The Point for North America

This report provides a market update on North American equities, covering earnings previews for the beverage, energy, and gaming sectors alongside geopolitical oil market developments.

Key Takeaways

• 1.Energy sector earnings are showing strong results, particularly in refining margins, while US retail spending shows signs of resilience.
• 2.Geopolitical risks in the Middle East, specifically regarding the Strait of Hormuz and Iran, are impacting oil and gas market projections.

Table of Contents

• Morning Call Highlights
• US Beverages and Household & Personal Care - 2Q'26 Earnings Preview
• US Oil & Gas Equipment and Services - Which Stocks Can Work Through the Volatility? 2q Preview
• Must Read
• Company
• Linde PLC (LIN.O) - Additional Lawsuits Adds New Layer to Ongoing Russia Litigation
• Applovin (APP.O) - AppLovin Ads Week 28: Solid US Growth, HK Losses Moderate
• Starbucks Corp (SBUX.O) - Setting the Table for F3Q26: Expect Better Flow-Thru
• Valero Energy Corporation (VLO.N) - 2Q Preview; Largely In Line with the Street
• Marathon Petroleum Corporation (MPC.N) - Marathon's Earnings Dash; Raising Estimates and PT
• Phillips 66 (PSX.N) - Phillips 66 Looks More Like 76 This Quarter
• Industry
• North America Midstream & Energy Infrastructure – SUN/SUNC 2Q26 Earnings Preview: Swapping One Tailwind For Another
• US Gaming – MGM/WYNN – Reducing Estimates on Weak 2Q for Macau
• Pettinari on Paper & Packaging - Is a Third Containerboard Price Hike Possible? Further Reads on 2Q Demand
• US REITs and Lodging - 2Q26 Industrial Insights and Market Fundamentals
• US Retailing - Broadlines and Hardlines - Two Charts - for - Tuesday: Positive Inflection in Hardlines Card Spending in 2Q-to-Date
• North America Commodity Chemicals - Negative PE Pricing Outlook Suggests Further Revisions in 3Q
• Economics & Strategy
• Oil Monitor - President Trump announces renewed Iranian blockade and a 20% safety and security reimbursement on SoH flows
• Global Gas and Power Insights - Henry Hub price premium through 2027, especially Jan'27, to erode
• Fixed Income & FX
• Global FX Strategy - Asymmetry still leans USD-positive over upcoming data prints
• Key Rating and Target Price Changes

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