AGP Executive Report

Oil & Rates Watch: Markets were mostly lower as traders weighed rising crude and Treasury yields amid uncertainty over a potential U.S.-Iran Oman deal to reopen the Strait of Hormuz, with the 2-year yield climbing and WTI jumping. AI Trading Infrastructure: Astros and Walrus unveiled the Walrus Verifiable Trading Standard, aiming to make onchain trading records verifiable for AI agents, with the first product already logging millions of records. Corporate Earnings Roundup: BP reported higher underlying profit, strong cash flow and a dividend increase while cutting net debt; DoubleVerify said Nielsen will acquire it and withdrew guidance for the deal period; Microchip posted fiscal Q1 results with sales above guidance; and Monster Beverage delivered strong Q2 net sales growth. Banking & Markets: Nigeria’s NGX gained N191.77bn as First HoldCo led, while Atlanticus posted a big jump in Q2 net income and revenue. Deal & Tech: AMD agreed to acquire Taalas to boost AI inference performance. Biotech Pipeline: Cellectis got FDA RMAT designation for lasme-cel; several other biotech firms updated trial progress and cash runways.

Earnings & Markets: SpaceX shares sank after its first public-quarter report, with revenue up 92% to $7.81bn but investors focused on AI capex and a looming insider share release. Asia Equities: South Korea’s KOSPI plunged nearly 5% as chip selloffs triggered trading halts, while broader Asia retreated on tech weakness and oil stayed rangebound amid Iran deal hopes. Oil & Geopolitics: Brent hovered around $79 as negotiations involving Iran and Oman supported calmer shipping expectations near the Strait of Hormuz. Asset Management M&A: Allianz Global Investors agreed to buy UOB Asset Management, aiming to scale its Asia-Pacific platform and push assets managed in the region above €170bn. Banking & Regulation: Singapore’s MAS plans to expand COSMIC, widening banks’ financial crime information sharing. FX & Macro: Nigeria’s naira inched down at the official market as reforms narrow spreads and reserves rise. UK Finance: HMRC’s Making Tax Digital rules start for landlords and sole traders, with quarterly updates required via compatible software. Corporate Moves: AMP flagged a turnaround with higher profit and a $150m buyback; Persimmon kept its dividend flat while lifting full-year home completions guidance.

Markets & Banking: RBC Global Asset Management re-opened its Phillips, Hager & North High Yield Bond Fund to new investors starting Aug. 6, adding fresh capacity for income-focused fixed income exposure. Corporate Finance: Doman Building Materials posted Q2 2026 results with record revenues of $904.5m and steady gross margin at 16.1%, while Vroom reported its first-ever quarterly profit in Q2 and strengthened liquidity via note exchanges. Tech & Capital Markets: Alphabet shares slid after a DeepMind leadership shakeup, and SpaceX shares dropped after its first earnings as AI spending surged; Airtable’s sale to Bending Spoons also underscored how software valuations have reset. Policy & Macro: The Fed’s Dallas and New York units will launch a pilot survey of the private credit market, and the RBI reiterated plans to roll out polymer currency notes in early FY28. Crypto & Trading Infrastructure: Tokenized payments got fresh attention, while KuCoin integrated TV-Hub automation for Spot and Futures trading. Real Assets & Trade: Western Canada commercial real estate lending remains selective, and ADNOC Distribution outlined a path to financial uplift from its Shell South Africa acquisition.

Central Banking & FX: Markets are reacting to central-bank communication even when rates are held steady, with “path” expectations shifting via wording, votes, forecasts and balance-sheet guidance. Crypto & Risk Appetite: Bitcoin held above $64K after sharp swings around Fed volatility and Iran-deal hopes, while liquidity concerns linger. Digital Assets Infrastructure: BNY and Galaxy Digital plan to add staking to BNY’s digital asset custody platform, aiming for an integrated institutional workflow. Regulation & Compliance: Pakistan’s ECP wants direct scrutiny of lawmakers’ financial statements, with banks and institutions required to respond or face legal action; Nigeria moves to tax crypto transactions, potentially via a stamp duty collected in the asset. India Policy & Payments: RBI targets polymer (plastic) notes rollout by FY28 after field trials, keeping paper notes legal tender. Markets & Macro: Asian shares jumped on AI-led chip strength and easing oil prices ahead of diplomacy on the Strait of Hormuz. Banking/Investing Deals: UOB Asset Management is set to be acquired by Allianz Global Investors for S$555m, with a regional distribution partnership. Corporate/Equities: SpaceX shares slid after its first quarterly report showed spending surging alongside revenue growth. Insurance Pressure: Australia’s MPs say mitigation efforts aren’t being rewarded by insurers, calling the market failing for small businesses.

Nigerian Equities: Nigeria’s stock market flipped lower as investors sold off, wiping about N599bn; the All-Share Index fell 0.38% with 40 decliners vs 13 gainers, led by Multiverse Mining and Livingtrust Mortgage Bank. Farm Finance: American Farm Bureau’s Zippy Duvall warned the farm economy is “terrible” as low commodity prices collide with higher input costs from tariffs and global conflicts. U.S. Exports: U.S. grains and bioproducts leaders pointed to market diversification as a driver of record corn and ethanol export momentum. Digital Assets Regulation: The U.S. and UK reaffirmed stablecoin and tokenization cooperation under the GENIUS Act framework, while Russia moved to bring crypto exchanges under central licensing (payments still restricted). Stablecoin Payments: Western Union and Rain launched Stablecard, a Visa card backed by USDPT stablecoins. Compliance Tech: Kalshi added Comply as a second enterprise integration to monitor employee trading in prediction markets. Corporate/Legal: Apple asked a U.S. judge to block OpenAI from using alleged trade secrets as the dispute escalates with OpenAI publishing private emails. Markets & FX: A coordinated U.S.-Japan yen intervention raised focus on bond-market spillovers and currency volatility. Crypto Markets: XRP ETFs logged four straight inflow days (~$15.4m) even as tokenized XRP Ledger RWA growth was highlighted.

LIC OFS Shock: India’s LIC shares slid 7–9% after the government launched a discounted ₹31,000 crore offer for sale to cut its stake to 90%, with the floor price set ~10–11% below Monday’s close. FX Watch: The yen jumped after fresh USD/JPY moves revived intervention fears, while Nigeria’s naira held steadier in the official market despite a wider parallel-market dollar gap. Commodities: Copper neared $14,000/ton as US port inflows tightened supply, and silver futures rose in India on hopes for industrial demand. Crypto Tax Rules: Nigeria issued guidelines requiring crypto and P2P platforms to withhold and remit taxes, including some payments in tokens. Banking & Trade Finance: Stanbic Kenya launched direct RMB settlement via CIPS to cut cross-border costs; Absa Ghana partnered with Mantrac to expand equipment financing. Markets & Macro: US growth kept bond-yield risk in focus as European shares edged higher on earnings; UK investors face a busy results day. AI/Infrastructure: A proposed Philippines AI/semiconductor hub (Pax Silica) faces scrutiny over massive power, water and land diversion impacts. Corporate/Legal: Apple sought a US court order to block OpenAI access to alleged trade secrets.

FX Intervention & Rates: The US joined Japan in a rare yen-support operation, helping push USD/JPY back toward ~156 after a week of volatility; the move also fed into Treasury yield swings and broader risk sentiment. Big Tech Rally: Amazon crossed $3T market cap after Q2 results, with AWS growth cited as the key driver for the post-earnings surge. Crypto Mood: Bitwise’s CIO says Bitcoin is bottoming, pointing to leverage unwind and improving ETF flows, while FalconX reportedly cut ~10% of staff amid the crypto slump. Retail Trading Platforms: MoneySimpler launched no-code AI automated trading for retirement-focused users, while new multi-asset broker platforms pitch single-account access across FX, equities, commodities and crypto. Market Infrastructure: HKEX debuted 5-year China government bond futures offshore, aiming to deepen yuan risk-management tools for international investors. Corporate Finance: Guam’s water authority won approval for up to $110M bond borrowing/refunding; Ethos authorized a $100M buyback. Energy & Commodities: Gold in Dubai stayed under Dh500 for a second week as analysts flagged “higher for longer” rate pressure. MLB Deadline (Finance-adjacent): Dodgers landed Cy Young winner Tarik Skubal; Phillies added Brooks Raley, while Mets traded Luke Weaver to the Pirates—reminding markets how fast liquidity and leverage shift at deadline time.

FX Intervention Watch: The US and Japan carried out coordinated yen-buying to curb disorderly moves, with Treasury saying it “will not hesitate” to join further action; the yen jumped after the announcement as traders brace for more. UK Equity Market Reform: The FCA proposed equity market transparency changes aimed at reducing fragmentation and improving how trading activity is captured and reported. M&A Sentiment Shock: AstraZeneca shares slid about 7% after reports of preliminary talks to buy Bristol Myers Squibb, with investors questioning the strategic logic. India Market Pulse: Sensex and Nifty rose on softer crude and renewed foreign buying, while SEBI restrictions hit Zee Entertainment shares hard. Regulatory/Corporate: SEBI barred SecureKloud’s former promoters for insider trading and fined them; ED provisionally attached Raheja Developers properties in a homebuyers’ fraud probe. Banking & Investing Tech: J.P. Morgan launched its first actively managed extension strategy in an ETF, while Clear Street rolled out private-markets access with pre-IPO exposure. Commodities: Iron ore hit a one-year low amid trader concerns and weaker demand outlook.

MLB Deadline Shock: The Dodgers landed Cy Young winner Tarik Skubal from the Tigers for top prospects Zyhir Hope, River Ryan and Brady Smith, reshaping the pitching market with less than 48 hours to go. MLB Fallout: The Mets’ sell-off continued with Freddy Peralta headed to the Rays, while teams now pivot to remaining starters and rental options. Bond Market Stress: Investors are bracing for a deeper Treasury rout as Fed Chair Kevin Warsh’s messaging stays thin, pushing longer yields higher and steepening borrowing costs. Crypto Security & Signals: Coldcard wallet firmware flaws triggered an estimated $89M Bitcoin drain, forcing exposed holders to migrate and adding noise to on-chain sentiment. Nigeria FX Watch: The naira slid to N1,368.22/$1 at the official market as FX demand persists; analysts warn high turnover doesn’t equal deeper, safer liquidity. Capital Markets Tech: Bahrain Clear rolled out enhanced rules to modernize clearing and settlement, while NBB launched a multi-currency debit card for cross-border spending. DeFi Volume Flip: BNB Chain reclaimed #2 in DEX volume from Solana, helped by PancakeSwap and retail/memecoin trading.

Banking & Finance: Investcorp Capital’s FY2026 profit fell 44% to $44m as higher financing costs bit, though cash distributions from exits stayed strong; it also flagged a new dividend policy for FY2027. Sustainable Finance: UNIDO urged Ghana’s banks to scale up lending for circular-economy businesses, stressing regulatory certainty and new financing products. Markets & Regulation: South Korea’s July selloff—driven by AI optimism and margin trading—prompted calls for tighter brokerage research scrutiny and stricter margin rules. Crypto Policy: Kyrgyzstan opened a public consultation on a risk-based virtual-asset framework covering exchange licensing, stablecoins, RWA tokens, and enforcement. Cross-Border Finance: RBI rolled out major upgrades for overseas Indians, including Central KYC 2.0 to cut paper-based onboarding and speed account/portfolio actions. Equities & Valuations: India’s top-10 firms added Rs 2.51 lakh crore in market value last week, led by Bajaj Finance, as sentiment and FII buying improved. FX & Macro: US intervened to support the yen after Japan steps in, as currency weakness continues to roil markets. Trade & Compliance: Cambodia traders face ongoing customs valuation disputes, often tied to missing or incomplete documents.

FX Intervention: The U.S. Treasury bought Japanese yen in a first direct yen-support move in over a decade, with Reuters and the FT citing a potential $5–10 billion action as the currency nears multi-decade lows. Policy & Markets: Investors are still bracing for rate-path uncertainty after Fed Chair Kevin Warsh’s lack of guidance sparked a sharp selloff and a jump in Treasury yields. Banking & Housing Finance: Kuwait’s NBK expanded its Al Manzel home-financing program with Apple Wallet access, while Bangladesh’s DBH Finance reported a 32% profit jump and stayed under 1% NPLs. Credit & Ratings: S&P downgraded Westmorland Union Elementary School District’s bond rating to A- on enrollment decline and shrinking reserves. Income Investing: BlackRock’s iShares highlighted monthly-yield bond buywrite ETFs, with option premiums boosting cash distributions. Insider Trading: A legal explainer reiterated that insider trading and unauthorized disclosure are punishable, with a separate political fight over a congressional insider-trading ban. US Visa Rules: The U.S. made its Visa Bond Program permanent, with bonds up to $20,000 for certain B-1/B-2 applicants. Tokenized Assets: Tokenized stock trading surged 288% in July, driven largely by a single Binance-linked QQQB token. MLB Deadline (Finance-adjacent): Skubal remains the headline trade target as teams shift toward sellers ahead of Aug. 3.

FX & Policy: The Financial Times reports the US Treasury intervened in the currency market by selling euros and buying yen, after Japan’s yen support earlier this week—raising the odds of coordinated action and renewed volatility. India Rates & Deadlines: RBI is widely expected to hold the repo rate at 5.25% at the Aug 3-5 MPC, with markets focused on guidance; meanwhile August 31 ITR deadlines and other rule changes kick in from Aug 1. Corporate & Markets: Meta shares slid after weak guidance and heavy AI spending; Citadel’s purchase of most of hedge fund Situational Awareness’ public equity portfolio helped calm AI-linked sell-off fears. Banking/Investing Tech: PhonePe launched PulsePro, an enterprise platform using anonymized transaction data for hyperlocal market intelligence. Energy/Industrials: LyondellBasell posted a sharp earnings jump as tighter petrochemical supply boosted margins and it keeps pushing its asset overhaul. Trade & Growth: WTO says Africa’s merchandise exports rose 14% YoY in Q1 2026, led by precious metals and copper. Regulation: SEBI barred Zee’s CEO Punit Goenka and Subhash Chandra from markets over a Hyderabad property mortgage issue. Capital Markets: Westinghouse filed for an IPO as nuclear sentiment improves with rising US power demand from data centers.

Fed Split & Bond Volatility: Three Fed officials dissented for a rate hike, pushing the 30-year Treasury yield to a 19-year high near 5.21% and reviving “bond vigilantes” fears as markets weighed how soon policy could tighten. FX Intervention Watch: The dollar slid versus the yen as traders braced for possible U.S. Treasury intervention after Japan’s latest yen support attempt. Big Tech Earnings, Market Mood: Amazon’s strong results lifted U.S. stocks into month-end, while Apple sank on supply-constraint worries and softer guidance. Corporate Finance in Focus: Philippine Airlines priced an extra $50M tranche of 7.75% five-year notes, and Uniswap launched “Earn” on Morpho to let users generate yield from idle crypto. India Earnings Stream: Multiple Indian lenders and corporates reported Q1 FY27 updates, including ESAF Small Finance Bank’s turnaround to net profit and strong growth at Aptus Value Housing Finance and Aditya Birla Capital. Crypto Risk-Off: Bitcoin dropped about $3,000 in a fast selloff, while crypto trading volatility kept investors cautious.

Big Tech Rally: US stocks closed higher as Microsoft’s record cloud results sparked a tech-led rebound, lifting the S&P 500 and Nasdaq while Meta slid after an earnings miss. FX & Central Banks: Japan intervened to support the yen after a sharp overnight move, while Bank Negara Malaysia said Malaysia’s international reserves remain usable and outlined near-term outflows. Semiconductors & Trade: Philippines exports hit an all-time high on semiconductor demand tied to AI investment, while South Korea’s KOSPI surged on chip gains as AI spending fears eased. Corporate Finance: Tradeweb reported $3.0tn average daily volume and higher revenues; Federated Hermes posted record assets under management; Bajaj Finance’s Q1 profit jumped on improving asset quality. Fintech & Crypto: PhonePe launched PulsePro for enterprise market intelligence; Coinbase reported record crypto trading volume share despite a quarterly loss. Policy & Markets: Malaysia’s Tabung Haji defended its 2018 restructuring as a bailout to prevent insolvency; Philippines pushed to wrap more trade deals by year-end. Energy Finance: Africa’s off-grid solar firms raised funds via green bonds and securitized debt, testing mainstream investor appetite.

Mega-Cap Rally: Microsoft surged after upbeat Azure guidance and restrained AI spending, lifting Wall Street as chip stocks rebounded and bond-market inflation worries lingered. AI Infrastructure Trade: Samsung’s AI-driven memory demand outlook and Intel’s jump reinforced the view that data-center spending is still feeding semis. Alternative Asset Pulse: KKR topped expectations as fees rose and asset sales stayed strong, highlighting how bigger deals are getting done faster in private markets. Market Access & Trading Hours: The SEC is weighing 23-hour-a-day stock trading and will hold a Sept. 17 roundtable on infrastructure, liquidity, and protections. Wealth & Banking Updates: DFM reported H1 profit growth on higher trading activity; Burgan Bank posted H1 results with resilient margins; several smaller RIAs and banks announced earnings/dividend/CFO moves. Regulation & Enforcement: Courts jailed forex operators in Nigeria; Illinois signed a law to freeze assets and block suspected senior financial scams. Crypto/Prediction Markets: Kalshi’s sports prediction contracts face state challenges over whether they’re gambling; crypto trading and crypto exchange product launches kept attention on market structure. Retail & Consumer: Sprouts posted 5% Q2 sales growth as it opened new stores, while Jersey Mike’s IPO debuted around $6.7B valuation.

Sovereign Credit Watch: Fitch affirmed Armenia’s BB- with a positive outlook, citing stronger reserves and resilience, while flagging uncertainty around the Armenia-Azerbaijan peace process and risks tied to Russia. FX & Rates: Nigeria’s naira slid again at the official NAFEX market to about N1,366/$1 as FX turnover and deal counts fell, with expectations of more central bank intervention. Asia Equities: Taiwan stocks closed below 40,000 after a 1,700-point swing, with late selling erasing earlier gains amid chip-sector jitters. Banking Turnaround: Societe Generale posted record quarterly profit and lifted its 2026 profitability target as retail banking recovered and trading costs stayed contained. Wealth & Markets: Schroders reported near-doubled first-half profit with record AUM near £868bn, while Singapore’s ETF market hit S$21bn AUM in H1, led by gold and REITs. Digital Finance & Regulation: Malaysia pushed ASEAN digital trade readiness for MSMEs under its Digital Economy Framework, while India’s fraud fight is shifting toward AI-led, cross-team compliance. Deal Flow: Investcorp invested in US wealth manager Berger Financial Group, and Peak XV sold Go Digit shares in a block deal worth ~Rs 139 crore.