AGP Executive Report

Banking & Capital Markets: Five Star Bancorp completed the full exercise of its underwriters’ option, selling 408,750 additional shares at $44 each for about $130.6m net proceeds, earmarked for growth and general corporate needs. Earnings Watch: Park National reported Q2 net income of $58.8m (+22.1% YoY) and declared a $1.10 dividend; Navitas Semiconductor flagged accelerating momentum in AI infrastructure and reiterated growth expectations after Q2 results. Deal/Financing: Naples’ The Avenue secured $202m total financing—$109m C-PACE plus a $93m construction loan—supporting retail and 50 luxury residences. Crypto & Digital Assets: Uphold cut 17% of global headcount as crypto demand stayed weak; Ondo launched the Ondo Network, bringing tokenized-stock collateral to its Ondo Perps perpetuals. Regulation & Markets: The IRS still hasn’t clarified how World Cup prediction-market winnings are taxed, leaving traders in limbo. Geopolitics & Trade: Canada signaled “pragmatic” China trade ties as it seeks diversification; Kuwait’s $6bn bond sale drew $18bn+ in orders, highlighting strong investor appetite for sovereign risk.

Markets & Macro: Oil slid about 5% after the U.S. and Iran paused attacks, easing pressure across equities, FX and bonds; Asian shares mostly rose as Brent and WTI fell and risk sentiment improved. Semiconductors: China’s memory-chip maker CXMT rocketed roughly 470% on its Shanghai STAR debut, vaulting to the top of mainland valuations and highlighting AI-driven demand for DRAM. AI Infrastructure Finance: Nvidia is reportedly in talks to backstop around $250bn of OpenAI data-centre financing in Ohio, a move that could reshape how AI projects get funded without investment-grade ratings. Banking & Credit: ICICI Securities kept a BUY on Jana Small Finance Bank, lifting its target to Rs 600 after a strong Q1 with improving profitability and lower credit costs. Crypto & Regulation: The CFTC warned prediction-market operators again over broad self-certifications, pushing for contract-specific terms and reviews. Real Assets & Lending: Blackstone’s mortgage REIT Blackstone Mortgage Trust is leaning into multifamily and industrial loans as it navigates refinancing needs. Local Economy: Zambia commissioned a market shelter in Kaoma to give traders safer, more dignified space, with a focus on women and youth.

Philippines Capital Markets: The SEC rolled out a Sukuk framework with ADB support, setting rules for issuance, registration, and disclosure to grow Shari’ah-compliant funding options. HK IPO Watch: Lightelligence priced its HK$2.5bn IPO on HKEX at the top of its range, starting trading after pricing at HK$183.20. AI Spending Jitters: Alphabet shares sank after capex surged and free cash flow turned negative, adding to investor worries that the AI boom may be getting priced too optimistically. Fed & Earnings Crosscurrents: Markets brace for the Fed decision and a busy mega-cap earnings stretch, with tech spending, growth data, and energy risks all in focus. Crypto & Regulation: Russia’s Sberbank plans a regulated crypto trading infrastructure by December, while FATF warns illicit crypto flows are rising faster than regulation. DeFi Security: Blockaid flagged an ongoing exploit draining about $450k from Garden Finance across multiple chains. Tariffs in the Spotlight: Trump’s expanded Section 301 tariffs covering 80+ countries face fresh legal challenges, while India says it will keep engaging the U.S. on a trade deal. Income Investing: A guide weighs dividend ETFs versus bond ETFs for today’s income investors amid shifting risk/reward. Egypt FX Update: The Egyptian pound strengthened as dollar and euro rates eased, supported by higher remittances and rising reserves. Corporate Restructuring: Storj filed for Chapter 11 to resolve legacy liabilities while continuing operations.

Jordan-UK Trade Push: Jordan’s chamber chief met the Arab-British Chamber in London to map a structured plan for deeper UK-Jordan trade and investment, targeting sectors like IT, logistics, tourism, halal goods and pharmaceuticals. Tokenisation Watch: The IMF warned that tokenised finance could either strengthen markets or create new instability, depending on how regulators set policy and oversight for digital platforms. Crypto Exchange Shakeout: BitMart will wind down its trading platform—ending spot and futures on Aug. 26 and shutting the platform by Jan. 31, 2027—after users reported withdrawal delays and its token slid sharply. Onchain Markets Upgrade: Uniswap Labs launched Permissioned Pools on Uniswap v4, letting issuers restrict who can trade tokenised regulated assets via allowlists while keeping standard pools permissionless. RWA Flows: XRP Ledger added about $2.6B in tokenised real-world asset value over six months, ranking near the top for new inflows. Payments Regulation: Wise plans to reapply for a US trust bank charter under the GENIUS Act after the OCC rejected its first bid citing AML and management gaps. EU Sanctions: The EU added Russia’s Inter RAO to its sanctions list over its role in energy and state-linked revenue flows.

GCC Debt Market: GCC bonds and sukuk raised $102.7bn in H1 2026 via 161 primary issuances, up 6.5% year-on-year, with Saudi leading at $49.3bn; spreads tightened in Q2 as credit conditions improved. Crypto Regulation: Russia’s Sberbank plans crypto trading infrastructure plus a digital depository by Dec. 1, aiming to bring custody and settlement into a regulated framework. M&A/Payments: Reports say PayPal’s board views a $60.50/share buyout offer from Stripe and Advent as inadequate, leaving shareholders caught between the bid and lower analyst targets. Banking Data: Qatar’s commercial banks’ assets rose 3.3% y/y to QR2.2tn in June, alongside deposit and credit growth. Trade Talks: US-India talks on agricultural market access missed an Aug. 1 interim deadline, keeping a 26% tariff reinstatement risk alive. Market Integrity: India’s SEBI barred former Axis Mutual Fund dealer Viresh Joshi for 7 years, fined ₹3 crore, and ordered disgorgement in a front-running case. Capital Markets: Tanzania listed its first offshore shilling-denominated bond on the London Stock Exchange, a $100m IFC issuance to fund MSMEs via NMB Bank. Nigeria Equities: NGX week saw ASI up 1.6% and market cap up 1.61%, with financial services driving most turnover.

US–EU Trade Clash: Trump escalated the fight over EU antitrust fines, threatening a Section 301 investigation and possible tariffs after the bloc hit Google with a $1B penalty. Credit Signals: Equifax shares fell 7% after weaker Q3 guidance, a read-through for slowing consumer credit and tighter lending conditions. AI & Stability: A new policy focus argues central banks must tighten governance of AI in trading, lending and supervision as faster systems can spread shocks quicker. Crypto Regulation: Fidelity backed the updated US CLARITY Act, pushing for clearer crypto market rules as institutional adoption grows. Digital Assets in Policy: The US State Department named the Bitcoin Policy Institute as a founding partner in a diplomatic initiative, signaling rising official attention to Bitcoin. Emerging-Market Payments: Malawi’s cash-heavy economy is getting more expensive as the central bank forecasts steep costs to replace worn banknotes, strengthening the case for digital payments. Market Debut Watch: India’s Caliber Mining and Logistics listed at an ~18% premium, drawing strong demand but with near-term profit booking risk. Fraud Warnings: Kenya’s CMA urged investors to verify licenses as scammers impersonate regulated firms across MMFs, forex and shares.

Sanctions & Iran Finance: The US Treasury expanded OFAC sanctions on Babak Zanjani’s network, targeting firms tied to his “Dot One” conglomerate and digital-asset exchanges, as the rial slides and inflation pressures mount. The EU also sanctioned Iranian judges and a cyber-group figure, while the US hit additional Iranian-linked entities. US Policy & Markets: The House passed a congressional stock-trading ban (with a voter-ID fight that could complicate Senate prospects), as markets stayed sensitive to oil and tariff headlines. Tariffs: Trump imposed new forced-labor tariffs on 60 trading partners, setting up fresh cost and demand uncertainty for exporters. Rates & Bonds: India’s bond rally may cool as foreign inflows could ebb and crude keeps yields reactive; traders also flagged potential limits on further easing. Banking/Payments: American Express lifted full-year revenue guidance after a strong quarter, though shares fell on outlook nuance. On-Chain Finance: JP Morgan’s blockchain chief said tokenization could help banks re-platform how they move money and assets, while regulators continue to debate perpetuals and 24/7 trading. Crypto & Scams: Researchers warn AI voice scams are increasing risk for older adults, and crypto markets saw fresh liquidation pressure. Real Assets: New Zealand’s housing debate heats up as townhouse supply rises, while Afghanistan trade disruptions tied to regional conflict keep goods stranded at ports. Corporate Deals: Solvent Direct boosted US lab-supply distribution via an asset acquisition, and Argent LNG received DOE approval to export to free-trade partner countries.

EU Russia Sanctions: The EU adopted its 21st sanctions package, expanding asset freezes and transaction bans across Russia’s banking and financial system, including 94 banks and major financial institutions plus added crypto service providers. Oil Shock & Equities: Brent surged back above $100 after Houthi attacks on Saudi tankers, dragging risk assets—Taiwan’s Taiex fell 2.67% on oil and AI-bubble worries, while India’s Sensex and Nifty slid in early trade as crude and tariff fears hit tech and airlines. US Trade & Tariffs: Trump rolled out forced-labour tariffs, including a 10% duty on British imports and new levies on 60 partners, as the US Supreme Court earlier struck down parts of the tariff authority—raising uncertainty for global supply chains and markets. UK Bond Stress: UK 10-year gilt yields jumped to the highest in months, signaling tighter fiscal room as investors demand a bigger premium. FX Watch (Nigeria): Nigeria’s naira strengthened for a seventh straight session to about N1,367/$, even as traders flagged near-term pressure from fuel import FX demand. Banking/Markets (India): IndusInd Bank flagged improving vehicle finance and expects microfinance disbursements to accelerate from Q2FY27. Crypto/Policy: US moves also targeted financial networks tied to terrorism designations, while crypto markets stayed volatile amid broader macro shocks.

Groceries & Consumer Demand: Albertsons shares slid as much as 24.5% after the grocer cut core sales and profit forecasts, citing a more cautious shopper and faster investment in price competition as households shift toward Walmart/Amazon and discount rivals. Ethics & Markets Policy: The House passed the Stop Insider Trading Act, but the bill exempts President Trump, drawing fresh criticism even as it restricts members of Congress and their families. Bank Earnings Roundup: Community and regional banks reported steady Q2 results and dividends, including Business First Bancshares, Wintrust Financial, Burke & Herbert, CNB Financial, Financial Institutions, Inc., Main Street Financial Services, and Waterstone Financial. Crypto Indexing: TRON was added to the S&P Pantera Digital Asset Index, a sign of more mainstream benchmark methods moving into digital assets. Trade & Tariffs: Canada’s PM Mark Carney said Ottawa will “do whatever it takes” in talks over U.S. tariff threats, while U.S. senators pressed USTR Greer on agricultural exports and tariffs. Geopolitics & Commodities: Oil and bond markets stayed jittery amid Red Sea/war-related risks, with gold sentiment split as investors weigh near-term pressure versus a longer bull case.

Markets & Rates: European shares edged lower as tech dragged after Alphabet’s cloud strength came with higher 2026 capex plans; investors also weighed Middle East risk ahead of the ECB. Geopolitics & Trade Routes: The Red Sea stayed tense after Yemen’s Houthis targeted Saudi-linked tankers, raising shipping disruption fears. FX Watch: Nigeria’s naira firmed to about N1,369/$1 in official trading as FX liquidity improved. Banking Deals: Absa is nearing a Tanzania consolidation plan that could combine about $3bn in assets, while it also moved to raise its stake in Kenya. Investing Flows: UK platform AJ Bell topped £120bn in assets under administration on record inflows, with a charge cut planned. Earnings & Stocks: Oracle Financial Services slipped despite 121% YoY PAT growth; Alphabet and Tesla also weighed on sentiment. Crypto: Bitcoin held near $65,700 as AI-led inflation concerns capped gains despite strong ETF demand. Policy & Audit: The Pentagon is targeting its first clean financial audit by 2028. Africa Trade Outlook: AfCFTA projects $230bn in trade transactions by 2027, but infrastructure and logistics remain bottlenecks.

Nigeria Power Finance: Nigeria is preparing a ₦729bn Series 2 power bond to clear legacy electricity debts, after a fully subscribed ₦501bn debut; the offer opens Aug. 3 and targets funding Aug. 24, aiming to boost liquidity and investor confidence. US Trade & Tariffs: U.S. trade chief Jamieson Greer defended tariffs at a Senate hearing as Democrats cite rising household costs; the 10% regime is set to expire, with more duties expected. Aerospace Subsidy Fight: Boeing asked the U.S. to demand transparency from the EU over a €3bn Airbus loan, reigniting concerns about aircraft subsidies despite a truce. Markets & Oil: Global stocks stayed cautious as Middle East tensions pushed a risk-off tone; oil jumped on supply fears and shipping threats. Canada Market Plumbing: CIRO trading resumed for Green Bridge Metals (GRBM) and U92 Energy (UTWO), while other Canadian names saw halts pending news or closing. Banking Health (Namibia): Namibia’s banking sector assets rose 3.8% to N$195.1bn in Q1, with improved credit quality and solid liquidity buffers. Crypto & Trading Tech: Zoomex promoted grid trading for sideways markets, while Binance and other venues continued to report shifting spot volumes and product momentum.

Household Pressure in South Africa: DebtBusters’ Money Stress Tracker says cost of living has overtaken interest rates as the top financial worry, with inflation concerns up 28% and electricity worries nearly doubling. Policy Watch: Markets are bracing for South Africa’s MPC decision as economists split on whether the SARB holds or hikes. Nigeria Markets & FX: NGX shares edged higher, lifting market cap above ₦159tn, while the naira gained ₦4.80 at the official market. Power Finance: Nigeria’s federal government is raising a fresh ₦729bn power bond after a ₦501bn debut, aiming to deepen long-term funding for the sector. Japan FX: Japan signaled it’s ready to intervene as the yen hits a 40-year low. India Rates & Tariffs: Indian markets slid as oil and West Asia tensions weighed; pharma stocks fell after Trump’s generic-drug tariff roadmap. Corporate/Banking: Bandhan Bank shares plunged after cutting RoA guidance; IndusInd Bank hit a 52-week high ahead of results. Energy Trade Risk: Red Sea disruptions resumed as tankers reportedly rerouted after Houthi warnings. Media Business Model: UK publisher Reach shares fell after AI Overviews cut Google referrals, forcing more cost-cutting.

Trade & Tariffs: The U.S. and Mexico kicked off a new USMCA revision round in Mexico City, excluding Canada, as Washington simultaneously pressed ahead with fresh 50% tariffs on Canadian goods; Canada’s PM Mark Carney said he will intensify talks with Trump. Energy & Shipping Risk: Yemen’s Houthis warned of a Saudi-linked blockade around Bab el-Mandeb, a key chokepoint for global trade, raising oil and freight concerns and widening the Iran war’s spillover. FX & Policy: India’s finance minister said the rupee has no target or band and is market-determined, while traders question RBI’s intervention approach as the currency hovers near record lows. Banking & Markets: Pakistan selected international bank consortia for its Global Medium-Term Note and International Sukuk programmes, setting up sovereign conventional and Islamic issuance. Corporate Finance: Film completion-bond guarantors are merging, aiming to streamline indie film financing and risk assurance. Crypto: Bitcoin pushed to a one-month high above $66,000 as spot ETF inflows and easing oil helped sentiment; XRP traders watch a triangle breakout toward $1.35. Real Assets: Homes.com flagged June’s priciest U.S. publicly marketed home sales, led by a $46.95m Los Angeles deal.

Market Infrastructure: London Stock Exchange unveiled LSE24, a near-overnight trading venue running 17:00-07:50 (with a daily 30-minute break), aiming to boost liquidity and compete with 24-hour global trading plans. Corporate & Listings: SBI Funds Management debuted at ~7% above IPO price after heavy subscription, while Swatch posted stronger sales but missed profit forecasts, dragging shares. Banking & FX: Malaysia’s central bank said it will keep gradually liberalising its foreign exchange policy to deepen onshore markets without undermining stability; Nigeria’s naira was nearly flat on NAFEX as reserves rose to $51.92bn. Geopolitics & Commodities: Gold extended gains on Middle East uncertainty and safer-haven demand, while oil strength fed risk sentiment swings across regional markets. Deal Watch: Mitie agreed a £3.1bn takeover by OCS Group, a major consolidation in UK outsourcing. Crypto & Regulation: Vietnam set fines for unlicensed crypto trading ahead of a regulated market launch, while Indonesia passed a law to create international financial centres with long tax holidays.

UK Politics & Markets: Andy Burnham was formally appointed UK PM, with markets showing “relief, not confidence” as sterling and gilt yields steadied ahead of policy heavy-lifting. Philippines Accountability: The Senate impeachment court approved subpoenas for VP Sara Duterte’s financial records, including bank and tax data, to assess unexplained wealth. Middle East Risk & Rates: European shares slipped as US-Iran strikes and Hormuz shipping risks pushed Brent above $90, reviving inflation worries ahead of the ECB. Banking & Tech Risk: The Bank of England warned AI adoption in banking could speed up shock transmission via shared platforms, raising cyber and operational contagion risks. Crypto & Trade: Russia’s crypto bill nears approval, paving a legal framework for using digital assets in cross-border trade; Bitcoin pushed above $65,000. M&A/Antitrust: A US judge paused Paramount’s bid for Warner Bros. Discovery, citing likely unlawful competition effects. Fixed Income Flows: Bond ETFs saw over $300B inflows in H1 2026 as higher yields pulled investors back to fixed income. Digital Assets Adoption: Vanguard is moving further into crypto access via digital assets roles and broader client options.

Asia Markets: New Zealand’s S&P/NZX 50 edged up in a mixed session as Wall Street tech weakness weighed on Japan and South Korea, while China’s state-backed buying helped lift sentiment. Oil & Risk: Brent pushed higher on renewed US-Iran tensions, keeping investors cautious across Asia. Cambodia Trade: Cambodia’s trade with RCEP jumped 24% y/y to $24.4bn in H1 2026, while ASEAN and EU trade rose to $13.3bn, underscoring regional demand momentum. Turkey External Position: Turkey reported external assets at about $403.7bn at end-May, with net international investment position still deeply negative. Crypto Derivatives & Prices: Kraken launched cash-settled, USD options on bitcoin and ether for eligible clients; Ethereum rallied above $1,820 with ETF inflows, while bitcoin stayed pressured around the mid-$60k area amid geopolitical noise. Banking Watch (India): HDFC Bank shares slid after NIM missed expectations, dragging private lenders and pressuring Nifty Bank. UK Retail Investing: MoneySuperMarket launched an app-based investment platform with Stocks & Shares ISAs from £1 and a 0.34% fee. China Market Support: China’s “national team” added about $9bn in equity purchases to stabilize stocks after a tech-led pullback.