Microsoft Had Police Remove Protesters Who Stormed Office Over Work With Israel

Winkelmann

Economic

Forex

Stocks

Summary:

Microsoft asked police to remove people who improperly entered a building at its headquarters in protest of the Israeli military's alleged use of the company's software as part of the invasion of Gaza.On Tuesday, current and former Microsoft employees affiliated with the group No Azure for Apartheid started protesting inside a building on Microsoft's campus in Redmond, Washington, and gained entry into the office of Brad Smith, the company's president. The protesters delivered a court summons notice at his office, according to a statement from the group.

"Obviously, when seven folks do as they did today — storm a building, occupy an office, block other people out of the office, plant listening devices, even in crude form, in the form of telephones, cell phones hidden under couches and behind books — that's not OK," Smith told reporters during a briefing.

"When they're asked to leave and they refuse, that's not OK. That's why for those seven folks, the Redmond police literally had to take them out of the building."Smith said that out of the seven people who entered his office, two were employees.While the company doesn't retaliate against employees who express their views, Smith said, it's different if they make threats. Microsoft will look at whether to discipline the employees who participated in the protest, Smith said.

Once inside Microsoft's building 34, the No Azure For Apartheid protesters demanded that the company cut its ties with Israel and ask for an end to the country's alleged genocide.Tech's megacap companies are doing more work with defense agencies, particularly as demand increases for advanced artificial intelligence technologies. Many of those activities were already controversial, but the issue has gotten more intense as Israel has escalated its military offensive in Gaza.

Last year Google fired 28 employees after some trespassed at the company's facilities. Some employees gained access to the office of Thomas Kurian, CEO of Google's cloud unit, which had a contract with Israel's government.No Azure for Apartheid has held a series of actions this year, including at Microsoft's Build developer conference and at a celebration of the company's 50th anniversary. A Microsoft director reached out to the Federal Bureau of Investigation as the protests continued, Bloomberg reported earlier on Tuesday.

Last week, No Azure For Apartheid mounted protests around the company's campus, leading to 20 arrests in one day. Of the 20, 16 have never worked at Microsoft, Smith said.The Guardian reported earlier this month that Israel's military used Microsoft's Azure cloud infrastructure to store Palestinians' phone calls, leading the company to authorize a third-party investigation into whether Israel has drawn on the company's technology for surveillance.

"I think the responsible step from us is clear in this kind of situation: to go investigate and get to the truth of how our services are being used," Smith said on Tuesday.Most of Microsoft's work with the Israeli Defense Force involves cybersecurity for Israel, he said. He added that the company cares "deeply" about the people in Israel who died from the terrorist attack by Hamas on Oct. 7, 2023, and the hostages who were taken, as well as the tens of thousands of civilians in Gaza who have died since from the war.

Microsoft intends to provide technology in an ethical way, Smith said.

Source: CNBC

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Adam

Economic

MARKET WRAPS

Stocks:

European indexes were mixed as investors continued to gauge the implications of Trump's attempts to undermine the Federal Reserve's independence.

In Germany, the DAX was lower, with Commerzbank and Deutche Bank the biggest fallers in the index and a consumer-climate index worsened for the third month in a row.

Pantheon Macroeconomics called the result a warning shot for consumer spending in Europe's largest economy.

Separately, it said that September looked like the last chance for the ECB to lower interest rates in the eurozone.

While investors now mostly expect the governing council to keep rates steady next month, that could change if consumer-price inflation proves weaker than expected in August, with figures for eurozone CPI due to be released next week.

Inflation is meanwhile likely to spike further ahead as energy and good prices gain pace.

"The window for further easing this year will slam shut as inflation rebounds from September."

Stocks to Watch

UniCredit's upside from its investments in Commerzbank and Alpha Bank aren't adequately captured in consensus, Citi said, resuming its buy rating on the stock with a 74 euro target price.

The large stakes the Italian bank owns in its German and Greek peers should add an incremental 800 million euros of revenues per year, net of hedging costs, Citi reckoned, adding that it thought a deal for Commerzbank was unlikely given opposition from the German government.

"Even if UniCredit were to walk away it still leaves the firm with a healthy profit on their investment."

It calculated a capital-return yield of around 10% to 11% with additional M&A optionality.

However Citi prefered peer Intesa Sanpaolo, which it said offers a slightly superior return on tangible equity for the same multiple.

Meanwhile, JPMorgan said recent weakness was a buying opportunity for Societe Generale, which has upside and an undemanding valuation.

It also pointed out that the main impact to French banks' earnings could be from potential taxes amid a challenging fiscal environment.

U.S. Markets:

Stock futures inched lower on Wednesday, with investors in wait-and-see mode ahead of a key quarterly earnings report from Nvidia.

The results, due after the market close, could have ramifications for the AI trade, the strength of which has been tested in recent weeks.

Forex:

The euro could correct lower after recent gains against the dollar due to eurozone debt concerns, according to Commerzbank.

The French government is expected to be toppled in a confidence vote next month over its plans to cut the budget deficit, highlighting how the euro could weaken if euro-area debt gets out of hand, it said.

If vulnerable eurozone countries fail to implement reforms, this could increase pressure on the EU to take on joint debt and on the ECB to push down yields through additional bond purchases and/or a lower rates.

"That, in turn, would be negative for the euro."

The dollar recovered marginally but lingering concerns about Fed independence kept the currency at weaker levels.

Trump's move against the Fed Governor Lisa Cook raised fresh worries about the Fed's independence as the president puts pressure on the central bank to cut interest rates.

If Cook were replaced, the majority of the Fed's board could be in favor of rate cuts following the appointment of Trump ally Stephen Miran, Deutsche Bank said.

ING said the dollar's reaction to Trump's move to dismiss Cook was subdued so far, probably because Cook is challenging the decision and her departure won't have a big impact on the next few Fed meetings.

"The implications may only play out in the longer run, as the current focus remains more on data."

The real consequences of Fed politicization are likely to appear after Fed Chair Jerome Powell's term ends in May 2026, it added.

Bonds:

Treasury yields rose, reversing Tuesday's falls after Trump's move to fire Cook.

"Markets fear that if Trump succeeds in ousting Cook--and he has often tested limits successfully--he could tilt decision-making at the Fed in his favour, indirectly influencing policy," Swissquote Bank said.

UBS lowered its long five-year Treasury yield target to 3.60% from 3.70%, following the Jackson Hole Symposium.

"[We] are waiting for better entry points to go long the front-end ahead of the release of the August jobs report on Friday, September 5," it added.

Energy:

Oil prices edged lower as traders monitored developments in Ukraine peace talks and watched the U.S. doubling down on tariffs on India for its purchases of Russian oil.

"There was no single catalyst for yesterday's move," ING said.

"However, the recent run-up in the market was starting to become increasingly detached from fundamentals, which are more bearish."

Market participants will now closely track Russian oil flows to India to assess the impact of President Trump's secondary tariffs, which so far haven't deterred refiners from buying Moscow's crude.

Metals:

Gold futures slipped, but kept to multiweek highs, with the precious metal's fall reflecting some profit taking and adjusted positions, though demand remained elevated as Trump's attempt to fire Cook raised its safe-haven appeal.

Gold's short-term outlook appeared positive given raised expectations of a September U.S. interest rate cut, XS.com said, but some short-term caution was warranted given the risk of persistent inflation, and it added that its medium-term trend was also cautiously constructive on rate-cut expectations, central-bank demand and geopolitical uncertainty.

Phillip Nova said geopolitical and trade tensions were likely to keep a durable risk premium priced into gold, Phillip Nova said.

Another hinge for gold is trade policy, as markets appear convinced that a new U.S. tariff wave could sap global strength, it added.

Persistent geopolitical risk, such as Ukraine's stepped-up strikes on Russian energy infrastructure, could also add to gold's safe-haven appeal.

EMEA HEADLINES

Lego Sales Hit Record as Mix of Homegrown, Licensed Sets Drive Growth

Lego Group posted record sales for the first half of the year as shoppers splurged on the toy-brick maker's sets based on homegrown and licensed themes such as Lego City, Lego Technic, Lego Botanicals and Lego Star Wars.

The Danish group booked 34.6 billion kroner ($5.40 billion) in sales for the period, up 12% on year. Shoppers flocked to stores to get their hands on Lego Botanicals sets particularly during Valentine's Day and Mother's Day.

Rio Tinto's New CEO Simplifies Structure, Names Iron Ore Chief

Rio Tinto's new chief executive, Simon Trott, is simplifying the company's structure and shrinking the giant miner's leadership ranks, while elevating the head of its Pilbara mines to run the company's lucrative iron-ore mining operations globally.

The Anglo-Australian miner said Wednesday that it will now run its operations under three units-iron ore, aluminum and lithium, and copper. Matthew Holcz will become iron ore chief executive, taking over from Trott with an expanded role that will include Rio Tinto's iron ore operations in Australia, Canada and Guinea.

Hochschild Mining Cuts Guidance, Shares Tumble

Shares in Hochschild Mining tumbled in opening trade after it cut full-year production guidance and raised cost expectations, as the silver and gold miner continues to experience operational challenges at its Mara Rosa mine in Brazil.

In early morning trade in Europe, shares fell 13% to 265.8 pence but had fallen as low as nearly 20% in opening trade before paring some loses.

Trump Wants European Troops in Ukraine. Europe's Voters Aren't Convinced.

A plan to send thousands of European troops into Ukraine if a peace deal is reached between Kyiv and Moscow is running up against a key skeptic: the European public.

President Trump has recently warmed to the idea of the U.S. providing some form of security guarantees to Ukraine after France and the U.K. proposed sending a so-called "reassurance force" to Ukraine following a peace deal to deter further attacks by Russia.

GLOBAL NEWS

Trump Weighs Quickly Announcing Nominee to Replace Lisa Cook on Fed Board

WASHINGTON-President Trump has told advisers that he wants to move quickly to announce a nominee to replace Lisa Cook on the Federal Reserve's board of governors, according to people familiar with the matter.

"We have some very good people for that position," Trump told reporters at the White House on Tuesday.

SpaceX Steers Starship to Space and Deploys Test Satellites in 10th Launch

SpaceX pulled off a smoother test launch of its Starship rocket, managing a more complete mission after setbacks earlier this year.

The Starship spacecraft flew through space after launching from the company's South Texas complex Tuesday around 7:30 p.m. ET. The vehicle successfully deployed a batch of dummy Starlink satellites and re-entered Earth's atmosphere, facing intense heat and forces, before splashing down in the Indian Ocean.

U.N. Atomic Agency Chief Given Security Protection Over Iran Threat

United Nations atomic agency chief Rafael Grossi has been receiving round-the-clock protection for weeks following a specific Iranian threat, according to people familiar with the matter.

The elite unit of Austria's security services is protecting Grossi after the country's intelligence agency received information of a threat to the International Atomic Energy Agency chief from a third party, according to a person involved in the case. The IAEA is based in Vienna.

Source: morningstar

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Risk Warnings and Disclaimers

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Warren Takunda

Stocks

Wall Street futures were little changed ahead of the bell as investors awaited quarterly earnings from AI darling Nvidia.

As of 1250 BST, Dow Jones futures were up 0.02%, while S&P 500 and Nasdaq-100 futures had both indices opening 0.05% firmer.

The Dow closed 135.60 points higher on Tuesday following a late rally, though disappointing economic data and renewed concerns about the independence of the Federal Reserve limited upside.

Wednesday's primary focus will undoubtedly be Nvidia's earnings report, scheduled for release after the close of trading, with earnings from the S&P 500's largest constituent, widely viewed as a bellwether for broader market sentiment and a key proxy for AI development, coming at a pivotal moment for US equities, with the "Magnificent Seven" cohort looking to recover from last week's sell-off. Analysts expect Nvidia's update to act as a swing factor for the year-to-date rally, particularly given the firm's outsized weighting in major indices and its role in driving AI-related optimism across sectors.

Rostro's Joshua Mahony said: "The incredible rise of Nvidia has taken the company from a $1trn valuation to over $4trn market cap in just two years. Whilst markets are constantly second-guessing when this gravy train will come to a halt, the persistent ability to beat market earnings expectations has helped drive the stock on its upward trajectory. This time around there will be plenty of focus on both the backwards-looking data, but also a significant focus on how the company sees the second half of 2025.

"While Trump has allowed the export of H20 chips (with a 15% tax), the Chinese government have ensured that companies look elsewhere. As such, a significant focus will be on how Nvidia plans to overcome this hurdle by developing a new chip for the Chinese market. Meanwhile, traders will be watching closely for updates on demand for the Blackwell chips, with the company expecting this new product will provide a fresh source of demand going forward."

Elsewhere in the corporate space, Foot Locker posted a second-quarter loss of $38m on revenues of $1.86bn, while Kohl's raised its full-year guidance despite seeing Q2 net sales decrease 5.1%.

CrowdStrike, Trip.com, HP, and Urban Outfitters will report earnings after the close.

On the macro front, US mortgage applications eased 0.5% in the week ended 22 August, according to the Mortgage Bankers Association, extending the prior week's 1.4% decline and partially unwinding the 14% surge seen across the first half of August. Last week's modest pullback coincided with a one basis point increase in the benchmark 30-year mortgage rate, as long-dated Treasury yields held firm following pro-inflationary signals in recent leading indicators. Applications to refinance a mortgage, which are more sensitive to short-term interest rates, led the decline, dropping 3.5% week-on-week, offsetting a 2.2% increase in applications to purchase a home.

Source: Sharecast

Risk Warnings and Disclaimers

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Blue River

Technical Analysis

The US 30 index updated its all-time high, but the trend remains unstable. The US 30 forecast for today is positive.

US 30 forecast: key trading points

Recent data: US services PMI for July came in at 55.5
Market impact: such data is perceived by the US stock market as a signal of resilient domestic demand and economic activity

US 30 fundamental analysis

The published services PMI for July 2025 came in at 55.4 points, above the forecast of 54.2 but slightly lower than the previous reading of 55.7. This figure shows that the services sector continues to demonstrate solid growth, remaining well above the key 50-point threshold that separates expansion from contraction. As the services sector accounts for more than two-thirds of US GDP, its steady performance indicates the economy’s overall positive momentum.

This supports the US 30 index, as investors see confirmation that corporate earnings in the services sector have a strong basis for further growth. However, PMI staying at elevated levels may also raise concerns about persistent inflationary pressure in services, which could prevent the Fed from cutting interest rates in the near future.

US Services PMI: https://tradingeconomics.com/united-states/services-pmi

US 30 technical analysis

The US 30 index is again in an uptrend. The resistance level has formed at 45,790.0, with the support level at 44,590.0. Volatility remains elevated for the US 30. The uptrend is rather weak, meaning it could shift into a downtrend. The upside potential is limited in the short term.

The US 30 price forecast considers the following scenarios:

Pessimistic US 30 scenario: a breakout below the 44,590.0 support level could push the index down to 43,325.0
Optimistic US 30 scenario: a breakout above the 45,790.0 resistance level could boost the index up to 46,595.0

US 30 technical analysis for 27 August 2025

Summary

PMI data is perceived by the market as generally positive for equities and the US 30 in the short term, but investors remain attentive to the Fed’s policy stance and its response to inflation dynamics. The financial sector benefits from stable economic activity that supports lending and investment processes. Tech and communications firms also gain indirectly, as services growth increases demand for digital solutions and online platforms. The next upside target for the index could be 46,595.0.

Source: RoboForex

Risk Warnings and Disclaimers

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Warren Takunda

Economic

China–U.S. Trade War

Steep U.S. tariffs on a range of Indian products took effect Wednesday, threatening a serious blow to India’s overseas trade in its largest export market.

President Donald Trump had initially announced a 25% tariff on Indian goods. But earlier this month he signed an executive order imposing an additional 25% tariff due to India’s purchases of Russian oil, bringing the combined tariffs imposed by the U.S. on its ally to 50%.

The Indian government estimates the tariffs will impact $48.2 billion worth of exports. Officials have warned the new duties could make shipments to the U.S. commercially unviable, triggering job losses and slower economic growth.

India–U.S. trade relations have expanded in recent years but remain vulnerable to disputes over market access and domestic political pressures. India is one of the fastest-growing major global economies and it may face a slowdown as a result.

Sectors to be impacted by US tariffs

Estimates by New Delhi-based think tank Global Trade Research Initiative suggest labor-intensive sectors such as textiles, gems and jewelry, leather goods, food and automobiles will be hit hardest.

“The new tariff regime is a strategic shock that threatens to wipe out India’s long-established presence in the U.S., causing unemployment in export-driven hubs and weakening its role in the industrial value chain,” said Ajay Srivastava, the think tank’s founder and a former Indian trade official.

The U.S. has for now exempted some sectors such as pharmaceuticals and electronic goods from additional tariffs, bringing some relief for India as its exposure in these sectors is significant.

Exporters fear losses

The move threatens a little over half of India’s exports to its world’s largest market and this underscores the fragility in trade relations between the two countries. President Donald Trump had initially imposed a 25% tariff on India.

Puran Dawar, a leather footwear exporter in northern India’s Agra city, says the industry would take a substantial hit in the near term unless domestic demand strengthens and other overseas markets buy more Indian goods.

“This is an absolute shock,” said Dawar, whose business with the U.S. has grown in recent years. Dawar’s clients include the major fashion retailer Zara.

Dawar, who is also the regional chairman of the Council for Leather Exports — an export promotion body — said the U.S. should understand that the steep tariffs will hurt its own consumers.

Groups representing exporters warn that new import tariffs could hurt India’s small and medium enterprises that are heavily reliant on the American market.

“It’s a tricky situation. Some product lines will simply become unviable overnight,” said Ajay Sahai, director general of the Federation of Indian Export Organizations.

Modi vows not to yield to US pressure

The tariffs come as the U.S. administration continues to push for greater access to India’s agriculture and dairy sectors.

India and the U.S. have held five rounds of negotiations for a bilateral trade agreement, but have yet to reach a deal. That’s largely because New Delhi has resisted opening these sectors to cheaper American imports, citing concerns that doing so would endanger the jobs of millions of Indians.

Prime Minister Narendra Modi has vowed not to yield to the pressure.

“For me, the interests of farmers, small businesses and dairy are topmost. My government will ensure they aren’t impacted,” Modi said at a rally this week in his home state of Gujarat.

Modi said the world was witnessing a “politics of economic selfishness.”

A U.S. delegation canceled plans to visit New Delhi this week for a sixth round of trade talks.

India plans local reforms to cushion the blow from tariffs

The Indian government has begun working on reforms to boost local consumption and insulate the economy.

It has moved to change the goods and services tax, or consumption tax, to lower costs for insurance, cars and appliances ahead of the major Hindu festival of Diwali in October.

The government council will meet early next month to decide whether to cut taxes.

The Trade Ministry and Finance Ministry are discussing financial incentives that would include favorable bank loan rates for exporters.

The Trade Ministry is also weighing steps to expand exports to other regions, particularly Latin America, Africa and Southeast Asia. Trade negotiations underway with the European Union could gain renewed urgency as India works to reduce its dependence on the U.S. market.

Source: AP

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Glendon

Political

In the wake of Ukraine attacking yet again the Druzbha or “Friendship” pipeline on Aug. 22, Ukrainian President Volodymyr Zelensky has come out with a not-so-subtle warning of his own.

According to the Ukrainian Interfax, the Ukrainian president told press on Sunday that Ukraine has always supported friendly relations with Hungary, but that “friendship” really depends on the position of the Hungarian government.

Zelensky did not specify if he was referring to relations between the two countries or “friendship” as in the Friendship pipeline, but Ukrainian media state he was talking about the latter.

Hungary’s foreign minister, Péter Szijjártó, posted a clip of Zelensky’s threats on X, writing:

“Zelensky used Ukraine’s national holiday to threaten Hungary. We firmly reject the Ukrainian president’s intimidation.”

Kyiv would then be clearly threatening Budapest that they will continue sabotaging the oil pipeline if the Hungarian government does not support Ukraine in its efforts against Putin, and potentially change its stance on Ukraine’s EU membership, which the Hungarian government opposes.

The Druzbha carries vital energy supplies to both Hungary and Slovakia, and Hungary’s foreign minister, Szijjártó, has repeatedly warned Kyiv not to strike again.

After the latest damage, Hungary expects repairs to take a few days.

Heading into the cold winter months, this issue is sure to escalate, and U.S. President Trump has already expressed his displeasure, saying he was “very angry” about it.

Hungary is also a major supplier of electricity to Ukraine.

Source: Zero Hedge

Risk Warnings and Disclaimers

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Samantha Luan

Economic

Cryptocurrency

Forex

Decoding Chain Reorgs

A blockchain reorganization, or reorg, happens when a chain of blocks is abandoned in favor of a competing version with greater cumulative proof-of-work (PoW), effectively rewriting a piece of the ledger. Reorgs roll back transactions in orphaned blocks, sending them back into the mempool for possible inclusion—or omission—later.

This creates openings for double-spending, where attackers can spend coins on a discarded chain yet still retain them after the reorg. In August 2025, Monero endured repeated reorgs tied to the Qubic mining pool, which amassed a dominant share of hashrate. Qubic publicly described the effort as an experiment, leveraging its PoW setup to mine Monero blocks and claim rewards.

Image source: Vini Barbosa. The X account Vini Barbosa reported that Monero had two 9-block-deep reorgs within 60 minutes from blocks 3485726 → 3485734 to 3485708 → 3485716.

That strength initially enabled a six-block reorg, showing how the ledger could be rewritten. Several more followed, including a recently reported nine-block reorg that took place two times. Monero’s reorgs stemmed from Qubic’s superior hashrate, allowing private mining of a longer chain before revealing it, which forced nodes to switch. The risks include double-spending, transaction censorship, and the headache of erased blocks.

Exchanges like Kraken suspended deposits, later demanding 720 confirmations—far beyond the usual 10—to guard against losses. The turmoil sparked debate over revamping Monero’s consensus, with proposals ranging from merge mining with Bitcoin, to geographically distributed hardware to weaken large pools, to Dash’s Chainlocks, where masternodes lock blocks to block reorgs.

In August 2021, Bitcoin SV faced a similar test when an unknown miner controlled over half its hashrate, pulling off a reported a massive 100-block reorg. The event splintered the chain into three versions, shaking reliability. The cause was traced to stealth miners building hidden chains, leading to familiar risks: double-spends, instability, and shaken confidence.

Reorgs highlight PoW’s probabilistic finality: Transactions become more secure with additional confirmations, but a 51% advantage can override them. Both episodes reveal reorgs as natural correction tools twisted into attack methods, fueling calls for stronger decentralization and hybrid protections.

Monero and BSV’s experiences reveal the two-sided nature of reorgs—ordinary in healthy operation but disruptive when weaponized—pointing to the importance of widely distributed hashrate to preserve a blockchain’s integrity.Bitcoin is far more expensive to attack because of its sheer hashrate dominance compared to other PoW blockchains. The network runs on hundreds of exahashes per second (EH/s), powered by globally distributed mining farms operating specialized ASIC hardware.

To reorganize Bitcoin’s chain, an attacker would need to secretly marshal a majority of that hashrate, a feat that requires billions of dollars in mining rigs, industrial-scale infrastructure, and massive amounts of electricity. The level of investment needed makes such an attempt economically irrational.Monero ( XMR) and Bitcoin SV ( BSV) are far cheaper to attack because their PoW systems operate on a fraction of Bitcoin’s hashrate, and the cost of entry for mining is drastically lower.