Dell (DELL.N) extends gains to 10%.

Swiss National Bank Chairman Schlegel said the bank holds no gold in the United States.

European corporate Q2 earnings rose about 16% YoY, the fastest pace in three years. Manufacturing PMI returned to expansion after three years of contraction. Banks are benefiting from rate normalization and a rebound in the credit cycle. These developments provide data support for Europe’s valuation discount to US equities—roughly 16x versus about 20x—and strengthen the case for reallocating to sectors with higher weights in financials, industrials, energy and consumer as an alternative to US tech/AI concentration.