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Canadian tariffs delayed, Keystone revived? (00:15) Robot stock opened up 629% on day one. (01:20) SK Hynix (SKHY) just announced a huge buyback. (02:06)
This is an abridged transcript.
President Trump hit the pause button on the planned rollout of new tariffs on Canadian goods for three days.
The tariffs were originally set to take effect today.
The announcement came after he held urgent talks with Canadian Prime Minister Mark Carney on Tuesday afternoon, hours before the duties were due to come into place. The leaders also spoke Monday, after Carney told reporters that discussions to avert the duties were at an “intense and delicate” stage.
Additionally, in the same social media post, Trump said the controversial Keystone XL pipeline project “may be awoken from the grave” without giving further details or suggesting whether it was linked to the tariffs deal.
$20B in Canadian exports ranging from wine and hockey sticks to paper and furniture were targeted in Trump’s orders.
Unitree Robotics opened 629% higher in their Shanghai trading debut on Wednesday after raising 6.1 billion yuan ($904 million). It became the first publicly traded humanoid robot maker in mainland China.
The shares of the Hangzhou-based company, formally known as Yushu Technology Co., rose to 1,100 yuan from the IPO price of 150.8 yuan, before paring some gains. The opening price gave the company a market value of 445 billion yuan, on par with Apple supplier Luxshare Precision Industry Co., according to Bloomberg.
Reported major outside shareholders of Unitree include Meituan (MPNGF), HongShan China, and Matrix Partners China. Alibaba (BABA), Tencent (TCEHY), Ant Group, Xiaomi, ByteDance (BDNCE), BYD (BYDDF), DeepSeek (DEEPSEEK), and Geely (GELYF) have also been reported as investors or affiliated participants.
SK Hynix (SKHY) said it plans to buy back up to KRW 40T ($28.6B) worth of shares as part of a new shareholder return program, in a move aimed at boosting investor returns.
The company plans to repurchase up to 24M treasury shares between Aug. 20 and Nov. 19, according to a regulatory filing.
The buyback comes as SK Hynix generates record cash flows amid strong artificial intelligence demand and tight memory-chip supply.
SK Hynix is on our biggest movers list, up 7%.
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The three-day AI Summit Seoul & Expo will begin. Microsoft (MSFT), Seagate Technology (STX), and Adobe (ADBE) are some of the notable companies participating.
Stock index futures are in mixed territory.
Crude oil is up 0.9% at $85. Brent crude is up 0.8% at $91.
The FTSE 100 is down 0.2% and the DAX is little changed.
One stock on the biggest movers list: La-Z-Boy (LZB) -19% – Shares tumbled after the furniture maker missed FQ1 estimates and issued a below-consensus FQ2 sales outlook.
Economic calendar:
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