Welcome to Yahoo Finance's flagship show, The Morning Brief. I'm Raman Kumali. Let's get to the three things you need to know today.First up, markets are on edge as investors keep a close eye on the labor market and trade uncertainty. US stock futures are pointing just slightly in the green on the main, but really lacking in direction at the opening bell. The job market is slowing down.The August ADP report showing the private sector added 54,000 jobs last month. That was worse than the estimate of 68,000. ...

Financial Data and Key Metrics Changes - The company reported record quarterly revenues of $179.8 million, an increase of 10% year-over-year and 7% quarter-over-quarter [7][32] - Adjusted EBITDA reached a record high of $80.2 million, up 14% from the previous year, with an adjusted EBITDA margin of 44.6% [36][38] - Net income increased to $38 million or $0.43 per diluted share, compared to $34.7 million or $0.40 per diluted share in the same quarter last year [36][38] - Cash flow from operations was $63.3 million, with a cash conversion rate of 79%, which would have been 86% without personnel departure costs [9][37] Business Line Data and Key Metrics Changes - Services revenue accounted for 93% of total revenue, amounting to $166.8 million, up 14% from the previous year [33] - Revenue from Global Trade Intelligence, Customs and Regulatory Solutions, and Transportation Management showed strong growth, contributing to overall revenue increases [32][34] - Organic services revenue growth was approximately 4%, consistent with the previous quarter [34] Market Data and Key Metrics Changes - The company noted strong demand for Global Trade Intelligence solutions due to increasing tariff complexities [12] - The transition away from the de minimis program in the U.S. has created a growth area in customs filing solutions [15][19] - Ocean imports to the U.S. reached record levels in July, driven by tariff implementation deadlines [20][46] Company Strategy and Development Direction - The company is focused on diversifying its offerings in domestic and international logistics, particularly in Global Trade Intelligence and Transportation Management [48][49] - Recent acquisitions, including PackageRoute and Finale Inventory, are aimed at enhancing service offerings and operational efficiency [10][27] - The company is committed to maintaining adjusted EBITDA growth of 10% to 15% while navigating uncertain market conditions [31][39] Management's Comments on Operating Environment and Future Outlook - Management highlighted the challenges posed by geopolitical tensions, tariff changes, and economic uncertainty affecting customer behavior [41][42] - The company is well-capitalized with over $240 million in cash and a $350 million undrawn credit line, positioning it to pursue growth opportunities [51] - Management expressed optimism about the ability to adapt to changing market conditions and support customers in navigating complexities [50][54] Other Important Information - The company expects to incur additional capital expenditures of $3 million to $4 million in the second half of the year [39] - The tax rate for the first half of the year was approximately 24%, with expectations to remain in the range of 24% to 28% for the second half [40] Q&A Session Summary Question: What is the outlook for the transactional side of the business? - Management noted that the removal of the de minimis program turned into an opportunity, leading to increased volumes and certainty in the market [56][57] Question: How is the company positioned to leverage AI and data across its network? - Management believes the company is in a strong position to utilize AI and IoT to enhance operational efficiency and decision-making [59][62] Question: Can you provide insights on organic services growth and its drivers? - Strong performance was noted in Global Trade Intelligence and regulatory compliance, while some transactional services remained flat [66][67] Question: What is the status of the restructuring efforts? - The restructuring plan is largely complete, with expected savings of approximately $2 million in the quarter [68][69] Question: How is the fraud prevention business performing? - The fraud prevention segment is growing but remains a small part of the overall business, accounting for less than 1% of total revenue [78] Question: What was the biggest surprise of the quarter? - The recovery in network volumes was a pleasant surprise, indicating improved customer confidence [82][84]

Market Outlook - Mexican equity capital markets are expected to rebound next year [1] - The rebound is contingent on the resolution of trade uncertainty with the US [1] Company Strategy - JPMorgan Chase & Co's Mexico chief anticipates the market recovery [1]

Financial Performance - The company reported quarterly revenue of $126.9 million, representing a 26% increase from the previous quarter and an 11% increase year-over-year [1][6][7] - Earnings per share (EPS) for the quarter were $0.03, up 143% from the previous quarter and up 250% from a year ago [2][6][7] Operational Insights - Copper unit volume increased by 13% in the second quarter but decreased by 9% compared to the same period last year [2] - The gross profit margin for the second quarter was 6.8%, up from 3.6% in the previous quarter and 4.3% year-over-year, driven by a higher margin product mix [11] Market Dynamics - The company experienced revenue growth despite trade uncertainties, benefiting from customers pulling forward orders ahead of tariff implementations [3][9] - Increased competition and over-capacity in China's industrial sector have led to price pressures in some markets [3] Strategic Initiatives - The company plans to leverage low tariff rates from some manufacturing sites to enhance revenue growth [4] - A rights offering is being prepared to fund investments in new production facilities, with site selection including options in North America [5] Segment Performance - Revenue from North Asia was $22.8 million, up 21% sequentially and 18% year-over-year, driven by electric vehicle development and order pull-forward [9] - Thailand's revenue increased by 10% year-over-year and 22% sequentially, attributed to higher order volumes and foreign exchange appreciation [10] Balance Sheet and Cash Flow - Cash and cash equivalents were $35.0 million, a decrease of $3.3 million from the previous quarter due to increased supplier payments [13] - Trade receivables increased by $13.0 million to $97.7 million, reflecting higher customer orders [13]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints - The US Treasury yield curve twist - flattened last week. Stronger - than - expected services PMI and declining initial claims reduced the possibility of near - term rate cuts. Trade developments decreased trade uncertainties and fueled risk - on sentiment, leading to UST selloffs. Trump shifted his strategy regarding the Fed. Looking ahead, the Fed is expected to hold rates in July, but may be open to a September cut. The US Treasury is expected to maintain current coupon issuance sizes and potentially increase long - end buybacks [3][4][5] 3. Summary by Related Catalogs Secondary Market Recap - The US Treasury yield curve twist - flattened last week. Manufacturing PMI was disappointing, but services PMI was stronger - than - expected and initial claims declined, reducing the chance of near - term rate cuts. Trump reached trade agreements with Japan, the Philippines, and the EU. Japan's auto sector got tariff relief after pledging $550bn investment in the US. Reduced trade uncertainty promoted risk - on sentiment and led to UST selloffs. Trump changed his approach towards the Fed [3][4] - This week, the focus is on the July FOMC meeting and QRA. The Fed is expected to hold rates with Waller and Bowman dissenting. Tariff - induced price pressures and Trump's tariff increase support Powell's patient approach to rate cuts. However, the Fed may signal openness to a September cut. The US Treasury is expected to keep current coupon issuance sizes and guidelines unchanged and may increase long - end buybacks [4][5][6] - Yields on 2 - year and 5 - year Treasury notes rose 5bp and 1bp respectively, while 10 - year yield fell 3bp. China's credit bonds performed well, with China IG and HY bonds strengthening 3bp and 13bp respectively. China CDS and iTraxx Asia ex - Japan IG CDS tightened 2bps and 3bps respectively [2][7][12] Sector Performance - Financial sector mostly strengthened. AMC spreads compressed further. CFAMCI led gains, and China CITIC Financial AMC's stake increase in China Everbright Bank was credit - positive. CCAMCL 30s tightened to a historical low. In leasing, FRESHK 28s tightened, and the sale of Seaco by Bohai Leasing could drive AVOL spreads tighter. FWDGHDs performed strongly, and AT1s were mixed [8][13] - Tech sector was mixed. After SAMR's regulation on promotions, BABA 35s and JD 30s tightened, while MEITUA 30s widened. AACTEC 31s outperformed with 5bps of tightening [9][14] - Other IG Bonds were generally quiet. HAOHUA 30s and SINOCH 31s held flat. China's new dam project in Tibet may benefit Power Construction Corp of China. CHPWCN perps rose, and HXCEME 25s was lifted. CNMDHL 30s and ZHOSHK 28s widened. In HK IG, COSCO requested rights in the Hutchison Ports deal, Hutchison Port's profit increased, and CKHH curve tightened [10][14] - High - yield corporate sector was relatively quiet. VNKRLE 27s added 0.5pts. NWDEVL bonds were range - bound. West China Cement expected an 80% - 100% YoY jump in 1H25 profit, and its 2026s rose nearly 4pts [11][15] Primary Market - China Mengniu Diary issued 3.5bn offshore RMB sustainable bonds, with 5 - year and 10 - year bonds priced at 2% and 2.3% respectively, significantly narrower than the initial guidance. The market认购 was enthusiastic, with the 5 - year and 10 - year bonds having final subscription amounts of 8.9bn RMB and 9.2bn RMB respectively [16][21]

Summary of the European Central Bank Update / Briefing July 24, 2025 Industry Overview - The briefing pertains to the European Central Bank (ECB) and its monetary policy decisions in the context of the Eurozone economy. Key Points and Arguments 1. **Interest Rates Unchanged**: The ECB decided to keep the three key interest rates unchanged, maintaining a focus on stabilizing inflation at the 2% medium-term target [2][16][75]. 2. **Current Inflation Status**: Inflation is currently at 2%, aligning with the ECB's target, with domestic pressures easing as wage growth slows [2][7][8]. 3. **Economic Resilience**: The Eurozone economy has shown resilience despite global challenges, supported by strong private consumption and investment, although firms are hesitant to invest due to geopolitical uncertainties and trade disputes [3][5][6][31]. 4. **Unemployment Rate**: The unemployment rate stood at 6.3% in May, close to its lowest since the euro's introduction, indicating a robust labor market [6]. 5. **Inflation Dynamics**: Annual inflation was reported at 2% in June, with energy prices rising but still lower than the previous year. Food price inflation eased to 3.1% [7][8]. 6. **Wage Growth Trends**: Year-on-year growth in compensation per employee slowed to 3.8% in Q1, down from 4.1% in the previous quarter, indicating moderating labor costs [8][30]. 7. **Risks to Economic Growth**: Risks remain tilted to the downside, including global trade tensions, geopolitical conflicts, and potential financial market sentiment deterioration [11][12][39]. 8. **Monetary Policy Approach**: The ECB will adopt a data-dependent approach, assessing inflation outlooks and risks on a meeting-by-meeting basis without pre-committing to a specific rate path [4][16][75]. 9. **Credit Conditions**: Easier financing conditions are supporting domestic demand, with the average interest rate on new loans to firms declining to 3.7% in May [14][15]. 10. **Future Projections**: The ECB anticipates that if trade and geopolitical tensions are resolved swiftly, it could improve sentiment and spur economic activity [11][12][55]. Additional Important Content 1. **Digital Euro Development**: The ECB is focused on developing a digital euro to respond to evolving payment preferences, emphasizing the importance of maintaining currency issuance protection [51][66]. 2. **Market Reactions**: The ECB acknowledges market expectations for potential rate cuts but emphasizes that decisions will be based on data and economic developments [72][75]. 3. **Liquidity in the System**: Despite a reduction in liquidity due to various factors, the ECB maintains that there is still ample liquidity in the system, exceeding €2 trillion [60][61]. 4. **Trade Negotiations Impact**: The ECB is closely monitoring ongoing trade negotiations, indicating that resolution of uncertainties could significantly influence economic behavior and decision-making [20][24][49][55]. This summary encapsulates the key insights from the ECB's briefing, highlighting the current economic landscape, monetary policy stance, and future outlook for the Eurozone.

SAP SE Chief Executive Officer Christian Klein discusses the company's performance as cloud and software revenue increased 11% to €7.97 billion ($9.4 billion) in the period ended June 30. He also discusses tariff uncertainty and demand for artificial intelligence. Klein speaks on Bloomberg Television. 00:00 - SAP CEO Christian Klein on earnings 01:13 - Tariff, trade uncertainty 03:51 - Weaker USD impact on SAP, business, pipeline 05:20 - AI demand, deals, business AI surge in 2026 -------- More on Bloomberg ...

Core Insights - Steel Dynamics, Inc. (STLD) reported second-quarter 2025 earnings of $2.01 per share, a decrease from $2.72 in the same quarter last year, missing the Zacks Consensus Estimate of $2.05 [1][10] - Net sales for the quarter were approximately $4,565.1 million, down about 1.5% year over year, also missing the Zacks Consensus Estimate of $4,627 million [1][10] Financial Performance - Steel operations net sales were $3,275.6 million, reflecting a year-over-year increase of around 4.6% [3] - Steel shipments totaled approximately 3.3 million tons, slightly below the estimate of 3.34 million tons [3] - The average external product selling price for steel was $1,134 per ton, down from $1,138 in the previous year but up from $998 in the prior quarter, exceeding the estimate of $1,061 per ton [3] - Metal recycling operations generated net sales of $522.7 million, up about 1.1% year over year, with ferrous shipments of around 1.59 million gross tons, a 5.7% increase year over year, though below the estimate of 1.78 million gross tons [4] - Steel fabrication operations reported sales of approximately $340.6 million, down roughly 28% year over year, with shipments of 135,347 tons, a decline of about 14.9% year over year, missing the estimate of 150,193 tons [5] Financial Position - The company ended the quarter with cash and cash equivalents of $458 million, a decrease of around 44.8% year over year [6] - Long-term debt rose to $3,779.6 million, an increase of roughly 70.8% from the previous year [6] - Cash flow from operations was $301.6 million, down about 21.2% year over year [6] Market Outlook - The company anticipates a mitigation of trade uncertainties and tax impacts, with hopes for an improved interest rate environment and a decline in unfairly traded imports, which could support pricing and demand [7] - The U.S. International Trade Commission's preliminary determinations on coated flat rolled steel are expected to enhance operating platforms, although final determinations are pending [7] - The aluminum teams are projected to increase volumes, with expected exit utilization rates of 40-50% in 2025 and 75% in 2026 [8] Stock Performance - Shares of Steel Dynamics have increased by 6.9% over the past year, contrasting with a 24.7% decline in its industry [9]

Group 1 - The article discusses a significant downturn in the market, characterized as one of the steepest in history, driven by high valuations and trade uncertainties [1] - There is an emphasis on the unpredictability of trade impacts, highlighting concerns about the extent of potential negative outcomes [1] Group 2 - The content does not provide specific company or industry insights, focusing instead on general market conditions and analyst disclosures [2]

German factory orders dropped for the first time in four months as businesses at home were wary of committing to large investments before uncertainty over trade with the US is resolved https://t.co/PI6taon7mn ...