The trade court is having its second-heaviest year since 1999, not its heaviest. And our own July count of the 2020 wave was 220 cases short
The Court of International Trade has docketed 4,611 cases this fiscal year. That is second to fiscal 1999, when the Harbor Maintenance Tax ruling brought 6,433 — a year The Fold left out when it called this a pace seen once before.
Correction: nine Reserve Banks are in the remittance hole, not eleven — and three of them are digging
A Fold brief on 10 August said eleven of the twelve Federal Reserve Banks were working off deferred assets. The release it cited showed nine, as every weekly statement since 15 April has. Three of the nine are deeper than they were in January.
Capital One over-funded Discover’s last card bonds by $1.43bn. It has already taken $1.15bn back
The indenture clause authorising the deal was written into the documents the morning it closed. It says collateral must be "at least sufficient", and lets anything above that plus 2% return to the issuer.
Eleven Reserve Banks are working off their remittance hole. Chicago just printed its worst figure yet
The Fed’s weekly balance sheet shows the Chicago Bank’s deferred asset at $22.988bn, the largest on that line since it was created in 2011, while the System’s total fell to a 59-week low.
Card payment rates just hit a 26-year high in American Express’s trust. The trusts stopped describing the card market years ago
AmEx’s securitisation trust reported a 52.29% monthly payment rate for June, 2.16 times its June 2009 level. The five largest card trusts have shrunk 71% since then while large banks’ card books grew 66%.
Avista told investors about the Spokane fires in an 8-K. The 10-Q it filed the same day does not mention them
The Spokane utility filed three documents on Monday. One describes fires burning through its service territory; the quarterly report filed alongside it lists a different incident as its only subsequent event.
Japan's factory stockpiles rose for the first time since February, and carmakers drove it
METI's June industrial production figures show inventories turning up after three months of decline, with motor vehicles the largest single contributor — a reversal from May.
Altria’s cigarette profit rose $12m last quarter. Customs refunds contributed $27m of it
The number is in the 10-Q, not the press release. It is the second quarter running that Altria has quantified its duty-drawback benefit only in the filing — $51m in the first quarter, $27m in the second.
EU pump prices are up 20% over the year. The pre-tax price is up 42%, and fuel duty is absorbing the gap
Because excise is charged as a fixed sum per 1,000 litres rather than as a percentage, tax has fallen from 56.7% of the price of a litre of petrol to 48.8% in a year. That cushion is roughly nine-tenths of why drivers have not felt the full rise.
UPS earnings: the US parcel business made one cent per package last quarter, down from 85 cents
UPS charged 9.3% more per US parcel in the second quarter and still cleared a single cent on each one, because its cost per piece rose 16.8%. The entire gap is one restructuring line — and on the company’s own adjusted numbers, profits went up.
Boeing has now booked about $2.7bn of losses on a $4bn contract to build two Air Force One jets
The company disclosed another $280m charge on the presidential aircraft in its second quarter. Boeing reports the increments one at a time and never adds them up; totalled, they come to roughly two-thirds of the contract.
AstraZeneca’s core EPS rose 18%. Its reported EPS fell 2%, and a 15% tax rate did some of the work
AstraZeneca’s second-quarter core EPS rose 18% while reported EPS fell 2% at constant currency. Its own filing shows $1.5bn of add-backs and a tax rate below its full-year guidance.
IBM’s full results show software grew 5%. The collapse was in mainframes, down 42%
IBM’s second-quarter report, filed eight days after a profit warning erased a quarter of its market value, shows software revenue up 5% and IBM Z mainframe sales down 42%. The shares have recovered 4.1% from Wednesday’s low but sit 30% below their July peak.
Alphabet and Tesla both beat on revenue. Both sold off, on what the growth cost
Alphabet’s revenue rose 24% and Tesla delivered a record 480,126 vehicles, both ahead of forecasts. Alphabet then fell 7.1% and Tesla 14.5% the next day, as record capital spending and a 1.4% operating margin took over the story.
IBM suffers the worst day in its history, cratering 25% on a surprise profit warning
IBM shares plunged about 25% on July 14 — the steepest one-day fall in the company's history, worse than the 1987 crash — after it pre-announced weak second-quarter results. Cooler June inflation lifted the rest of the market.
Argentina's monthly inflation dips below 2% for the first time this year
Consumer prices in Argentina rose 1.9% in June, the slowest monthly pace since August and the first sub-2% reading of 2026 — a win for President Javier Milei, even as the 12-month rate edged up to 33.5%.
Chip stocks tumble as DeepSeek in-house silicon and Samsung results spark AI-valuation jitters
Semiconductor shares sank on July 7 after reports China's DeepSeek is building its own AI chip and weak Samsung results reignited doubts about AI spending. A gauge of chipmakers fell over 4.5%; Micron dropped 4.7% and the SMH ETF slid nearly 4%.
Hiring cooled to 57,000 in June even as the Dow closed at a record
June payrolls rose just 57,000, about half of what economists expected, and prior months were revised down by 74,000 — yet the Dow finished July 2 at a record 52,900 as investors bet a softening labor market keeps the Fed on hold.
Memory stocks slide as third quarter opens: Micron drops 10.6%, SanDisk and Applied Materials tumble
The AI memory trade cracked as Q3 opened: Micron fell 10.6% and SanDisk 10.6% on July 1 amid Fed hawkishness, a DRAM price-fixing suit and profit-taking after a 305% run.