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US State Department Issues Travel Advisory For Caribbean Tourist Destination

Authored by Naveen Athrappully via The Epoch Times,

The State Department updated its travel advisory for the Bahamas, highlighting the risk of crime, including sexual assaults, in the Caribbean nation.

Violent crimes, such as sexual assaults, armed robberies, and burglaries, can occur anywhere in the country, the department said in a July 28 update.

“Most crime occurs in Nassau and Freeport on New Providence and Grand Bahama islands. Stay alert in the ‘Over the Hill’ area in Nassau, south of Shirley Street, where gangs have killed residents. Stay alert in vacation rental properties, especially where private security is not present,” the department said.

Located on New Providence Island, Nassau is the capital of the Bahamas.

The Bahamas has been designated as a “Level 2: Exercise Increased Caution” classification.

The advisory specifically warned about jet skiing and boating activities in the Bahamas, highlighting that these are not well regulated in the country. Deaths and injuries involving such activities have been reported. In some instances, jet ski operators have allegedly committed sexual assaults.

The U.S. government has banned its employees from using or renting jet skis and personal watercraft from independent operators on Paradise Islands and New Providence due to safety risks. Some watercraft operators may not be licensed or insured, and may ignore weather forecasts, according to the advisory.

In a June 15 alert, the U.S. Embassy in Nassau had warned Americans about jet ski risks in the Bahamas.

According to the embassy, at least two Americans have reported being sexually assaulted in the Bahamas this year by jet ski operators. Two such reports were registered in 2025, while three were reported in 2024.

Some of the victims alleged that operators had solicited them for rides from the small islands east of Paradise Island, downtown Nassau, and Paradise Island beaches, including areas stretching from Junkanoo Beach to Saunders Beach and Cabbage Beach.

The victims said they were assaulted on isolated islands near Nassau, according to the embassy.

In its latest advisory, the State Department warned travelers to the Bahamas to be aware of their surroundings and stay alert in public restrooms. Sexual assaults have occurred on or near beaches in downtown Nassau.

The department advised people never to swim alone and to be aware of watercraft or jet skis operating close to the shore.

In 2024, roughly 85 percent of the around 11.2 million visitors to the Bahamas were from the United States, according to data from the International Trade Administration.

In addition to the Bahamas, the State Department has issued travel advisories for other nations in the Caribbean.

A July 10 travel advisory updated the alert level for Saint Lucia to Level 2, warning about the risk of crime in the country.

American citizens and other foreigners in Saint Lucia have reported being victims of assault, armed robbery, rape, and burglary. In some instances, U.S. citizens have been killed, the advisory said.

Tourist resorts have been targets of violent crimes. Moreover, response times of local police are not as fast as in the United States.

In April, a State Department advisory warned of crime and terrorism risks in Trinidad and Tobago, designating the country with a “Level 3: Reconsider Travel” classification, the second-most severe travel advisory.

The department advised avoiding beaches, downtown Port of Spain, Fort George, and Queen’s Park Savannah after dark, warning that tourists are vulnerable to armed assault at these sites.

Meanwhile, a “Worldwide Caution” security alert was issued on July 22 by the State Department for Americans due to the heightened tensions in the Middle East.

U.S. diplomatic facilities, within and outside of the Middle East, have been targeted by rivals, with the Iranian regime and its supporting groups likely to target other American interests overseas. Targets may include locations linked to the United States and U.S. citizens anywhere in the world, such as businesses and institutions, according to the department.

“Americans currently in the Middle East should exercise caution and heightened vigilance and should be prepared for flight cancellations, periodic airspace closures, and potential travel disruptions,” the alert said.

Tyler Durden Wed, 07/29/2026 - 15:30

Houthis Signal Red Sea Shipping Tolls In Mirror Image Of Iran's Hormuz Plan

Houthis have entered the chat...

Already multiple Saudi vessels have been targeted in the Red Sea region, forcing a number of tankers to U-turn, and now Yemen's Houthis are seeking to introduce their own 'toll system' for the Bab el-Mandeb Strait.

"Yemen's information minister said intelligence confirmed IRGC advisers were directly involved in designing a Houthi-enforced toll system for the Bab el-Mandeb, mirroring Iran's contested claim to charge fees in the Strait of Hormuz," European media reports Wednesday.

Source: Winward

"The Houthi armed group is working with Iran to charge ships to transit the Bab el-Mandeb in the Red Sea, threatening another waterway after Tehran's blockade of the Strait of Hormuz, a minister in Yemen's internationally recognised government said on Wednesday." 

The scheme is to be a mirror image of that Tehran is seeking to enforce in the Strait of Hormuz, where it continues to insist that it will settle for nothing less than its own vision of management, including fee collection for "navigation" "environmental" and safety assurance. According to more via Reuters:

Yemen's Houthi group is considering imposing fees on commercial ships sailing through the southern Red Sea, a week after declaring a naval blockade ​on Saudi Arabia, regional sources with knowledge of the matter told Reuters.

The Iran-aligned Houthis on July 20 declared a maritime embargo against Saudi ‌Arabia, opening a new front against the U.S. and its allies in the Iran war and expanding attacks on tankers carrying global energy and other supplies to waters beyond the Gulf.

The US and Saudi backed government in Yemen, which has for over a decade been at civil war with the Houthi rebels, has described the move as "a dangerous escalation aimed at transforming one of the world's most strategic maritime corridors into a permanent source of funding for the militia's military and terrorist activities," according to Yemen's Information Minister Moammar al-Eryani.

The pro-Saudi axis has said it recently obtained "confirmed intelligence" indicating that Iran's IRGC were helping to manage the toll initiative.

"The intelligence indicates that IRGC experts and advisers are directly involved in designing the technical and administrative framework of the project," Eryani added.

Eryani stated this would include "the establishment of a dedicated entity responsible for collecting payments from shipping companies and commercial vessels".

Iran has been pledging to support its ground proxies in Iraq and Yemen, as both since last weekend appeared to begin launching attacks on Saudi Aramco facilities.

Overnight saw a rare joint US-Saudi response with attacks on Iraqi militias. In the case of Yemen, there's not much the coalition can do given the Houthis have remained entrenched even after years of massive bombing campaigns, including strikes conducted solely by the Israeli Air Force at times.

China is said to be in direct talks with the Houthis to allow for passage of Chinese vessels, also based on prior precedent wherein the Houthis allowed Russian and Chinese ships to pass without incident, connected to the prior Gaza war.

Tyler Durden Wed, 07/29/2026 - 15:15

Garmin Boosts Full-Year Forecast As Wearables Earnings Jump

Garmin shares jumped as much as 9.6% in premarket trading after the GPS-device maker delivered a broad beat on second-quarter earnings and raised its full-year outlook.

Garmin produces GPS-enabled electronics and wearable technology across five main markets:

• Fitness: smartwatches, running watches, cycling computers and activity trackers
• Outdoor: hiking watches, handheld GPS devices, satellite communicators and dog-tracking systems
• Aviation: cockpit displays, navigation systems, avionics and flight instruments
• Marine: chartplotters, sonar, radar, autopilots and fish finders
• Automotive: vehicle navigation systems, cameras and technology supplied to automakers

The company attributed the outperformance to "strong demand for advanced wearables," particularly within its fitness segment:

Revenue from the fitness segment increased 25% in the second quarter with growth across all product categories, led by strong demand for advanced wearables. Gross and operating margins were 64% and 37%, respectively, resulting in $277 million of operating income.

During the quarter, we launched the Forerunner 70 and Forerunner 170, easy-to-use GPS running smartwatches designed to help runners of all levels reach their goals. In addition, we celebrated Global Running Day and Global Cycling Day with the release of our running and cycling data reports, highlighting how athletes around the world are recording runs and rides. More recently, we announced the CIRQA Smart Band, a screenless wearable that offers rich wellness and fitness insights without requiring a subscription and further expands our addressable market for wellness devices.

Hottest watch on the golf course is the Garmin Approach S70 Golf GPS Watch: 

Here's a snapshot of second quarter results:

Pro forma EPS $2.81 vs. $2.17 y/y, estimate $2.28

Revenue $2.02 billion, +11% y/y, estimate $1.92 billion

• Aviation net sales $268.7 million, +7.8% y/y, estimate $265.4 million
• Fitness net sales $756.8 million, +25% y/y, estimate $670.5 million
• Outdoor net sales $482.7 million, -1.6% y/y, estimate $477.6 million
• Marine net sales $341.4 million, +14% y/y, estimate $322.4 million

Operating income $615.5 million, +30% y/y, estimate $486 million

• Fitness operating income $277 million, +40% y/y, estimate $196.8 million
• Outdoor operating income $163.6 million, +3.5% y/y, estimate $142.3 million
• Aviation operating profit $72 million, +14% y/y, estimate $66.7 million
• Marine operating income $100 million, +59% y/y, estimate $66.6 million

Gross margin 62.4% vs. 58.8% y/y, estimate 58.8%

Here's a snapshot of the full-year forecast:

Sees pro forma EPS $10.00, saw $9.35, estimate $9.62 (Bloomberg Consensus)

Sees revenue about $8.05 billion, saw about $7.9 billion, estimate $7.99 billion 

Sees gross margin 59.7%, saw 58.5%, estimate 58.8%

The report offers a positive outlook on consumer hardware demand, with folks increasingly gravitating toward wearables. It also highlights a growing divergence within the technology sector: while the AI selloff pressures memory-chip producers and hyperscalers, consumer-device companies with strong demand and earnings momentum continue to outperform.

Tyler Durden Wed, 07/29/2026 - 15:00

The Mamdani Grocery Grift: NYC Mayor Sells Taxpayers A Bill Of Goods On City-Run Stores

Authored by Jonathan Turley,

Last week, Mayor Zohran Mamdani’s short stint as a faux president ended with an embarrassing acknowledgment that he could not, as promised during his campaign, arrest Israeli Prime Minister Benjamin Netanyahu.

So, this week, Mamdani the Grocer made a reappearance, with details on the five city-run grocery stores that he will open.

But rather than deliver discount groceries, Mamdani is selling New Yorkers a bill of goods that will cost them millions.

What Mamdani described was a discount food bank dressed up as a grocery. Standing in front of blackboards saying “REDUCED 30%,” Mamdani sounded like a bodega hawker: “Once a month, our five city-run grocery stores will set prices for this core set of goods at 30% below typical retail prices. No exceptions, no gimmicks”

Here’s the most delicious part: the presser was a gimmick from beginning to end.

The mayor promised that “The savings will last for the entire month. That means no weekly fluctuations or sticker shock at the checkout line — not for our seniors living on fixed incomes, nor for the parents who rely on a regular supply of apple slices to keep toddler tantrums at bay.”

The Mamdani markets are new variations of an old New York grift: selling gold watches for $5.

The dupes want to believe that somehow this street vendor, surreptitiously displaying watches inside his overcoat, actually found a way to sell “solid gold watches” for just a few bucks.

The math simply does not add up for Mamdani.

Most groceries have an average profit margin between 1% and 3%, one of the smallest margins of any industry.

To promise a 30% discount below market rate that cannot be adjusted due to monthly market fluctuations is economically absurd.

It is not a description of a competitive grocery but a public charity. It is a quasi-food bank where taxpayers subsidize the cost.

As usual, Mamdani turns this into a class war, demonizing business owners. He suggests that real grocery stores are simply price gougers hoarding windfall profits from consumers. He ignores that they must pay rent, upkeep and fees — all things the city-run stores may simply write off.

He proclaimed, “May the most affordable grocery store win.”

Of course, the test is not which grocery is the most affordable, but which is the most sustainable. If you are willing to take a bath on sales, you can always offer the most affordable prices for as long as your excess cash holds out.

In Mamdani’s case, he has the credit of New York City to draw on to compete against Mom-and-Pop bodegas.

The subsidy, however, is only part of the costs. The average bodega owner must cover the fixed costs of renting a space, building the store, and complying with inspectors. Those are the fixed costs that must be internalized into the cost of produce to break even.

Real stores are competing in one of the tightest markets in the world and are grappling with a 33% nationwide increase in costs since 2019. Mamdani wants to use the stores to prove that socialism works as part of his effort to introduce New York to the “warmth of socialism.” We may never know the real costs of the Mamdani markets.

According to the New York Post, the city plans to open an East Harlem location as its first store, at a reported cost of $30 million.

However, that is not the full cost.  The Post also reported that the city had already appropriated $25 million to improve the first site. The city will lose millions that could have been acquired through a sale of the land or through rents to private companies. Those costs are left on other ledgers and not likely counted in the true costs of the Mamdani markets.

The first store will not even open until 2027 despite the props behind Mamdani. The second Manhattan store will not open until 2029.  That is three years and tens of millions of dollars for just the first two stores.

That is how Mamdani is promising New Yorkers savings of  “$90 a month, or roughly $1,000 a year.” He is using the city to subsidize food under the guise of selling at low, but still profitable prices. Ironically, those who can take advantage of the subsidy at the first two stores in Manhattan will be anyone, including the privileged, wealthy New Yorkers whom Mamdani denounces for not paying their fair share. After all, everyone wants below-market-priced slices in the Big Apple.

The first city-run grocery, in East Harlem, will cost $30 million to build — and perhaps more. It will never need to pay this money back nor factor it into its prices. The “warmth of socialism” will cover it; that is, you.

In reality, Mamdani will be selling apples at a far greater cost than any competitor, but those true costs will be buried in the city budget and paid for by the taxpayers.

Indeed, the Mamdani markets are likely to prove the most expensive groceries in the city.

Mamdani, however, has never sweated the math or the means. He knows that the focus will be on the cash register price and not the true cost.

Of course, there is a big difference between the gold watch grift and the Mamdani grift: buying a knockoff watch only costs chumps a few bucks. The Mamdani con will cost New Yorkers millions, and most will thank him for it.

Jonathan Turley is a law professor and the New York Times best-selling author of “Rage and the Republic: The Unfinished Story of the American Revolution.”

Tyler Durden Wed, 07/29/2026 - 14:40

Watch Live: Fed Chair Warsh Explains 'Hawkish' Hold

Having delivered the biggest "non-cut" surprise to markets in decades - by holding rates unchanged (markets were pricing a 35% chance of a hike) - and given Warsh’s distaste for forward guidance, he is unlikely to offer any clearer signals during the press conference.

Bear in mind that since 2015, traders have foreseen the Fed’s ultimate rate decision with an average error of 2.4 basis points the day before the central bank’s announcement, according to a note from Ian Lyngen, head of US rates strategy at BMO Capital Markets.

“The market is set up for a sharper kneejerk response to the FOMC announcement than is typically the case,” Lyngen said.

Jonathan Pingle, chief US economist at UBS, said he hadn’t felt this uncertain about an imminent Fed rate decision in 20 years, back when Ben Bernanke became Fed chair.

However, the three dissents in favor of a rate hike clearly show the direction of travel,and that may prove helpful to Warsh if he aims to tamp down inflation pressures.

While yields are down and gold up after the statement, the dissenters would suggest this decision leans hawkish (Goldman expected 2 dissents, so marginally hawkish).

Warsh will likely emphasize that all options remain open, and that future decisions will depend on the data.

Desks anticipate a continued emphasis on the inflation side of the dual mandate, without offering any type of commitment for future hikes, though he might also acknowledge the upside risks to inflation posed by the latest rise in oil prices.

He recently announced the leaders of the five Chairman’s Task Forces for Advancing Monetary Policy and might provide an update on the timeline for their work.

Watch the full press conference live here (due to start at 1430ET):

Tyler Durden Wed, 07/29/2026 - 14:25

No Rate-Change Sparks 3 Dissents As Warsh Fed Delivers Biggest 'Non-Cut' Surprise In Decades

Tl;dr: The Fed held rates unchanged, delivering the biggest surprise "non-cut" to the market in decades. Three dissenters wanted a rate-hike, clearly signaling the direction of travel and confirming this decision as a "hawkish hold" though arguably only marginally.

*  *  *

Since the last FOMC meeting on June 17th (Kevin Warsh's first as Fed Chair), a lot has happened, with the Iran war re-erupting driving oil prices and the dollar higher, while stocks (momo/semis meltdown), bonds, gold, and bitcoin are all lower...

Both growth and inflation macro data has surprised to the downside...

But, oil's resurgence has pushed rate-hike odds significantly higher...

But, this will still be one of the first Fed meetings in years where the market does not have at least 80% confidence in what the committee will do...

One way or another, this will be the largest "non-cut" surprise in decades.

If the Fed hikes today, it will be almost as big of a surprise as Powell's 50bps cut in Sept '24 meant to give the election to Kamala. pic.twitter.com/5tQyfvye1H

— zerohedge (@zerohedge) July 29, 2026

As we detailed earlier, since 2015, traders have foreseen the Fed’s ultimate rate decision with an average error of 2.4 basis points the day before the central bank’s announcement, according to a note from Ian Lyngen, head of US rates strategy at BMO Capital Markets.

“The market is set up for a sharper kneejerk response to the FOMC announcement than is typically the case,” Lyngen said.

Jonathan Pingle, chief US economist at UBS, said he hasn’t felt this uncertain about an imminent Fed rate decision in 20 years, back when Ben Bernanke became Fed chair.

A lack of a track record by Warsh and recent divisions among Fed officials are further clouding the outlook, he said, not ruling out a scenario where Warsh is the one who casts the deciding vote.

“Given the fact that he can push around sort of the median of the committee at the moment, he’s going to decide policy for the next few meetings, and we really have no idea how Kevin Warsh thinks about monetary policy.”

Remember, there are/were 9 members of the committee that saw hikes this year...

Most pundits and sell-side analysts see the central bank leaving rates on hold - especially since last month's inflation reports came well below expectations, and there are no dots or forecasts to update this month.

So, with the market pricing a one-third chance of a hike today, what did The Fed decide?

• *FED VOTES 9-3 TO HOLD BENCHMARK RATE IN 3.5%-3.75% RANGE

• *FED: HAMMACK, KASHKARI AND LOGAN DISSENT IN FAVOR OF RATE HIKE

• *FED REPEATS ECONOMIC ACTIVITY IS EXPANDING AT A SOLID PACE

• *FED REPEATS COMMITTEE WILL DELIVER PRICE STABILITY

• *FED REPEATS JOB GAINS HAVE KEPT PACE WITH WORKFORCE

The three dissents in favor of a rate hike clearly show the direction of travel.

And that may prove helpful to Warsh if he aims to tamp down inflation pressures.

Read the redline below (not much changed)...

Tyler Durden Wed, 07/29/2026 - 14:00

US-Owned LNG Ship Reportedly Struck By Kamikaze Drone At Egyptian Port

A potentially major escalation emerged late Wednesday after a US-owned gas-processing vessel moored at Egypt's Mediterranean port of Damietta was reportedly struck by a drone, according to Reuters, citing maritime security firm Ambrey. Details remain scant, and this assessment is preliminary.

Explosion disrupts Damietta LNG hub

An explosion at Egypt's Damietta LNG terminal has disrupted operations at one of the country's key LNG import hubs after damaging the Energos Winter floating storage and regasification unit and the GasLog Salem LNG tanker. Both vessels have… pic.twitter.com/mYNTUanzT7

— Kpler (@Kpler) July 29, 2026

🚨🇺🇸🇪🇬🇲🇭 A US-owned LNG floating storage facility flying a Marshall Islands flag was struck by at least one drone in Damietta, Egypt.

Local authorities say the situation is now ‘under control.'

“The vessels involved have been safely relocated outside the port area... port… pic.twitter.com/te6MxlOtDp

— Mario Nawfal (@MarioNawfal) July 29, 2026

Ship-tracking data from Bloomberg shows the gas-processing vessel Energos Winter, which serves as a floating storage and regasification unit, moored off the port of Damietta. The port hosts the Damietta LNG terminal, a critical outlet for processing and exporting Egyptian and regional natural gas to Europe.

Reuters reported:

The drone hit floating storage tanker Energos Winter, causing a fire that then spread to another vessel, Gaslog ‌Salem, ⁠three trading sources familiar with the incident said. Two separate security sources said the cause ⁠of the blast was a drone strike.

The crew was evacuated, and the fire had ⁠been brought under control, Ambrey said, adding that no party ⁠had claimed responsibility.

Our partners at Newsquawk issued an alert at around 12:09 p.m. New York time that appeared to contradict Reuters' reporting on the floating storage and regasification unit:

Reports of a drone attack targeting Damietta port are false, Al Hadath reports, citing a source.

There are also conflicting reports on X: Some say it was a drone strike, while others say it was an industrial accident.

Two small drones hit it from two points according to a source in that port. No industrial accident at all.

— Babak Taghvaee - The Crisis Watch (@BabakTaghvaee1) July 29, 2026

Catch up with the latest US-Iran wrap. Read more here.

Tyler Durden Wed, 07/29/2026 - 13:45

Trump Invites California Teen Lifeguard Who Rescued Boy To White House

Authored by Jill McLaughlin via The Epoch Times,

A teen lifeguard, who heroically dove into pounding waves to save a young boy, will be honored by President Donald Trump at the White House.

Lifeguards rescue boy at California beach amid intense waves

"We're going to bring this heroic young man, and his family, into the White House with, perhaps, the boy he saved, to give him a High Civilian Honor," Trump announced on X July 28. "Very brave, he deserves it!"

The lifeguard, Ryder Williams, 16, rescued the 10-year-old boy on July 25 at Seabright Beach, about 6 miles east of the popular Santa Cruz Beach Boardwalk and about 60 miles south of San Francisco.

A witness, Scott Vander Dussen, posted the viral video of the rescue on Instagram.

        View this post on Instagram                      

A post shared by Scott Vander Dussen (@santacruznow)

In the clip, Williams is seen running into the rough water before he grabs the boy around the chest. The boy appeared to be exhausted and going limp, and unable to hold onto the lifeguard as relentless waves crashed over them.

The two were overcome with high surf multiple times before Williams was able to pull the boy close enough to the beach to be aided by another lifeguard and members of the public.

"That boy was moments from not coming back," Vander Dussen said in a social media post on X. "A few seconds, a few degrees, a few yards of distance, and this is a very different story with a very different ending."

Vander Dussen told NBC-owned KNTV-TV the waves were at "normal intensity" one moment and then suddenly changed.

"It caught a lot of people off guard," Vander Dussen said. "Unfortunately, this young man was overwhelmed and swept out in just a moment's time. I'm glad it ended the way it did."

A series of tropical storms and hurricanes, including Fausto and Genevieve, has impacted the California coast since late last week, resulting in higher surf and hazardous conditions.

The National Weather Service issued a beach hazard advisory this week for the central California coastline. Forecasters warned of an increased risk of sneaker waves and strong rip currents. Breaking waves could reach up to 10 feet along some beaches, the weather service said.

"Remain out of the water to avoid hazardous surf and never turn your back on the ocean," the advisory read.

California State Parks, which operates the lifeguard program at Santa Cruz, said thousands of ocean rescues happen every year.

"Our State Park lifeguards courageously risk their own lives every day to keep our visitors safe," California State Parks spokesman Tyler Hersko told The Epoch Times. "Their dedication never goes unnoticed and they are truly heroes to their local communities, Californians and the nation."

The department employs about 600 seasonal lifeguards every summer and about 70 permanent lifeguards who make about 10,000 rescues every year, according to Hersko.

Since the start of the month, the lifeguards have made 3,600 rescues and provided 1,600 cases of medical aid.

State Parks didn't say whether Williams had accepted the president's invitation to the White House.

Tyler Durden Wed, 07/29/2026 - 13:25

From Momentum To Mayhem: Korean 'Plunge Protectors' Meet As Leverage Unwind Sparks Chaos

'Leverage goes both ways...'

That is a lesson that many are learning in a painful manner as the army that enjoyed the momentum escalator ride up are now decrying the elevator plunge lower... and the poster-child for this pain is Korea.

Following anxiety over new Chinese competition, and disappointing earnings from SK Hynix overnight, Korea's stock market has plunged 44% from its record highs in June (but remains up 27% YTD still)...

Triggering yet another circuit-breaker...

You didn’t pray hard enough

The Kospi Index slid as much as 12.6%, triggering a circuit breaker for a second straight day. The gauge is on course for a record monthly loss of ~35%. https://t.co/PmULRxoa1Y

— zerohedge (@zerohedge) July 29, 2026

And prompting panic among Korean regulators:

As Bloomberg reports, South Korea will hold an emergency meeting Wednesday evening to discuss the market situation after a stocks rout that has wiped billions of dollars off investors’ holdings. The meeting, hosted by Finance Minister Koo Yun Cheol, will involve all of the country’s top financial authorities, starting from 6 p.m. local time, according to lawmaker Yoo Dong-soo.

Top administration officials faced multiple rounds of questioning by lawmakers at the country’s parliament Wednesday.

Lawmakers have linked the rout in part to South Korea’s rollout of leveraged single-stock products in May.

As CNBC reports, South Korea’s finance minister apologized on Wednesday after retail investors racked up heavy losses from leveraged bets on stocks, following rule changes earlier this year.

The May 27 introduction of single-stock leveraged Exchange Traded Funds has seen Korean retail investors pile in with net purchases of 14 trillion won ($9.7 billion), compared with roughly 2 trillion won by foreign investors, according to KB Financial Group.

But the speculative trading boom that helped fuel one of the world’s hottest equity markets has resulted in those investors nursing heavy losses as Korea’s Kospi index has experienced a sharp correction, led by a downturn in chip stocks.

“We’ve already put in place a package of measures, but if it’s needed we’ll introduce additional steps to help normalize the market,” Koo told lawmakers Wednesday.

Cue - the plunge protectors.

Rubbing salt into into the wounds, The FT reports that The Bank of England is probing the rapid growth of exposure to Asian equities among investment banks operating in London, as officials seek to avoid a build-up of highly concentrated bets on a few AI-linked companies.

The BoE’s Prudential Regulation Authority, which supervises UK banks, has launched a review of lenders’ prime brokerage operations in London to check whether they are taking on excessively concentrated exposures to Asian equities, according to people briefed on the move.

When the BoE believes prime brokers are taking on excessive risks, its supervisors can increase the amount of liquid assets they are required to hold to help them survive a potential market sell-off or the collapse of a large client.

...which would be yet another forced deleveraging event for those Korean/Asian equity market investors.

On the potentially bright side, Goldman Sachs' Alvin So - who has been tracking the Korean leveraged ETF market like a hawk - notes that a great deal of the exposure to levered Korean ETFs has already been unwound...

Incorporating today's price action, Korea-focused leveraged ETF AUM has declined to US$15–16bn (~70% domestically listed), equivalent to roughly 1.5% of Korean free float on a leveraged-exposure basis.

This is down 70%+ from the peak of US$53bn (3.2% of free float) on June 22.

Over the same period, Korean equities have declined by 40%.

We have also started to see net outflows from these products over the past two weeks (-US$2bn, as of yesterday), despite +US$8-9bn of buy-the-dip inflows between June 22 and July 15. 

“The deleveraging and selloff in Korea have increasingly taken on a life of their own,” said Rajeev De Mello, global macro portfolio manager at Gama Asset Management.

“Concerns about excessive optimism around AI initially triggered the correction in semiconductor stocks, but the latest acceleration lower looks less driven by fundamentals and more by positioning, forced selling and investor psychology.”

Circling back to the carnage, unless the market stages a meaningful bounce over the next two trading days, the KOSPI is set for its worst month ever.

Korean opposition lawmakers questioned why the levered products were introduced at an unusual speed despite concerns from much of the asset-management industry, arguing officials prioritized efforts to boost stock prices over market stability.

“The country has turned into a casino,” People Power Party lawmaker Lee Jongwook told Koo during the hearing.

“These are products that should never have been allowed onto the market. I consider this a policy failure.”

Funny, we didn't hear you complaining on the way up??

We give the last word to Goldman Sachs Korean traders who noted that despite foreign flows switching to net sellers, they did not sense any material change in flow snapshot throughout the day, as it continued to be two-way but better sell skewed in memory. The Goldman desk also notably caught some dip buyers in memory intraday, so would not necessarily distinguish flow today as 'capitulation'.

This is far from over as the degenerate gamblers keep catching that falling knife...

Tyler Durden Wed, 07/29/2026 - 12:35

FDA Panel Backs Wider Access To Six Peptide Therapies, Citing Grey Market Concerns

Via American Greatness,

A Food and Drug Administration (FDA) advisory panel has voted to recommend expanding legal access to six popular peptide compounds. Supporters say it could pull patients out of the unregulated grey market that has flourished under years of federal inaction.

The FDA's Pharmacy Compounding Advisory Committee reviewed seven peptides during a two-day hearing in Maryland last week, weighing whether each should be added to the agency's Section 503A Bulks List. Reuters reported the panel voted in favor of moving six forward: BPC-157 for ulcerative colitis, TB-500 and KPV for wound healing, MOTS-c for obesity and osteoporosis, Semax for cerebral ischemia, migraine and trigeminal neuralgia, and Epitalon for insomnia.

Peptides are short chains of amino acids that help regulate metabolism, growth and tissue repair, according to the Cleveland Clinic. Some, including insulin and GLP-1 weight loss drugs, are already FDA approved, while others have remained in regulatory limbo even as demand exploded among patients seeking help with weight loss, muscle building, chronic disease and performance.

If the FDA ultimately adopts the recommendation, licensed compounding pharmacies could prepare the peptides for valid prescriptions, giving patients a legitimate alternative to unregulated online vendors who have filled the gap left by federal delay.

Jim LaValle, a Texas based clinical pharmacist who chairs the International Peptide Society and testified at the hearings, said the vote was not a rubber stamp but a meaningful step toward accountability. "This was not FDA approval, nor was it a blanket endorsement of every peptide, every use or unrestricted access," he told Fox News Digital. "I have said throughout this process that you do not solve a quality problem by forcing the market underground."

LaValle said he was encouraged because the recommendation creates a path away from unverified research use only products and toward oversight by qualified clinicians and licensed pharmacies. He described the right model as access paired with guardrails: trained clinicians, licensed pharmacies, validated quality testing and consistent patient follow up.

"My hope is that the FDA follows the recommendation with a transparent, science-driven process, establishes clear, peptide-specific standards, and follows the guidance for approving a substance that meets the FDA's current regulations," LaValle said, adding that the process should include verifying that both active ingredients and finished products meet quality standards and tracking any side effects.

LaValle cautioned that the committee's vote is only a recommendation, not final FDA approval, and that compounded medications are regulated differently than fully approved drugs. He urged patients to avoid research use only products sold online and to work only with licensed clinicians and pharmacies. "The peptide revolution is here," he said. "However, don't expect miracles. Better choices related to diet, exercise, gut health, sleep, stress and managing metabolic health, guided by regular lab assessments, should be the goal."

The FDA will now weigh the recommendation before issuing a final decision.

Tyler Durden Wed, 07/29/2026 - 12:05

NANO Nuclear Expands Air Force Footprint With Second AFWERX Award

NANO Nuclear Energy has been selected for a new AFWERX Small Business Innovation Research Phase I award, giving the company another opportunity to advance its KRONOS MMR Energy System with the Department of the Air Force.

The new Phase I award is framed as a broad research and development agreement. NANO said the contract is focused on using KRONOS to “address the most pressing challenges in the DAF [Department of the Air Force].”

The distinction between this award and NANO’s previous Air Force contract is worth noting. 

Last year’s roughly $1.25 million Direct-to-Phase II award was tied to a specific objective: studying the feasibility of deploying a KRONOS MMR at Joint Base Anacostia-Bolling in Washington, DC. That work examines the base’s energy requirements, grid vulnerabilities, siting options, environmental considerations and regulatory pathways.

Rather than evaluating a reactor for one predetermined location, the new engagement could give NANO a wider platform to demonstrate how KRONOS might support energy resilience across additional Air Force installations and potentially other defense applications. It arrives as the military is moving ahead with microreactor projects at several bases, reflecting growing concern over fragile commercial grids and the need for dependable, on-site power.

Of course, an early-stage government award should not be confused with a reactor purchase order. There is still plenty of engineering, licensing and bureaucracy standing between an SBIR contract and an operating nuclear plant.

Still, NANO now has multiple active Air Force engagements instead of a single feasibility study. The earlier Phase II contract gave the company a concrete deployment target, while this broader Phase I award could give it something potentially more valuable over the long run.

Tyler Durden Wed, 07/29/2026 - 11:45

Ukraine's FM Claims Attack On Iranian Ship In Caspian Sea Was 'Unintentional'

The week started with a bizarre incident in the Caspian Sea involving an Iranian commercial vessel and the Iranian military, an episode which threatened to expand the war by merging two conflict theatres.

Iran had accused Ukraine of attacking an Iranian commercial vessel by long-range drone in the Caspian Sea on Saturday, which resulted in an explosion that killed one sailor and injured another.

Soon after, Iran's Ministry of Foreign Affairs summoned Ukraine’s chargé d’affaires in Tehran to severely protest the "hostile and criminal" attack, IRNA reported.

Iran's Foreign Minister Abbas Araghchi has warned that the "blatant UN Charter violation" which was "done at Israel's behest" could serve to "drag Europe into its war." Araghchi also denounced and attacked Zelensky personally, calling him the "freeloader in Kyiv".

But on Tuesday, there was a rapid walk-back and climb-down of sorts regarding the whole murky incident.

Iranian Foreign Minister Abbas Araghchi newly stated that Ukraine's foreign minister assured him that the Ukrainian drone attack on the Iranian commercial vessel was "unintentional".

via Mappr

"Was assured by Ukrainian FM [Andrii Sybiha] that the attack on an Iranian ship was unintentional and Ukraine seeks no escalation," Araghchi wrote on X. "Iran does not seek escalation either, but made clear any attack on our citizens or interests is unacceptable. There must be restitution for losses."

Ukraine's top diplomat Andrii Sybiha‎ in turn didn't exactly deny it was an intentional attack; however, he did acknowledge that a civilian vessel was struck, and not a military one.

"I reiterated that all of Ukraine’s actions are aimed solely at defending our country from Russian aggression and never intended to target civilian vessels or people," Sybiha said after a call with Araghchi.

"This is also true with regard to Iran’s statements about their national who died and a civilian vessel that was targeted in a recent incident. Our goal is to counter Russian aggression, which is the root cause of all incidents, and it is Russia who bears full responsibility for all provocations and casualties," he added.

So it seems the two sides have agreed to downplay the attack incident and just move on. And yet what makes this bizarre and unexpected is that Ukraine seemed to initially be openly boasting of the escalation.

President Zelensky himself announced soon after on X, "We also have very good results from long-range strikes in the waters of the Caspian Sea. In particular, these are vessels that were involved in transporting military cargo from Iran, and a warship."

It is also perplexing how a long-range drone attack on a maritime vessel, presumably hundreds of miles away and which would require very precision targeting, could result in a direct hit and yet be 'unintentional'.

Anonymous (not verified) Wed, 07/29/2026 - 11:25

New Jersey Rejects DOJ's Request For Records On Noncitizen Voter Registration Error

Authored by Tom Gantert via The Epoch Times,

New Jersey is refusing to hand over information to the U.S. Department of Justice involving a voter registration error that allowed thousands of noncitizens to register to vote in the state.

The DOJ requested the full names, dates of birth, nationalities, residential addresses, and registration dates and locations of 6,600 people involved in the error.

New Jersey Gov. Mikie Sherrill rejected the DOJ’s request for the data, saying in a letter on Tuesday that state and federal privacy laws prohibit releasing it.

“The request had no legal basis, and I will always protect New Jerseyans’ personally identifiable information,” Sherrill said on X.

Harmeet K. Dhillon, the assistant attorney general for civil rights at the DOJ, said the governor’s “refusal to cooperate with federal law enforcement does nothing to protect law-abiding NJ voters.”

“NJ has a legal duty to keep ineligible voters off its rolls, & our request is grounded in that legal authority. DOJ will get this information through all legal means!” she said Tuesday in a post on X.

Sherrill said on July 21 that approximately 6,600 people who indicated they were not U.S. citizens were mistakenly registered to vote because of a software flaw in the state’s Motor Vehicle Commission system.

According to Sherrill, the error affected applicants between June 2023 and June 2024, during the previous administration. While applying for driver’s licenses or state identification cards, the individuals selected “no” when asked on a keypad whether they were U.S. citizens, but they were nevertheless added to the voter rolls due to the software issue.

The governor said a preliminary review found that fewer than 400 of those improperly registered ultimately cast ballots. Those voters included Democrats, Republicans, and unaffiliated voters and were spread across New Jersey.

Sherrill said she has directed her chief counsel to investigate how the mistake happened and instructed election officials to remove anyone who was improperly placed on the voter rolls during that timeframe. She said the software problem was corrected in June 2024 but that she only recently became aware of it.

The governor also said the Motor Vehicle Commission administrator she appointed has started replacing the vendor that managed the system.

However, a company that has worked with the New Jersey Motor Vehicle System for more than 40 years suggested the New Jersey government was responsible for the noncitizens being placed on the state’s voter rolls.

IDEMIA, an identification software provider, told The Epoch Times July 22 that the individuals disclaimed U.S. citizenship but also said they indicated “Yes” to wanting to register to vote.

“The voter registration information is transmitted to the New Jersey Department of State, Division of Elections, which is ultimately responsible for verifying eligibility to vote,” the company stated. “Information submitted by IDEMIA must still be validated and adjudicated by the Division of Elections.”

The governor said in the July 21 announcement that she was “appalled” by the failures that allowed the error to occur and vowed that those responsible would be held accountable.

She also accused the Trump administration of trying to “weaponize elections for political gain.”

The Department of Homeland Security (DHS) has found that about 278,000 noncitizens were illegally registered to vote in U.S. federal elections after reviewing voter rolls from several states that cooperated and turned over data, according to the White House.

The White House said earlier this month the actual number could be higher because some states did not share their voter files with the federal agency.

The Trump administration has been involved in lawsuits with several states involving access to voter registration rolls.

In April, a U.S. District judge dismissed a lawsuit the Trump administration had filed in Massachusetts to get access to unredacted voter rolls.

The White House said the error in New Jersey “is the direct result of Democrat policies that refuse basic citizenship checks—and exactly why Congress must pass the SAVE America Act immediately,” in a July 21 statement.

The SAVE America Act is a bill that would mandate proof of U.S. citizenship while registering to vote in federal elections, require photo ID verification to vote, and restrict the use of mail-in ballots.

Tyler Durden Wed, 07/29/2026 - 10:45

WTI Holds Spike After Big Crude Draw, SPR Drain Continues As Cushing Stocks Stuck At 'Tank Bottoms'

Oil prices are jumping higher after the U.S. military intercepted Iranian ballistic missiles aimed at American forces in Jordan.

Shortly after the surprise attack, the U.S. and Saudi Arabia launched strikes in Iraq against Iran-backed groups that the Islamic Revolutionary Guard Corps previously directed to attack American troops and Saudi energy infrastructure.

As Barron's Patrick O'Donnell reports, the escalation in hostilities hit market hopes that the vital Strait of Hormuz waterway would reopen. More than a quarter of the world's crude usually passes through the shipping channel and tanker traffic remains essentially halted.

"These developments throw cold water on the idea of a swift de-escalation in the Persian Gulf," analysts at ING said.

"Clearly, with Saudi oil infrastructure increasingly targeted, the risk of more prolonged supply disruptions grows."

President Trump this morning threatened to hit Iran “hard,” while the US and Saudi Arabia retaliated against militia and weapons sites in Iraq linked to Tehran.

Overnight, we saw API report a sizable crude draw but product builds (as the crack spread has eased somewhat)...

API

• Crude -3.3mm

• Cushing -300k

• Gasoline +900k

• Distillates +400k

DOE

• Crude -7.17mm

• Cushing -771k

• Gasoline +7k

• Distillates +1.06mm

The official DoE data shows a much larger crude drawdown than expected, and another drop in the stocks at the crucial Cushing Hub. Products saw small builds...

The Trump administration continues to drain the Strategic Petroleum Reserve

Cushing stocks remain near 'tank bottoms'...

US crude production remains just off record highs...

WTI is holding back above $84.50...

Finally, as Bloomberg's Michael Ball notes, the selloff earlier in the week was driven more by liquidation than normalization. Observable Hormuz traffic remains impaired, insurers and shipowners are cautious, not only through the Strait but now in the Red Sea. Trend-following funds cut Brent length sharply, while falling aggregate open interest shows positions were closed into heavy volume earlier in the week before the latest escalation.

The curve and options markets tell a similar story. Brent and WTI backwardation narrowed as longer-dated spreads fell to their weakest since mid-July, reflecting less urgency around prompt supply. Brent implied volatility dropped this week before firming again overnight. However, call skew retained an upside bias, something be justified by oil prices on the rise again.

The tighter market is in products. The European gasoil crack has surged above $70 a barrel as refiners run near capacity, with diesel and jet supplies constrained by outages, shipping risks and reduced Russian exports.

Crude stocks can rebuild quickly; refining capacity cannot. Headline prices remain sensitive to kinetic and diplomatic developments, while product scarcity and impaired shipping mean the bottom of a developing trading range will be higher than the recent lows suggest for now.

Tyler Durden Wed, 07/29/2026 - 10:36

An Interesting Divergence Is Emerging Between The Fed And Other Central Banks

By Benjamin Picton, senior market strategist at Rabobank

Circle Of Life

Active Brent crude futures fell by almost 5% yesterday as the US extended its pause on striking Iran. Donald Trump had indicated that the lull was underway to give diplomacy another chance, claiming that the US was in “very deep talks” with Iran but that his patience for progress was short, saying “either it goes fast or not at all.”

Brent has opened more than 3% higher this morning to follow overnight gains in WTI prices following Iranian missile strikes on a US base in Jordan – the first Iranian attacks since the recent ‘pause’ began – and joint strikes by the US and Saudi Arabia on Iran-backed militants in Iraq. Those Saudi-US came in retaliation for strikes on Saudi oil infrastructure. Israeli Prime Minister Netanyahu met with President Trump at the White House yesterday where the potential normalization of relations between Israel and Saudi Arabia was reportedly discussed.

Equity markets saw divergence yesterday between semiconductor stocks and value plays. South Korea’s KOSPI closed the day down 10.84% after triggering a market circuit-breaker early in the session, while Taiwan’s TAIEX index fell by 4.65%. Korean tech leaders Samsung and SK Hynix both fell by more than 10% as the latter posted record earnings but fell short of analyst estimates.

The chip selloff extended over to US markets, seeing the NASDAQ 100 fall by almost 1% to be off by close to 10% since the June highs. Sandisk, Seagate and Micron technologies were among the worst performers. The explanation offered by various newswires is that investors are becoming anxious about the large CAPEX programs of chip companies, including the ‘circle of life’ series of acquisitions and equity investments across the sector that critics suggest are keeping equity prices inflated beyond reasonable levels and raising the stakes for upcoming earnings reports.

Meanwhile, European stock indices were broadly higher, the S&P500 lifted 0.2% and the Dow Jones closed more than 1% higher. Among Asian indices the Australian ASX200 was a conspicuous outperformer, helped along by a relative paucity of tech names and an 8.6% gain for Viva Energy, who operates one of only two Australian oil refineries and reported an expected doubling of first-half earnings off the back of stronger refining margins. The expected earnings boost comes despite a 2% drop in fuel sales in the June quarter vs the prior corresponding period (June 2025). This was driven by a 4.7% drop in commercial and industrial fuel volumes, which might provide an insight into broader economic activity.

While geopolitical concerns simmer away, market attention will turn today to the FOMC, who meet to decide on the appropriate level of the Fed Funds rate. The overnight index swaps market currency has a touch over 8bps worth of rate hike priced-in for this meeting. The September meeting is now fully-priced for a 25bp hike, with another hike in the curve for March next year. In reality, few expect the Fed to raise rates at this meeting (we certainly do not), though we may see some FOMC members dissent in favour of lifting rates.

An interesting divergence is now emerging between the Fed under Kevin Warsh and other central banks. Warsh’s predilection for the Fed to “say less” contrasts with the approach of the RBA, who are busily implementing review findings encouraging better communication. The RBA recently published results of a survey it conducted which made the groundbreaking discovery that households’ primary economic concern is the rising cost of living (inflation) and that many individuals don’t have a firm grasp on the esoterics of monetary policy.

Given that the effectiveness of monetary policy transmission is related to the credibility of the central bank, the RBA views this as a problem for it to solve by communicating more effectively. Might we expect set-piece speeches like Governor Bullock’s appearance in support of the Anika Foundation yesterday to give way to TikToks?

Warsh, on the other hand, seems to take the view that the wizard retains more power if he remains behind the curtain. Saying less would neatly resolve the risk central bankers face of painting themselves into a corner when goaded into issuing forward guidance by enthusiastic journalists.

Bullock spent much of her speech yesterday rehashing the theme of repeated international shocks buffeting the supply side of the economy. Though Australia carried plenty of inflation momentum into the current oil shock, a tightening of global energy supplies has certainly exacerbated the problem and would have figured in the RBA’s decisions to raise the policy rate in March and May. There was some good news on the inflation front today though, with headline CPI in the year to June printing two ticks below market expectations at 3.8% and the core reading printing one tick lower than expected at 3.6%. The AUD and short sovereign yields are down substantially on the news.

Ultimately the great hope for overcoming the deleterious effects of geopolitical shocks on living standards is through strong productivity growth at home. AI holds the prospect of being something of a white knight on that score, but outside the US productivity growth remains anaemic and the link between huge AI CAPEX and improved productivity outcomes does not seem to be established in the top level data just yet.

While the promise is certainly there, the investment needs to result in inputs being converted to outputs more efficiently, and the physical materials needed for the fixed capital need to actually be available. In an age where semiconductor supply chains are being disrupted by energy and trade shocks, and important base materials like aluminium, copper, helium and nickel are physically constrained in the Strait of Hormuz shock (to say nothing of ongoing labour constraints!), converting those ‘circle of life’ CAPEX numbers into actual production might be easier said than done.

Tyler Durden Wed, 07/29/2026 - 10:30

BMW Targets 8,000 Job Cuts With New Voluntary Severance Package

BMW shares in Germany are down 36% so far this year, as the automaker's latest forecast downgrade was described by JPMorgan analyst Jose Asumendi as a "wake-up call for the auto industry."

The outlook for BMW continues to deteriorate, with Bloomberg reporting that the automaker will begin a sweeping workforce restructuring in Germany this fall.

Voluntary departures in Germany are expected to account for most of the roughly 8,000 positions BMW plans to eliminate globally, equivalent to about 5% of its workforce. The restructuring is aimed at reducing costs and strengthening the automaker's ability to compete with fast-growing Chinese rivals.

The report continued:

The offer will go out to staff in research, development, planning and other corporate functions, with factory floor workers not eligible, said the people, who asked not to be identified as the plans aren't public. BMW also is looking to streamline its management ranks in the coming months as part of the broader cuts, they said. 

The job reduction program will begin in October and run through 2027, with BMW anticipating a boost in profitability in 2028.

Shares in Frankfurt are marginally higher on the news after tumbling 36% so far this year, but they have stabilized over the last month around 60 euros per share.

This comes after last month's profit warning, in which a JPM analyst described the downgrade as a major "wake-up call for the auto industry" and warned that the German luxury automaker must address its compact-segment product strategy in China, where European premium automakers have been priced out of the market.

Asumendi called the downgrade a "radical earnings cut" but noted that BMW is generally executing well. He believes the automaker will likely take one-time charges to downsize its global production footprint, with a particular focus on Europe.

The restructuring comes as BMW contends with sliding sales in China and intensifying competition from EV manufacturers led by BYD, both in Europe and abroad. These pressures reflect a broader deterioration across Europe's auto industry, where soft demand, elevated production costs, and mounting Chinese competition continue to squeeze profitability.

Tyler Durden Wed, 07/29/2026 - 10:15

EssilorLuxottica's AI Smart Glasses Revenue Nearly Doubles On Ray-Ban, Oakley Demand

EssilorLuxottica shares rose as much as 4.5% in Paris before reversing course and falling 2%. The eyewear maker reported better-than-expected first-half profit margins, while revenue from its AI smart glasses nearly doubled in the second quarter, easing investor concerns over rising competition and component costs.

The Ray-Ban owner, which partners with Meta on smart glasses, reported a 13% increase in first-half adjusted profit to 1.9 billion euros, while its operating margin reached 18.6%, above the analyst estimate of 16.3%. Second-quarter revenue rose 8.7% at constant exchange rates to 7.69 billion euros, missing expectations due to weaker growth in North America.

Wall Street analysts called management's tone on the earnings call earlier today "optimistic" and "encouraging."

CFO Stefano Grassi noted, "There are good reasons to see a good trajectory on gross margin also for the second half." He told analysts about a pipeline of AI smart glasses set to hit the market.

EssilorLuxottica did not disclose second-quarter AI-glasses volumes, though management said growth was driven by its Ray-Ban and Oakley models developed with Meta.

EssilorLuxottica's smart glasses have emerged as early consumer-market winners by combining familiar eyewear frame designs with affordable pricing, unlike devices such as Apple's Vision Pro and other products priced above $2,000, even up to $3,000. The apparent sweet spot for mass-market adoption remains around $300 to $500 per unit.

Shares in Paris are down around 2%, after reversing gains of 4.5%. Year to date, shares have cratered, down about 39%. The reason for this is the durability of profit margins amid rising costs and intensifying competition. Analysts have also cited tensions among the heirs of founder Leonardo Del Vecchio as an additional overhang on the shares.

Here's what desks on Wall Street are saying (courtesy of Bloomberg):

Bernstein (market perform)

• The management's tone on the earnings call was "optimistic" regarding 2H, acknowledging harder comparatives, "but teasing a diversified innovation pipeline," analyst Luca Solca writes in a note
• The "positive outlook across both top line and margins reinforced on the call could bring the name back on investors' radars," even if the latest results seem "priced in"

Morgan Stanley (overweight)

• The 1H results are a "small relief following a series of downwards earnings revisions and the pressure on shares in recent months," analyst Grace Smalley writes in a note
• The management's tone on the call was "encouraging," outlining several growth drivers in 2H "while acknowledging the tougher comparison base, as well as pointing to ongoing solid cost control"

Citi (buy)

• The 2Q/1H results are mixed, "with worse sales but better margins," analyst Veronika Dubajova writes in a note
• The current valuation, which sits at the low-end of EssilorLuxottica's historical range, "already appears to discount forward sales growth"
• The better-than-expected adjusted Ebit "should diminish recent fears around margin progression/EPS momentum"

CFRA (buy)

• The results were mixed, with a slight miss on revenue and a beat on profit, analyst Wan Nurhayati says
• "We continue to see the strong adoption of AI glasses and the growth opportunity from Stellest supporting top-line momentum"
• However, Nurhayati believes the "rapid shift toward lower margin AI glasses remains a near-term margin headwind and could continue to weigh on the premium valuation the company has historically enjoyed"

Jefferies (buy)

• Analyst Julien Dormois says revenue in constant currency shows "resilient, high growth, even if slightly below cons"" * Additionally, Dormois views the first-half margin as "reassuring"
• "With the shares halving from Nov peak (margin reset, misplaced compet. fears, corp. gov.), we see a very compelling risk/reward into a quality growth compounder," the analyst writes

Bloomberg Intelligence

• "EssilorLuxottica's 1H adjusted Ebit margin rebound to 18.6%, a 233-bp beat, on price-mix and belated AI-glasses operating- leverage gains makes its 2H gross-margin expansion target feasible even without the net US tariff benefit, which added 60 bps in 1H," analyst Diana Gomes writes

Apple and Alphabet are also planning to enter the AI glasses market, with Meta currently in the lead.

Tyler Durden Wed, 07/29/2026 - 09:45

Idaho's High Desert Becomes Hot Spot For Nuclear Power Revolution

Authored by John Haughey via The Epoch Times,

History was made with the flip of a switch at 12:30 a.m. on June 4, under partly cloudy skies and a waning three-quarter moon in Idaho's Arco Desert, when a prototype reactor sustained a nuclear chain reaction, becoming the first new design to achieve "criticality," or viability, in the United States since 1973.

In that midnight milestone's wake, the future is following fast. Since Antares Nuclear's Mark-0 design was validated in early June, three other novel reactor designs have met the U.S. Department of Energy's criticality requirements and, according to Energy Secretary Chris Wright. Up to four more could do so by year's end.

While technologies, fuels, and applications vary, these prototypes share common traits. All are far smaller than the conventional reactors with massive cement cooling towers, and all are designed to be mass-produced, portable, and scalable. Several can fit in the bed of a pickup truck.

Most microreactor designs could be built in factories and shipped in cargo containers to locations around the world. Idaho National Laboratory

The nuclear energy surge is a convergence of rare bipartisan accord with stymied science and spiking electricity demand, spurred by power-hungry data centers and the integration of artificial intelligence and quantum computing into an electron-dependent world where the average U.S. home has 21 digital devices.

High-tech investors and hyperscalers are financing much of the innovation and pressuring the energy department to accelerate approvals to bring these new energy sources to market.

Not next decade.

Next year.

First-Movers

Antares Nuclear is one of 10 companies selected by the Department of Energy in August 2025 to develop "first mover" innovations under a reactor pilot program authorized by President Donald Trump. In four executive orders in May 2025, the president called for licensing 10 new reactors by 2030 and quadrupling the nation's nuclear energy capacity by 2050.

The United States maintains the world's largest nuclear power industry, with 96 reactors across 28 states that produce nearly 20 percent of the nation's electricity, according to the U.S. Energy Information Association.

But since 1990, while 18 reactors have been retired, only two new ones have been built in the United States, largely because of costs, long timelines, regulatory entanglements, and public perception after the Three Mile Island, Chernobyl, and Fukushima nuclear accidents.

Although deployments have languished for a half-century, nuclear technologies have advanced, with U.S. companies developing more than 30 new reactor designs. Meanwhile, successive administrations and Congress - in scarce consensus - have been deregulating and subsidizing the industry since 2024's ADVANCE Act adoption to meet a projected 25 percent increase in electricity demand by 2030 and more than 70 percent increase by 2050.

Criticality, a no-power proofing of theoretical physics, is generally the first step in being licensed by the Nuclear Regulatory Commission to produce and sell commercial nuclear reactors.

Trump's executive orders overhaul the commission and streamline approvals, meaning new reactors could be for sale within six months to a year, Wright said on June 25 in Idaho Falls after meeting with developers at the Idaho National Laboratory.

Qualifying for the pilot reactor program launched by Trump's executive orders, or for enrollment in the energy department's newly established nuclear launchpad program, gives developers access to the Idaho National Laboratory, an 890-square-mile sagebrush sprawl in the Arco Desert, where atomic power was first used to create electricity in 1951. Specifically, they gain access to the Materials and Fuels Complex, a 40-minute drive from the lab's Idaho Falls administrative offices.

Prototypes by Aalo Atomics and Valar Atomics also reached criticality under the pilot reactor program, while Deployable Energy did so as a launchpad participant. On criticality's "cusp" at the national lab and elsewhere are micro-reactors from Radiant Industries, Natura Resources, Last Energy, Atomic Alchemy, Deep Fission, and Oklo.

Antares Nuclear's Mark-O

When Antares's Mark-0 achieved functional viability on June 4, it became the 53rd reactor to reach criticality at the Idaho National Lab and the first non-lightwater reactor licensed in the United States since 1973.

The Torrance, California startup's shipping container-sized prototype, which utilizes sodium heat pipes for cooling without relying on external power, could produce up to 20 megawatts of electricity, or enough to power 15,000 homes, by 2027.

At the national lab on June 25, Wright told Antares CEO Jordan Bramble that seeing a structure where "wetted" sodium waste was treated transformed into a reactor test site in less than a year had made him so happy, he cried.

"I got emotional - emotional! - today to see the humans, the reactors, the steel, the action that's happening" at the lab site, he said. "To think on June 4 - less than 13 months after [Trump's executive orders] - that reactor ran critical [because] a three-year-old company said, 'Yes, we can. Yes, we will,' and leaned in."

Fueled by high-assay low-enriched uranium, Antares's prototype is in a 26-foot-deep, 26-foot-wide chamber and "over-shielded" under 11 cement slabs collectively weighing more than 200 tons.

Antares Communications Manager Kayla Haas said that when the company was founded in 2023, there were "three big things on the agenda": in 2026, secure Mark-0 criticality; in 2027, "produce electricity" with the next-generation Mark-1; and in 2028, "deploy reactors on customer sites."

"We're super excited to have checked the 2026 box," Haas said. "Now, we are shifting focus to our Mark-1 electricity-producing reactor that we'll test in 2027."

Backed by more than $140 million in private financing, Antares Nuclear owns a 322,000-square-foot plant in Southern California and offices in Aiken, South Carolina, and Idaho Falls. Its Mark-0 and Mark-1 reactors are ideally designed for defense and space applications.

The June 4 demonstration was conducted in partnership with Department of Defense nuclear fuels contractor BWX Technologies Inc. and observed by Pentagon officials. Antares is under contract to deliver micro-reactors to the U.S. Air Force's Joint Base San Antonio in 2027 and to the U.S. Army by September 2028.

Since 2025, Antares Nuclear has also been testing a 100-kilowatt reactor - enough juice for 65 homes - at NASA's Marshall Space Flight Center in Redstone Arsenal, Alabama, for potential use in space travel and as a moon base power plant.

The prototypes all share the same "base design," Antares Licensing Director Jason Andrus said, but testing in California, Idaho, and Alabama allows the company to integrate "learnings" into evolving designs and "do really kind of nerdy, nukey things."

Valar Atomics' Ward 250

Valar Atomics became the second to gain criticality, when its Ward 250 high-temperature, helium-cooled reactor sustained generation on June 18 at the San Rafael Energy Lab in Emery County, Utah. It is the only one of the four not to do so at the Idaho lab.

The El Segundo, California-based developer's 75-foot-long, 15-foot-wide micro-reactor could generate up to five megawatts of electricity, enough to power 5,000 homes, and be portable by truck, train, or plane. In February, the 120-ton Ward 250 was transported from California to Utah in a U.S. Air Force C-17.

Ward 250 is designed to be planted up to 80 feet underground and, because it is fueled by TRISO - a uranium fuel designed to prevent radioactive release - there's no need for large cement containment structures.

Valar followed criticality by using Ward 250 on July 1 to briefly power a website hosted on an Nvidia Blackwell AI chip. Nvidia is building a data center complex near Valar's factory in Orangeville, Utah, and has agreed to purchase up to 30 megawatts of electricity from the company by decade's end.

Deployable Energy's Unity

Houston-headquartered Deployable Energy's Unity reactor was the third new design, and second at the Idaho National Lab, to attain criticality in June, when it achieved operability at 11:55 p.m. on June 30.

Deployable founder and CEO Bobby Gallagher hauled Unity's reactor core, designed to fit in a 20-foot shipping container, from Texas to Idaho in a Ford F-150 pickup bed, proving its portability just by showing up at the lab.

The high-temperature, water-moderated, helium-cooled one-megawatt reactor - generating enough to power around 800 homes - is fueled with standard low enriched uranium, was built in partnership with Texas A&M University, and has drawn more than $10 billion in letter-of-interest queries "ranging from data centers to remote island community power," it maintains.

While one megawatt is not a lot of electricity, isolated communities, emergency responders, military installations, and industrial developers will see value in a reactor that can be "dropped in wherever you need it and left alone," Deployable Energy co-founder and Chief Commercial Officer Sanjay Mukhi said in late June, four days before Unity achieved criticality.

Deployable, which was only incorporated in 2025, was banking on that prospect when it was accepted into the reactor pilot program and arrived at the Idaho National Lab "150 days ago," he said, building a 340,000-square-foot structure dubbed "Studio 54," because it houses the 54th new reactor type to reach criticality at the lab.

Mukhi said one-megawatt reactors can be "scaled out" to meet tailored needs.

"We can deploy many at a time to meet the actual power requirements of specific sites," he said. "If you require 122 megawatts, instead of getting a 350-megawatt unit, you could actually get the exact power requirement and a little bit more."

The reactor, anchored in a 19-foot-deep basement chamber, looks like a laundry wash drum serrated by 696 holes where uranium rods will radiate heat in 63 gallons of water.

"It doesn't require a lot of water," Deployable co-founder and Chief Operating Officer Lance Maul said. "That's one of the other benefits to being able to go into different markets that have water restrictions."

Deployable's goal, he said, is to produce 1,000 reactors a year by decade's end and "by the mid-30s, 10,000 a year."

"That's the idea," Mukhi said. "From order to delivery, six months."

Aalo Atomics' Aalo-X

After Aalo Atomics of Austin, Texas, was selected to participate in the pilot program at the lab, the three-year-old startup's 200 employees built a 3,600-square-foot structure in 36 days. Then, over the next 40 days, they installed a 10-megawatt test reactor, which reached criticality 20 minutes into July 4.

"From founding to fission in under three years," Aalo spokesperson Ashley Cohen said. "One of the fastest reactor builds in modern American history."

It was the second-fastest build in history for a first-of-a-kind reactor, clarified Aalo co-founder and CEO Matt Lozak, and the swiftest in 80 years since Clementine, the world's first plutonium-fueled fast-neutron reactor, achieved criticality in November1946.

The test reactor is a full-scale prototype of its 20-foot-tall, 10-foot-wide Aalo-X micro-reactor - small enough to haul on a tractor trailer flatbed, big enough to power 10,000 homes.

Lozak projects that Aalo will be selling its next-generation 10-megawatt, 4.95 percent LEU-fueled Apollo X reactors at "commercial-scale" in 2027, and assembling its Aalo Pod power plants, which can house up to five 10-megawatt reactors, for commercial buyers by 2029 at its 40,000-square-foot Texas factory.

The Aalo Pod power plant will be mobile, won't need refurbishment for 40 years, and will be purpose-built to specifications - attributes the company says make it ideal for military, disaster response, and industrial applications.

Aalo co-founder and President Yasir Arafat noted that the Department of Energy has approved the company's request to build a data center on its national lab site.

"These things go hand-in-hand," he said. "AI is so power-hungry, and there's no better way to power AI than nuclear."

During a tour of the company's 2-acre site at the national lab, Lozak and Arafat said reaching criticality by July 4 would prove concepts key to their commercial model.

Mission accomplished.

"We proved all the major hard questions," Lozak said. "Can you construct? Yes. Can you build your reactor in a factory? Yes. We built our reactor in four weeks, did 80 percent of the installation within the first week in the factory, and shipped it across the country in two days."

Radiant Nuclear's Kaleidos

El Segundo, California-based Radiant Nuclear's one-megawatt Kaleidos reactor, designed to fit inside a 20-foot shipping container, is expected to reach criticality and then follow up with a 150-hour demonstration of sustained "hands off" operability this summer.

Kaleidos is installed in the Idaho lab's Demonstration of Microreactor Experiments (DOME), a 100-foot-tall structure on the Materials and Fuels Complex, where micro-reactors up to 20 megawatts were tested in the 1960s and '70s.

Radiant Nuclear President Tori Shivanandan said in late June that the company was engaged in "rigorous component testing on every single part of this system" it built inside the DOME.

The reactor's helium circulator, for instance, has received more than 150 start-stops "as though [it] just lost power" so the company can "understand that data prior to the system even shipping," she said. "We're still 'iterating' on the product."

There are five phases to reactor testing, Shivanandan said, "and we pause, we review the data, between each one."

Some Kaleidos components have undergone extensive testing at university labs nationwide, "but this will be the first time they're receiving dose under the full system, and so we want to again see 150 hours of what we call 'hands-off operations,' and monitor the environment, see what's going on," Shivanandan said.

The shuttered Three Mile Island nuclear power plant stands in the middle of the Susquehanna River near Middletown, Pa., on Oct. 10, 2024. Since 1990, only two new nuclear reactors have been built in the United States, in large part because of public perception after nuclear accidents such as the 1979 partial meltdown at the plant. Chip Somodevilla/Getty Images Tyler Durden Wed, 07/29/2026 - 09:30

Watch: Fauci's Invokes 5th, Lawyer Forcibly Removed From Hearing

Update (0920ET): As Dr. Anthony Fauci continues to invoke his 5th Amendment right not to incriminate himself - something we were all told he couldn't do due to his pardon by former President Joe Biden. 

The hearing kicked off at 8:30 a.m. EDT with Fauci appearing under subpoena from Chairman Rand Paul (R-KY). 

• Fauci’s opening statement: He invoked the Fifth Amendment and announced he would refuse to answer questions. He said it “pains” him to do so given his long record of cooperating with Congress, but he was following his attorneys’ advice. He accused Paul of an “obvious obsession” / “unhinged” campaign aimed at getting him “behind bars,” and said the hearing’s real purpose was to trap him into making statements that could support prosecution (especially perjury). He also criticized the recent public release of his personal diary entries as an effort to embarrass and intimidate him.
• Paul’s opening remarks: The chairman framed the session around COVID origins, NIH-funded research (including gain-of-function issues), inconsistencies between Fauci’s public statements and private diary notes, and accountability for the pandemic response. He noted that a presidential pardon does not rewrite history or prevent Congress from examining the facts.
• Questioning: As Paul (and possibly other senators) and others posed questions about origins, research funding, past testimony, and the diary, Fauci repeatedly responded along the lines of: “On the advice of counsel, I respectfully decline to answer based upon my rights under the Fifth Amendment of the Constitution.”

Paul went ballistic on Fauci's lawyer for speaking when he was not recognized, and then had security remove him.

Fauci lawyer is removed- round of applause pic.twitter.com/sZroNpcAAs

— Karli Bonne’ 🇺🇸 (@KarluskaP) July 29, 2026

Watch:

* * *

Dr. Anthony Fauci is testifying today before the Senate Homeland Security and Governmental Affairs Committe, after Chairman Sen. Rand Paul compelled him via subpoena. 

Fauci, the former longtime director of the National Institute of Allergy and Infectious Diseases (NIAID) at NIH (1984–2022) and a leading public face of the U.S. COVID-19 response, is appearing as the sole witness.

So far: 

•  Fauci is invoking his 5th amendment right not to incriminate himself by answers Paul's questions - something legal scholars widely expressed he could not do leading up to the hearing. 

"Although it pains me to do so, because of the respect I have for the Legislative Branch for government, and my decades-long record of cooperating with Congress, under the advice of my attorneys, I will invoke my right under the Fifth Amendment of the Constitution to refrain from answering your questions," Fauci, 85, repeated over and over.

Paul reminded Fauci that it's illegal "to refuse to answer any questions pertinent to the question under inquiry."

🚨 JUST IN: Sen. Rand Paul just told Dr. Fauci to his face it's ILLEGAL to incessantly plead the 5th Amendment and refusing to answer relevant questions when testifying before the Senate under subpoena

PROSECUTE NOW!

PAUL: "Section 192 of Title II of the U.S. Code...that… pic.twitter.com/uXE2jLNNeE

— Eric Daugherty (@EricLDaugh) July 29, 2026

It's too bad Fauci is refusing to answer questions:

pic.twitter.com/XgNdlsUIHL

— zerohedge (@zerohedge) July 29, 2026

This marks another round of congressional scrutiny of Fauci since his 2022 retirement, centered on long-running criticisms of pandemic-era decisions and messaging. Key focuses include:

• COVID-19 origins: Whether NIH-funded research (including work connected to labs in China) played any role, versus the prevailing scientific view of a natural zoonotic spillover (likely amplified at the Wuhan wildlife market). Paul has long pressed lab-leak possibilities and alleged inconsistencies in Fauci’s public statements.
• Recently released diary entries: Paul made public more than 1,000–1,500 pages of Fauci’s personal notes from the pandemic years. Critics highlight passages they say differ from Fauci’s public comments (e.g., early notes on the virus and the market); Fauci’s attorneys have called the related allegations baseless.
• Broader issues of public-health messaging, school closures, gain-of-function research debates, and Fauci’s interactions with officials across the Trump and Biden administrations.

House Oversight Chairman James Comer and others have noted that a prior presidential pardon does not cover potential false statements in today’s testimony. Fauci has previously rejected claims of lying or cover-ups as preposterous; scientists and supporters have defended him ahead of the session.

Tyler Durden Wed, 07/29/2026 - 09:00

DOJ And Trump Ask Supreme Court To Review $83.3 Million Carroll Verdict

Authored by Matthew Vadum via The Epoch Times,

The U.S. Department of Justice (DOJ) asked the U.S. Supreme Court on July 28 to intervene in the defamation dispute between President Donald Trump and writer E. Jean Carroll.

The DOJ is arguing in the petition in United States v. Carroll that the federal government - not Trump personally - should be the defendant in the case that led to an $83.3 million verdict against Trump.

At the same time, Trump’s private attorneys filed a petition with the high court in the case of Trump v. Carroll, asking the justices to review the same verdict, largely on grounds of presidential immunity.

The DOJ’s petition, a copy of which was obtained by The Epoch Times, focuses on the federal Westfall Act, which shields federal employees from personal liability for common law tort lawsuits arising from their government employment.

Common law refers to the body of law developed over centuries by court rulings, as opposed to statutes passed by legislatures. A tort is a wrongful act or infringement of a right that gives rise to civil liability.

When the U.S. attorney general certifies that a federal employee—including a president—was acting in an official capacity, the United States is usually substituted as the defendant, and the individual ends up being dismissed from the lawsuit.

The $83.3 million verdict arose from statements Trump made in mid-2019 while he was president, in which he denied Carroll’s allegation that he sexually assaulted her in the mid-1990s. Trump denied the claim in an official White House statement and again when speaking to reporters—statements the jury found defamatory.

In 2020, then-Attorney General William Barr, who served in Trump’s Cabinet, certified under the Westfall Act that Trump’s statements were within the scope of his official duties. As a result, the case, which had been pending in New York state court, was transferred to federal court. Then in 2023, then-Attorney General Merrick Garland, who served in President Joe Biden’s Cabinet, took the unusual step of withdrawing the certification, the petition said.

This allowed the lawsuit to move forward against Trump personally, after which the jury found for Carroll, rendering the $83.3 million verdict.

While an appeal was pending, Trump was reelected, and in April 2025, his attorney general appointee, Pam Bondi, recertified Trump’s conduct and made a motion to substitute the United States as the defendant in the case. The Second Circuit blocked Bondi’s recertification, an action the DOJ argues the court was not entitled to take.

The DOJ also argues the Second Circuit misinterpreted the Westfall Act.

“This petition presents the question whether the Westfall Act contains an implicit timing restriction barring the Attorney General’s posttrial recertification. Such a restriction does not exist,” the petition said of Bondi’s action.

If the United States replaces Trump as the defendant, Carroll’s defamation claim would almost certainly fail. The Federal Tort Claims Act, which covers lawsuits against the government, specifically excludes defamation claims.

The DOJ urged the Supreme Court to take the case, arguing it raises potentially significant institutional stakes.

Trump may have to pay almost $100 million in damages and interest “for issuing a press release and answering reporters’ questions, from the White House, defending against attacks on his fitness for office,” the petition said.

Trump’s petition in Trump v. Carroll argues that the Second Circuit was wrong to treat presidential immunity like an ordinary legal defense that can be lost if not raised in time, and that the appeals court didn’t actually decide whether immunity protected Trump’s 2019 statements.

If the Second Circuit’s “mistreatment of Presidential immunity and the Westfall Act” are not corrected, there will be reverberations far beyond this case, as the threat of a single judgment for damages based on official acts will prevent presidents from “fearlessly” executing their duties, the petition said.

The $83.3 million verdict is separate from a prior $5 million civil verdict Carroll secured in 2023. In that case, a jury found Trump liable for sexually abusing Carroll in the 1990s and for defaming her again in 2022 when he was out of office.

The Supreme Court recently declined to take up Trump’s challenge to the $5 million verdict, but Trump has asked the court to reconsider its ruling.

It is unclear whether the Supreme Court will take up the two new petitions.

Tyler Durden Wed, 07/29/2026 - 08:35