Reuters Morning Bid

Alphabet's cloud revenue grew more than 80% year on year and the stock still dropped 3%. Tesla burned cash too, positing its first negative free cash flow in over two years. And with Houthi militants now forcing Saudi tankers to turn around in the Red Sea, oil is pushing toward $100 a barrel - giving the ECB a headache it wasn't expecting today.

Today’s recommended read:⁠ America's 'mass affluence' is bigger than you think, Mike Dolan

Subscribe to Mike Dolan's Morning Bid&⁠newsletter,⁠&and check out his columns on&⁠Reuters Open Interest⁠.

Read more from&⁠Amanda Cooper⁠&and&⁠Anna Szymanski⁠

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Sound engineering and music by Sebastian and Josh Sommer

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Japan's yen hits a 40-year low above 163 per dollar, putting Tokyo on intervention watch. Alphabet reports earnings after the bell tonight, kicking off hyperscaler earnings season. And Brent crude climbs again as fighting continues in the Gulf, Saudi tankers are turned back and the U.S. confirms the conflict has cost over $37 billion.

Today’s recommended read:⁠Three midweek thoughts - jobs, Fed targets and volatility, Mike Dolan

Subscribe to Mike Dolan's Morning Bid&⁠newsletter,⁠&and check out his columns on&⁠Reuters Open Interest⁠.

Read more from&⁠Amanda Cooper⁠&and&⁠Anna Szymanski⁠

Produced by Eliza Davis Beard and Abisoye Osundairo

Sound engineering and music by Sebastian and Josh Sommer

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Ten days into what was already supposed to be a ceasefire reports emerge of a push to mediate yet another 10-day ceasefire in U.S.-Iran hostilities - leaving markets struggling to keep up. In the UK, bond markets stay relatively calm under new Prime Minister Andy Burnham, who has committed to keeping UK debt stable over time, appointing John Healey as finance minister. And tariffs are back, with U.S. President Donald Trump levying 50% duties on roughly $20 billion Canadian goods including ice hockey gear, in the first use of Section 338 since the Supreme Court struck down his executive order.

Today’s recommended read: ⁠Burnham kicks off UK premiership with lucky breaks. Investors hope they last, Mike Dolan

Subscribe to Mike Dolan's Morning Bid ⁠newsletter,⁠ and check out his columns on ⁠Reuters Open Interest⁠.

Read more from ⁠Amanda Cooper⁠ and ⁠Anna Szymanski⁠

Produced by Eliza Davis Beard and Abisoye Osundairo

Sound engineering and music by Sebastian and Josh Sommer

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Crude tops $90 a barrel for the first time since early June as U.S. strikes on Iran enter their ninth day and two tankers are hit in the Strait of Hormuz. Markets are also watching Alphabet's Wednesday earnings, the first of the major hyperscalers to report. Plus, Andy Burnham is formally named Britain's new prime minister and investors wait to learn who will fill the key role of Finance Minister.

Today’s recommended read: Forget crude. War pushes refiners to the brink, Ron Bousso

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest.

Read more from Amanda Cooper and Anna Szymanski

Produced by Eliza Davis Beard and Abisoye Osundairo

Sound engineering and music by Sebastian and Josh Sommer

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Japanese chip stocks lead a broad sell-off in Asian trading as investors question whether the AI spending cycle has peaked. China's Moonshot unveils what it calls the world's largest open-source AI model as President Xi Jinping hosts a global AI cooperation conference in Beijing. And Netflix shares fall after a second consecutive quarter of disappointing sales growth.

Today’s recommended read: Trump could get a lesson on Iran from an unlikely source — emus, Clyde Russell

Read more from Amanda Cooper and Anna Szymanski

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Sound engineering and music by Sebastian and Josh Sommer

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