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1. Friday's job report was likely a game changer for the overall economic narrative and how the Fed will move forward.

Changes to May's and June's reports showed more than a quarter million fewer jobs were added to the economy over those months. The probability of a September interest rate cut from the Fed surged to 83%, up from just 38% the day prior, per the CME FedWatch Tool.

2. The CapEx war.

Amazon’s policy is no buybacks, no dividends.

Every dollar is plowed into future growth.

Kuiper satellites, agentic AI, and ads are converging into Amazon’s boldest expansion cycle.

Amazon now expects ~$120 billion in FY25 (up from ~$105 billion previously).

3. The potential resumption of the rotation into International markets.

“We think the time is approaching to start adding to Eurozone again.” Says JPMorgan.

“Over the past 6 months Eurozone equities saw a digestion phase, SX5E has stalled in absolute terms, in fact it is 6-7% lower today than it was at February highs.

Big picture, the starting point between US and International equity weights, as well as valuation divergence, remains extreme.”

Below: The US and European share of the MSCI World.

4. Trump’s tariff shock is having a psychological impact on India’s market but any decline will be “a good opportunity to buy,” according to Mark Mobius of Mobius Investments.

Mobius says further interest-rate cuts by the Reserve Bank of India will be “bullish for the market”.

Here is the Indian Nifty Fifty Index.

5. M&A watch Europe.

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