Earnings season. On the agenda today:  Visa, Pfizer, McDonald's, Amgen, Raytheon, 3M Company, Kering, Reckitt Benckiser, eBay, Endesa, Delivery Hero, Shimano, Peugeot, Carrefour...

Delivery Hero: the group records strong growth in the second quarter and raises its annual forecast.

Moncler suffered the biggest loss in its history in the first half of 2020. It did not provide an annual forecast.

Reckitt Benckiser: Second quarter organic growth stronger than expected. Management believes that the 2020 outlook is better than announced in April, although visibility remains poor.

Hand in hand. Volkswagen has spent about $9.5 billion since 2016 to compensate U.S. motorists misled by devices installed on VWs and Porches, the federal consumer protection authority said. The manufacturer offered its customers either to buy back their vehicle or to bring it up to standard. 86% of them chose to return it. The FTC explains that this is the largest consumer rebate program in U.S. history. The total bill for the Volkswagen is expected to exceed €30 billion worldwide for this scandal.

Accelerated development. Moderna and Pfizer have started large-scale trials for their respective potential vaccines against COVID-19. The candidates are among the most advanced in the competition.

A decisive step for Alstom. Information obtained by Reuters suggests that European antitrust is on the verge of validating Alstom's takeover of Bombardier Transport. The deal would create the world's second-largest rail player behind China's CRRC, and a European champion, which has not always been made easy by EU antitrust rules. To win the decision, Alstom has proposed to divest two sites.

Back to UK. TUI AG cancels UK visits to mainland Spain until August 9. The decision does not apply to the Balearic Islands and the Canary Islands, even though these islands are subject to quarantine. But British authorities are advising their nationals not to travel to the two archipelagos. Difficult to follow.

In other news. Telefonica Brasil, TIM and Claro have offered the equivalent of €2.74bn for the mobile telephony activity of the Brazilian operator Oi. The SEC is warning Under Armour's CEO and CFO that they are under scrutiny for the company's accounting practices. Victim of a violent cyber attack, Garmin assures that its customers' data has not been compromised and that its systems have been restored. Barry Callebaut places a Schuldschein of CHF 450 million. Taiwan Semiconductor's surge in the stock market makes the company the 10th largest capitalization in the world. Intel's head of engineering resigns.