Daily Brief United States: iSharesGlobal Clean Energy ETF, Klarna Group, EURO/US DOLLAR, Gold, AppFolio Inc A, Yorkville Acquisition, Somnia, Honeywell International and more

• ICLN has surged more than 35% since April, driven by record renewable generation, strong corporate earnings, and institutional inflows.
• Investors and banks are rotating capital from fossil fuels into clean energy, signalling structural shifts and fuelling the rise of solar and renewables.
• Global clean energy investment, led by solar, points to the early stages of a solar super cycle, positioning ICLN as a prime long-term play.

• Klarna Group plc, a first mover in the BNPL space and AI-powered fintech company, is targeting an IPO valuation of between $13B and $14B, according to Reuters.
• A Swedish founder-led decacorn is preparing for a roadshow after Labor Day this week. They intend to raise up to ~$1B and start trading in September.
• $13B-$14B IPO valuation is cheap vs. peers and implies ~68% discount to Affirm. Klarna’s last down round was a $800M venture round in July of 2022 at a ~$6.7B valuation.

• Market pricing is not expecting a rate cut at the ECB September meeting, but further easing may still be on the table later in the year.
• Swap spreads typically narrow in August, but this year they have been stable, potentially due to French political developments.
• Seasonality and potential volatility could still drive narrowing in swap spreads in the near term, despite weakening relationships with German swap spreads.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Market Structure Signals Stability: Gold futures have remained range-bound near technical resistance, with intraday volatility compressing—suggesting a market more likely to drift than break.
• ETF and Vault Flows Show Steady Demand: Sustained inflows into the SPDR Gold Trust and consistent London vault holdings point to underlying investor interest, even without aggressive price action.
• Positioning Data Reveals Divergence: Commercial hedgers are easing short exposure while speculative players show mixed sentiment, hinting at a market caught between caution and latent bullishness.

• AppFolio offers software for real estate managers to help run their businesses, including leasing, rent collection, accounting, and maintenance requests
• The company reported a 19% growth in both core services and value-added services, with 8.9 million units under management
• AppFolio’s pricing model charges based on a unit basis, incentivizing all members of an organization to use the software and increasing customer retention. Total customers increased by 6% to 21,400.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• A quick synoptic look at the tactical setups for the indices, stocks, commodities and bonds we cover, week September 1 – September 5. The MODEL SUPPORT/RESISTANCE data file is attached.
• OVERBOUGHT at the WEEKLY Close: Alphabet (GOOG US) , BYD (1211 HK) , S&P/ASX 200 , CSI 300 Index (SHSZ300) , Gold (GOLD COMDTY) 
• OVERSOLD at the WEEKLY Close: Meta (META US) , Nasdaq-100 , NVIDIA Corp (NVDA US) , Fast Retailing (9983 JP)

• Yorkville Acquisition (YORKU) and Renatus Tactical Acquisition (RTAC) are SPACs with ties to the current administration and crypto space.
• Mayne Pharma (MYX:AX) faces a legal battle with Cosette Pharmaceuticals over a merger, with a hearing set for September 22.
• Lifeway Foods (LWAY) is under pressure from activists for a sale to Danone, with a standstill agreement until September 15.

• The report highlights how Somnia is addressing the long-standing challenges that have hindered blockchain gaming — from network congestion and unpredictable gas fees to poor user experience and security risks.
• While most blockchains struggle to support complex, consumer-grade apps, Somnia introduces an EVM-compatible network specifically optimized for gaming and other high-throughput use cases.
• By rethinking infrastructure at the base layer, Somnia enables scalability, predictable costs, and seamless UX, laying the foundation for richer onchain applications.

• Honeywell’s spin-off of its Advanced Materials business, to be named Solstice Advanced Materials (SOLS), is scheduled for completion in Q4 2025.

• Solstice recently filed its Form 10 Information Statement and confirmed Q4 timing. Here is the slide deck that was published at the time of the announcement last fall.

• An investor day is planned for October 8, 2025, in New York City, where Honeywell will provide further details on Solstice’s business strategy and growth prospects.