Earnings Call

• Stock futures reached new record highs driven by strong corporate earnings and a historic surge in call option buying. • Market analysts suggest that while some individual companies showed disappointing micro-level results, the broader macro trend remains positive. • The rally underscores the continued durability of the global compute build-out, benefiting the technology sector as a whole despite isolated losses.

• ENGIE has raised its 2026 outlook following strong financial results for the first half of the year. • The company reported CapEx of EUR 22.9 billion, driven largely by the EUR 19 billion acquisition of UK Power Networks. • While net debt increased due to the acquisition, the company noted that overall levels remain strong enough to support its ongoing investment plan.

• Eurobank has raised its 2026 outlook following strong financial results reported for the first half of the year. • CFO Harris Kokologiannis detailed a full-year Net Interest Income (NII) guidance of €4.5 billion, comprising €2.7 billion from H1 and an expected €1.8 billion for H2. • The bank is actively expanding its bond position and indicated it may acquire up to an additional €1 billion in bonds during the remainder of the year.

• First BanCorp (NYSE:FBP) released its second-quarter 2026 financial results and hosted a corresponding earnings call on Wednesday. • The company reported a positive future outlook, maintaining loan growth guidance of 3% to 5% for the 2026 fiscal year. • Management attributed this stability to favorable economic conditions supporting business activity and a strategic focus on organic growth.

• Morgan Stanley (NYSE:MS) reported record financial results for the second quarter of 2026, driven by strong client activity across its investment management, wealth management, and institutional securities divisions. • Executives attributed the success to the firm's integrated business model and a favorable environment for mergers and acquisitions, fueled by normalized regulations and robust economic conditions. • Leadership noted that the investment banking cycle, which started with debt issuance, has expanded into equity activity and may gain further momentum from financial sponsors.

• Nordea reported strong Q2 2026 financial results, with total income exceeding 3 billion. • The bank achieved a 14% year-on-year increase in lending growth, driven by contributions from Denmark, Norway, and Sweden. • Growth was supported by strategic investments in AI adoption, a new supply chain financing solution, and upgrades to the markets platform.

• Morgan Stanley reported record net revenues of $21.3 billion for Q2 2026, resulting in a significant 62% surge in earnings-per-share. • The firm highlighted the success of its "2.0" initiative launched 1.5 years ago, which integrates research, equity content, and foreign exchange services with partner MUFG. • Strategic growth is being driven by thriving operations in Taiwan and Korea, alongside a comprehensive investment banking and equities gateway in Hong Kong to access China.