Top Overnight News Iranian attacks on shipping in the Strait of Hormuz are piling up without an American military response, raising the risks of crossing the strategic waterway and frustrating some Arab allies who worry the U.S. doesn’t have a strategy to wind down the conflict. WSJ Iran has weighed attacking US military targets in Europe should Donald Trump escalate the war, according to people close to the regime, as Tehran considers its options to increase the stakes of the conflict. FT The UAE said it was cutting all economic ties with Tehran after accusing Iran of firing ballistic missiles at its territory. Oil rose with no signs of a peace deal. BBG Even as Iran projects resilience in the war with the United States, its leaders are worried that a threat of more economic punishment by Donald Trump could increase hardships, reignite unrest and further erode the Islamic Republic’s legitimacy. RTRS President Trump said he would pause a 50% tariff on certain goods from Canada for three days while the two countries seek to finalize an agreement. “I have paused the 50% Tariffs against Canada, that were scheduled to kick in tomorrow morning for a three-day period, based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!” Trump said on social media Tuesday night. WSJ China will expand the use of a $1.6 trillion fund to boost housing-related spending, including renovations, under revised regulations taking effect next month. BBG SK Hynix will buy back and cancel 40 trillion won ($28.61 billion) of treasury shares and allocate ‌more than 50% of free cash flow generated between 2025 and 2027 to boost shareholder returns, it said on Wednesday. The chipmaker's shares plunged nearly 10% on Wednesday before trimming some losses in post-market trading. The shares hit record highs in June but have since declined, partly on investor concern over the durability of AI spending by U.S. technology companies. RTRS Target lifted its guidance after results outpaced estimates. Shares initially rose premarket before sliding around 4%, a sign that investors were expecting even stronger results. BBG Big pharma is increasingly licensing drugs developed in China. For US drugmakers, the expanding tie-ups means lower costs and more access to breakthrough treatments. For critics in Washington, the deals spell risk. BBG Global stocks are meaningfully net bought so far in August, driven almost entirely by US equities which have been net bought for three straight weeks. Notably, on a trailing 3-week basis in % terms, the recent buying in US equities is the largest since March 2020 and second largest in the past decade. Goldman Prime Brokerage

Top Overnight News Iranian attacks on shipping in the Strait of Hormuz are piling up without an American military response, raising the risks of crossing the strategic waterway and frustrating some Arab allies who worry the U.S. doesn’t have a strategy to wind down the conflict. WSJ Iran has weighed attacking US military targets in Europe should Donald Trump escalate the war, according to people close to the regime, as Tehran considers its options to increase the stakes of the conflict. FT The UAE said it was cutting all economic ties with Tehran after accusing Iran of firing ballistic missiles at its territory. Oil rose with no signs of a peace deal. BBG Even as Iran projects resilience in the war with the United States, its leaders are worried that a threat of more economic punishment by Donald Trump could increase hardships, reignite unrest and further erode the Islamic Republic’s legitimacy. RTRS President Trump said he would pause a 50% tariff on certain goods from Canada for three days while the two countries seek to finalize an agreement. “I have paused the 50% Tariffs against Canada, that were scheduled to kick in tomorrow morning for a three-day period, based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL!” Trump said on social media Tuesday night. WSJ China will expand the use of a $1.6 trillion fund to boost housing-related spending, including renovations, under revised regulations taking effect next month. BBG SK Hynix will buy back and cancel 40 trillion won ($28.61 billion) of treasury shares and allocate ‌more than 50% of free cash flow generated between 2025 and 2027 to boost shareholder returns, it said on Wednesday. The chipmaker's shares plunged nearly 10% on Wednesday before trimming some losses in post-market trading. The shares hit record highs in June but have since declined, partly on investor concern over the durability of AI spending by U.S. technology companies. RTRS Target lifted its guidance after results outpaced estimates. Shares initially rose premarket before sliding around 4%, a sign that investors were expecting even stronger results. BBG Big pharma is increasingly licensing drugs developed in China. For US drugmakers, the expanding tie-ups means lower costs and more access to breakthrough treatments. For critics in Washington, the deals spell risk. BBG Global stocks are meaningfully net bought so far in August, driven almost entirely by US equities which have been net bought for three straight weeks. Notably, on a trailing 3-week basis in % terms, the recent buying in US equities is the largest since March 2020 and second largest in the past decade. Goldman Prime Brokerage

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