Moderna (MRNA.O) shares rose as much as 100% intraday, lifting the company's market capitalization above $50 bln after Moderna and Merck (MRK.N) announced successful melanoma vaccine research. Merck shares gained 10% and BioNTech shares rose 17.6%.

Kuaishou (01024.HK) CFO Jin Bing said Q2 free cash flow was positive and the company aims to maintain group-level free cash flow positivity in H2. Following independent financing of Keling AI, Kuaishou will adopt more flexible cash deployment for compute — including leasing — to optimize capital allocation and help improve group cash flow. The company will keep a prudent cash-management and capex stance; most capital spending was concentrated in 1H. Available liquidity (cash and equivalents, time deposits, financial assets and restricted cash) stood at 121.3 bln yuan as of June 30. Net cash from operating activities in Q2 was 5.9 bln yuan. Shareholder returns in 2026 YTD include ~HKD 2.0 bln of share buybacks and HKD 3.0 bln of cash dividends; total YTD returns are close to last year’s full-year level and are expected to exceed last year for 2026.

SGH Macro Advisors chief US economist Tim Duy says a rise in dissenting Fed votes has become more common amid economic strain and an unclear policy path. Ahead of the minutes, markets will key on how widespread officials’ inf concerns are — Duy says inf was clearly above target and policymakers feared it would not quickly return — and on whether a stabilizing labor market has led some officials to press for further rate hikes. The breadth of agreement on inf risks and the degree of disagreement over the policy path will be watched as a guide to future rate direction.