{"id":71622,"date":"2026-09-10T07:08:15","date_gmt":"2026-09-10T11:08:15","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-digest-macys-outperforms-broadcom-ai-backlog-hits-179b-and-geopolitical-tensions-reshape-trade\/71622\/"},"modified":"2026-09-10T07:08:15","modified_gmt":"2026-09-10T11:08:15","slug":"global-markets-digest-macys-outperforms-broadcom-ai-backlog-hits-179b-and-geopolitical-tensions-reshape-trade","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-digest-macys-outperforms-broadcom-ai-backlog-hits-179b-and-geopolitical-tensions-reshape-trade\/71622\/","title":{"rendered":"Global Markets Digest: Macy\u2019s Outperforms, Broadcom AI Backlog Hits $179B, and Geopolitical Tensions Reshape Trade"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Macy\u2019s (<a href=\"\/stock\/M\">M<\/a>)<\/strong> crushed second-quarter estimates with <strong>Adjusted EPS of $0.63<\/strong> (vs. $0.36 expected) and raised its full-year guidance, driven by a <strong>2.7% jump in comparable sales<\/strong>.<\/li>\n<li><strong>Broadcom (<a href=\"\/stock\/AVGO\">AVGO<\/a>)<\/strong> revealed a massive <strong>$179.2 billion<\/strong> in remaining performance obligations (RPO) as of August 2, reflecting explosive demand for <strong>AI accelerators and networking chips<\/strong>.<\/li>\n<li><strong>Geopolitical instability<\/strong> escalated as <strong>Houthi rebels seized the strategic port of Mokha<\/strong> in Yemen, while <strong>Iran suspended a 10% freight charge<\/strong> to bypass U.S. naval blockades on energy exports.<\/li>\n<li><strong>Nasdaq (<a href=\"\/stock\/NDAQ\">NDAQ<\/a>)<\/strong> reportedly invested <strong>$100 million<\/strong> in <strong>Payward (Kraken)<\/strong>, valuing the crypto giant at <strong>$21 billion<\/strong> as it integrates blockchain tech into traditional equity trading.<\/li>\n<li><strong>China&#39;s President Xi Jinping<\/strong> is set to visit <strong>India on September 12-13<\/strong> for the 18th BRICS Summit, marking his first visit to the country in nearly seven years.<\/li>\n<\/ul>\n<h2>Corporate Earnings and Market Moves<\/h2>\n<p><strong>Macy\u2019s (<a href=\"\/stock\/M\">M<\/a>)<\/strong> delivered a standout second quarter, reporting <strong>net sales of $4.87 billion<\/strong>, a 1.1% increase year-over-year. The retailer&#39;s performance was bolstered by its <strong>Bloomingdale\u2019s<\/strong> nameplate, which saw double-digit growth, and its &quot;Reimagine 200&quot; store strategy. Following the beat, the company raised its annual adjusted EPS guidance to a range of <strong>$2.15 to $2.35<\/strong>.<\/p>\n<p><strong>Broadcom (<a href=\"\/stock\/AVGO\">AVGO<\/a>)<\/strong> continues to be a primary beneficiary of the AI infrastructure boom. The company\u2019s <strong>$179.2 billion RPO<\/strong> represents a nearly <strong>$15 billion increase<\/strong> in contracted revenue in just one quarter. CEO Hock Tan noted that <strong>AI semiconductor revenue<\/strong> is expected to accelerate to <strong>$21.7 billion<\/strong> in the fourth quarter, a staggering <strong>236% increase<\/strong> over the previous year.<\/p>\n<p>In the currency and commodities space, the <strong>USD\/JPY<\/strong> pair extended its gains, rising 0.3% to hit a day high of <strong>154.08<\/strong>. Meanwhile, <strong>LME Copper<\/strong> prices dropped 2% following reports of potential <strong>tariff cost concerns<\/strong> in the U.S., which could dampen global demand despite current supply tightness.<\/p>\n<h2>Geopolitical and Macroeconomic Developments<\/h2>\n<p>The Middle East remains a flashpoint for global trade. <strong>Yemen\u2019s Houthi rebels<\/strong> have successfully seized the strategic port city of <strong>Mokha<\/strong>, moving closer to the <strong>Bab al-Mandeb strait<\/strong>. This development threatens one of the world&#39;s most critical shipping corridors. Simultaneously, <strong>Iraq&#39;s IOTC<\/strong> is tendering for oil supertankers for 180-day periods to navigate the <strong>Strait of Hormuz<\/strong> amid heightened security risks.<\/p>\n<p>To counter maritime disruptions, <strong>Iran<\/strong> has ordered a temporary suspension of its <strong>10% freight charge<\/strong> on foreign vessels carrying energy products. This move is specifically designed to incentivize shipping companies to continue transporting Iranian oil and gas despite the ongoing <strong>U.S. naval blockade<\/strong>.<\/p>\n<p>In monetary policy, the <strong>Central Bank of the Republic of Turkey<\/strong> maintained its one-week repo rate at <strong>37.00%<\/strong>, meeting market expectations. The bank remains in a restrictive stance to combat persistent inflation, even as domestic demand begins to show signs of cooling.<\/p>\n<h2>International Relations and Infrastructure<\/h2>\n<p><strong>China<\/strong> is preparing for a significant diplomatic push, announcing it will host the <strong>APEC Summit in Shenzhen<\/strong> on November 17-18. This follows the news that <strong>President Xi Jinping<\/strong> will attend the <strong>BRICS Summit in New Delhi<\/strong>, a move seen as a potential step toward normalizing relations with India.<\/p>\n<p>Tragedy struck the maritime sector in China as a <strong>fire at a shipyard in Qingdao<\/strong> claimed the lives of <strong>20 people<\/strong>. The fire broke out on a foreign-flagged cargo ship, the <em>Ocean Melody<\/em>, during routine maintenance. President Xi has called for an urgent investigation and accountability for the incident.<\/p>\n<p>Finally, <strong>South Africa<\/strong> reported surprisingly resilient manufacturing data for July. <strong>Manufacturing production rose 1.1% year-over-year<\/strong>, far exceeding analyst estimates of a 2.0% contraction. On a month-to-month basis, production surged <strong>2.2%<\/strong>, providing a rare bright spot for the nation&#39;s industrial sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Macy\u2019s (M) crushed second-quarter estimates with Adjusted EPS of $0.63 (vs. $0.36 expected) and raised its full-year guidance, 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