closer to the technical vision that Edmond Dijkstra, the renowned computer scientist, could have inspired: a network where security and performance become one.

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Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.