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Phillips 66 (PSX.N): Major overhauls are expected in 2027 and 2028.

Phillips 66 (PSX.N): The outlook for mid-cycle refining earnings is more optimistic than previously expected.

Phillips 66 (PSX.N): Refining fundamentals are expected to strengthen further following the conflict with Iran.

Phillips 66 (PSX.N): The macro environment for refining remains strong.

Phillips 66 (PSX.N): The company is increasing jet fuel production at its Washington state refinery.

Phillips 66 (PSX.N): A final investment decision on the Western Gateway Project is expected in about a month.

Phillips 66 (PSX.N): The normalization of global refining capacity will take longer than it will take in 2022.

The chairman of the U.S. National Transportation Safety Board said that an investigation is being considered into the loss of intervals involving President Trump's helicopter.

Phillips 66 (PSX.N): The macroeconomic environment remains favorable.

On August 6th, Alphabet (GOOGL.O), Google's parent company, announced a major leadership reshuffle of its artificial intelligence division. AI chief Demis Hassabis stepped down from his key management role, and several key figures involved in the Gemini model, including senior engineer Jeff Dean, also left the company. This personnel change comes at a crucial time for Google DeepMind: the flagship version of its latest Gemini model, originally scheduled for release in June, has yet to materialize, raising concerns among investors and industry insiders that Google is falling behind competitors Anthropic and OpenAI, both of which poached a star AI employee from Google this summer. Hassabis will assume the newly created position of Chief Scientist at Alphabet and will transition from CEO of Google DeepMind to Chairman. Corey Kavukuoglu, the division's Chief Technology Officer, will take over day-to-day management. He will serve as Senior Vice President of the division while continuing to serve as Alphabet's Chief AI Architect.

Phillips 66 (PSX.N): The company plans to maintain its refinery operations at the mid-90% range of combined capacity in the third quarter of 2026.

Reddit (RDDT.N): Plans to revamp the old Reddit website to protect the platform, business, and users from long-standing abuses such as scraping and spam.

On August 6th, it was reported that Jeff Dean, one of Google's (GOOG.O) earliest employees and a key figure in designing the company's AI strategy for the past 15 years, will leave the company to found an AI startup focused on scientific discovery. Dean joined Google in 1999 as its 30th employee. He will serve as CEO of a new philanthropic company called Discovery Loop, which aims to accelerate technological advancements by automating complex, multi-step scientific and engineering tasks. Joining Dean on this venture are fellow Google veterans Oriol Vinyals, Quoc Le, and Sanjay Ghemawat. Together, the four have made significant contributions to mathematics and protein structure research and are among the most cited researchers globally. The departure of Dean and other talents from Google further exacerbates the company's recent trend of losing AI talent.

Google (GOOG.O) shares fell briefly, currently down 1.4%.

Google's (GOOG.O) chief scientist is leaving the company after 27 years to start his own artificial intelligence company.

On Wednesday, August 5th, the German DAX 30 index closed down 83.97 points, or 0.32%, at 26139.29; the UK FTSE 100 index closed up 10.68 points, or 0.10%, at 10890.06; the French CAC 40 index closed up 2.67 points, or 0.03%, at 8669.30; the Euro Stoxx 50 index closed down 7.45 points, or 0.11%, at 6479.25; the Spanish IBEX 35 index closed up 31.20 points, or 0.16%, at 20054.80; and the Italian FTSE MIB index closed down 99.50 points, or 0.19%, at 53441.00.

The percentage of bids allocated to the winning 4-month U.S. Treasury bonds as of August 5th was 94.66%, compared to 22.52% previously.

The bid-to-cover ratio for the US 4-month Treasury bond auction ending August 5 was 3.19, compared to 3.04 previously.