In today’s briefing:
- Bullish (BLSH US): Split Inclusion Across Global & US Indices
- Apple. A Master Class On How To Win Friends & Influence People
- COMEX Spread Destroyed By Trump, Long-Term Copper Still Great
- VEON 2Q25: Solid Digital Non-Telco Products Uplift, Kyivstar Listing in Focus
Bullish (BLSH US): Split Inclusion Across Global & US Indices
- Bullish US (BLSH US) will be excluded from the one US index due to foreign SEC filings.
- Bullish US (BLSH US) will be excluded from the one Global index due to insufficient float cap.
- Bullish US (BLSH US) is expected to be added to Global SmallCap in November 2025 and to US-R1000 in December 2025 despite its foreign filings.
Apple. A Master Class On How To Win Friends & Influence People
- Apple CEO Tim Cook visited the White House announcing an additional $100 billion investment in the US over the next four years, on top of the $500 billion already committed.
- He launched the American Manufacturing Program with nine initial members seven of which are already long terms partners and two of which have no direct relationship with Apple at all
- Samsung with its image sensor deal (presumably) and MP Materials with its rare earth magnets deal are two clear winners from the Apple announcement. Overall, successful mission by Mr. Cook.
COMEX Spread Destroyed By Trump, Long-Term Copper Still Great
- By restricting the announcement of a 50% tariff on copper pipes/wiring and leaving out ores, concentrates, and cathodes, the Trump administration destroyed the COMEX-LME spread in one fell swoop.
- COMEX prices have plunged, and the spread now is 150 USD/ton from the highs of almost 3000 USD/ton, with high inventories on the COMEX probably needing to be dumped.
- Short term copper prices may face pressure, but we see an excellent outlook for the longer term, given the elevated China copper imports, which rose 18% YoY in July.
VEON 2Q25: Solid Digital Non-Telco Products Uplift, Kyivstar Listing in Focus
- Digital Growth & Guidance Up: 2Q25 revenue +11.2% YoY (LCY), EBITDA margin 47.8%; digital revenue share hits 16.5%; Group FY25 guidance raised to +13–15% revenue, 14–16% EBITDA growth (LCY).
- Uklon Boost: First consolidation of Uklon ridesharing acquisition added US$21.7m revenue, US$9.3m EBITDA to the quarter; expansion in Uzbekistan underway, Kazakhstan a likely future market.
- Fintech Momentum: JazzCash +47% revenue; Banglalink digital bank license pending; Ukraine fintech optionality via Kyivstar, Helsi, and Uklon integration. We maintain our Structural Long rating for the shares.
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