Precious metals: Silver rose above $38.50/oz, up over 1.5%, supported by a modest rise in gold and a softer dollar as traders increasingly bet on US rate cuts. #FiatNews

Dollar and rates: The US dollar continued to weaken as markets price in higher odds of Fed rate cuts; EUR/USD moved above 1.1700. Donald Trump suggested a policy rate cut to 1.0%, while Scott Bessent advocated roughly a 1.5 percentage-point reduction from current levels. #FiatNews

CoreWeave shares plunged more than 18% after reporting strong revenue growth but an unexpected decline in net profit. Morgan Stanley set an Equal-Weight rating with a $91 target, roughly 30% below today’s market price. #FiatNews

US equity update: Major US indices extended gains but some late-session trimming occurred — with around two hours left in trading US500 was flat, US100 down ~0.1% and US200 up >1%. Asian session saw strong gains, especially among large Chinese names and Hong Kong stocks; European markets rose only modestly. #FiatNews

Tencent beat expectations as it bets on monetizing AI: revenue rose about 15% year‑on‑year to CNY 184.5 billion (USD 25.7 billion) for the quarter ending June — roughly 3% above analysts’ estimates — and net profit climbed 17% on margin improvements. The Shenzhen‑based group is prioritizing AI integration across services (using models such as DeepSeek R1 and Hunyuan) and renting cloud compute to clients training or running AI systems, rather than building standalone platforms. Gaming remains the largest revenue source (2024 hits included DnF Mobile and Delta Force), with upcoming launches like Valorant Mobile and an open‑world Honor of Kings; Tencent will unveil more at Gamescom next week. WeChat (over 1 billion users) is a key monetization vehicle—more ads in search and short video and expanded mini‑programs—while WeChat Pay faces new competition from Ant Group (100 million users for its contactless payments). Risks include a possible global economic slowdown and U.S. tariff actions that could affect payments, advertising and cloud services. Bloomberg Intelligence sees growth normalizing after a strong 2024, with Q2 growth easing to about 9% (vs. 25% in Q1) and profit growth slowing to the mid‑teens. #Tencent #WeChat #FiatNews

Consumer firms lagged: cyclical consumer earnings (e.g., autos, luxury) missed estimates by about 8%, non‑cyclical consumer goods missed by about 2% (LSEG I/B/E/S). Notable stock moves: Adidas fell ~18% over six days after warning it may raise prices in the US; AB InBev dropped ~11% on weak demand in Brazil and China; Ferrari recorded a ~12% decline after announcing US price cuts; Hermes fell ~12% over three days. #consumer #ADIDAS #FiatNews

The euro has strengthened more than 12% versus the dollar this year, weighing on exporters. Barclays and Citi estimate a 10% euro appreciation typically cuts corporate profits by roughly 2%. Sectors sensitive to currency moves include materials and energy; companies calling out FX impacts include Allianz, Bayer, Continental, Ferrari, TotalEnergies and Puma. #EUR #FiatNews

European healthcare earnings rose ~15.4% in Q2, the second‑strongest sector result. Despite the gains, investors remain cautious because of a US proposal for a 250% tariff on drug imports; some analysts say they would consider raising recommendations only once regulatory and trade clarity improves. #Healthcare #FiatNews

European companies reported a fifth consecutive quarter of profit growth in Q2 despite US import tariffs. LSEG I/B/E/S estimates Q2 earnings up 3.1% year‑on‑year, with more than half of firms that reported so far beating analyst expectations. Financials and healthcare led gains while overall growth trails the US tech‑driven expansion. #Europe #earnings #FiatNews

IEA: Global oil markets are heading for a record surplus in 2026 as demand growth slows and supply rises. Inventories are set to increase by about 2.46 million barrels per day, a larger rise than the average gain in 2020. World oil demand is expected to rise by just 680,000 b/d this year (the weakest growth since 2019) and by 700,000 b/d next year. Non‑OPEC+ production growth for 2026 was raised by 100,000 b/d to 1.0 million b/d, led by the US, Guyana, Canada and Brazil. OPEC+ has accelerated the return of previously idled output, and IEA says market supply through 2026 will significantly exceed demand, meaning changes will be needed to rebalance. Global stocks were the highest in 46 months in July; prices are down about 12% year‑to‑date. New sanctions on Russia or Iran could still alter the outlook. #IEA #oil #FiatNews