School Shooting

Thursday, August 28th, 2025

World News — 2 Dead In School Shooting

AP

Two children, aged eight and ten, were killed and 17 others injured—including 14 children—when a gunman opened fire through the windows during Mass at Annunciation Catholic School in Minneapolis on August 27, 2025. The attacker, identified as 23-year-old Robin Westman from suburban Minneapolis, used a rifle, shotgun, and pistol—all purchased legally—and died from a self-inflicted gunshot wound at the scene. The FBI is treating the incident as both domestic terrorism and a hate crime targeting Catholics, although local police have not yet identified a motive and are examining videos apparently posted by Westman before the attack. President Donald Trump ordered US flags at the White House and all public buildings flown at half-mast in response. This tragedy follows a series of recent shootings in the Minneapolis area, adding to community grief, with state officials emphasizing their commitment to addressing such violence.

Tech — Nvidia Earning, Business As Usual 

FT

Nvidia reported strong quarterly growth with revenue reaching $46.7bn—up 56% year on year—despite ongoing uncertainty regarding AI chip sales in China due to US export restrictions. Although the company’s future prospects depend heavily on continued massive AI hardware spending by major tech firms, investors were unsettled when Nvidia revealed that its $54bn revenue forecast for the next quarter did not include sales to China, specifically the H20 chip, as a final regulatory agreement with the US government was still pending. Net income surged 59% to $26.4bn, aided by booming global AI chip sales, though revenue from China fell 25% year on year to $2.8bn; Nvidia is also preparing to launch new chips like "Vera Rubin" next year and has authorized $60bn in share buybacks to reinforce investor confidence.

Business — RBC Beats Earning Driven By Growth In Capital Markets 

Bloomberg

Royal Bank of Canada (RBC) posted a record quarter for its capital markets division, fueling an earnings beat with adjusted earnings of C$3.84 per share—well above the analyst estimate of C$3.25. The bank’s provisions for credit losses were significantly lower than expected at C$881 million versus a forecasted C$1.1 billion, and its adjusted return on equity reached 17.7%, surpassing medium-term targets. RBC’s capital markets revenue hit a record C$3.76 billion (up 25% year-over-year), and net income at the unit totaled C$1.33 billion, surpassing expectations, while the wealth management division also outperformed forecasts as asset values climbed. Shares jumped as much as 7.5% and set a new record high, boosted by optimism from CEO Dave McKay despite ongoing macroeconomic caution, including tariff and trade uncertainties; City National Bank, RBC’s US subsidiary, also more than doubled its profit year-over-year.

Culture — Trump, a Friend of EV? 

Despite initially deriding Joe Biden’s electric vehicle (EV) policies and publicly distancing himself from EVs after selling his Tesla, President Donald Trump’s recent policy shifts—such as removing federal fuel-economy fines and ending California's right to set tougher standards—have allowed Detroit’s big three automakers to prioritize profitable gasoline vehicles without regulatory penalties, partially offsetting losses from his tariffs on imports. While these changes are projected to slow—but not halt—EV adoption (with forecasts for US EV sales in 2030 dropping from 48% of all new cars to 27%), American carmakers remain committed to electrification, spurred by global competition and new product launches like Ford’s affordable EV pickup and GM’s planned battery production. By easing emission rules and thus increasing profits from gasoline cars, Trump’s approach could unintentionally supply Detroit the resources needed for further investment in future EV models, potentially positioning him as an unexpected catalyst for the industry’s long-term electric transition.

The Daily Spark

The spread on the high yield index is currently trading at around 300 basis points, but the distribution inside the index is very skewed, with more than half of the bonds in the index trading at less than 200 basis points, and 13% of the index trading at more than 500 basis points, see chart below. For more discussion of opportunities in credit see here.

Song Recommendation — The One That Got Away 

Quote of the Day 

Win without boasting. Lose without excuse.” ― Albert Payson Terhune