Good morning, you're tuned in to Markets Desk.
VINCI Airports is reporting a meaningful pullback in passenger traffic through June and across the second quarter, with the French infrastructure giant pointing to geopolitical disruptions as the driver. That's a pressure point worth watching for the broader airport concessions space, where revenue is directly tied to throughput, not just capacity.
Shifting to equities, the Shiller CAPE ratio is drawing serious attention on the Street. This valuation measure, which smooths earnings across a full decade to filter out short-term noise, is now flashing a reading that has only appeared once before in its history. Elevated CAPE levels have historically preceded periods of compressed forward returns, and analysts are asking whether this cycle will prove the exception or confirm the pattern.
And in the AI economy, Anthropic's Claude Code creator Boris Cherny is pushing back against how companies are measuring AI return on investment. Rather than fixating on token consumption, Cherny argues the right benchmark is human hours saved. The distinction matters as enterprises begin scrutinizing ballooning AI spend and demanding clearer evidence that the productivity gains justify the bills.
That's the tape. Markets Desk, signing off the floor.
