Hi there, this is your daily ☕️ Finpresso.
In today's newsletter:
💶 ECB hikes rates to 2.5% as Iran war lifts inflation
📈 Wholesale inflation surge revives Fed rate-hike bets
☁️ Oracle's cloud infrastructure revenue doubles
🤝 Bending Spoons buys Miro at 90% discount
🪙 Nasdaq bets on Kraken to launch tokenized stocks
Plus: 🌍 11 macro news, 🏢 10 corporate news, and 📑 6 research & reports.
| 💶 ECB hikes rates to 2.5% as Iran war lifts inflation LINK |
- The European Central Bank lifted its benchmark rate to 2.5% from 2.25% and struck a hawkish tone, warning that renewed Middle East fighting has raised the risk of higher inflation over the coming year.
- The catalyst was energy: Brent crude passed $105 a barrel, up more than 4%, and Dutch wholesale gas topped €80 per megawatt hour for the first time since January 2023 after fresh US and Iran attacks on ships in the Strait of Hormuz.
- Surging fuel costs pushed government borrowing costs higher, with UK 10-year gilt yields hitting 5.295%, a 19-year high, as the ECB raised its 2026 eurozone growth forecast to 0.9% while expecting inflation to average 3% this year.
| 📈 Wholesale inflation surge revives Fed rate-hike bets LINK |
- U.S. wholesale prices climbed 0.4% in August, pushing the annual rate to 5.4% and lifting traders' bets on a Fed rate hike next week to nearly 66%, according to CME Group's FedWatch gauge.
- Energy drove the increase, with wholesale energy costs up 4.2% and diesel surging 24.1%, as the report landed alongside U.S. crude topping $100 a barrel and the 10-year Treasury yield hitting its highest since November 2023.
- Stock futures turned negative on the reading, which keeps annual inflation well above the Fed's 2% target and precedes both Friday's consumer price index, expected to show 3.4% headline inflation, and next week's rate decision, with officials publicly split on hiking.
| ☁️ Oracle's cloud infrastructure revenue doubles LINK |
- Oracle's cloud infrastructure revenue more than doubled to $7.4 billion in the quarter ended August 31, beating the $7.09 billion analysts expected, as the software maker pushes to become a larger supplier of AI computing power.
- The results, which sent shares up 7% after hours, were driven by a data center buildout: capital spending jumped to $28.50 billion from $8.50 billion a year earlier, leaving Oracle with $125 billion in debt and negative free cash flow of $5.4 billion.
- Contracted but not-yet-recognized revenue reached $664 billion, above the $630.6 billion consensus, and Oracle raised its 2027 outlook to at least $90 billion in revenue, though the stock is still down 22% this year versus an 11% gain for the S&P 500.
| 🤝 Bending Spoons buys Miro at 90% discount LINK |
- Bending Spoons has agreed to buy online-whiteboard maker Miro in an all-cash deal valuing the business at $1.355 billion, roughly a 90% cut from the $17.5 billion valuation Miro reached in January 2022.
- Counting Miro's net cash, the equity value comes to about $1.79 billion, with certain shareholders reinvesting $295 million into new Bending Spoons stock; the deal is expected to close in the fourth quarter of 2026, pending regulatory approval.
- Bending Spoons shares rose as much as 8% on the news, extending a climb from their $29 IPO price on July 1 to the low $50s, as Miro becomes its second discounted collaboration-software purchase in five weeks after Airtable.
| 🪙 Nasdaq bets on Kraken to launch tokenized stocks LINK |
- Nasdaq's venture arm has put $100 million into Payward, the parent of crypto exchange Kraken, so Kraken can offer blockchain-based, round-the-clock versions of Nasdaq-listed stocks.
- The deal, which builds on a partnership first announced in March, values Kraken's parent at $21 billion, according to people familiar with the matter, and marks Nasdaq's deeper move into always-on trading.
- The tie-up follows Deutsche Börse's $200 million investment in Payward in April, with tokenized stocks now worth more than $2.9 billion in distributed value, up 7.4% over the past month.
🌍 Macro News
- US diesel prices topped $6 a gallon, driven by war-related supply disruptions. LINK
- Oil heads above $100 weekly close first since May as prices rise. LINK
- Government bonds sold off as oil surged, reviving inflation concerns worldwide. LINK
- Copper prices and miners fell after US refined-copper tariff plans stalled. LINK
- US plans Monday sanctions against unnamed large bank under Iran strategy. LINK
- Senate Republicans revised CLARITY Act tightens DeFi rules before September vote. LINK
- ESMA says Polymarket and Kalshi lack authorization to offer EU contracts. LINK
- India begins issuing blockchain-tokenized corporate bonds settled in digital rupees. LINK
- Gold slid as data and oil strengthened bets on Fed rate hike. LINK
- UK economy grew 0.4% in July, exceeding forecasts and June growth. LINK
- Houthis seized key Red Sea port, tightening control over regional shipping. LINK
🏢 Corporate News
- Adobe beat forecasts as revenue rose 13% and users surpassed one billion. LINK
- Enflame shares surged 206% in Shanghai debut amid AI chip enthusiasm. LINK
- OpenAI launched ChatGPT for Financial Services to support analysts with licensed data. LINK
- Polymarket hired former Amazon finance chief Warren Jenson as its first CFO. LINK
- Kalshi launched US perpetual gold and silver futures after CFTC approval. LINK
- Mach Industries raised $600 million, doubling its valuation to $3.7 billion. LINK
- Aerospacelab won €2.4 billion contract for 264 EU IRIS² satellites. LINK
- Motive raised $1.3 billion and shelved its IPO to remain private. LINK
- Bankman-Fried asked Supreme Court to overturn conviction behind his 25-year sentence. LINK
- Ripple expanded GSmart with AI tools for corporate treasury management. LINK
📈 Stocks
| ▲ Biggest winners |
| Skyworks Solutions rose 10% after CEO said Qorvo merger reached final regulatory phase. LINK |
| Reddit rose 6% after Q2 earnings beat with $1.77 EPS vs $1.45 estimate. LINK |
| Bending Spoons rose 5% after agreeing to acquire Miro for $1.36 billion in all-cash deal. LINK |
| ▼ Biggest losers |
| The Cooper Companies fell 15% after it reported weaker-than-expected earnings and guidance. LINK |
| Freeport-McMoRan fell 7% after a Reuters report cast doubt that the White House would broaden tariffs to cover refined copper. LINK |
| Hudbay Minerals fell 8% after Q2 adjusted EPS of $0.28 missed analyst estimate of $0.30. LINK |
📑 Research & Reports
- Behind-the-meter AI datacenter power orders reached 75 gigawatts, SemiAnalysis says. LINK
- AI spending drives semiconductor super cycle, with memory chips biggest beneficiary. LINK
- Global clean-energy investment fell 17% as China reduced subsidies and spending. LINK
- ESMA warned crypto-traditional finance links could amplify market shocks and risks. LINK
- Bank of America sees $9 billion buying versus $163 billion potential selling. LINK
- BIS warns AI cuts vulnerability-exploitation time from weeks to minutes, squeezing banks. LINK