⭐ Must Read
Today's Top 5 Stories
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1
🍁 Canada
Canada digs in for a long trade war — "beyond the life of this US administration"
Carney is building aid to last through Trump's full term; Ambassador Wiseman says the Sept. 8 retaliation date shouldn't be read as a sign talks are coming back — "we don't have new talks planned."
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2
🌍 Geopolitics
Bessent unveils "the toughest sanctions in history" as Iran's oil exports hit zero
Iran's central bank says exports have effectively ceased; its security chief warns "not a single drop of oil will leave the Gulf" — Saudi Arabia is now scouting alternate routes around Hormuz.
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3
🍁 Canada
Canada's Big Six kick off today — BMO and Scotiabank report before the bell
National Bank follows tomorrow, then RBC, TD and CIBC all report Thursday morning — a low-liquidity cluster where "a lot of the repricing gets squeezed into the same moment."
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4
📈 Markets
One day out from Nvidia, PCE and the Fed's data-heavy gauntlet
Nvidia reports Wednesday after the close, the same day July core PCE lands — then Jackson Hole runs Thursday to Saturday, capped by Warsh's first keynote as Fed chair Friday morning.
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5
📈 Markets
Your feed is warning the Treasury market itself has gotten fragile
Adam Tooze's latest Chartbook: leveraged hedge funds, not foreign governments, are now the marginal buyer of US debt — a structure that amplifies any sudden sell-off, echoing 2020.
📊 Commodity & Index Dashboard
Market Pulse
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FX
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Why These Move Markets Today
Bottom Line
- Canada now expects a long trade war — no new talks planned before Sept. 8.
- Iran's oil exports have reportedly hit zero as the toughest sanctions yet land.
- One day to Nvidia + PCE, then Jackson Hole — plus Canada's Big Six start reporting today.
📈 Markets & Economy
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America's Risky Debt: What Markets See That Policymakers Don't
Hanno Lustig's Aspen Institute paper, landed in your feed overnight — a companion read to the Tooze piece above on how the Treasury market's structure has quietly changed since foreign central banks stepped back.
🤖 AI & Tech
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Nvidia Stock Has One Week to Prove the AI Spending Boom Is Still Alive
The deeper question behind tomorrow's print: whether hyperscaler capex holds up if the AI-concentration story your feed flagged last week starts to crack.
🍁 Focus
Canada
🍁 Canada
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"We Don't Have New Talks Planned" — Ambassador Wiseman on Sept. 8
Ottawa's man in Washington pushes back on any read of the retaliation date as a soft deadline for a last-minute deal.
🗓 This Week
Canada Earnings Calendar
17 companies reporting Aug 25–31 — all six major Canadian banks report Tuesday through Thursday.
📅 Weekly Calendar
Canada Earnings — Week Ahead
Calendar of Canada Earnings — Week Ahead
⭐ This Week's Headline
Big Six Bank Week
All six of Canada's major banks report this week — BMO & Scotiabank Tuesday, National Bank Wednesday, RBC, TD & CIBC Thursday. Together they carry roughly $1.2 trillion of the week's combined market cap on this calendar.
| Company | Symbol | Mkt Cap | Mean EPS Est (FQ1) | EPS Yr-Ago (FQ-3) | Report Time |
|---|---|---|---|---|---|
| Tuesday, August 25 — 6 companies | |||||
| Bank of Montreal | BMO.TO | $168.1B | 3.75 | 3.23 | Before Open |
| The Bank of Nova Scotia | BNS.TO | $149.0B | 2.10 | 1.88 | Before Open |
| Perseus Mining Ltd | PRU.TO | $8.2B | — | — | After Close |
| Westgold Resources Limited | WGX.TO | $6.0B | — | — | After Close |
| Paladin Energy Ltd | PDN.TO | $5.2B | 0.02 | — | After Close |
| Aduro Clean Technologies Inc | ACT.TO | $747M | (0.13) | (0.13) | After Close |
| Wednesday, August 26 — 4 companies | |||||
| National Bank of Canada | NA.TO | $83.8B | 3.20 | 2.68 | Before Open |
| EQB Inc. | EQB.TO | $5.7B | 2.25 | 2.07 | After Close |
| Serabi Gold PLC | SBI.TO | $468M | — | — | Before Open |
| Corby Spirit and Wine Ltd | CSWa.TO | $454M | 0.23 | — | After Close |
| Thursday, August 27 — 5 companies | |||||
| Royal Bank of Canada | RY.TO | $394.1B | 4.08 | 3.84 | Before Open |
| Toronto-Dominion Bank | TD.TO | $271.3B | 2.47 | 2.20 | Before Open |
| Canadian Imperial Bank of Commerce | CM.TO | $146.5B | 2.53 | 2.16 | Before Open |
| Southern Cross Gold Consolidated Ltd | SXGC.TO | $3.3B | 0.00 | (0.01) | After Close |
| Pioneer AI Foundry Inc | JPEG.NLB | $0M | — | — | During Market |
| Friday, August 28 — 1 company | |||||
| Laurentian Bank of Canada | LB.TO | $1.8B | 0.63 | 0.78 | Before Open |
| Monday, August 31 — 1 company | |||||
| Roots Corp | ROOT.TO | $160M | — | — | Before Open |
🏛 Focus
Greece
🏛 Greece
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Mitsotakis Warns Turkey: Greece "Ready to Defend Its Sovereign Territory at Any Time"
A sharper line from Athens today, against the backdrop of the Aegean EEZ dispute and the wider regional tension around Iran.
🏆 Around the Leagues
Sports
⭐ Also Noteworthy
Celtic's Champions League collapse and Klay Thompson's move to Miami are the two stories likely to travel outside their own fanbases this week — see Champions League and NBA below.
🇪🇺 Champions League
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Celtic Blow 3-0 Aggregate Lead, Crash Out to LASK
Celtic won the first leg 3-0 at home but lost 5-1 away in Austria (an extra-time winner sealed it), falling 5-4 on aggregate — the shock of the qualifying round. They drop into the Europa League, with new opponents announced Aug 28.
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Fenerbahçe Host Lyon Today in a Winner-Takes-the-League-Phase Decider
After a 1-1 first-leg draw in Istanbul, tonight's return leg in Lyon sends the winner into the league phase — a first for Fenerbahçe since 2008/09 and a Lyon return since 2019/20.
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League-Phase Draw Set for Tomorrow in Monaco
The 2026/27 draw takes place Thursday at 6pm GMT at the Grimaldi Forum — each club drawn against eight opponents, four home and four away, the third season of the expanded "Swiss model" format.
🏴 Premier League
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Arsenal Open as Early Title Favorites After Routing Coventry 3-0
A dominant opening weekend, combined with City needing a stoppage-time goal past Bournemouth and Liverpool drawing at Newcastle, has commentators already tipping Arsenal to retain the title.
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Manchester United Stunned 2-0 by Promoted Hull City
Newly-promoted Hull pulled off the shock of the opening weekend at home, immediately intensifying scrutiny on United's defense and management.
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Aston Villa Already in "Crisis" After 4-0 Opening-Day Defeat at Brighton
Villa were thrashed at Brighton after a summer that saw Morgan Rogers, Ezri Konsa, Youri Tielemans and Lucas Digne leave for a combined ~£220m — with Ollie Watkins and Emi Martínez exits still possible.
🇪🇸 La Liga
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Barcelona Open with a Dominant 5-0 Win Over Elche
New signing Karim Adeyemi (from Dortmund) scored and fellow arrival Anthony Gordon (from Newcastle) grabbed two assists off the bench; Fermín López added two goals of his own.
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Sevilla and Real Betis — Not Madrid or Barça — Are Early Pacesetters
Both sit top with 6 points from 2 wins, Atlético and Alavés just behind on 4. Real Madrid and Barcelona are only mid-table on the early table because they've played fewer matches so far this season.
🏀 EuroLeague
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Kenneth Faried Officially Signs with Baskonia
The former Denver Nuggets forward ("Manimal") completes a move to the Spanish club — one of the more eye-catching veteran additions of the EuroLeague offseason.
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Roster-Building Intensifies Ahead of the October Start
Barcelona signed French big man Yoan Makoundou, Zalgiris is closing a deal with guard Nigel Williams-Goss, and ASVEL has been finalizing its roster (TyTy Washington, Mathis Dossou-Yovo, an extension for David Lighty).
🏀 NBA
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Klay Thompson Signs with Miami After Mavericks Buyout
Dallas and Thompson agreed to a buyout Aug 22; he cleared waivers Aug 24 and signed a two-year, ~$11.5M deal with Miami. He joins a Heat roster reshaped around Giannis Antetokounmpo and Bam Adebayo — a proven three-point shooter (4th all-time in threes made) alongside the new core.
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Kawhi Leonard–Clippers Tampering Investigation Still Unresolved
The NBA's probe into alleged improper benefits funneled to Leonard via a "no-show" endorsement deal around his 2019 signing remains open — and is holding up a separate Leonard trade to Toronto until the league closes the case.
📚 From Your Library
Daily Idea
The Mystery of the Neutral Rate
Central banks attempt to steer economies toward a "natural" or neutral interest rate. However, this rate is completely unobservable, leaving policymakers to blindly guess the cost of capital based on consumer price indexes.
The Price of Time — Edward Chancellor
📚 Books & Ideas
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Do You Really Want a "Slow Life"?
A short essay arguing real slowness is about presence, not just avoiding busyness — new in your feed overnight.
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Two SoftBank Books Landed in Your Library Overnight
Lionel Barber's "Gambling Man" and Alok Sama's "The Money Trap" — both on Masayoshi Son, from two very different vantage points (a biographer's and a former SoftBank president's).
📥 New In Your Feed
Reading Queue
What landed in Readwise Reader overnight, in full — tap to expand.
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Chartbook 469: The Risk of Unwind
Adam Tooze · Substack
The US Treasury market is now driven mostly by private investors like hedge funds, not foreign governments. Heavy borrowing and leverage make the market unstable — the risk of a sudden sell-off echoes 2020.
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America's Risky Debt: What Markets See That Policymakers Don't
Hanno Lustig · Aspen Institute Economic Strategy Group
A companion read to the Tooze piece — on how the Treasury market's structure has quietly changed since foreign central banks stepped back from being the marginal buyer.
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Do You Really Want a "Slow Life"?
Katie Lowe · RAYON
The author shares how living slowly has changed her view of time and daily life — a case for boredom and solitude as chances for growth, and for presence over just avoiding busyness.