TL;DR

US gold tariffs send futures to record; India freezes US arms talks; TSMC, Meta drive AI capex.

Highlights

• US imposes tariffs on one-kilogram and 100-ounce gold bars; COMEX December futures hit record $3,534/oz 1.
• India halts $3.6B US arms talks after Trump administration doubles tariffs on Indian exports 3.
• TSMC July revenue up 25.8% YoY, driven by AI demand (notably Nvidia); YTD sales +37.6% 7.
• Meta secures $29B private credit deal for Louisiana AI data center; raises 2025 capex outlook to $72B 8.
• Wendy’s and Sweetgreen cut 2025 sales guidance as US same-store sales decline; Sweetgreen to lay off 10% 1113.
• ConocoPhillips sells Anadarko Basin assets for $1.3B to reduce debt post-Marathon Oil deal; Q2 earnings beat 12.
• Mainland Chinese investors pour record $3.8B into Hong Kong ETFs amid dip-buying in lagging HK equities 10.
• Topix tops 3,000 for first time as SoftBank surges 11% on profit swing; Nikkei up 7% in two weeks 9.
• US doubles bounty on Venezuela’s Maduro to $50M, increasing pressure despite recent oil license restoration 2.
• Germany halts new weapons exports to Israel over Gaza campaign; Israel plans Gaza City seizure, drawing UK/EU criticism 415.
• El Salvador to launch world’s first Bitcoin bank; Panama City mayor proposes canal Bitcoin payments 14.

Commentary

US gold tariffs are the immediate market mover, pushing COMEX futures to new highs and raising the risk of supply chain disruptions 1. The reclassification of gold bars for tariff purposes could widen price differentials between regional markets and may prompt further volatility in precious metals 1. This policy shift, alongside the doubling of tariffs on Indian exports, signals a more aggressive US trade posture that is already affecting defense sector deal flow, with India freezing $3.6B in arms talks 3.

Tech and AI remain a bright spot. TSMC’s strong July revenue and Meta ’s $29B private credit financing for a new AI data center highlight persistent capex and demand for advanced infrastructure, supporting both global semiconductor and US tech sentiment 78. These developments are fueling equity rallies in Asia, with Japan’s Topix and Nikkei hitting new highs, and are likely to underpin continued strength in US tech names 9.

US consumer-facing companies are showing signs of strain. Wendy’s and Sweetgreen both reported declining same-store sales and cut guidance, with Sweetgreen also announcing layoffs 1113. This divergence between tech optimism and consumer softness could drive sector rotation within US equities, with investors potentially favoring defensives or tech over discretionary retail.

Geopolitical risks remain elevated. The US is stepping up pressure on Venezuela’s Maduro 2, while Germany’s suspension of arms exports to Israel and Israel’s planned Gaza City operation are drawing international criticism 415. These developments may support safe-haven flows, particularly into gold and Treasuries. Crypto headlines are also notable, with El Salvador’s plan for a Bitcoin bank and Hong Kong’s stablecoin license activity signaling ongoing regulatory and adoption momentum 1416.

Traders should monitor gold and defense sector volatility, tech capex trends, and potential sector rotation in US equities as macro and geopolitical risks intersect with strong AI-driven investment.