Morning Bid: Fed coos, Palantir soars
* A record number of Chinese companies are seeking a U.S. listing this year as onerous domestic listing rules and the prospect of better valuations convince them to brave volatile Sino-U.S. relations and U.S. calls for strict oversight of Chinese firms.
* South Korea will prepare measures to help companies cope with higher U.S. tariffs and expand into new markets, the Finance Ministry said on Tuesday, as it kicked off a task force to prepare the new administration's economic policy plans.
* Trump's decision to fire a top labor official following weak jobs data doesn’t just send ominous signals about political interference in independent institutions, writes ROI columnist Jamie McGeever, it is also a major strategic own goal.
* Asia's imports of seaborne thermal coal ticked up in July, but the increase was driven by the developed economies of North Asia and not heavyweights China and India. Find out more from ROI columnist Clyde Russell.
Chart of the day
For investors seeking to lock into two super cycles - AI and defence, Palantir Technologies has been the catch-all winner. The data analytics and defense software firm is getting a boost from President Donald Trump's focus on national security and a shift in the Pentagon's software-buying process towards commercial and "non-traditional" providers.
Last week, the U.S. Army said it might purchase services of up to $10 billion from the company over a decade. Rising another 6% overnight after the firm raised its annual revenue forecast for the second time this year, Palantir's stock has been the standout performer of the past year - even putting the likes of Nvidia in the shade. Its market cap has soared to more than $363 billion - more than six times what it was this time last year.
Today's events to watch
* U.S. June international trade balance (8:30 AM EDT), July service sector surveys from S&P Global (9:45 AM EDT) and ISM (10:00 AM EDT): Canada June trade balance (8:30 AM EDT)
* U.S. corporate earnings: AMD, Super Micro Computer, Pfizer, Amgen, Marathon, DuPont De Nemours, Caterpillar, News Corp, Fox, Apollo, Arista, Molson Coors, DaVita, Aflac, Assurant, Eaton, ADM, Progressive, International Flavors and Fragrances, Match, Mosaic, Duke Energy, Devon Energy, Broadridge, Jacobs, Henry Schein, Cummins, Gartner, TransDigm, Zoetis, Yum! Brands
* U.S. Treasury auctions $58 billion of 3-year notes
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(By Mike Dolan; Editing by Alison Williams)
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