Scotiabank raised its PT on Microsoft (MSFT.O) to $510 from $470.

Policy statement: market pricing largely expects a hold; an unexpected hike remains the primary risk. Watch for more hawkish phrasing (eg, adding language about acting if necessary) and for how the committee frames inflation vs recent disinflation and upside risks. Monitor whether the expected pair of hawkish votes materialize and whether the number of dissents exceeds two — a key signal for September. Press conference: whether the chair sticks to a terse communication style and downplays forward guidance, how recent disinflation is characterized and whether anti‑inflation priority is reaffirmed, and how officials judge Middle East spillovers for future inflation and the policy path. If a surprise hike occurs, note whether it is presented as a one‑off or the start of renewed tightening. Any hawkish shift in wording could reprice September hike odds and move the dollar, USTs and gold.

Samsung Electronics said its semiconductor unit posted Q2 operating profit of KRW 89.2 trillion (~$62bn), up more than 250-fold and above analysts' average forecast of KRW 79.3 trillion. Group net profit was KRW 71.3 trillion, also beating expectations. As the world's largest memory maker, Samsung's results are being watched for evidence that AI-driven investment and valuations are justified. Global semiconductor stocks have climbed to record highs this year but face intensifying competition and overcapacity concerns, prompting rising investor doubts about the commercial rationale for large new investments in the sector.