Financial Performance & Strategy - Revenue momentum is continuing, delivering against ratio targets set for the year [2] - FICC (Fixed Income, Currencies and Commodities) was up 11%, beating most estimates [5] - The company is pleased to be in a position to increment the originally announced buyback and execute throughout the year, with a base case to deliver on that buyback by the end of the year [9] - The company is managing the company to shareholder value, impacting business decisions, client selection, product pricing, and balance sheet usage [30] Market Dynamics & Outlook - Corporate activity has been chilled by uncertainties around trade negotiations [3] - Corporate finance wallet is down year-on-year, reflecting relative weakness in that area [4] - FX (Foreign Exchange) was very strong, the strongest point in macro generally [6] - There's good activity and performance at the start of the third quarter in both the FICC business and origination advisory business, giving confidence about the second half [8] - Uncertainty around tariffs is holding back corporate investment decisions [14] - There is an investment wave in Europe coming, particularly in defense infrastructure spending, sustainability, and digitalization [15] - Institutional clients are showing interest in reallocating investments to Europe, potentially reducing exposure to the United States [18] - Independence of central banks gives markets confidence in monetary policy [21] Defense Sector - The company is well-positioned to take advantage of growth in the defense sector, with established relationships and cross-industry teams [23][24] - Europe needs a smaller number of defense providers and platforms to concentrate its defense spending [25] German Fiscal Policy - The company expects to be involved in the issuance of debt, holding accounts, financing corporations, supporting households, and supporting investors related to the German government's debt break [33][34]

The S&P 500 finished essentially unchanged on Friday, July 18, 2025, with strong consumer sentiment data pointing to waning tariff worries as trade negotiations remained in focus. https://t.co/dX7dT9MPFG ...

Trade Negotiations Progress - US and China are seemingly making progress in trade talks, aiming to revert to the Geneva agreement made a month prior [1] - China is expected to immediately begin granting rare earth export licenses to US companies [2] - These licenses are reported to only last for 6 months, indicating a potentially short-lived truce [2] Tariffs and Deadlines - Current US tariffs on Chinese goods are expected to remain at their existing levels [2] - The US has already imposed 30% tariffs on Chinese imports since the current administration took office [3] - China has retaliated with 10% tariffs on US goods [4] - The 90-day countdown for other countries to negotiate new trade deals with the US continues [4] - The July 9th deadline for trade negotiations may be extended for countries engaged in good-faith discussions with the US [4]