US Treasury Secretary Scott Bessent said Washington is expanding secondary sanctions that could pressure entities and countries that continue doing business with Iran. Markets largely shrugged off the announcement, and oil prices fell more than $2 a barrel. Brent settled at $US92.17 a barrel and US West Texas Intermediate ended at $US85.01.

A shortage of clean electricity in Canada could put up to $220 billion in potential capital investment at risk, as demand from mines, factories and data centres rises. Against that backdrop, Capital Power reported second-quarter adjusted funds from operations of $328 million and raised its quarterly dividend by 2%, extending its streak of annual increases to 13 years. The company has also secured Meta as a long-term customer, underscoring the value of contracted clean and dispatchable power when supply is tight.

Applied Materials has fallen more than 34% from its 52-week high, even as the company posted record Q3 revenue of $9.1 billion, up 25% year over year. Adjusted EPS rose 41% to $3.50, while adjusted gross margin increased to 50.4% and adjusted operating margin reached a record 34%. The pullback comes as AI infrastructure investment continues to support demand for semiconductor equipment. After the sharp decline, the stock’s risk-reward profile appears more attractive.

Eli Lilly has completed a $US7.8 billion acquisition of Centessa, which is developing experimental therapies for rare sleep disorders. The deal has drawn market attention and is seen by some as expanding the imagination around potential “human-enhancement” uses for orexin-targeting medicines. Lilly is the world’s most valuable pharmaceutical company with a $US1.1 trillion market capitalisation, buoyed by the rise of GLP1 weight-loss drugs.

Archer Aviation has partnered with AEG to develop a vertiport at L.A. Live in downtown Los Angeles as it works to build an urban air-taxi network ahead of the 2028 Olympic and Paralympic Games. The site is intended to help position the company for elevated transportation demand during the Games. The planned development is part of Archer’s broader effort to put key infrastructure in place before the event.

New York and London cocoa futures closed lower on Monday as signs of improved supply weighed on prices. Nigeria’s July cocoa bean exports rose 18% y/y, Ivory Coast port arrivals in the current marketing year were up 20% y/y, and ICE cocoa inventories climbed to a two-year high, according to Bloomberg. Ghana’s Cocoa Board cut its 2026/27 production estimate by 13% to 650,000 MT, partly offsetting the broader supply gains.

December-delivery arabica coffee futures rose 5.89%, while September-delivery robusta futures gained 5.34%. Rainfall in Brazil’s key producing state of Minas Gerais has recently been just 11% of the historical average, raising drought concerns for supply. By mid-August, Brazil’s coffee harvest was 90% complete, behind 97% a year earlier and the five-year average of 94%. Arabica harvesting lagged further at 86%, compared with 95% last year.

Wedbush analysts said SK hynix has launched a $3 billion share repurchase program and plans to return more than 50% of free cash flow to shareholders, a move they expect could help narrow the stock’s valuation discount. The analysts also said the company could deliver an additional $130 billion in shareholder returns by 2027, supported by continued gains in memory-chip prices. SK hynix’s operating margin rose by 35 percentage points to 76%.