Macro calendar: This week brings a revision to US Q2 GDP, Chicago regional activity surveys, consumer confidence indexes and late-month personal income and spending data. The commentary expects these releases to have limited impact on market movements. #GDP #FiatNews

Fed outlook: Fed Chair Powell signaled the Fed will resume cutting interest rates in September, sparking market optimism. Markets now price an additional cut in December and expect rates to fall about 25 bp per quarter next year. The initial market effect faded over the weekend. #Fed #FiatNews

Asia and major FX: CNY/EUR 8.3710 (-0.3739%), JPY/EUR 172.3100 (+0.0662%), JPY/USD 147.3060 (+0.2252%). Major crosses: USD/EUR 1.1698 (-0.2388%), GBP/EUR 0.8665 (+0.0670%). Markets show small intraday adjustments following Friday’s moves. #FX #FiatNews

#FX snapshot — Central Europe: CZK/EUR 24.5502 (-0.0066%), CZK/USD 20.9855 (+0.2044%); HUF/EUR 397.2742 (+0.5086%); PLN/EUR 4.2659 (+0.0666%). These intraday moves reflect modest regional currency drift against the euro and dollar. #FX #FiatNews

Monday morning brought a mildly stronger German Ifo reading, but the survey is not expected to significantly sway markets. Afternoon US economic releases are also seen as unlikely to be major drivers of trading on the first day of the week. #FiatNews

A key market event this week is NVIDIA’s earnings report on Wednesday. Analysts and investors view the results as potentially market-moving after recent Fed commentary and shifting sentiment; the company’s report is the focal point for tech sector direction. #Nvidia #FiatNews

Attention is shifting from Fed commentary to political actions affecting corporations. Markets are watching direct interventions by US President Donald Trump into Intel and Danish energy firm Ørsted, with investors monitoring what other actions might follow. #Trump #Intel #Orsted #FiatNews

European 10-year government bond yields rose roughly 3–4 bps on Monday. EUR/USD slipped back below 1.1700 after Friday’s uptick. Gold is trimming earlier gains as yields tick higher, moderating risk appetite among some investors. #EURUSD #FiatNews

European and US equity markets opened lower after Friday’s optimism faded. Investors had cheered Fed Chair Jerome Powell’s remarks suggesting September rate cuts, but expectations were already priced in and no material policy shift occurred. European indices are down about 0.5% and US futures are off a few tenths. London is closed for a UK holiday. #markets #FiatNews

Nvidia’s upcoming quarterly report could jolt markets even after optimism from Fed Chair Jerome Powell’s comments on an approaching rate cut. Investors rallied after Powell’s remarks, snapping the S&P 500’s five-session slide and pushing it to its best day since May — yet attention now turns to Nvidia, which reports Wednesday after the close and carries outsized influence on the market. "Nvidia is key for the equity market," said Eric Beiley of Steward Partners, warning that any sign of a slowdown in AI spending could shake markets. "The pressure is still very intense," added Kim Forrest of Bokeh Capital Partners. #NVDA #AI #SP500

Wall Street consensus expects Nvidia to post an adjusted EPS of $1.01 for the fiscal second quarter, up 48% year-over-year, and revenue above $46 billion, a 54% increase. Nvidia accounts for roughly 8% of the S&P 500 and derives about 40% of revenue from big-cap customers Meta, Microsoft, Alphabet and Amazon, making its guidance a broad market signal. Options traders price roughly a 6% move in either direction around the print. Art Hogan of B. Riley Wealth called the company a potential positive catalyst if results and outlook meet expectations.

Risks include geopolitical and regulatory hurdles in China. Recent U.S. approvals to resume some sales there came with contentious conditions, and reports say Beijing is discouraging local firms from using certain Nvidia H20 chips, with suppliers reportedly asked to halt production. "The market expected Nvidia could eventually return to China," said Michael O’Rourke of JonesTrading, noting new frictions. Investors will also watch U.S. personal consumption expenditures (PCE) inflation data later in the week as another market-moving input. #FiatNews

Czech drone maker Primoco UAV reported a drop in first-half net profit to CZK 67.1m from CZK 121.2m a year earlier, based on unaudited consolidated results. The company booked revenues of CZK 253m after delivering 14 of 16 contracted Primoco One 150 aircraft; new orders for those 16 planes are valued at EUR 15m (approx. CZK 370m). Chairman Ladislav Semetkovský said he expects contracts for up to 36 additional One 150s in H2 worth as much as EUR 45m (about CZK 1.1bn).

The One 150 received NATO military certification in H1, allowing deployment on military missions without extra approvals, and also holds civil authorization to operate over densely populated urban areas. Primoco highlighted use cases such as calibrating airport radio beacons, extending mobile signals during crises or events, and support for rescue services. The firm cited a European wildfire contract: initially provided as Drone-as-a-Service this season with Primoco-operated aircraft, then transitioning to customer-owned planes currently in production; customer pilots are undergoing intensive training.

Primoco uses its Písek-Krašovice airfield for training and testing and plans significant facility upgrades. A CZK 50m revitalization—new hangar and what the company calls the first certified UAV operator training center in Europe—has a building permit, with construction due to begin September 2025 and finish April 2026. Primoco is also planning roughly CZK 500m in new production capacity in a nearby industrial zone to reach up to 300 drones a year; an archaeological survey started in August and a main contractor tender is planned for January. The company says more than 200 of its aircraft are operating across four continents; its One 150 is described as the best-selling European medium-weight UAV. #PrimocoUAV #UAV #NATO #Aviation #FiatNews

Confidence in the Czech economy rose slightly in August, with the overall index increasing 1.4 points month‑on‑month to 101.1, driven by stronger business sentiment while consumer confidence slipped. Entrepreneurial confidence climbed 2.7 points to 101.5, whereas consumer confidence fell 5.1 points to 99.0, the Czech Statistical Office reported on 25 August 2025.

Improvement was strongest in selected service sectors, where expected demand rose markedly, pushing the services confidence indicator to its highest level since April 2008. "The favourable month‑on‑month development of business confidence is mainly due to an improving situation in selected service sectors, with expected demand rising particularly in the financial sector," said Jiří Obst of the CSO. Business confidence also rose in construction (+1.2 points) and trade (+1.1), while industry was unchanged and services gained +5.9 points.

On the consumer side, a larger share of households now expect a deterioration in the overall economy and in their personal finances, and more households rate their current finances as worse than over the past 12 months. "In August consumer confidence returned slightly below its long‑term average," noted Anastasija Neradová of the CSO. Year‑on‑year, overall confidence was up 7.2 points, entrepreneurs +8.3 and consumers +1.6. ČBA chief economist Jaromír Šindel added that easing service inflation and a stronger koruna could send a dovish signal to the CNB, leaving open the possibility of a further rate cut below 3.5% next year. #CzechRepublic #CSO #CNB #inflation #FiatNews

Danish energy company Orsted saw its shares plunge as much as 19% on Monday in Copenhagen to a record low after the U.S. administration ordered a halt last Friday to construction of the nearly finished Revolution Wind project off Rhode Island. The firm said it will continue with plans to raise about 60 billion Danish kroner from investors—half of which would come from Danish taxpayers—in what would be the largest equity sale in the European energy sector in more than a decade.

The U.S. Bureau of Ocean Energy Management stop order affects a project Jefferies estimates cost $4 billion and is roughly 80% complete, with 45 of 65 turbines already installed. Analysts say the pause threatens the success of Orsted’s planned rights issue. "It’s a huge obstacle when it comes to raising capital," said Sydbank analyst Jacob Pedersen. AlphaValue’s Pierre-Alexandre Ramondenc called the action "political hostage-taking by the U.S. administration given the advanced stage of the project."

Orsted said the planned rights issue was sized to strengthen the company’s capital structure and that it is assessing all options, including discussions with regulators and possible legal action, to resolve the matter quickly. The company has faced prior strains from high supply-chain costs, project cancellations, write-downs and management changes. U.S. moves to block offshore projects are not new: the administration earlier halted Equinor’s Empire Wind before reaching a later accommodation. Governors of Connecticut and Rhode Island are working to overturn the decision; Connecticut Governor Ned Lamont said the move "will raise electricity costs and contradicts everything the administration told us." Shares of Orsted are down more than 45% year-to-date and about 80% over five years, with a historic 29% drop on August 11 linked to the rights issue announcement. #Orsted #WindEnergy #Renewables #Trump #FiatNews

A recent OECD-based analysis finds that real investment across advanced economies is about 23% below the trend that prevailed before the 2008 financial crisis, helping to explain persistently weak growth in Europe and other developed regions. The study attributes the shortfall only partly to elevated business uncertainty stemming from the financial crisis, trade tensions, climate policy, the COVID-19 pandemic and the resulting fragmentation of global supply chains.

A larger share of the explanation lies in structural change: a pronounced shift toward intangible investments—software, data solutions, hardware and R&D—has raised the economy’s risk profile. Intangible assets tend to carry greater uncertainty and require higher expected returns, so even with historically low capital costs firms increasingly tighten investment hurdles and invest less.

The effect is uneven across countries. Caution is stronger where adoption of digital technologies lagged over the past decades, notably in parts of Europe such as Italy and Germany. By contrast, economies that maintained more “traditional” investment patterns, for example Poland, show investment levels closer to pre-crisis trends. The Czech Republic sits in the lower half of the OECD but notably outperforms Germany. #OECD #Europe #investment #R&D #FiatNews

Economic calendar: Czech consumer and business sentiment surveys are due today; Germany’s Ifo survey will publish business views on a US‑EU trade agreement. Revised GDP figures for the Czech Republic and the US are scheduled in the second half of the week. #GDP #Ifo #FiatNews

Markets are focused on Nvidia’s earnings due Wednesday evening. Nvidia, the world’s largest‑market‑cap company and a leader in the AI-driven rally, faces high expectations; a disappointing report could weigh on broader markets. #NVDA #FiatNews

Keurig Dr Pepper agreed to acquire Dutch rival JDE Peet’s for roughly $18 billion. KDP will pay €31.85 per share in cash, a 33% premium to the 90‑day average, according to the announcement. The deal values JDE Peet’s at about $18bn. #KDP #FiatNews

The US administration said it will pursue tariffs on imported furniture, with an investigation to be completed within 50 days. President Trump wrote on his platform that subsequent duties will aim to bring furniture manufacturing back to US states including North and South Carolina and Michigan. #FiatNews

The US government and Intel confirmed the state acquired a 10% stake in Intel tied to $8.9bn in subsidies. The US purchased 433.3 million shares at $20.47 each; the current share price cited was $24.80. Transaction confirmed by both parties. #INTC #FiatNews

Fed chair Powell’s Jackson Hole remarks jolted markets: he warned of labour‑market risks but hinted at future rate cuts. Investors pushed US indices higher Friday: S&P 500 +1.5%, Dow Jones and Nasdaq‑100 +1.9%. The dollar fell about 1%. #Powell #FiatNews

Asian markets rose on Monday: Hong Kong’s Hang Seng +2.1% near a four‑year high, China’s CSI 300 +1.4% to a 37‑month peak, South Korea’s Kospi +1.1% and Japan’s Nikkei 225 +0.3%. Positive regional momentum contrasts with weaker European futures. #FiatNews

Minneapolis Fed President Neel Kashkari told CNBC that available data point to slowing US economic activity and signaled a tilt toward rate cuts; Paul Krugman also commented publicly on a slowing economy. #economy #FiatNews

Jefferies strategist David Zervos said on CNBC he would cut rates by 50 basis points, calling recent PPI prints volatile "informational noise" and suggesting we may be in the final phase of the inflation battle. #FiatNews

Novo Nordisk, after appointing a new CEO, has implemented a global hiring freeze for non‑critical roles and signaled further cuts may follow as it refocuses to reclaim leadership in obesity treatments. #NVO #FiatNews

Target beat Q2 F2026 expectations with adjusted EPS of $2.05 versus a $2.02 consensus, but the market was unsettled by the announced departure of the CEO following the results. #TGT #FiatNews

Goldman Sachs expects inflation to remain noticeably above the Fed’s target next year, while former Fed official Frederic Mishkin cautioned markets against anticipating early rate cuts. Goldman’s forecast sees headline inflation at 2.9% by the end of this year and 2.6% by the end of next year, with core inflation (excluding energy and food) at the same levels.

Mishkin noted that recent PPI figures pointed to accelerating inflation but said he 'wouldn’t put much weight on the recent producer‑price numbers,' calling the index typically volatile. He added that 'core inflation doesn’t look that good' and that unemployment remains close to a full‑employment level, which lowers the likelihood of near‑term rate cuts.

Mishkin also highlighted the Fed’s past forecasting errors, concerns about rising inflation expectations, and what he described as 'the threat to Fed independence' from political pressure to ease policy. He warned cuts will come only when 'there is a clear reason.' Tariff pass‑through may be more persistent because many firms pre‑stocked inventories before tariffs took effect. #GoldmanSachs #Fed #inflation #Mishkin #FiatNews

Market snapshot: PX -0.44% today; DAX +0.33%; STOXX 600 +0.47%; NASDAQ +2.04%; S&P 500 +1.65%; Dow Jones +2.00%. FX: CZK/EUR 24.53 (+0.15%), CZK/USD 20.92 (+1.17%), USD/EUR 1.1723 (+1.01%). #markets #FX #FiatNews

Chinese EV maker Nio unveiled a lower-cost ES8 SUV priced at 308,800 CNY (~$43,000) under a battery subscription plan. The model launch intensified price competition among Chinese electric vehicle makers and sent Nio shares higher. #NIO #FiatNews

Japan released inflation data showing a mild slowdown in the rate of inflation. The print adds a regional data point, but global markets are primarily focused on Powell's Jackson Hole speech for direction on U.S. monetary policy. #FiatNews

Walmart reported stronger-than-expected revenue but missed on adjusted earnings in its fiscal Q2. Revenue reached $177.4 billion, more than $1 billion above consensus, and US comparable-store sales rose 4.6% year-on-year versus an expected 4.2%. Despite the top-line beat, adjusted EPS fell short of Wall Street estimates and shares were down about 3% in premarket trading.

CEO Doug McMillon warned that tariffs are forcing the chain to raise prices as it replenishes inventory at higher cost, and he expects tariff-related costs to rise in both the third and fourth quarters. For fiscal 2026 Walmart now sees net sales growth of 3.75–4.75% (previously 3–4%). For the current quarter it forecasts adjusted EPS of $0.58–$0.60 (consensus $0.57) and for the full year $2.52–$2.62 (street at the top end $2.61).

The results follow rival Target, which reported adjusted EPS of $2.05 (consensus $2.02) and revenue of $25.2 billion (vs. $24.9 billion expected) but whose shares fell more than 10% after a year-on-year revenue decline of 0.9% and an announced CEO transition effective Feb. 1, 2026. #WMT #TGT #retail #FiatNews

The United States and the European Union have reached a framework trade agreement that confirms the oral deal they announced in July. The pact sets a 15% cap on tariffs for most EU exports to the US, including cars, pharmaceuticals, semiconductors and timber, reducing the current aggregate auto duty from 27.5% to 15%. The agreement also prevents the imposition on EU chip imports of the 100% tariffs US President Donald Trump had publicly raised as a possibility.

Under the deal, the EU will eliminate tariffs on all industrial goods from the US and provide preferential market access for a broad range of US agricultural products. The US will take steps to lower the current 27.5% tariffs on cars and auto parts once the EU enacts legislation required to implement reciprocal tariff reductions.

The agreement includes large commercial and investment commitments: the EU plans to buy $750 billion of US LNG, oil and nuclear energy products by 2028, and European companies committed to invest $600 billion in strategic US sectors by 2028. The EU also pledged to significantly increase purchases of US military equipment "with the support and assistance of the US government," citing a shared strategic priority to deepen transatlantic defense industrial cooperation and strengthen NATO interoperability.

The deal covers cooperation on artificial intelligence, cybersecurity and technology protection, and calls for reducing non-tariff barriers and mutual recognition of standards. EU trade commissioner Maroš Šefčovič warned that the alternative would have been "a trade war with extremely high tariffs and political escalation," saying, 'That would threaten jobs, growth and businesses on both sides of the Atlantic.' The agreement was first announced by President Trump and European Commission President Ursula von der Leyen on July 27 at Turnberry in Scotland after an hour of talks. #EU #US #trade #tariffs #AI #FiatNews

US stocks dipped after Fed minutes confirmed inflation remains central concern: S&P 500 -0.27%, Nasdaq 100 -0.67%, Dow Jones +0.02%. Two-year Treasury yield held near 3.74%. Markets are awaiting Jerome Powell's Jackson Hole remarks for further signals. #Fed #JacksonHole #S&P500 #FiatNews

Novo Nordisk is shifting strategy under new CEO Maziar Mike Doustdar, instituting a global hiring freeze for non‑key roles and warning of possible further job cuts as it seeks to restore competitiveness after losing U.S. leadership in obesity drugs to Eli Lilly. The company, which employs over 78,000 people, has said the pause is part of broader cost‑cutting and efficiency measures; most current openings are in the U.S. and China, with only eight listed in Denmark. #NovoNordisk #NVO

Shares rose on Monday after the U.S. FDA approved Wegovy for treatment of metabolically associated steatohepatitis, a severe form of fatty‑liver disease that can lead to cirrhosis or cancer. Analysts note the market for this indication is smaller than obesity or diabetes but could help stabilize the company amid intensifying competition from Eli Lilly and others. "This is quite a promising sign," analyst Branislav Soták said, adding it is "not a fundamental turnaround yet, but a signal the company could protect part of its market." He also said he had viewed an entry price around $60 per share as attractive and that the stock was trading near $52, calling it still a speculative investment. #Wegovy #NASH #LLY

Novo Nordisk also signaled efforts to strengthen international ties: chairman Helge Lund met Chinese Vice President Han Zheng, who urged deeper cooperation between global pharmaceutical firms and China as the country continues market opening and reforms. #FiatNews

Intel shares have jumped nearly 30% over the past month after reports of a possible U.S. government stake and a $2 billion investment from SoftBank, pushing the chipmaker’s valuation back to dot‑com bubble levels. The stock now trades at about 53 times expected earnings for the next 12 months, the highest reading since early 2002, according to Bloomberg data.

"The shares look incredibly expensive. This kind of multiple is a bet that the government will pressure Intel’s customers so hard that it becomes the winner," said Wayne Kaufman, chief market analyst at Phoenix Financial Services. Reports say President Donald Trump’s administration has discussed acquiring up to a 10% stake, which could make the U.S. the company’s largest shareholder. Commerce Secretary Howard Lutnick indicated any government stakes would likely be non‑voting, and Lutnick has suggested the idea could extend to other chipmakers tied to CHIPS Act grants.

Bloomberg expects Intel to generate adjusted profit exceeding $1 billion over the next four quarters after a roughly $1.3 billion loss in the prior four. From 2018–2021 the company averaged more than $20 billion in annual profit. Analysts remain cautious: under 8% of analysts tracked by Bloomberg rate the stock a buy and nearly 80% are neutral. "We have no idea what Intel can achieve in earnings growth, because it lags in technology, and growth doesn’t come from cutting costs," said Nancy Tengler of Laffer Tengler Investments. Paul Nolte of Murphy & Sylvest Wealth Management added that a government stake could help short‑term but pose long‑term risks. CEO Lip‑Bu Tan’s cost‑cutting has improved the path back to profitability but has also raised concerns about a retreat from technological leadership. Sources: Bloomberg, CNBC. #INTC #FiatNews

Macro calendar: No major data releases today. Key inflation reports due this week from Canada, the UK and the eurozone could influence central bank policy. Markets currently price about an 85% probability of a September rate cut. #inflation #economy #FiatNews

Bond markets: Yields fell for most sovereign debt globally today, though UK and Czech government bonds bucked the trend and did not decline. Overall move suggests a modest flight to safety across parts of the market. #FiatNews

Central Europe: Czech koruna slightly weaker — CZK/EUR 24.4753 (-0.057%), CZK/USD 20.9655 (+0.282%). HUF/EUR 395.5875 (+0.096%), PLN/EUR 4.2511 (-0.185%). Regional currencies show modest intra‑day moves. #CZK #FiatNews

Analysts are debating whether heavy corporate spending on AI infrastructure will deliver a sustainable competitive edge for Apple. Commentators noted that companies such as Microsoft, Meta and Amazon are investing heavily to lead in AI, but Greg Ip of the Wall Street Journal argues those outlays may not create lasting advantages and are weighing on free cash flow. Ip notes the spending boosts measured economic growth but “is significantly burdening cash flow,” and he highlights a widening gap between free cash flow and reported earnings.

Ip compared the current wave of AI investment to the dot‑com era: some infrastructure investments had clear benefits, yet they also intensified competition and compressed margins. “Every time someone comes with a new model, and it seems hard to believe that anyone could create a sustainable competitive advantage,” he said.

Dan Ives of Wedbush told CNBC Apple’s AI strategy is “basically invisible” and warned “Apple must do something.” He suggested a major acquisition such as Perplexity, closer cooperation with Google’s Gemini and new AI hires as possible moves, and has a $270 target on Apple shares. #AAPL #AI #FiatNews

Major cryptocurrencies reversed course after last week’s records, pulling the total crypto market below $4 trillion. Bitcoin fell as much as 2.2% to about $115,000, while Ether slid more than 4% at one point, dipping below $4,300, according to Bloomberg and CoinMarketCap data. Combined market capitalization dropped to $3.9 trillion.

The pullback followed highs on August 14, when Bitcoin reached a record $125,514 and Ether neared its November 2021 peak. The recent rally was supported by an influx of institutional investment, with Michael Saylor’s firm Strategy—whose main asset is bitcoin—having accumulated more than $72 billion worth of the token.

"Since reaching a new all-time high last week we have seen continued profit-taking," said Caroline Mauron, co‑founder of Orbit Markets, adding that "the momentum of the crypto finance boom appears to be losing strength." Japanese hotel operator Metaplanet, which had amassed about $2.2 billion in bitcoin, is down roughly 50% from its mid‑June peak. #Bitcoin #Ether #crypto #FiatNews