AlphaScala Daily: PPI at 8:30, NKE insiders buy $2.17M

Good morning.

PPI and jobless claims hit at 8:30 a.m. ET, the day's real timing risk with gold slipping to 4,388 overnight. Four Nike insiders bought a net $2.17M over the past 30 days, the loudest name on the signal tape; TSM shows a ten-buyer cluster and SPG a smaller one. Flywire tops the model at 84, with Hudbay and Kinross both at 79 as the gold and copper names hold their spots. On the political side, Kevin Hern sold CMCSA and Michael Rulli sold CCI. Here's what matters.

Markets

• XAU/USD 4,388.5 ▼ -0.47% (Gold)
• ETH/USD 1,883.61 ▲ +0.20% (ETH)

Today's calendar

• United States: PPI m/m
• United States: Core PPI m/m
• United States: Unemployment Claims
• United Kingdom: GDP m/m

Deal Flow

M&A

• DNO Posts Record $761M Q2 Revenue, Kurdistan Restarts, and Bid for Genel (Iraq-businessnews) DNO ASA posts record $761M Q2 revenue, restarts Kurdistan Tawke output, raises North Sea guidance, and makes 69p/share offer for Genel Energy.
• Goldman to Buy Neos Investments for Up to $2.25 Billion (Blockonomi) Goldman Sachs agreed to acquire Neos Investments for up to $2.25 billion, gaining the $1B Bitcoin High Income ETF and other options-based funds. The deal leapfrogs the bank's own…
• Mirae Asset Injecting 50B Won Into Korbit Operator After Takeover (Crypto news) Mirae Asset Group is injecting 50 billion won into Digital X, the operator of Korbit, less than a month after completing its takeover of the South Korean crypto exchange.

IPOs / Listings

• CXMT's 466% Debut Hit Micron (Financefeeds) CXMT's 466% debut sent memory stocks tumbling, but the prospectus reveals no HBM funding. The real threat is conventional DRAM, and it's years away from challenging AI memory.
• X-Energy Posts $164.6M Quarterly OpEx, Stockpiles Land Near Oak Ridge (Manilatimes) X-Energy's Q2 operating expenses hit $164.6 million, fueled by the ARDP and an April equity grant. The SMR developer added 70 acres near its Oak Ridge fuel campus and closed its…

Funding Rounds

• Cronje Argues DeFi Is Dead, Proposes 'Onchain Finance' Label (Crypto Briefing) The Yearn Finance founder says modern protocols with teams and upgradeable contracts no longer fit the 'decentralized' label. His Flying Tulip project raised $200M at a $1B…

Headline Roundup

Earnings

• Discovery Mining Revenue Doubles on Kidd, Gold Output Rises 33% (Financialpost) Q2 revenue hit $319.1M, adjusted earnings rose to $92.3M, Kidd added one month of output. Guidance is back-half weighted; the Pamour ramp is the swing factor.

Macro

• AO launches mobile network in move beyond electricals (Retailgazette) AO enters the UK mobile network market with a single 500GB tariff at £12 a month for members, taking on established MVNOs with a proposition built on its 5 million-strong…
• Ireland's CPI Holds at 3.4%, Services Keep Heat on ECB (RTE) Sticky services inflation at 3.2% and an 8.1% annual electricity rise leave Ireland's inflation well above the ECB's 2% target, with winter energy risks ahead.
• Airtel's Stealth Price Rise Signals Broader Telecom Hike Ahead (Mint) Airtel scrapped its ₹299 entry-level plan, pushing subscribers to a ₹349 tier. Analysts say it pulls forward a tariff hike expected in December 2026 and forces Vodafone Idea into…

Stocks

• ASOS Relaunches Magazine to Tackle Styling Pain Point (Retailgazette) ASOS is bringing back its magazine on Substack with Pat McGrath as beauty curator, part of a campaign addressing a research finding that 68% of consumers struggle with styling.
• Goat Herder Bets $50,000 on Kalshi to Offset California Wage Risk (CNBC) Western Grazers paid $50,000 for a Kalshi contract that pays $500,000 if California doesn't change goat herder wage rules by Oct. 1, 2026.
• Anthropic's Claude Watermark Draws Privacy, Copyright Questions (BI) Anthropic began watermarking Claude text globally Aug. 2 to meet the EU AI Act and plans a free API that lets third parties verify the mark.
• Monaco proposes MiCA-style crypto license overhaul (Crypto news) Bill No. 1131 would replace Monaco's 2022 crypto rules with CCAF-based licensing, adding governance, prudential and conduct requirements closer to EU MiCA standards.
• WNBA's Political Brand Collides With Its Biggest Star (Mises) After a week of flagrant fouls, social media posts and a co-owner cursing at teenage fans, the WNBA's political brand collides with its biggest star.
• Apple Offers Publishers Usage-Based Fees for Siri Content (Pymnts) Apple is in talks for multiyear publisher deals that would pay media companies when Siri uses their content, WSJ reports. The usage-based model differs from flat-fee AI licensing.
• Two-Thirds of Google Searches End Without a Click, Akeneo Says (Internetretailing) Two-thirds of Google searches now end clickless, and with AI summaries that share reaches 80%. Akeneo says product data, not rankings, decides visibility.
• NHAI sets 10-min ambulance response, ₹10,000 penalty for delay (BL) NHAI mandates 10-minute ambulance response to accidents on national highways, with ₹10,000 penalty for delays. New norms aim to cut emergency response times.

Crypto

• Bitwise Cuts 14% of Staff; Crypto Slump Reaches ETF Issuers (Decrypt) Bitwise cut 14% of staff, bringing headcount to ~155. The $9B manager's Bitcoin ETF holds $2.3B as industry concentration grows. CIO sees bottom as Coldcard exploit boosts ETF…
• Crypto's Washington wins are reversible without new laws (Crypto Briefing) Executive orders and agency guidance have given crypto breathing room. Industry groups warn those gains could evaporate without legislation that survives the next administration.
• MUFG Eyes Instant JGB Repos as Blockchain Invades Bond Markets (Bitcoin) MUFG is piloting real-time JGB repo settlement on a blockchain network, using smart contracts and digital money to automate operations and reduce capital held against settlement…
• Deribit Gets VARA Licence, Deepens Coinbase Spot Integration (Crypto Economy) Deribit received a Broker-Dealer licence from Dubai's VARA, allowing deeper spot-market integration with Coinbase. The exchange will need to show the regulated venue can match its…
• Maple Finance Holds 93% of $2.3B On-Chain Credit Market (Crypto Daily) On-chain private credit surged from $0.4B to $2.29B since early 2025. Maple Finance holds 93.1% share. Loan concentration in crypto-native borrowers creates tail risk for…
• VIRTUAL up 10% on 180% volume jump; $0.68 next target (AMBCrypto) VIRTUAL rallies 10% on a 180% volume jump to $115M; whales active, $0.52-0.54 zone defended. A breakout above $0.60 opens a run at $0.68, the next target.
• SEC Plans Exemption for Tokenized Stocks, Opening US Retail Access (Decrypt) SEC to propose innovation exemption for tokenized stocks, allowing 24/7 fractional trading of major stocks like Apple and Tesla. Robinhood Chain volume jumped fivefold. Could…
• MiCA Trap Leaves 14 European Stablecoin Issuers Unable to Custody Own Tokens (UToday) 14 of 23 EU stablecoin issuers lack CASP licenses, blocking custody of their own tokens for corporate clients. Circle and Société Générale-Forge gain an early institutional edge.…

Forex / Commodities

• Titan Mining Revenue Jumps 57%, Graphite Project Advances (Manilatimes) Titan Mining Q2: revenue up 57%, EBITDA nearly 4x. Kilbourne graphite project secured orders, on track for 2027 construction.
• USDJPY Pressures BOJ on Rate Path as Takaichi Signals Openness (Action Forex) USDJPY nears 160 as the dollar strengthens despite cooling U.S. inflation. BOJ rate-hike pressure builds after Japan PPI holds near a three-year high.
• Natural Gas Pulls Back as EIA Storage Data Tests Heat Rally (FXEmpire) September natural gas futures trade lower ahead of the EIA storage report. A 31 Bcf build is expected. The contract faces resistance at $2.798–$2.840, a zone that has capped four…
• Dollar Mixed in Narrow Ranges; Yen Holds Above 159 (MarcToMarket) EUR tests $1.1510 support, GBP fails at $1.3545, CAD edges higher. Gold volatile near $4400. US 10yr yield falls 3bp after deficit data. UK GDP 0.4% Q2.
• Golar LNG orders 4th FLNG unit for 2029 delivery, budget $2.45B (Manilatimes) Golar LNG orders 4th FLNG unit from CIMC Raffles with $2.45B budget, earliest 2029 delivery among global FLNG capacity. CEO Staubo flags commercial talks.

Smart Money

• Christian D. Menefee (D-TX): SALE PINS
• Michael Rulli (R-OH): SALE CCI
• Kevin Hern (R-OK): SALE CMCSA
• Kevin Hern (R-OK): SALE DEO
• Insider cluster: TSM: 10 insiders bought in last 30 days, net $45K (90d)
• Insider cluster: NKE: 4 insiders bought in last 30 days, net $2.17M (90d)
• Insider cluster: SPG: 3 insiders bought in last 30 days, net $139K (90d)

On the Radar

• Alpha Score top: FLYW (Flywire Corp), Alpha Score 84/100, top of AlphaScala model. Alpha Score of 84 reflects strong overall profile with strong momentum, strong value, moderate quality, strong sentiment.
• Alpha Score top: HBM (Hudbay Minerals Inc.), Alpha Score 79/100, top of AlphaScala model. Alpha Score of 79 reflects strong overall profile with strong momentum, strong value, moderate quality, weak sentiment.
• Alpha Score top: KGC (KINROSS GOLD CORP), Alpha Score 79/100, top of AlphaScala model. Alpha Score of 79 reflects strong overall profile with strong momentum, strong value, strong quality, moderate sentiment.
• Alpha Score bottom: BJGPY (Beijing Geekplus Technology Co., Ltd./ADR), Alpha Score 0/100, bottom of AlphaScala model
• Alpha Score bottom: AZULQ (AZUL SA), Alpha Score 0/100, bottom of AlphaScala model
• COT extreme: Canadian Dollar (CAD): hedge funds net short 179,095 contracts, 49.1% of open interest
• COT extreme: New Zealand Dollar (NZD): hedge funds net short 41,203 contracts, 40.4% of open interest
• COT extreme: Mexican Peso (MXN): hedge funds net long 76,543 contracts, 35.2% of open interest

This Week's Briefings

• Sp500: SPY gains 2% as Nasdaq leads; gold jumps 7%; insider buys MSFT
• Nasdaq: Nasdaq 100 adds 3.3% as NVDA scores 76; QQQ outruns SPY by 120bp
• Crypto: Crypto decouples as QQQ slides 2.3%; ETH leads majors with 3.9% weekly gain
• Forex: Pound gains 0.79% vs dollar; yen shorts hit 35.9% open interest
• Oil: Oil data absent; SPY slips 0.8%, QQQ drops 2.3% on the week

See you tomorrow before the bell.