Japan's 10-year yield cracked 3%. The reflation trade is real.

Hold Japan equities⚡ — Higher JGB yields pressure valuations even as a weak yen lifts exporters; coverage is split between those two forces.

Sell Long-duration Treasuries⚡ — FT flags Warsh's hawkish Jackson Hole speech pushing global long yields higher, a direct headwind for long-duration Treasuries.

Watch Yen⚡ — Bloomberg, Nikkei, and FT diverge on the yen: the 3% yield argues for JPY strength, while Warsh-driven carry and absent BOJ intervention keep the pair bid.

Hold Honda — FT reports the software deal but no financial terms; it doesn't fix Honda's structural EV gap against Chinese rivals.

Hold Nissan — FT frames Nissan as the more desperate partner; its financial distress caps near-term upside.

Hold Toyota — FT notes Toyota's scale advantage is untouched by a Honda-Nissan software pact, so no reason to change.

Hold E.l.f. Beauty — WSJ names E.l.f. among price cutters; volume support meets margin pressure, leaving the signal mixed.

Hold Walmart — WSJ flags Walmart dropping prices on refunds; traffic may rise but comp growth gives something back.

Hold Tractor Supply — WSJ reports Tractor Supply is cutting prices; passing refunds through caps near-term margin expansion.

Hold Retail sector — Two WSJ pieces repeat the tariff-refund price-cut story, leaving retail broadly stuck between margin compression and hoped-for volume.

Buy Deere — Baird's $800 target and outperform call directly recommend the stock; corn up 22% YTD and Deere up 35% YTD show momentum but also crowding.

“Deere provides the cleanest setup ... this is the stock that 'gets bought first' when investors look for a fundamental inflection in Ag.”

Buy Corn — Corn futures' 22% YTD rise and three-year high is the fundamental driver behind Baird's upgrade; not a direct call, but the trend is intact.

Buy Agriculture basket — Broad ag strength supports farm equipment and commodity baskets, an inferred trade from the same price move.

Buy Cheniere Energy — Bloomberg reports Hormuz LNG remains stalled, supporting global gas prices and Cheniere's flexible export book.

Buy Natural gas — Bloomberg's stalled Hormuz gas supply cuts global supply, pushing up US gas benchmarks.

Buy Energy stocks — CNBC premarket shows energy stocks higher on US-Iran strikes, but oil flows rebounding means crude upside is capped; better to play gas.

Hold Crude oil — Bloomberg says oil flows through Hormuz are rebounding, so the crude disruption is easing and upside is capped.

Hold Samsung Electronics — Bloomberg notes leveraged ETF assets tied to Samsung halved, removing a retail tailwind; fundamentals unchanged.

Hold SK Hynix — SK Hynix loses the leveraged ETF bid, but the HBM/memory cycle still drives fair value.

Hold South Korea equities — Bloomberg says Korea's retail leverage froth is out; it removes upside juice but not Korea's structural position.

Hold Software — FT says debt-laden software names face refinancing risk as AI revalues them, but the pressure is not immediate.

Watch Leveraged loans — FT's $40bn software refinancing wave could test loan spreads; the timing is years out, so watch rather than short now.

Watch High yield — FT's maturity wall adds to high-yield refinancing supply, a slow-burn spread risk.

Sell Aon — CNBC reports Aon fell 1.8% premarket on the $17bn USI deal from KKR; the market is pricing integration and leverage concerns.

Sell PG&E — CNBC reports PG&E sank 16% after the wildfire liability cap failed; Mizuho downgraded, and the legal overhang is unhedged.