Good morning, CFOs. U.K. Supreme Court quashes the conviction of the former trader at the center of the Libor scandal; Tesla’s profit falls; Detroit carmakers blast the Japan trade deal; and the Trump administration pledges to stimulate AI use.

Tom Hayes, the former trader who became the face of the Libor scandal, won a last-ditch appeal to clear his name, undoing one of the most high-profile cases to emerge from the global financial crisis.

The U.K. Supreme Court on Wednesday quashed the landmark 2015 conviction, which saw Hayes, 45, spend more than five years in prison before he was released in 2021. The former UBS and Citigroup trader had been convicted of working with others to manipulate the London interbank offered rate, or Libor, to benefit his trading book and earn higher pay and bonuses.

The industrywide Libor scandal broke in the wake of the 2008 financial crisis, adding to public anger at the time, and costing banks around $10 billion in penalties. The former benchmark was used in trillions of dollars of financial contracts around the globe before being retired last year.

📆 Earnings

• Ameriprise Financial
• Blackstone
• CenterPoint Energy
• Deckers Outdoor
• Deutsche Bank
• Dow
• Honeywell International
• Intel
• Keurig Dr Pepper
• Mohawk Industries
• Nasdaq
• Newmont
• Southwest Airlines
• Tractor Supply
• Union Pacific
• Valero Energy
• VeriSign
• Westinghouse Air Brake Technologies
• Weyerhaeuser

📈 Economic Indicators

The European Central Bank announces its monetary policy decision.

S&P Global releases both its Manufacturing and Services Purchasing Managers Indexes for July.

The Census Bureau reports new-home sales for June.

Detroit’s automakers blasted the Trump administration’s trade pact with Japan as a “bad deal” for the U.S. car industry Wednesday, but global auto stocks rallied on news of the agreement.

Under the agreement, tariffs on Japanese cars will be lowered to 15% from 25%.

• Trump’s New Trade Standard Takes Shape With 15% Tariff Deal

• Tesla Profit Falls, Hurt by Plunging EV Sales
• Google Revenue Soars on AI Boom, and Investors Eye Spending Surge
• IBM Second-Quarter Results Rise on Consulting, Infrastructure Strength
• Chipotle Says Gloomy Consumers Are Buying Fewer Burritos
• Exclusive: Probe of Davos Founder Finds Unauthorized Spending, Inappropriate Behavior
• Trump Administration Pledges to Stimulate AI Use and Exports
• AT&T Adds Wireless and Home-Internet Subscribers, Accelerates Fiber Build-Out
• Hilton Posts Higher Profit Despite Continued Uncertainty
• Mattel Dials Back Full-Year Outlook, ‘Feels Good’ About Holiday Season
• Hasbro Lifts Outlook as Tariff Concerns Ease
• Exclusive: Waystar Strikes Deal for Iodine Software
• Munich Re CEO Wenning to Retire, CFO Moves Up
• Tariff-Hit Clients Are Reviewing Spending on Cloud Services, SAP CEO Says
• Home Prices Hit Record High in June, Dragging Down Sales

Thermo Fisher Scientific, the Waltham, Mass.-based life-sciences giant, said its top finance executive, Stephen Williamson, is retiring early next year. Williamson, who has been senior vice president and CFO of the company since August 2015, will depart at the end of March. Jim Meyer, currently vice president of financial operations, will succeed Williamson as chief financial officer, effective March 1. Williamson joined Thermo Fisher in 2001 as vice president of European financial operations.

—Colin Kellaher contributed to today’s Ledger.

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