🔴 Breaking
Saudi Media Says Iran-Oman Reach Preliminary Hormuz Deal
- • Saudi outlet Alhadath, citing senior sources, reported that Iran and Oman have reached a preliminary agreement to reopen the Strait of Hormuz, with an official announcement potentially coming within days.
- • According to the report, the arrangement would remain in force for 60 days and is aimed at restoring commercial navigation, although it still requires approval from Iran's National Security Council.
- • Meanwhile, Pakistani Prime Minister Shehbaz Sharif has begun a two-day visit to Saudi Arabia to strengthen bilateral ties and discuss regional and international developments with Crown Prince Mohammed bin Salman.
- • Pakistan's delegation includes the deputy prime minister and foreign minister, the army chief, the chief of defence and other senior ministers, underscoring the importance of the visit.
- • On the U.S.-Iran conflict, Pakistan's foreign ministry said Islamabad is consulting with other countries on the Middle East crisis and the security situation in the Strait of Hormuz, and will continue efforts to support a comprehensive and sustainable resolution.
KOSPI Plunges 4.58% As Foreign Selling Hits Tech Stocks
- • South Korea's KOSPI plunged 301.88 points, or 4.58%, to 6,296.38, tracking overnight weakness in U.S. technology stocks and heavy selling by foreign and institutional investors.
- • Foreign investors were net sellers of 3.98 trillion won from the market open, while institutions sold a further 235.7 billion won.
- • Retail investors bought a net 4.11 trillion won, partially offsetting the outflows but failing to prevent the sharp decline.
- • Semiconductor stocks led the selloff, with Samsung Electronics tumbling 6.30% and SK Hynix plunging 10.37%.
- • Secondary-battery shares outperformed the broader market, with LG Energy Solution rising 2.83% to 345,000 won and POSCO Holdings gaining 0.63% to 319,000 won.
Ship Traffic Through Hormuz, Bab al-Mandeb Plunges As Energy Routes Face Disruptions
- • Kpler data showed vessel traffic through the Strait of Hormuz and Bab al-Mandeb dropped sharply on Wednesday, highlighting mounting disruptions across key global shipping routes.
- • Only two vessels transited the Strait of Hormuz on Wednesday, down from eight the previous day and far below pre-February levels of roughly 130–140 ships per day.
- • Traffic through Bab al-Mandeb also collapsed, with Kpler recording just one Bahamas-flagged dry-bulk vessel, compared with 20 ships a day earlier and an average of 41 daily transits before the July 20 Red Sea blockade.
- • Iran-aligned Houthi forces imposed the blockade on July 20, saying it was a response to an alleged Saudi blockade of Yemen, a claim that Saudi Arabia has denied.
- • Kpler data also showed the UAE has exported more crude through the Strait of Hormuz than any other producer over the past two months. A VLCC carrying ADNOC crude switched off its AIS signal at the end of July and reappeared in the Gulf of Oman on Tuesday.
- • Traders said ADNOC has sold more than 130 million barrels through seven unprecedented tenders since early June as the company adopts a new sales strategy amid the global energy shock.
JD Vance Says U.S. Will Use 'All Tools' On Iran, Downplays Rift With Netanyahu
- • U.S. Vice President JD Vance denied reports of a confrontation with Israeli Prime Minister Benjamin Netanyahu, saying they had a "pleasant but direct conversation" and emphasizing that Israel remains a key U.S. ally despite occasional disagreements.
- • Vance said his responsibility is to pursue the interests of the United States above all else, adding that Washington and Israel work together when their objectives align and hold frank discussions when differences emerge.
- • On Iran, Vance described the country's leadership as "extraordinarily difficult" and said its political system is fractured, with some factions seeking an end to the conflict while "crazy radicals" want it to continue.
- • He said negotiations will be messy and time-consuming, but expressed confidence that oil prices will fall and remain low, Iran will never obtain a nuclear weapon, and the United States will emerge in a stronger position.
- • Vance added that Washington is in the middle of a strategic contest and will use military, economic and diplomatic tools to achieve what he called the right resolution.
JPMorgan Warns Hedge Funds May Cut Tech Exposure After July Rout
- • JPMorgan warned that hedge funds' capacity to hold technology stocks may be structurally reduced after July's semiconductor sell-off triggered widespread liquidations across the sector.
- • Tech-focused hedge funds lost more than 10% in July, excluding Situational Awareness, which suffered a 67% drawdown, while Asia-focused stock pickers recorded their worst month on record, according to Goldman Sachs.
- • JPMorgan strategist Nikolaos Panigirtzoglou said the recent losses could permanently reduce hedge funds' ability to hold volatile semiconductor stocks as prime brokers cut balance-sheet allocations.
- • The bank warned that the technology trade could increasingly depend on retail investors, potentially leading to greater market volatility and sharper price swings.
- • The latest sell-off has raised concerns that institutional appetite for high-growth chip stocks may remain subdued even if the sector rebounds.
Airtel Signals Tariff Hikes As Q1 Profit Jumps 37%
- • Bharti Airtel Executive Vice-Chairman Gopal Vittal said unlimited data plans at current prices are unsustainable, signaling scope for tariff hikes and a pricing model where heavy data users pay more over the next five to seven years.
- • Airtel reported Q1 FY27 net profit of ₹8,167 crore, up 37.3% YoY, while ARPU rose to ₹264 from ₹250 a year earlier, the highest in the industry.
- • Vittal said the current pricing structure limits ARPU growth and called for a gradual shift toward higher charges for customers consuming larger amounts of data.
- • The company plans to expand its Africa business, build 1 GW of data-center capacity, and list Airtel Money on the London Stock Exchange in H2 2026.
- • Airtel Money processes more than $245 billion in annual transactions, generated over $400 million in Q1 revenue, and serves 56.5 million users across Africa, where 64% of adults remain unbanked.
Point72, Citadel And Other Wall Street Giants Targeted In Cyberattack Wave
- • The Financial Times reported that several major Wall Street hedge funds and private-equity firms, including Point72, Citadel and Two Sigma, were recently targeted in a series of attempted cyberattacks.
- • Sources said Steve Cohen's Point72 and Ken Griffin's Citadel were hit by audio-phishing attacks, in which callers impersonated customer-service or IT staff to obtain employees' authentication credentials and gain access to internal systems.
- • Point72 informed investors that it had detected an attempted breach but said there is no evidence that client data was stolen. Citadel was also targeted, although no successful breach has been confirmed.
- • The attackers reportedly relied on social-engineering tactics, including phone calls posing as trusted employees, to trick workers into revealing sensitive information or granting system access.
- • The incidents underscore growing cybersecurity threats facing Wall Street, as hackers increasingly deploy AI-powered tools and voice-phishing techniques, prompting financial firms to strengthen defenses and coordinate with law-enforcement agencies.
Trump said the U.S. has substantial stockpiles of ammunition, particularly certain types, and that additional supplies are being produced and delivered as needed. He added that U.S. defense contractors are building what he described as the largest number of factories and production facilities in the country's history. Trump also said authorities are pursuing alleged leakers accused of making treasonous remarks, warning they could face lengthy prison sentences.
🔴 Breaking
U.S. Federal Tax Collections Headed For Record High
- • Americans now pay more in taxes than they spend on food, clothing and housing combined, while pressure continues to build for even higher taxes.
- • According to a recent Treasury report, individual income tax collections rose by $136 billion, or 7%, in the first nine months of the fiscal year.
- • Total federal tax revenue reached $4.2 trillion during the period and is on track to hit a record $5.6 trillion for the full fiscal year.
- • Despite the Republican tax cuts enacted in 2017 and 2025, federal tax collections have continued to surge. From 2018 to 2025, total federal taxes increased 57%, individual income taxes rose nearly 60%, and corporate tax revenue jumped 120%.
- • According to Congressional Budget Office projections, annual federal tax revenue is expected to climb to $8.3 trillion by 2036, roughly 60% higher than this year's projected level.
NVIDIA Expands 6G Push, Seeks Chinese Partners For AI Base Stations
- • NVIDIA is urgently seeking Chinese partners to develop 6G AI-RAN base stations that combine telecom connectivity with on-site AI computing, accelerating its expansion into the global telecom operator market.
- • The company is looking for Chinese base-station manufacturers capable of building 6G equipment that meets overseas market requirements.
- • Shenzhen Jiaxian Communications has emerged as a confirmed partner, with sources saying NVIDIA began working with the company in 2025 and that the collaboration has already lasted more than six months.
- • The project is currently in the technical research and development stage and relies heavily on NVIDIA's CUDA ecosystem to integrate AI capabilities into telecom infrastructure.
- • Sources said the two sides are discussing the creation of a commercial joint venture for overseas expansion, while NVIDIA plans to begin deploying edge-computing networks over the next two years.
White House Denies Trump-Hegseth Clash Over Ammunition Shortages
- • White House press secretary Karoline Leavitt dismissed as "fake news" a Washington Post report claiming that President Donald Trump and Defense Secretary Pete Hegseth clashed at Camp David over U.S. missile and ammunition shortages linked to the Iran conflict.
- • Leavitt said she was present at Camp David with Trump and Hegseth on August 5 and insisted that the reported confrontation "did not occur."
- • She added that the White House has repeatedly informed The Washington Post that the account was inaccurate.
- • The Washington Post, citing sources, reported that Trump expressed strong frustration last week and demanded an explanation from Hegseth regarding an alleged shortage of U.S. weapons and munitions.
- • The report said the concerns were tied to military stockpiles and the potential impact of tensions with Iran.
Vance Says Iran Talks Will Be Long And Difficult
- • U.S. Vice President JD Vance said negotiations with Iran will be "bumpy and time-consuming", describing Tehran as "very difficult to deal with" and saying the two sides are engaged in a strategic contest.
- • Vance said the U.S. goal is to manage the complexities and secure the best outcome for the American people and President Trump, adding that despite a messy process, "Iran will never obtain nuclear weapons," oil prices will remain low and the U.S. will emerge in a stronger position.
- • Speaking in Las Vegas on August 5, President Donald Trump said recent declines in oil prices have stabilized and added, "we may have to let it rise again," although he said he hopes "it won't come to that."
- • Refinitiv, citing five sources, reported that after Trump's July 28 threat to strike Iran's energy infrastructure, Tehran launched high-level diplomatic outreach, warning Gulf states that any new U.S. military action would trigger retaliation against regional energy facilities and U.S. assets.
- • Iranian Foreign Minister Abbas Araghchi held talks with officials from Saudi Arabia, Turkey and Qatar, as well as Pakistan's army chief, while Saudi Arabia, Qatar and Oman urged Washington to resume negotiations. According to the report, Saudi Crown Prince Mohammed bin Salman asked Trump to delay military action, and Trump later said on August 2 that he agreed to halt the attack plan "provided a deal could be reached quickly."
🔴 Breaking
Iran Says Hormuz Reopening Requires More Than Oman Agreement
- • Iran's deputy foreign minister said Tehran's new agreement with Oman will close the temporary shipping route currently being used in the Strait of Hormuz.
- • The official added that Iran's diplomatic positions and actions are "100% coordinated" with battlefield developments and that, under the current state of war, diplomacy and military operations complement each other rather than oppose one another.
- • He said the United States resuming its commitments under the Islamabad memorandum of understanding is a necessary condition, but by itself is insufficient to reopen the Strait of Hormuz.
- • The deputy foreign minister also stressed that talks with Washington are taking place against a backdrop of deep mistrust, which remains the foundation of the current negotiating process.
- • Earlier, Iran said it was close to finalizing an agreement with Oman on arrangements for the Strait of Hormuz, although separate agreements and broader commitments would still be required before shipping through the strategic waterway can fully resume.
Iran And Oman Reach Consensus On Proposed Hormuz Shipping Corridor
- • Iran's foreign ministry said that after two months of negotiations, Tehran and Oman have agreed on the geographic coordinates for a proposed commercial shipping corridor in the Strait of Hormuz.
- • The ministry said a joint declaration reflecting the main points of consensus is in its final review and drafting stage, provided that third parties do not obstruct the process.
- • Tehran added that negotiators have examined the technical, legal, security and environmental aspects of the proposed shipping lane and described the talks as professional and forward-looking.
- • Iran's foreign ministry spokesman said on social media that the joint statement is in its final review phase, while Foreign Minister Abbas Araghchi and the parliamentary speaker currently have no planned visits to Pakistan or Qatar, although Iran remains in contact with both countries to ease regional tensions.
- • Oil prices extended losses, with WTI crude falling to $73.85 per barrel and Brent crude dropping to $77.98 per barrel, while spot gold jumped 4.24% to $4,250 per ounce.
U.S. Removes Some Iran-Linked Sanctions Entries From Treasury Website
- • Refinitiv reported that the U.S. Treasury removed counterterrorism sanctions entries covering two aircraft and three airlines allegedly linked to Iran's Islamic Revolutionary Guard Corps (IRGC): Fly Baghdad Airlines Company, Iraq Express, Fly Baghdad, and aircraft registrations YI-BAF and YI-BAN.
- • Fox News reported that the Treasury removed the Iran-related sanctions listings from its website on Wednesday.
- • However, a Treasury official said the move "does not represent any change in U.S. policy" toward Iran, the IRGC Quds Force, or any designated terrorist organizations and their supporters.
- • The official described the removal as a routine administrative action following a review of a specific case involving Baghdad Airlines.
- • The clarification comes amid heightened speculation over potential diplomatic progress between Washington and Tehran.
AP Says Iran-Oman Draft Deal on Hormuz Awaits Final Approval
- • Two regional officials told AP that Iranian and Omani negotiators have agreed on a draft deal aimed at serving as an interim solution to disputes over shipping in the Strait of Hormuz.
- • According to the officials, the draft agreement is now awaiting final approval from Iran's Supreme Leader.
- • The proposed arrangement is reportedly linked to a U.S.-Iran understanding reached in June that sought to end incidents and reopen the strategic waterway, although that agreement ultimately collapsed.
- • Officials said the interim deal could pave the way for renewed negotiations between Washington and Tehran toward a broader agreement on Iran's nuclear program.
- • The Strait of Hormuz remains a key bargaining chip in regional diplomacy, with negotiations continuing amid conflicting public statements from the United States and Iran.
HSBC Upgrades Indian Equities, Raises Sensex Target To 84,000
- • HSBC upgraded Indian equities to "neutral" from "underweight" and raised its Sensex target to 84,000, saying AI-driven foreign investor outflows have "largely played out."
- • Foreign investors have already purchased $3.6 billion worth of Indian stocks since mid-June, with financials, consumer discretionary and healthcare attracting the biggest inflows.
- • The bank prefers domestic-demand-focused stocks, including ICICI Bank, M&M and Titan, while warning that geopolitical tensions and rich valuations remain key risks.
- • According to HSBC, more than 80% of active global emerging-market funds remain underweight India, and a shift back to neutral positioning could trigger massive capital inflows into Indian markets.
- • HSBC believes the worst of AI-related FII selling pressure may be over, potentially improving sentiment toward Indian equities.
SpaceX Plunges 12%, Loses Over $205 Billion in Market Value
- • SpaceX shares fell as much as 12% in early trading, wiping out more than $205 billion in market capitalization as investors worried about soaring AI spending and capital expenditures following the company's first post-IPO earnings report.
- • Despite the selloff, major Wall Street firms remained largely bullish. Morgan Stanley reiterated an Overweight rating with a $300 price target and expects annual recurring revenue to exceed $100 billion by the end of 2026, with 2027 revenue projected at $102 billion.
- • Wells Fargo maintained an Overweight rating but cut its target price to $215 from $230, citing potential delays in SpaceX's compute expansion plans despite management targeting more than 8 GW of capacity by 2027.
- • Deutsche Bank ($235 PT), Goldman Sachs ($220 PT), Citigroup ($200 PT), JPMorgan ($240 PT) and UBS ($210 PT) all maintained bullish ratings, highlighting AI growth, Starlink expansion, data-center scaling and management's accelerated goal of reaching $1 trillion in revenue by 2030 or earlier.
- • Analysts expect near-term volatility due to heavy spending, lockup expiries and execution risks, but see significant upside from partnerships with Anthropic, Google and Reflection AI, as well as future Starship and Starlink deployments.
FAA Investigating Flight-Safety Incident Involving Trump’s Helicopter
- • President Donald Trump's helicopter, Marine One, was involved in a flight-safety incident in Washington on August 4.
- • The White House said there was no threat to Trump's personal safety during the incident.
- • The Federal Aviation Administration (FAA) has opened an investigation to determine the cause and circumstances of the event.
- • Trump traveled from outside the White House aboard Marine One to Joint Base Andrews, where he transferred to Air Force One for a flight to Los Angeles.
