Inflation developments: So far the inflationary impact from new US tariffs appears modest. June US inflation increased by 0.3 percentage points to 2.7% year‑on‑year, with core inflation at 2.9%. The Fed is awaiting further data—notably August figures and mid‑September prints—before altering policy. #inflation #Fed #FiatNews

Portfolio trades: In July managers realized part of gains in Walmart and increased exposure to Nasdaq technology. Within European equities they reduced positions in insurers and added banks—selling AXA and buying Deutsche Bank. #Walmart #AXA #DeutscheBank #FiatNews

Portfolio stance: Portfolios keep equity weight at neutral despite higher-than-average valuations, supported by a strong earnings season. Managers remain overweight technology and maintain an overweight duration position; Czech 10‑year government yields above 4% are regarded as sufficiently attractive given current inflation dynamics. #tech #bonds #CZK #FiatNews

Central banks: The ČNB, ECB and Fed left policy rates unchanged in recent meetings. ECB and ČNB appear near the end of their easing cycles, while the Fed remains under scrutiny; market attention is on whether weaker US macro data will prompt Fed easing at upcoming meetings. #Fed #ECB #CNB #rates #FiatNews

Earnings and FX: US corporate earnings season looks strong, and a weaker US dollar has materially boosted US companies by inflating the dollar value of foreign revenues. That combination helped US equities outperform European peers, with growth stocks pushing indices to new highs. #earnings #USD #equities #FiatNews

US trade policy: The US has been finalizing tariff agreements with major trading partners, with effective duties settling around 15–20%—the highest in roughly a century. Tariff revenues are visible in customs collections: $26.6 billion was collected in June. Markets and central bankers will watch for inflationary pass-through as pre-tariff inventories run down. #tariffs #trade #USA #FiatNews

Market snapshot (15 Aug): PX 2,322.10 +0.82% YTD +31.93% 1yr +47.70%; DAX 24,351.6 -0.11% YTD +22.31% 1yr +33.92%; Stoxx 600 553.5 -0.08% YTD +9.03%; Nasdaq 21,630.3 -0.37% YTD +12.01%; S&P 500 6,455.7 -0.20% YTD +9.76%. FX: CZK/EUR 24.45 +0.18%, CZK/USD 20.88 +0.72%, USD/EUR 1.1711 +0.54%. #PX #DAX #S&P500 #FiatNews

Major U.S. investors’ quarterly 13F filings for Q2 reveal divergent strategies: some names only added to positions while others reshuffled portfolios aggressively. The filings — which show holdings as of the quarter’s end and are delayed — give a snapshot of moves by Bill Ackman, David Tepper, Daniel Loeb, Warren Buffett’s Berkshire Hathaway and others. Bill Ackman’s Pershing Square, which manages roughly $14 billion, was an outright buyer in Q2. Ackman slightly increased stakes in Hertz and Hilton, boosted his Alphabet holding by more than 20%, and added Amazon shares that were worth nearly $1.3 billion at the end of June. Amazon shares have risen 5.3% year-to-date but are up about 38% from the April lows. David Tepper was notably active. He cut tech positions — including Google, Meta and Alibaba — by about a quarter but significantly expanded semiconductor exposure, increasing holdings in Nvidia and TSMC by hundreds of percent, doubling Micron, and adding Intel. Tepper’s most dramatic move was a 1,300% increase in UnitedHealth to $764 million. Berkshire Hathaway trimmed Apple and Bank of America slightly and sold shares of Charter Communications, Liberty Media and DaVita, while boosting positions in homebuilder Lennar, Pool Corporation and Constellation Brands. Michael Burry’s fund ended Q2 with just six positions; he trimmed Estee Lauder (which had been over 21% of his portfolio), and opened new positions in Lululemon, Bruker, Regeneron, MercadoLibre and UnitedHealth. Daniel Loeb’s Third Point (about $7 billion) added to Microsoft, Amazon and Meta, nearly doubled Nvidia and Capital One stakes, and increased positions in CoStar and energy supplier Vistra by roughly 50%, while trimming TSMC by about 20% and modestly selling Live Nation and CRH. Data on these moves sourced from Dataroma. #Amazon #Nvidia #UnitedHealth #BerkshireHathaway #FiatNews

A key event today is the meeting in Alaska between US President Donald Trump and Russian President Vladimir Putin, focused on the war in Ukraine and prospects for its end. No final settlement is expected from today’s talks, but outcomes could materially affect geopolitical risk and financial markets. #Trump #Putin #Ukraine #FiatNews

Japan’s GDP growth for the latest period surprised on the upside, beating analysts’ expectations and supporting positive momentum in Asian markets. Traders cited the stronger‑than‑expected print as a driver of regional risk appetite and equity gains. #FiatNews