August 5th Foreign Market Headlines: Optimistic Expectations for US-Iran Negotiations Trigger Significant Drop in Oil Prices; SpaceX and AMD Earnings Reports Both Exceed Expectations; OPEC's Oil Production Increased Last Month

Global financial media's main headlines of common concern last night and this morning include:

Qatar and the United States release positive signals, focusing on the emerging light of the US-Iran agreement in the Strait of Hormuz

On Tuesday, the likelihood of a temporary agreement between the US and Iran focusing on the Strait of Hormuz seemed to be rising, with Qatar stating that a proposal has been drafted, and US officials expressing optimism about reaching an agreement to restore navigation in this critical waterway.

Due to market optimism that the mediators will be able to facilitate an agreement and avoid a new round of US military airstrikes, oil prices reversed previous gains, and US Treasury yields rose. Brent crude oil fell for the second consecutive day, dropping more than 5%, falling below $80 per barrel for the first time since mid-July.

Informed diplomats, speaking on condition of anonymity due to the sensitivity of the discussions, revealed that Iran is considering allowing European countries to clear mines in the Strait of Hormuz, a potential concession that could become part of the agreement.

Canada's imports from the United States hit a record high, driven by data center construction

In June, Canada's imports from the United States reached a record high, driven by a surge in imports of computer components used in data centers. Currently, Canada is seeking to expand its artificial intelligence infrastructure.

Statistics Canada announced on Tuesday that the increase in imports of electronic and electrical equipment and components drove the total imports of Canada up, despite declines in imports across 9 of the 11 product categories.

Imports of computers and peripheral equipment grew by 59% in June, primarily due to an increase in processors imported from the United States for data centers.

SpaceX's first financial report after going public: Revenue of $7.8 billion, a year-on-year increase of 92%, AI business reduces losses, connectivity business grows 66% year-on-year, $100 billion worth of stock about to be unlocked.

After the market closed on August 4th Eastern Time, SpaceX released its first quarterly performance report (Q2 of fiscal year 2026) since completing its historic IPO in June this year. The financial report shows that the company's revenue and EBITDA for the second quarter significantly exceeded Wall Street's consensus expectations, while the operating losses in the AI sector were greatly narrowed, demonstrating strong business generation and cost control capabilities.

Before releasing this highly anticipated financial report, the company's stock price experienced a rollercoaster ride since raising $86 billion. The stock plummeted amid post-IPO volatility and a global sell-off in the artificial intelligence sector, with its market value evaporating by over $1 trillion from its peak, causing Elon Musk to lose his title as the world's richest person.

AMD Q2 revenue grows 50%, data center sales double, stock price drops over 8% after hours.

AMD reported its second-quarter financial results on Tuesday, exceeding expectations, but the stock price fell sharply in after-hours trading after rising during regular trading hours.

AMD's second-quarter revenue increased by 50% year-on-year to $11.536 billion, surpassing the expected $11.3 billion, marking a record high; the non-GAAP earnings per share were $1.66, higher than the market expectation of $1.62. The company's gross margin reached 56%, with a net profit of $2.76 billion.

AMD expects third-quarter revenue to be approximately $13 billion, with a fluctuation of $300 million, higher than the previous analyst estimate of about $12.5 billion, but still not fully meeting investor expectations.

Becerra defends Walsh, stating that the market is undergoing a "detox" process due to the Fed's excessive guidance.

U.S. Treasury Secretary Scott Becerra stated on Tuesday that he is not convinced that interest rate hikes are necessary.

Becerra defended the pressured Federal Reserve Chairman Kevin Walsh on Tuesday, stating that the market's poor reaction to Walsh's press conference last week merely indicates that traders are adjusting to the central bank's reduction of "hand-holding" guidance.

"I think this is a kind of 'detox' for financial markets and financial journalists," Becerra said in a media interview, adding that it was wise for Walsh to avoid providing the market with "forward guidance" or clear indications of where interest rates might head. He noted that such actions were one of the reasons for the inflation surge five years ago and could make changing policy direction difficult if needed "I entered Wall Street in 1984, and at that time you never knew what the Federal Reserve would do, you had to prepare your positions accordingly, and in fact, you had to do your own homework," Bessent said in an interview.

OPEC's oil production increased last month, mainly due to output increases from Gulf countries.

According to a survey, the Organization of the Petroleum Exporting Countries (OPEC) further recovered some of the losses suffered during wartime last month, with increased production from Kuwait, Saudi Arabia, and Iraq. However, the lack of transparency in shipping data has complicated tracking the organization's output.

The survey showed that OPEC's crude oil production increased by 1.16 million barrels per day in July, averaging 19.44 million barrels per day, with almost all of the increase coming from the aforementioned three Gulf countries. However, due to the ongoing disruptions in shipping in the Persian Gulf caused by the Iran war, and continued risks in the Red Sea transport, OPEC's overall production remains significantly below pre-war levels.

Another reason for the production increase in July may be the rise in domestic consumption. Middle Eastern oil-producing countries typically increase production in the summer to meet the surge in demand for air conditioning, with some crude oil being used directly for power generation