More people than ever expected to bet on Summer Olympics after U.S. legal gambling boom

Good Morning,

PepsiCo quarterly revenue misses estimates as demand slows for snacks, sodas, Apple reaches deal with EU regulators to open up mobile payments system to rivals, BHP shuts down nickel business, arresting losses and NATO accuses China of fuelling Putin’s war in Ukraine.

Let's jump in.

Before The Bell

Markets

• Stocks simmer at record highs ahead of US inflation data (RT)

Earnings and Data

• PepsiCo quarterly revenue misses estimates as demand slows for snacks, sodas (RT)

• Delta earnings forecast falls short of Wall Street estimates, shares down 10% (RT)

News Summary

• BHP shuts down nickel business, arresting losses (AFR)

• China sends most warplanes ever across Taiwan key line (AFR)

• NATO accuses China of fuelling Putin’s war in Ukraine (AFR)

• Archegos’ Bill Hwang Convicted of Fraud, Market Manipulation (BBG)

• Modi’s Embrace of Putin Irks Biden Team Pushing Support for Kyiv (BBG)

• France Must Find €15 Billion Annually to Meet EU Demands (BBG)

• Chile Braces for a $552 Million Flood of Commercial Real Estate (BBG)

• Costco Hikes Annual Membership Fee for First Time Since 2017 (BBG)

• Sequoia, Nvidia Back Startup Fireworks AI at $552 Million Valuation (BBG)

• Every day is a test for Joe Biden with his presidential campaign in question (RT)

• Kurdish oil smuggling to Iran flourishes (RT)

• Apple reaches deal with EU regulators to open up mobile payments system to rivals (CNBC)

• More people than ever expected to bet on Summer Olympics after U.S. legal gambling boom (CNBC)

Deal Flow

Investments / M&A

• AustralianSuper, Gold Coast Council fly into Queensland Airports sale (AFR)

• UK Is Hotbed for Europe M&A With Currys, Deliveroo Among Targets (BBG)

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