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1. Q2 2025 earnings season has begun, with analysts forecasting modest S&P 500 EPS growth of 4.8%, the lowest rate since Q4 2023.

2. China’s economy grows at 5.2% despite Trump’s tariffs.

China’s economy grew at a steady pace in the spring, according to official figures, bolstered by domestic investment in factories and big projects like high-speed rail lines and a continued flood of exports throughout the world.

China’s exports to other countries (ex US), have jumped, particularly goods sent to Southeast Asia — many of which are re-exported to the United States — and to Europe and Africa.

3. The self-driving race is heating up even more.

Lucid was the real winner Thursday, after a report that they would team up with Nuro for a robotaxi program on the Uber app, with a $300M investment and the planned deployment of 20k Lucid cars with Nuro self-driving tech.

The deal may serve as a framework for future self-driving plans: a tech company with point-of-sale app skills, a forward-thinking car manufacturer, and a self-driving startup with something to prove.

4. Cocoa price tailwind for Barry Callebaut.

Barry Callebaut’s 13% drop post-3Q miss and guidance cut sets up an interesting entry point to buy.

Cocoa bean prices are down 30% YTD, supporting a sharp FCF rebound in 2H25.

The shares are now trading at 12x P/E (vs Sector at 17x) with a 9% "normalised" FCF yield—offering ~25% upside in base case, +100% in bull case.

5. ASML shares lost more than $30 billion in market value.

ASML Holding shares slid after the Dutch supplier of chip-making equipment said it could no longer guarantee growth in 2026 amid increasing uncertainty from President Trump's tariffs.

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