S&P's August PMI for the eurozone rose to 51.1 from 50.9 in July, the fastest pace in 15 months. Activity in manufacturing returned to growth for the first time in over three years, though German industrial activity continued to decline slightly. #PMI #Eurozone #FiatNews

The United States and the European Union closed a framework trade agreement, confirming the preliminary July understanding and a 15% tariff on cars or chips as part of the deal. #US #EU #FiatNews

China moved to limit sales of Nvidia's H20 AI chip tailored for the Chinese market after comments by U.S. official Howard Lutnick that reportedly offended Beijing. The step affects sales of Nvidia's China-specific AI product. #NVDA #FiatNews

Meta Platforms has paused hiring for its new AI division, halting large-scale recruitment of AI researchers and engineers and effectively curbing its recent heavy spending on AI talent. #META #FiatNews

The Nasdaq 100 fell about 1.5% on Tuesday and another ~0.7% on Wednesday, a short correction. Investors cited summer profit-taking or cautious positioning ahead of potential disappointments at the Jackson Hole central bankers’ symposium. #Nasdaq #FiatNews

US stocks opened lower as the S&P 500 slipped for a fifth consecutive session, the Nasdaq 100 continued its recent sell-off (though more moderately than prior days) and the Dow also traded down. Investors are eyeing Jerome Powell’s speech at Jackson Hole for rate clues. #SP500 #Nasdaq #JacksonHole #FiatNews

Mohamed A. El-Erian warns Jerome Powell will face unusually difficult conditions when he speaks at Jackson Hole this Friday — likely his last as Fed chair — with persistent inflation, a weakening jobs market and rising political pressure constraining the Federal Reserve. Inflation has run above the Fed’s 2% target for four years; unemployment remains a little above 4%, and recent data offer mixed signals for policymaking. El-Erian notes Powell’s communication style has sometimes added to market volatility rather than calming it. Recent readings complicate the outlook: headline CPI came in below consensus last week, but producer prices (PPI) rose sharply and the University of Michigan survey showed higher inflation expectations. Labour-market indicators point to softening beyond a downward revision to July payrolls — weaker hiring demand, difficulties for new graduates and job openings concentrated in a few sectors. El-Erian also points to structural forces including immigration policy and AI, and highlights internal Fed strains — two dissents from governors (the first in over 30 years) and the prospect that nominee Dr. Stephen Miran will be critical of recent moves. El-Erian argues Powell’s best course would be to shift from a purely data-dependent, tactical stance to address broader strategic questions and prepare a regular review of the Fed’s policy framework, but says that approach would clash with Powell’s usual preference for flexibility. Powell has reportedly resisted re-examining the 2% target. Legal concerns over a Fed building budget overrun and market risks — including a repeat of last year’s bond-market reaction if sharp rate cuts are signalled — add to the constrained options and make a thorough framework overhaul unlikely at Jackson Hole. #Powell #Fed #JacksonHole #inflation #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

China’s move to limit sales of Nvidia’s H20 AI chip for the local market was triggered by remarks from U.S. Commerce Secretary Howard Lutnick that Beijing found “insulting,” the Financial Times reports. Chinese regulators — including the Cyberspace Administration, the National Development and Reform Commission and the Ministry of Industry and Information Technology — have been discouraging domestic firms from buying H20 following Lutnick’s July interview with CNBC, according to sources cited by FT. Lutnick said on CNBC on July 15: “We don't sell them our best stuff, nor our second best, nor our third best. We want to sell enough that their developers become dependent on the American technology stack.” After those comments, Beijing reportedly ordered Chinese tech firms to halt new H20 orders and promoted domestic chips such as those from Huawei. China also raised concerns about remote control and security vulnerabilities in U.S.-made chips — claims Nvidia disputes. Washington had cleared Nvidia to resume H20 sales after a May–June framework trade deal with China. Nvidia CEO Jensen Huang visited Beijing last month and pledged to remain competitive in China, which accounts for at least 15% of Nvidia’s revenue; H20 is widely used by local AI developers. Major Chinese firms including Alibaba, Baidu and Bytedance have argued Nvidia’s chips outperform domestically produced alternatives. #Nvidia #H20 #China #AI #FiatNews