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Risk-off with Asian tensions and China-US trade war escalation concerns

  1. US Issues Sweeping Iran Oil Sanctions Waivers · 2 sources
  2. China's 'Red Lines' Shape Global News Reporting
  3. Legacy Automakers Struggle to Catch Up with Chinese EV Makers
  4. WTI oil slides toward $73 as Middle East risk eases and Iranian supply returns · 4 sources
  5. Alphabet to replace Verizon in Dow Jones Industrial Average · 3 sources

Markets 40

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  • Alphabet's Class A shares (GOOGL) will join the Dow, replacing Verizon (VZ) effective Monday.
  • The addition boosts the Dow's exposure to AI, cloud infrastructure and advertising, expanding mega‑cap tech representation.
  • Alphabet shares rose about 1% after the announcement; Verizon's weight in the price‑weighted index was roughly 0.5%.
  • Alphabet is up more than 10% in 2026, on track for its fourth straight winning year.
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  • MSCI pushed back its assessment of Indonesia's emerging status to November 2024
  • Potential reclassification to frontier status if transparency improvements are insufficient
  • Investability concerns focus on opaque shareholding structures and suspected coordinated trading
  • Regulators OJK, IDX and KSEI have announced reforms, but MSCI says more progress is needed
  • Indonesia's stocks have been frozen in MSCI indexes since January, limiting foreign inflows
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  • Taiwan up 66% in 2026, semiconductors up 72% year-to-date
  • Emerging markets ETF (EEM) breaks out from $55-$60 resistance
  • Micron expected to report 279% growth in sales and 996% growth in net income
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  • GBP/USD fell 0.40% to 1.3195, down from intraday high of 1.3257
  • US Manufacturing PMI rose to 55.7 and Services PMI to 51.3, both above forecasts
  • DXY hit a new yearly high of 101.34, up 0.34%
  • BoE MPC member Alan Taylor said rates should stay unchanged, with the Bank Rate 75 bps above his neutral estimate
  • Fed funds futures show >85% probability of a 0.25% rate hike by September
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  • USD/CAD advanced to around 1.4190, its highest level since April 7
  • CME FedWatch shows an 86% probability of at least one Fed rate hike this year
  • Canada's CPI rose to 3.2% YoY in May, above the 3% forecast
  • Crude oil prices fell after a temporary waiver allowing Iranian oil exports
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  • S&P 500 and Nasdaq Composite ended in the red, reflecting broad market weakness
  • Semiconductor sector led declines amid worries that AI spending may slow
  • Investor sentiment turned cautious as AI‑related capital expenditure outlook dimmed
  • SpaceX sold senior unsecured notes totaling $25 billion, up from an initial $20 billion target
  • Orders for the bond sale reached roughly $90 billion, indicating strong investor demand
  • Notes are priced in five tranches with yields ranging from 5.35% (2031) to 6.65% (2056)
  • Proceeds will be used to repay a $20 billion bridge loan, cover fees, and fund general corporate purposes
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  • S&P 500 dropped 1.4% amid a tech sell‑off that raised doubts about AI‑driven valuations
  • The slide ended a streak of 11 weekly gains for the S&P in the last 12 weeks
  • Broad market volatility resurfaced after nearly three months of risk‑asset rally
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  • US Dollar Index rose to about 101.40, its highest level in 13 months.
  • US Manufacturing PMI jumped to 55.7 in June, the strongest reading since May 2022.
  • Euro slipped 0.4% to 1.1380 as Eurozone Composite PMI stayed below 50 at 49.5.
  • GBP/USD hovered near 1.3200 after UK Services PMI fell to 48.7, the sharpest decline since Jan 2023.
  • AUD/USD fell to a two‑month low around 0.6910 ahead of Australia’s CPI release.
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  • DXY climbs to ~100.40, up 0.4% on the day, breaking above the 100.00 psychological level
  • Markets price a 70% probability of a September Fed rate hike ahead of the PCE inflation report
  • US services PMI rises to 51.3 and manufacturing PMI to 55.7, both above expectations
  • Technicals show bullish bias: RSI at 73.4 (overbought) and ADX near 36, with resistance at 102.00
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  • EUR/USD trades around 1.1380, down 0.40% on the day, breaking the 1.1400 support level.
  • U.S. Dollar Index (DXY) hovers near 101.35, its highest level since May 2025.
  • CME FedWatch Tool shows a 70% probability of a Fed rate hike in September.
  • U.S. services PMI rises to 51.3 and manufacturing PMI to 55.7, reinforcing a higher‑for‑longer rate outlook.
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  • China's crackdown on cross-border securities trading may strengthen Hong Kong's financial role
  • Beijing's moves could reinforce Hong Kong's status as an offshore yuan hub
  • Economists see Hong Kong's importance increasing due to China's new policies
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  • S&P 500 YTD return at 23% matches its annualized gain since Oct 2022 uptrend began
  • May 14 marked S&P 500's first close above 7500, coinciding with Cerebras IPO frenzy and AI stock rotations
  • Philadelphia Semiconductor ETF up 20% since May 14 while Magnificent 7 down 10%, highlighting hardware vs. software divergence
  • Fed Chair Warsh signals less transparency, aiming to reduce artificial market stability and funding discipline concerns
  • Oil prices fell 25% from wartime highs to mid-$70s, defying forecasts of $150+ crude amid Iran conflict
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  • Dollar index climbs as U.S.-Iran negotiations make modest progress
  • Crude prices retreat, with Brent slipping modestly
  • Stronger dollar adds pressure to commodity markets
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  • S&P 500 and Nasdaq 100 futures slipped less than 0.1% ahead of Micron's earnings release
  • Dow Jones futures fell about 45 points, roughly 0.1%
  • Tech sector led losses with the S&P 500 down 1.44% and Nasdaq down 2.21% on Tuesday
  • Micron and SanDisk rose ~1% in after‑hours after a 13% drop in the regular session; DRAM ETF gained 2% after a 14% loss
  • Semiconductor ETF SMH fell 7%; Intel down 6% and Qualcomm down 8%, while defensive names Walmart +2% and IBM +5%
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  • AUD/USD slid to 0.6915, a drop of more than 1.2% from the day's high of 0.7005.
  • US Dollar Index rose 0.39% to 101.38 as markets price in a projected 34‑basis‑point Fed tightening in 2026.
  • RBA kept rates unchanged at 4.35% after a 75‑basis‑point hike earlier in the year; upcoming Australian CPI is forecast at 4.4% YoY.
  • Tech‑heavy equity indices fell, with the Nasdaq down over 3% and Korea's KOSPI tech index down more than 10%.
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  • Kospi dropped about 10% on Tuesday, its steepest decline since March and sixth worst on record.
  • The fall follows a 62% Q2 gain and nearly 95% rise in 2026, indicating profit‑taking.
  • Morgan Stanley views the dip as temporary, keeping a 9,000 target (≈10% above Tuesday's close).
  • Memory‑chip stocks like SK Hynix and Samsung Electronics led the sell‑off amid a global chip rout.
  • Analyst warns the second half of 2026 may be more volatile but does not expect a bear market.
  • CFTC sues Kentucky, the ninth state sued over prediction market jurisdiction.
  • Kentucky's suit targeted Kalshi and Polymarket, alleging illegal gambling operations.
  • Kentucky becomes the first red-state with a Republican AG to face CFTC action; 20 states are involved in related litigation.
  • CFTC argues prediction contracts are swaps under its exclusive jurisdiction, countering state claims they resemble sports betting.
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  • Meta is directing staff to build a prediction‑markets platform called “Arena” that will use a points‑based system rather than real money.
  • DraftKings shares fell more than 2% after the news, closing down 2%.
  • Flutter Entertainment (parent of FanDuel) dropped nearly 2% intraday, though it ended the day up about 0.4%.
  • Robinhood’s stock also slipped following the report.
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  • CHF fell for a fifth straight day, down 0.15% to 0.8100 USD/CHF.
  • SNB warned of possible intervention as franc appreciation pressures rise.
  • Strong US manufacturing and services PMIs boost Dollar strength and Fed rate‑hike bets.
  • EUR/CHF slipped below the 200‑day SMA at 0.9227, targeting support at 0.9200 and 0.9180.
  • Technical outlook sees USD/CHF upside toward 0.8172 and potentially 0.8200.
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  • Bank of Korea expected to raise policy rate by 25 basis points to 2.75% at its July 16 meeting
  • KRW is the second‑weakest Asian currency, down 6.4% versus the USD YTD, versus a regional average decline of -2.9%
  • USD/KRW rose 0.4% to 1,537, driven by a stronger dollar
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  • AUD/USD slipped to around 0.6920, its lowest level in three months.
  • Australia's May CPI is expected at 4.2% YoY, with trim‑mean inflation at 3.4% YoY.
  • US ADP payrolls rose 30.75k, bolstering the USD and pressuring the AUD.
  • Technicals show AUD/USD below the 20‑period SMA (0.6989) and 100‑period SMA (0.7061), RSI near 20.
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  • DJIA edged up, staying above 51,500 while Nasdaq and S&P 500 fell amid a global memory-chip rout
  • Memory-chip stocks fell up to ~10% in South Korea, pulling technology shares lower across Europe and the US
  • Flash PMI showed manufacturing at 55.7, services at 51.3 and composite at 52.2, reinforcing a hawkish Fed stance
  • Core PCE is forecast to rise to 3.4% YoY (headline to 4% YoY) on Thursday, a key test for equity outlook
  • Technical: 52,000 resistance and 51,500 support; a break above 52,000 would signal bullish momentum
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  • Yen up 0.1% against the dollar, outpacing all G10 currencies
  • USD/JPY faces technical resistance near 162 and near‑term support around 160
  • Japan's preliminary services PMI entered expansion; manufacturing PMI rose to mid‑50s
  • Yield spread stabilization points to exhaustion in the USD/JPY advance
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  • Semiconductor index down almost 7% prompting demand for inverse exposure
  • Options volume on SOXS over three times its daily average, with calls outpacing puts >6:1
  • SOXS trades at just over $4 per share; 260,000 options traded versus 172,000 in SMH
  • Largest trade: sale of 300 in‑the‑money puts (13‑strike) for $327,000
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  • EUR/GBP trades near 0.8624 after a low of 0.8615, its lowest since March 20
  • UK composite PMI slipped to 49.4 (from 49.7) and services PMI to 48.7, indicating contraction
  • Eurozone composite PMI rose to 49.5 (from 48.5) and services PMI to 48.9, showing resilience
  • BoE policymaker noted the Bank Rate is 75 bps above neutral, hinting at possible cuts; ECB warned inflation will stay above target into 2027
  • UK political uncertainty after Starmer's resignation and Burnham's candidacy adds volatility to the pound
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  • USD/JPY holds near 161.52, staying above the 20‑period SMA (161.44) and 100‑period SMA (160.40)
  • US S&P Global PMI rose to 55.7 versus 54.8 forecast; ADP payrolls increased 30.75K, supporting the dollar but employment softness limits impact
  • US granted Iran a 60‑day oil sanctions waiver, keeping geopolitical risk in focus
  • Immediate resistance for USD/JPY at 161.74; support levels at 161.44, 161.42, 161.35 and 161.27
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  • GBP down 0.3% versus USD, holding near 1.31 support level
  • Preliminary PMI shows manufacturing at 53.1 and services at 48.7, both modestly below expectations
  • Scotiabank projects GBP/USD range of 1.3180‑1.3280 with support just above 1.30
  • Indonesia obtained a multibillion-dollar funding commitment from China for its first yuan-denominated sovereign bond.
  • Finance Minister Purbaya Yudhi Sadewa returned from Beijing with political support to attract Chinese investors.
  • Investor concerns remain over Indonesia's shifting rules and the impact on its budget outlook.
  • The panda bond aims to tap the Chinese market, marking Indonesia's inaugural yuan issuance.
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  • Analysts flag energy equities as a promising short‑term play
  • Technology shares are under pressure, prompting sector rotation
  • Investors may shift capital from tech to energy amid market turbulence
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  • Urea and other fertilizer prices fell sharply after peaking in late April.
  • Weak demand and recent Chinese export approvals are identified as key drivers.
  • Industry insiders warn the market may stay turbulent for several months.
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  • No industrial action expected until a further bargaining meeting on July 7.
  • Unions are pushing for a larger share of BHP's profits from iron ore operations.
  • Any disruption could halt iron ore shipments to China, Japan and South Korea.
  • Share buybacks by listed companies Jan‑May 2024 reached 16.2 trillion yen (~$100 bn)
  • Year‑on‑year increase of 34% compared with the same period last year
  • Record level for the period, nearing the total expected for the full year
  • Growth driven by unwinding cross‑shareholdings and capital‑efficiency push, led by Sony and Hitachi
  • Chinese TV and air‑conditioner makers have expanded market share across Southeast Asia over the past five years
  • Competitive pricing plus 24/7 support and innovative design are attracting younger consumers
  • Growth is eroding market share of Japanese and South Korean appliance brands in the region
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  • Yen rallied sharply after media reported finance minister Katayama and Treasury secretary Bessent held an online discussion.
  • The currency moved closer to its 40‑year low against the dollar, a level not seen since the early 1980s.
  • FX markets priced the talks as supportive for the yen, lifting it against the dollar.

Macro/Economy 46

  • U.S. Energy Department to provide $17.5 billion in loans for ten AP1000 nuclear reactors
  • Funding aims to cut construction costs and accelerate deployment by up to three years
  • Loans will be channeled through five SPVs; each project requires ~ $1 billion equity from Westinghouse and partners
  • Westinghouse’s parent Cameco shares rose >1% on the announcement
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  • Annual CPI forecast at 4.4% for May, up from 4.2% in April
  • Monthly CPI expected to fall 0.3% after a 0.4% rise previously
  • Trimmed Mean CPI projected at 3.5% YoY, slightly above 3.4% in April
  • AUD/USD trading below 0.7000, with support at 0.6855 and resistance near 0.7085
  • RBA cash rate held at 4.35% as it pauses after three consecutive hikes
  • Brent crude price expected to average $85 per barrel in 2026, potentially falling to $80 in H2
  • Domestic diesel price projected to average 35 baht per litre this year, down from 50.54 baht in April
  • EIC slashes average headline inflation to 2.6% for 2026, down from 3.6%
  • Super El Niño could intensify drought and heat, pressuring crop yields worldwide
  • War‑related disruptions to energy and fertilizer markets are tightening supply
  • Combined weather and geopolitical shocks may lift global food price inflation sharply
  • China's overcapacity not solely responsible for trade imbalances
  • Global economies struggle to adapt to shifting economic landscape
  • US and other countries face challenges in adjusting economic structures
  • ECB's Vujčić sees euro area growth at 1.1% in 2024, down from 1.5% in 2023
  • Inflation to remain above 2% in 2024, driven by energy prices
  • Monetary policy to remain accommodative, with interest rates on hold
  • Interim trade pact between India and US in final stage after February framework
  • India seeks tariff advantage; US imposes 10% blanket tariff until July 24 and 10‑12.5% on selected products
  • US officials say India pledged $500 bn of purchases, about nine times FY26 run‑rate
  • US Trade Representative Jamieson Greer to visit India on June 23‑24 to close discussions
  • Ukraine plans a joint reconstruction fund with Japan valued at tens of millions of dollars
  • Fund will involve Japanese firms such as Hitachi and Toshiba for equipment procurement
  • Goal is to revive Ukraine's industrial sector and support post‑war recovery
  • Economic Minister Oleksii Sobolev says discussions on terms will begin soon
  • May services PPI increased, signaling continued price pressure in the sector
  • Month‑over‑month change was modest, while year‑over‑year growth remained stable
  • The data adds to inflationary concerns ahead of upcoming monetary policy meetings
  • House approved the 21st Century ROAD to Housing Act by a 358-32 vote
  • Senate previously passed the bill 85-5, securing bipartisan support
  • Bill caps institutional investors at 350 single‑family homes and reduces regulations to boost construction
  • President Trump is slated to sign the legislation on Wednesday
  • $83.5 trillion expected to shift from baby boomers to heirs over the next 20 years, per UBS.
  • Billionaire families alone will pass about $6.9 trillion by 2040.
  • 53% of millennial investors seek private‑asset exposure; 62% discuss crypto with advisers, and 44% plan to increase crypto holdings.
  • 78% of Asia‑Pacific millennials want high‑risk opportunities versus 38% of boomers.
  • Bessent argues President Trump is channeling Alexander Hamilton's focus on national self‑sufficiency in economic policy
  • He highlights a push for stronger domestic supply chains and industrial capacity as a core of U.S. statecraft
  • The commentary suggests future U.S. policy may lean toward protectionist measures and strategic investment in key sectors
  • Marine scientist predicts a "Super El Niño" could drive 2026 to become the hottest year on record.
  • Europe already seeing heatwaves with temperatures hitting 40 °C and nearly 20 deaths reported in France.
  • Thailand's industrial zones are preparing for potential flooding, affecting over 103,000 businesses with combined capital above 2.19 trillion baht.
  • Commerce Secretary Howard Lutnick told executives the department is reviewing Chinese state‑subsidized robotics imports
  • Lutnick warned that robotic arms from China could threaten US manufacturers and hinted at possible policy measures
  • No decision has been made yet; the review is still underway
  • Monsoon rainfall so far 43% below average, forecast to stay weak through week ending July 2.
  • Seasonal rains, which supply ~70% of India's annual precipitation, arrived three days late in Kerala.
  • Weak monsoon threatens crops in the $4 trillion economy, raising concerns over food prices and growth.
  • El Nino is expected to produce the driest monsoon in 11 years, intensifying climate‑related risks.
  • June factory job cuts were the most since 2009, excluding the 2020 pandemic surge.
  • S&P flash manufacturing PMI rose to 55.7 in June, above the 54.8 consensus estimate.
  • Manufacturing employment is up 23,000 year‑to‑date in 2026, according to the BLS.
  • US economic growth slowed to a 1.6% annualized rate in Q1 2026 and 0.5% in Q4 2025.
  • OASI trust fund projected to run out in Q4 2032, leaving only 78% of scheduled benefits
  • Cassidy proposes a $1.5 trillion investment fund over five years to cover 60‑65% of unfunded liability over 65‑70 years
  • Merging retirement and disability trusts could extend solvency to Q3 2034 with 83% benefits payable
  • Reform needs 60 Senate votes and faces criticism over added borrowing and market risk
  • Euro area composite PMI slipped to 49.5 in June, staying below the 50 growth threshold.
  • Input price index fell 5.2 points to 64.7, yet remains 5.7 points above February levels.
  • Output price index dropped 1.7 points to 55.4, still 2.3 points higher than in February.
  • Manufacturing price pressures stay high, with both input and output price PMIs well above 50.
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  • US S&P Global Composite PMI improved to 52.2 in June from 51.5 in May, indicating economic expansion
  • Manufacturing output rose to 55.7 (vs. 55.1 prior) and Services PMI to 51.3 (vs. 50.7 prior), both beating expectations
  • USD strength persists despite limited reaction to PMI data, amid hawkish Fed signals and Middle East geopolitical risks
  • EUR/USD trades near 2026 low of 1.1411 with bearish bias as Fed policy uncertainty weighs
  • AI‑driven semiconductor exports reach record highs
  • Corporate profits in the chip sector hit all‑time highs
  • South Korean equity indices rise on AI chip boom
  • Policymaker warns windfall could fuel property speculation and widen inequality
  • Authorities will add economic‑security benefits, such as supply stability, to M&A screening criteria
  • Mergers with market share over 50% may be approved if they help stabilise domestic supply chains
  • Key sectors highlighted include naphtha production and shipbuilding
  • Existing condo prices in central Tokyo fell modestly in May, ending a recent upward streak.
  • Higher borrowing costs and slower price growth are curbing investment‑flipping activity.
  • The slowdown is viewed as a sign of waning demand for Tokyo investment properties.
  • Joint financing for Japanese corporates rose 18% to nearly $220bn in the last fiscal year.
  • Syndicated loan volumes have grown 44% over the past decade, hitting a new high.
  • Banks from Taiwan, China and South Korea are stepping in as domestic regional banks become more reluctant.
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  • Indonesia unveiled a 26.34 trillion rupiah (~$1.48 bn) stimulus for the second half of 2026
  • The package provides 10 kg of rice to 33 million people and holiday transport discounts
  • Policy aims to boost growth as the country faces a global energy crunch and a weakening rupiah
  • Fiscal boost follows a sharp depreciation of the Indonesian currency in recent months
  • Duty‑free small‑value imports jumped about 20% in 2025.
  • Authorities aim to abolish the tax exemption for low‑value personal imports by 2028.
  • The surge is raising concerns over market distortion from cheap foreign goods.
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  • Government target: raise household financial asset allocation to stocks, investment trusts and bonds from 23% to 40% by 2040.
  • Policy push seeks to shift Japan's traditional savings culture toward greater market participation.
  • Plans include relaxing financial regulations and expanding the NISA tax‑free investment scheme for retail investors.
  • Goal is to bolster domestic capital markets and support long‑term economic growth.
  • An April social‑media post claimed China's real‑estate boom relied on a Ponzi‑like investment model.
  • The post was quickly removed, but copies circulated, sparking public debate on the sector’s trust deficit.
  • Former developer Pan Shiyi urged a “restoration of trust” as developers grapple with a prolonged property slump.
  • AI adoption and rising inflation are viewed as new growth drivers for Japan’s wealth‑management industry.
  • LGT Private Banking’s Japan head says the end of deflation is boosting demand for tailored advice among ultra‑wealthy clients.
  • The bank anticipates heightened interest in bespoke investment solutions as AI reshapes portfolio construction.
  • Strong performances by Japan's men's team are lifting demand for official jerseys and match‑day beer.
  • Economic impact of the tournament on Japanese consumption is estimated to reach a minimum of $180 million.
  • Adidas' away jerseys have sold out, indicating heightened merchandise demand.
  • Government prohibits anyone under 16 from using social media platforms.
  • The rule threatens earnings of child influencers who monetize YouTube and Instagram.
  • Families rely on these incomes amid a shortage of formal jobs for youths.

Central Banks 8

  • Officials highlighted persistent inflation pressures, with CPI still above the 2% target
  • Divergence in views on timing of the next policy rate move, some favoring a cut later this year
  • Economic outlook sees modest growth, GDP forecast revised to 1.8% YoY
  • No consensus reached, leaving markets awaiting the final decision
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  • BoE policymaker Alan Taylor states extended rate hold is appropriate despite Bank Rate 75bps above neutral estimate
  • Admits UK enters economic shock with 'very weak' economy, raising downside growth risks and potential for quick rate cuts under scenario A
  • Warns 'nothing is off the table' in worst-case inflation scenario, preserving hawkish backstop but overall bias leans dovish for GBP
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  • Global imbalances expanding as China's capital outflows persist, with U.S. as top destination
  • BoC Governor Macklem highlights risks to financial stability from growing imbalances
  • U.S. dollar's attractiveness and leveraged trading strategies may prolong imbalances and increase fragility
  • European Parliament committee approves digital euro legal framework, targeting 2029 launch
  • ECB aims to reduce reliance on U.S. payment giants and dollar-pegged stablecoins
  • Offline digital euro to offer cash-like privacy; holding limits proposed to protect bank deposits
  • Warsh took over the Atlanta Fed president search after it was paused under former Chair Jerome Powell
  • Former Treasury official Michael Faulkender was cited as a potential candidate, but his status remains unclear
  • Warsh announced five task forces, staffed by outside experts, to review rate‑setting, balance‑sheet policy and communications
  • The Atlanta Fed seat has been vacant since February; the new president will join the FOMC voting rotation in 2027
  • Warsh’s hawkish remarks at his first FOMC meeting pushed market expectations for higher interest rates
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  • S&P Australia Flash Composite PMI for June shows weaker new orders and moderating price pressures
  • Output price inflation eased, lowering odds of an upside beat to the RBA's Q2 trimmed mean forecast (~1% q/q)
  • TD Securities expects the RBA to hold the cash rate unchanged at 4.35% in its August meeting
  • Slower domestic demand gives the RBA space to assess data before any policy shift

Energy/Oil 20

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  • US Treasury issues 60-day exemption for Iran to produce and sell crude oil in US dollars
  • Estimated $8-9 billion windfall for Iran from unlocking 67 million barrels of stranded crude
  • China expected to accelerate purchases aggressively, potentially shifting Iranian crude to a premium above Brent
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  • WTI fell more than 1% to around $73 per barrel, its lowest in nearly four months.
  • US granted a 60‑day waiver for Iranian oil exports, with over 30 million barrels shipped in the past week.
  • Analysts (ING, Rabobank) cut WTI forecasts, citing expected normalization of Strait of Hormuz flows.
  • Market focus shifts to the weekly API crude inventory report for demand clues.
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  • Dozens of oil tankers have activated AIS and announced intent to transit the Strait of Hormuz
  • The shift follows the US‑Iran memorandum of understanding on a peace deal, ending a dark‑mode period
  • Analysts view the move as a tentative reopening of the chokepoint, easing crude supply‑chain constraints
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  • Russia considers fuel imports to mitigate supply disruptions
  • Ukrainian strikes on oil refineries cause petrol and diesel shortages
  • Russia may offer subsidies to cap fuel prices
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  • API estimates a 765,000‑barrel draw in U.S. crude stocks for the week ending June 19
  • The prior week saw an 8.33 million‑barrel decline, the largest weekly drop in recent months
  • Commercial crude inventories (excluding the SPR) have shed 53 million barrels over the past ten weeks
  • Year‑to‑date U.S. crude inventories are down 2.1 million barrels, with the SPR absorbing most of the draw
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  • More than 11,000 seafarers will exit the Persian Gulf via the Strait of Hormuz under a coordinated IMO plan.
  • Ship transits rose to 93 vessels (June 19‑21) from 32 (June 12‑14), still well below the pre‑war level of over 100 daily.
  • Iran and the United States signed an MOU to reopen Hormuz, establishing two temporary maritime corridors north and south of the TSS.
  • Approximately 20% of global oil supplies normally pass through the strait, making the evacuation critical for energy market stability.
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  • Brent oil price drops to $76.5, its lowest level since early March
  • US sanctions exemptions for Iran valid until August 21
  • Ship traffic through Strait of Hormuz remains far below pre-blockade levels
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  • Interior Dept will revise BLM lease and waste‑prevention rules to lower regulatory burden on federal‑land drilling
  • Cleanup cost for an abandoned well will drop from $500,000 per well to a reduced amount
  • Policy aims to spur expansion of oil and gas drilling on U.S. federal lands
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  • Pemex and Petrobras signed a memorandum of understanding this week to jointly pursue oil and gas projects.
  • The agreement spans exploration, production, refining, natural gas and petrochemicals, with deepwater Gulf of Mexico exploration as the priority.
  • Both state‑owned firms aim to boost output and reduce debt by leveraging Petrobras’ deepwater expertise.
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  • Tanker hire rates in the Gulf rose from about $106,000 to over $190,000 per day in a week
  • The increase represents roughly an 80% jump, almost doubling the previous rate
  • Middle‑Eastern producers are scrambling to move crude stranded after the Hormuz disruption
  • Shipping firms are seeing a windfall as demand for VLCCs spikes
  • Italgas plans €13 bn ($14.8 bn) investment through 2032 under its 2026‑2032 Strategic Plan
  • Investment is 14.6% higher than the previous strategic plan
  • €8.3 bn ($9.5 bn) earmarked for network digitisation, AI integration and repurposing
  • Aim to build smarter, more flexible natural‑gas networks across Europe
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  • Crack spreads have widened to roughly $15‑$20 per barrel, up from about $10 a month earlier
  • Three major oil refiners are adding capacity to capture the higher spread
  • Analysts project refiners' earnings to improve as the spread stays above $12 per barrel
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  • TTF price forecast lowered to €47/MWh for Q3 2024, down from €60/MWh.
  • Q4 2024 forecast cut to €50/MWh, previously €69/MWh.
  • 2027 outlook reduced to €42/MWh.
  • Winter 2024/25 supply remains tight, with €49‑50/MWh forecast and upside risk from geopolitical tensions.
  • Strong Asian LNG demand and potential US‑Iran peace talks could push prices higher.
  • Japan to invest up to £9bn in UK offshore wind sector, contrasting with domestic project withdrawals due to cost overruns
  • Mitsubishi exited Akita/Chiba projects; Japanese firms cite unfavorable bidding rules and inflation exposure as key barriers
  • Scotland’s tax incentives and port infrastructure attract Japanese developers, while Japan’s coastal towns seek green jobs for just transition
  • Diesel supply tight, drivers report longer wait times at stations across Indonesia
  • Rolling blackouts prompt government to temporarily halt certain coal exports
  • Energy crisis most acute in Sumatra, affecting transport and power reliability
  • JERA will spend about 500 billion yen (≈$3 billion) on the project
  • The plant will be built in the United States to power a co‑located data centre
  • The investment targets rising electricity demand from AI‑driven tech firms
  • JERA is Japan's largest power producer, expanding its overseas infrastructure footprint
  • Regulators announce inspection schedule for energy facilities
  • Inspections could affect production and maintenance timelines
  • Industry expects minimal disruption but monitoring costs may rise
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  • U.S. natural gas futures down in early trading
  • Warmer weather outlook for early July supports prices
  • Solid production and comfortable inventories limit gains
  • Kanadevia, a Japanese environmental systems operator, will construct a biogas plant on Sicily.
  • The project expands Kanadevia's global rollout of biogas technology for decarbonisation and energy security.
  • Rising oil prices and the Ukraine conflict are driving European interest in self‑sufficient energy solutions.

Gold/Metals 14

+
  • Gold fell about 5% this month, trading near $1,950 per ounce
  • Fed's benchmark rate stays at 5.25%‑5.50% after latest hike, keeping real yields elevated
  • Higher real yields and a strong dollar pressured gold, limiting its safe-haven demand
+
  • Gold (XAU/USD) down 1.30% to $4,139, below recent high of $4,198
  • US Dollar Index up 0.40% to 101.39, a year‑to‑date high
  • 2‑year Treasury yield at 4.19%, 71 bps higher than early 2026
  • Technical: gold below 200‑day SMA at $4,446; bears eye $4,100 and $4,000 support
  • US data on Core PCE, GDP and jobless claims due Thursday
+
  • Gold trades around $4,130, staying near the $4,100 level after briefly slipping lower.
  • US Dollar Index (DXY) sits at 101.35, its highest level since May 2025.
  • FedWatch Tool shows a 70% probability of a September rate hike as rate‑rise bets rise.
  • US services PMI rose to 51.3 and manufacturing PMI to 55.7, both beating forecasts.
  • Technical support for gold identified near $4,044, with next major floor around $3,887‑$3,857.
+
  • China imposed export controls on antimony in 2024.
  • Antimony price jumped from $1,400 to $38,000 per ton, a 2,600% increase.
  • US-bound antimony shipments fell 97% after the ban.
  • REalloys (NASDAQ: ALOY) holds an exclusive 80% off‑take, positioning it for future rare‑earth policies.
+
  • Commodity Trading Advisors (CTAs) are large-scale sellers of copper, zinc, and nickel, shifting focus from supply risks to macro/demand-side weakness.
  • Upcoming US tariff decisions are expected to provide temporary support for copper prices.
  • Soft Chinese physical premiums and rising commercial inventories indicate a deteriorating demand profile for the red metal.
  • Copper prices would need to fall to $13,000/t before further systematic selling is triggered.
+
  • Gold price fell to near $4,100 in early Asian trading.
  • CME FedWatch tool shows an 86.1% chance of a Fed rate hike by year‑end, up from 61% last week.
  • Deutsche Bank cut its Q3 gold price target to $4,300, more than 20% lower than the previous forecast.
+
  • Gold prices rise as investors seek protection against sovereign debt risks
  • Higher government bond yields and fiscal concerns boost demand for gold
  • Analysts expect gold to remain a safe‑haven asset amid ongoing debt stress
+
  • Gold slipped about 5% over the past month, hitting its lowest level since early 2023
  • The drop coincided with a 2% rise in the U.S. dollar index and a 15‑basis‑point increase in the 10‑year Treasury yield
  • Inflation expectations eased, with the 1‑year breakeven rate falling to 2.5% from 2.8%
  • Analysts say geopolitical tensions have limited impact on gold, which is now driven by monetary‑policy outlook
+
  • Gold futures closed lower for a third consecutive day
  • Silver futures also fell, extending a losing streak
  • Risk-off sentiment weighed on precious metals
+
  • Deutsche Bank reduces its 12‑month gold price forecast by 22%.
  • The downgrade cites persistent inflation pressures and elevated interest rates.
  • The cut adds to a growing number of institutions with bearish gold outlooks.
+
  • California copper premium to LME widens to 20 cents/lb
  • Global copper market faces supply chain disruptions
  • Price gap may attract arbitrageurs, boosting global copper prices

Crypto 44

+
  • Chainlink partners with 47 European and South Korean banks in Project Pangea to test euro- and KRW-pegged stablecoins
  • Targets the $150 billion Europe‑South Korea trade corridor, aiming for near‑instant (T+0) settlement within 12 months
  • Uses existing SWIFT and ISO 20022 systems to translate payments into atomic swaps on the Pangea L1 blockchain
  • Stablecoin settlement could cut counter‑party and settlement risk, lowering liquidity costs for cross‑border FX trades
+
  • Bitcoin slipped below $60,000 on June 5, trading around $62,600 (3.5% down in 24h)
  • U.S. spot Bitcoin ETFs recorded six consecutive weeks of net outflows totaling about $6 billion
  • Deutsche Bank now expects the Fed to raise rates twice in 2026, reducing monetary support for crypto
  • AI investment projected to exceed $700 billion in 2026, diverting capital from Bitcoin
  • Executive order now requires post‑quantum key‑establishment schemes by 31 Dec 2030
  • Quantum‑safe digital signature schemes must be in place by 31 Dec 2031
  • Deadline cut by roughly five years compared with the previous schedule
  • Industry leaders such as Google and Cloudflare are already targeting 2029 for migration
+
  • Ether dropped 5% on Tuesday, wiping out gains from the previous 12 days
  • $170 million in long positions were liquidated as the price fell
  • US-listed spot Ether ETFs have recorded $910 million net outflows over six weeks
  • ETH perpetual futures funding rate turned negative, reaching -3% annualized
  • Ethereum still holds 53% of DeFi TVL despite a 23% decline in total value locked over three months
+
  • Bitcoin's realized price, around $53,457, has historically been breached before a cycle bottom was established.
  • Large whale cohorts have a cost basis between $49,000 and $54,300, indicating potential support.
  • Bitcoin may need to trade below its realized price to establish a definitive bear market bottom.
+
  • Kalshi adds India to its list of 55 restricted jurisdictions
  • Regulatory pressure on prediction markets grows with India, Spain, Indonesia, and others blocking access
  • Kalshi and Polymarket face scrutiny over sports and political contracts
+
  • Bitcoin fell 2.5% to $62,300 and Ether dropped over 4%
  • Nasdaq 100 futures slid 2.5%, pulling crypto lower
  • $717 million in liquidations hit altcoins, with some tokens down 5‑6%
  • DXY rose to 101.15, its highest in over a year, adding pressure on risk assets
  • Privacy coins DASH and XMR held up, each losing less than 1%
+
  • BTC/USD fell to $61,860, its lowest since June 11, breaking below $62,000.
  • Analysts flag a potential drop to $54,000 if Bitcoin closes under $64,000.
  • South Korea's Composite index fell 10% and Japan's Nikkei 225 dropped nearly 4% amid tech sell‑off.
  • Equity fund inflows in Korea and Taiwan surged to about +150% of AUM year‑to‑date, outpacing other markets.
  • Options market shows little volatility, with implied volatility remaining flat ahead of quarter‑end expiry.
+
  • Ethereum Foundation to cut 20% of workforce, eliminating 54 positions as part of restructuring
  • Nine senior leaders departed over past six months, raising governance concerns amid competition
  • ETHLabs initiative backed by major treasury firms and co-founder Joseph Lubin gains traction
+
  • Ripple obtained a preliminary Crypto Asset Service Provider (CASP) license from Luxembourg's CSSF under MiCA.
  • The approval enables Ripple to offer its stablecoin payment system across the EU and expand into broader crypto services.
  • MiCA allows a license granted in one EU member state to be used for crypto services throughout the bloc.
+
  • Proposal to redirect 0‑10% of validator rewards could raise 50,000‑70,000 ETH (~$82‑115 million) annually.
  • Former insiders warn a "slow‑burning" funding gap could emerge in 3‑9 months, with core development costs around $30 million per year.
  • Ethereum Foundation plans to cut spending by ~40% and lower annual outlays to 5% of treasury after 2030.
  • New nonprofit Ethlabs, backed by major investors, offers an off‑chain funding alternative.
  • Critics say the tax could favor large validators and reduce staking participation.
+
  • Prime Minister Keir Starmer resigns; Andy Burnham emerges as leading Labour PM candidate.
  • Labour government imposed a moratorium on crypto donations to political campaigns in March 2024.
  • Burnham, former Manchester mayor, signals optimism for blockchain but has offered no concrete policy details.
  • Industry expects focus on stablecoin framework and pilot programs rather than reversing the donation ban.
+
  • Roubini co‑authored a whitepaper for USAFi, a tokenized version of the Atlas America Fund ETF (USAF).
  • The token, called “Technodollar,” will be issued under Dubai's VARA framework in the third quarter of 2026.
  • Securitize will provide the tokenization infrastructure; the token is backed by U.S. Treasuries, real estate, gold and commodities.
  • Tokenized asset market already exceeds $30 billion (excluding stablecoins) according to RWA data.
+
  • Senator John Kennedy dismissed claims that crypto drives US affordability issues.
  • Digital Chamber CEO Cody Carbone testified to the Senate Banking Committee on crypto benefits.
  • The CLARITY Act is advancing but faces ethics and jurisdiction concerns; no Senate floor vote set.
  • Sen. Jim Banks queried stablecoin costs versus traditional foreign remittances.
+
  • 90-day average spent by holders acquired >5 years ago fell to 962 BTC, the lowest level since November 2024.
  • Spending peaked at 3,860 BTC in May 2024, with earlier peaks of 3,200 BTC (Feb 2025) and 2,360 BTC (Sept 2025).
  • Adjusted net unrealized profit/loss (aNUPL) slipped to -0.14, indicating holders are back in unrealized losses as BTC trades near $62,500.
  • Halving-cycle analysis places the next potential Bitcoin bottom in early September 2026 (826 days after the July 2026 halving).
+
  • Fortitude Mining will merge with HeartSciences, creating a Nasdaq‑listed company under ticker TUDE
  • HeartSciences shares rose as much as 91% after the merger announcement
  • Fortitude’s Zcash production hit 157,000 ZEC annually, valuing the token at about $413 and a $6.9 bn market cap
+
  • CFTC Chair Michael Selig said perpetual contracts are not a natural fit for agriculture and other traditional commodity markets
  • The agency recently approved Bitcoin perpetual futures on Kalshi and granted a no‑action stance for Coinbase
  • CME sued the CFTC over the approvals, alleging violations of the Commodity Exchange Act; Senate vote on the CLARITY Act is upcoming
  • Asset managers are speeding up tokenized ETF projects driven by fear of missing out.
  • Regulatory, trading infrastructure and market‑structure issues remain unresolved.
  • Issuers risk reputational damage as third parties tokenise existing ETFs that trade outside traditional markets.
  • Tokenised funds promise 24/7 trading, faster settlement and broader investor access.
+
  • CBOE is exploring a shift from continuous BTC and ETH futures to perpetual futures.
  • CFTC approval enabled Kalshi's crypto perpetuals, generating over $8.5 billion in volume within weeks.
  • DeFi platforms processed $22.5 billion in perpetual futures in the last 24 hours and $663 billion over 30 days.
+
  • Bitcoin price stalled around $62,500, with support near $62,000
  • Rolling crypto liquidations neared $1 billion over the past 24 hours
  • Micron Technologies' Q3 earnings, due Wednesday, are cited as a volatility driver
  • US S&P 500 and Nasdaq fell about 1% and 1.3% respectively amid crypto market stress
+
  • Demand for tokenized SpaceX shares topped $1 billion, with Binance Wallet alone attracting >$500 m
  • Platforms including Bybit and Bitget returned investor funds after failing to secure enough underlying SpaceX shares
  • The failure highlights that tokenized equities cannot create shares that do not exist, limiting future crypto‑based stock offerings
  • SEC postponed tokenized U.S. equity rollout (announced last week) due to compliance readiness concerns
  • Investor Michael Burry warned the move could trigger systemic risk, citing past fraud losses of $600 million
  • Current settlement lag of 1‑2 days highlights need for real‑time compliance; experts say 12‑24 months to develop cognitive systems
  • Tokenization risk tied to inadequate regulatory intelligence and entity‑graph analysis, per industry veterans
+
  • Four major unresolved issues remain before the Digital Asset Market Clarity Act can reach a Senate floor vote, including ethics restrictions on officials' crypto ties
  • Crypto industry lobbyists are intensifying efforts with a fly-in event this week, aiming for a July 13 vote amid tight timeline before summer recess
  • Key sticking points include DeFi liability protections, stablecoin yield disputes, and Commodity Futures Trading Commission appointments
+
  • Franklin Templeton acquires 250 Digital, forming new crypto division with $1.7T AUM backing
  • New unit led by crypto veterans Christopher Perkins and Seth Ginns, combining 250 Digital’s team and strategies
  • Firm commits own capital to liquid crypto strategies, signaling institutional push into digital assets
+
  • EU Parliament committee approves digital euro draft with 43–14 vote, targeting 2029 launch
  • Privacy-by-design features and offline payments (no refunds if device lost) included in proposal
  • Holding limits and no interest payments proposed; businesses limited to 24-hour digital euro holdings
  • ECB to distribute via banks, payment providers, and regulated crypto firms; free basic services
  • Former BIS GM Agustín Carstens now endorses stablecoins for financial inclusion and innovation, reversing earlier criticism
  • Calls for global regulatory frameworks to enable stablecoin-fiat coexistence and prevent liquidity risks
  • BIS maintains skepticism, citing stablecoin market size and structural limitations despite tokenization endorsement
+
  • Deribit’s DVOL shows 30‑day implied volatility at 41.5%, down from February’s 90% peak
  • $10 bn of Bitcoin options set to expire on June 26, with net long puts in‑the‑money
  • Call spreads are attractive as call volatility is cheaper than put volatility
  • Core PCE data release could boost volatility across assets, including Bitcoin
+
  • THORChain halted trading on May 15 after a $10.7 million exploit of its GG20 signature scheme.
  • Security upgrades and vault migration restored full network activity on June 12.
  • Emergency patch applied May 20; major upgrade released June 9 with follow‑up fixes on June 11.
  • Plans announced to add Zcash and Monero swaps within two weeks and support Bittensor (TAO) in about six weeks.
+
  • Bitcoin network draws 138–175 terawatt-hours per year, depending on the model used
  • That energy consumption translates to about 500 barrels of oil equivalent per Bitcoin, up to 600 barrels on higher estimates
  • Around 164,000 new Bitcoins are minted annually, providing the per‑coin oil figure
  • In 2017 the estimate was ~20 barrels of oil per Bitcoin, highlighting a sharp rise in energy intensity
+
  • Tanya Denisova, ex-Robinhood Crypto COO, appointed head of operations at stablecoin issuer Agora
  • AUSD stablecoin processed $20B in Q1 2026 transfers, up 355% YoY
  • Agora expanding product offerings and regulatory licenses under Denisova's oversight
+
  • Binance co‑founder Yi He warned that an individual using the alias “Zhu Pan” impersonated her in a scam attempt
  • CoinUp publicly stated Zhu Pan is not part of its management or core operations
  • CoinUp token (CPX) recently reached an all‑time high above $0.829, with price swings attributed to selling pressure
  • The episode underscores reputational risk for crypto platforms amid rapid social‑media allegations

Geopolitics 61

  • 86% of correspondents in China had interview requests declined or canceled
  • 38% of correspondents reported being harassed or intimidated by Chinese colleagues
  • Newsrooms soften language or drop stories to maintain access to China
  • UN Commission of Inquiry released report on June 23, 2026 detailing effects of Gaza war and West Bank occupation on children
  • Report records tens of thousands of Palestinian children surviving conflict, alongside those killed
  • Findings call for accountability and highlight humanitarian concerns for children in the region
  • Senate approved a bipartisan measure to curb the president's authority to initiate military action without congressional consent
  • The legislation reflects growing concerns over executive war powers after recent overseas engagements
  • U.S. technology stocks continued to fall, with the Nasdaq slipping roughly 1% as the sell‑off accelerates
  • President Trump pushes back on Iran's claim that there are no plans to allow IAEA inspectors.
  • Iran's foreign ministry maintains it will not permit nuclear inspectors to enter the country.
  • Trump threatens to cancel further peace talks if Tehran blocks inspector access.
  • Kim Jong-un announced plan to arm the navy with nuclear weapons.
  • Plans unveiled to build 10,000‑ton warships, twice the size of recent 5,000‑ton vessels.
  • Two 5,000‑ton warships launched last year, including the Choe Hyon commissioned in Nampo.
  • The development heightens regional security concerns amid ongoing tensions.
  • UN inquiry says Israel deliberately targeted Palestinian children, constituting genocide, crimes against humanity and war crimes
  • Report documents over 20,000 child deaths in Gaza between Oct 2023 and Oct 2025
  • Israel has formally rejected the UN's findings
  • Allegations may increase diplomatic pressure and affect international aid discussions
  • UN International Maritime Organization begins evacuating over 11,000 sailors trapped in the Strait of Hormuz.
  • Shipping traffic rose to at least 36 commercial vessels on Monday, the highest level since the conflict began.
  • France and Britain launched an international maritime mission, with Denmark joining to help reopen the waterway.
  • A US‑Iran memorandum to end the US‑Israel war facilitates the evacuation and potential reopening of the strait.
  • A US‑Iran mediated ceasefire has halted months of Israeli bombardment in southern Lebanon
  • Thousands of displaced Lebanese are moving back to shattered towns in the south
  • Humanitarian officials warn the truce remains fragile and could collapse
  • China's National Energy Administration chief visited Kazakhstan to launch a joint nuclear energy working group.
  • Kazakhstan approved a protocol for cooperation and selected China National Nuclear Corp to build two large‑scale reactors.
  • China is eyeing a $2 billion investment in Uzbekistan's mining sector as part of a broader Central Asian outreach.
  • The United States renamed the Indo-Pacific Command back to U.S. Pacific Command, signaling a lower priority for the Indian Ocean.
  • Washington’s shift emphasizes a Pacific‑centric focus and treats India as secondary to China and Pakistan.
  • India complied with U.S. pressure, cutting Russian oil purchases and accepting a 50% punitive tariff while pledging $500 bn of investment in the U.S.
  • The move aligns with new U.S.-backed corridors (IMEC) that bypass Iran and a growing partnership with Pakistan.
  • EU summit calls for dialogue with China while pushing new trade defense tools, leaving policy fragmented
  • EU imposed 17-35.3% tariffs on Chinese EVs in Oct 2024; China retaliated with 4.9-34.9% duties on EU pork, dairy, brandy
  • Germany and Spain’s shifting positions underscore EU’s lack of unified strategic approach to China
  • Regulatory battles span EVs, ceramics, tech (Huawei), rare earths, and dual-use export controls
+
  • US-Iran ceasefire could ease oil flow disruptions, but Strait of Hormuz congestion may persist for 6+ months
  • China’s nuclear expansion to 1,000+ warheads by 2030 threatens Indo-Pacific stability, per ASPI fellow
  • Iran’s leverage via Strait of Hormuz and drones reshapes global conflict dynamics, per former Australian diplomat
  • EU leaders call for expanded trade defense toolbox targeting 'global macroeconomic imbalances'
  • Proposed measures include sector-wide tariffs in chemicals and green tech industries
  • EU moves align with US Section 301-style policies despite past criticism
+
  • China plans reconstruction assistance for Iran after Tehran signs U.S. war‑ending agreement
  • Aid aims to deepen economic ties and help secure the oil China imports from Iran
  • Beijing must navigate diplomatic sensitivities with the United States and Gulf states
  • Dozens of American companies added to China's export control and procurement blacklist
  • Restrictions target sectors including drones and rare‑earth materials
  • Move deepens trade tensions between the United States and China
  • Alibaba filed a lawsuit challenging the DoD's designation of it as a 'Chinese military company'.
  • The DoD's June list also includes Baidu, BYD and NIO as firms allegedly aiding Beijing's military.
  • Alibaba argues its board is independent and its products are retail, logistics and enterprise IT, not defense.
  • Former Marine reservist Benjamin Song received the maximum 100‑year sentence for opening fire during a July 4 protest.
  • Seven co‑defendants were sentenced to terms between 30 and 70 years, including two 50‑year sentences.
  • Prosecutors classified the shooting as domestic terrorism and tied the defendants to antifa, a group labeled a terrorist organization by former President Trump.
  • The case marks the first sentencing of alleged antifa affiliates under the Trump‑era domestic terrorism designation, sparking concerns over protest and free‑speech rights.
  • US authorities expand the China Initiative, targeting Chinese scientists and researchers in immigration cases.
  • Legal experts say the new effort is more aggressive than the original Trump-era program.
  • The move reflects heightened U.S. security concerns amid broader U.S.-China tensions.
  • Senate joins House in passing a resolution to halt the Iran war
  • Resolution rebukes former President Trump's stance on the conflict
  • Bipartisan majorities signal growing congressional pressure for diplomacy
  • Trump held a rally in Pennsylvania targeting Rust Belt voters ahead of the election
  • Campaign emphasizes the impact of rising inflation on household budgets
  • Iran-related foreign‑policy issues are highlighted as a national security concern
+
  • Expanded U.S. sanctions on Cuba halted the supply of Cuban cobalt concentrate to Sherritt's Fort Saskatchewan plant.
  • Sherritt International (TSX:S) began shutting down the refinery, stopping refined cobalt production.
  • The closure removes Canada's sole primary cobalt refinery, potentially tightening global cobalt supply.
  • US Ambassador Mike Huckabee and other Trump allies met Israeli officials to discuss concerns over the US-Iran interim nuclear agreement.
  • They stressed that the US‑Israel strategic partnership remains strong despite recent White House criticism of Israel.
  • The outreach aims to calm Israeli worries about possible shifts in US policy toward Iran.
  • Bill Gates testified before the House Oversight Committee on June 10, expressing regret over meetings with Jeffrey Epstein.
  • Gates said the contacts were aimed at securing financial support for the Gates Foundation and that he should never have met Epstein.
  • The panel also released testimony from Epstein’s former assistant Lesley Groff, who called Epstein a "master manipulator" and said she never saw illegal conduct.
  • Treasury sanctions five Cuban entities and one individual, including state-owned miner GeoMinera.
  • The action seeks to curb Chinese-backed mining projects and diversify critical mineral supply chains.
  • U.S. persons are prohibited from dealing with the targeted firms and any U.S.-held assets are frozen.
  • The move aligns with broader U.S. efforts to limit China’s influence in Caribbean mining.
  • Kalshi traders assign a 54% probability that Valdez and Lander win while Chevalier loses
  • Lander is given near‑certain odds to secure the Democratic nomination in NY‑10
  • Valdez has roughly an 80% chance to win the Democratic nomination in NY‑7
  • Incumbent Espaillat is favored with about a 66% chance to defeat Chevalier in NY‑13
  • Micah Lasher is assigned a 74% probability to win the Democratic nomination in NY‑12
  • Rubio arrived in Abu Dhabi to begin a Gulf visit focused on Iran negotiations
  • Objective is to advance a US-Iran peace deal with regional partners
  • He noted recent talks laid groundwork but more consultations are required
  • Keiko Fujimori leads with 50.11% vs Sanchez's 49.89% as of 99.7% of votes counted
  • Margin between candidates is roughly 40,687 votes
  • Sanchez seeks nullification of results from 119 overseas consular offices over procedural change
  • Over 2,506 polling tables abroad represent about 1.2 million voters (≈4.4% of the electorate)
  • Sanchez announced protests and will not recognise a Fujimori presidency
  • Iranian President Masoud Pezeshkian arrived in Pakistan for diplomatic talks
  • Negotiations aim to secure a permanent end to the US-Israeli war on Iran
  • Pakistani Prime Minister Shehbaz Sharif says Iran's ballistic missile program was not discussed
  • Mediators continue efforts to advance a new peace deal
  • Senate voted 50-48 to pass a resolution pausing further US military action against Iran
  • Resolution marks the first war powers bill to pass both the House and Senate
  • Four Republican senators broke ranks; only one Democrat voted with Republicans
  • President Trump is expected to veto the measure, rendering it largely symbolic
  • Poll shows only 24% of Americans view the Iran war as worth its cost
  • Iran allocated a plot at Shahid Rajaee Port for a Kazakh logistics terminal; Kazakhstan offered berths at Aktau and Kuryk
  • Both countries reaffirmed a joint target of 20 million tonnes per year on the International North‑South Transport Corridor (INSTC)
  • Bilateral trade recovered to $430.2 million in 2025, up 26.4% from 2024, after falling to $165.2 million in 2023
  • The missing 162‑km Rasht‑Astara rail link, agreed in Feb 2026, remains critical for the western INSTC branch
  • Kazakhstan’s east‑west rail network and Caspian ports position it as the primary rail gateway between China and Iran
  • Israeli forces, including two Merkava tanks, were observed in Syria's Quneitra region.
  • The incursion breaches the 1974 Israel‑Syria Disengagement Agreement.
  • Tensions risk rising on the Israel‑Syria front amid broader regional instability.
+
  • 6-3 ruling lets ExxonMobil sue Cuban state-owned company CIMEX under Helms‑Burton Act.
  • Potential compensation for Exxon estimated at about $3 billion, including interest and damages.
  • Decision gives US administration extra leverage over Cuba amid existing oil embargo.
  • Follows a similar Supreme Court ruling last month, reinforcing legal pathway for US owners of confiscated Cuban property.
  • Russia says the US has failed to honor "understandings" from the August Trump‑Putin summit
  • Three senior Russian officials have voiced the complaint within a three‑day span
  • Ukraine's drone attacks on Russian territory have intensified, including two strikes on Moscow oil facilities last week
  • Keir Starmer announced his resignation after less than two years in office
  • He becomes the sixth UK prime minister to leave office since 2016
  • Resignation comes one day before the fifth anniversary of the Brexit vote, highlighting Brexit's role in leadership instability
  • Labour Party will launch a leadership contest to choose Starmer's successor
  • PPP secured 9 of 21 seats in Gilgit‑Baltistan poll announced June 19.
  • PTI alleges rigging by the military; Imran Khan remains jailed since August 2023.
  • Army chief Asim Munir, now chief of defense forces, leads crackdown and deepens US ties.
  • PTI leaders are open to a compromise on the government’s "charter of democracy" after recent talks.
  • 2014‑2016 oil price war prompted Saudi Arabia to pivot from the US to China and Russia.
  • During Donald Trump's second term (2017‑2021), the US regained a core partnership with Riyadh.
  • After the 2023 Operation Epic Fury against Iran, Saudi Arabia appears to favor a non‑US superpower ally.
  • The realignment could reshape geopolitical dynamics in the Middle East.
  • Julie Eadeh, US Consul General in Hong Kong, expressed optimism about US‑China ties.
  • She held her first media briefing since taking the post in August.
  • The briefing coincided with the US 250th Independence Day celebration in Hong Kong.
  • Quad foreign ministers met in New Delhi, announcing port projects in Fiji and new critical‑minerals initiatives
  • Quad pledged over $50 bn in Indo‑Pacific investments by 2027; Indian Ocean port spending is ~$3 bn versus China's $4 bn
  • No leaders‑level summit since September 2024, but monthly working‑group engagements persisted, including a coast‑guard effort in June 2025
  • Second Quad Track‑1.5 Leadership Dialogue held in Sydney in February 2026, centering on maritime security and data sharing
  • Participants urged prioritising maritime security as a collective deterrence tool and expanding the Indo‑Pacific logistics network
  • Labour leader Keir Starmer announced his resignation after losing support within the party.
  • Andy Burnham is seen as the frontrunner to replace Starmer as the UK's seventh prime minister in ten years.
  • Analysts expect Burnham to continue Starmer's pragmatic stance toward China, avoiding major policy shifts.
  • Domestic economic challenges are projected to be Burnham's immediate priority over foreign policy.
  • HK$64m laundered, including 4m yuan bribe
  • Son of former mainland Chinese official
  • Remanded in custody pending sentence
  • China has constructed the tallest environmental observation tower in the South China Sea, according to its meteorological administration.
  • The tower stands at 100 meters (330 feet) tall, almost three times higher than previous structures in the region.
  • It is engineered to withstand extreme weather conditions, including super typhoons with wind speeds over 200km/h (125mph), heavy waves, high humidity, and salinity.
  • The structure is equipped with sensors for continuous, real-time data collection on environmental factors like wind speeds.
  • Cyberattacks disrupted card-based banking services at Bank Melli, Bank Saderat, and Bank Tejarat.
  • ATM services, point-of-sale terminals, and mobile applications linked to card systems were affected.
  • Iranian state media cited the central bank as saying the issues should be resolved by Wednesday morning.
  • Peter Murrell sentenced to 5+ years in prison for embezzling £400,000
  • Funds used to buy cars, motorhome, and luxury goods
  • Ex-SNP leader Nicola Sturgeon cleared of wrongdoing in related probe
  • Liaoning completed over 40 days of far‑sea combat training and returned to Qingdao.
  • The carrier practiced aerial refueling using land‑based tanker aircraft.
  • It coordinated operations with an amphibious assault ship for the first time.
  • Exercises aim to boost China’s blue‑water combat capability.
  • Conference of Rulers meeting set for June 23‑25 was cancelled at the last minute
  • Postponement escalates a throne dispute in Negeri Sembilan, exposing coalition tensions
  • The crisis adds electoral risk for Prime Minister Anwar Ibrahim ahead of snap elections
  • China’s export controls on critical minerals limit EU access to rare‑earth supplies needed for defense projects.
  • EU leaders urge faster diversification, targeting new partnerships with Japan, Malaysia and India.
  • German firm Rheinmetall is converting automotive plants to produce loitering‑munition drones, highlighting supply‑chain shifts.
  • A Lowy poll finds a clear majority of Australians now view China as an economic partner rather than a security threat.
  • Only 21% of respondents say they trust former US President Trump to do the right thing, a level equal to confidence in Chinese President Xi Jinping.
  • The perception shift follows strained ties during the COVID‑19 pandemic, indicating improving bilateral sentiment.
  • Taiwan launches a five-day combat-readiness exercise this week.
  • The drill emphasizes rapid deployment and realistic, unscripted scenarios.
  • It reflects growing concern over Chinese maneuvers near Taiwan.
+
  • Nvidia, Apple and Micron among the largest foreign exhibitors at the China International Supply Chain Expo.
  • Beijing added additional U.S. firms to its export control list on the expo opening day.
  • The event highlights the complex mix of cooperation and tension in Sino‑American technology supply chains.
  • Japan and France sign a joint statement to boost collaboration on critical minerals
  • Both governments commit to a joint investment in a rare‑earth recycling project
  • The partnership aims to diversify supply chains and reduce dependence on China
  • Cooperation is part of a broader push for economic security amid rising nationalism
  • Defence Minister Adul Boonthamcharoen said Thai forces remain vigilant but no troop buildup at the Thai‑Cambodian border.
  • He denied reports that Chinese‑supplied tanks have been deployed or that explosions occurred on Thai soil.
  • The Royal Thai Air Force clarified recent night F‑16 flights were routine training exercises.
  • US DHS permits Iran football team to enter the US two days before their June 26 group‑stage match against Egypt
  • The team must depart the US on the day the match ends; overnight stays are not allowed
  • No reason was given for the restriction, which coincides with a recent de‑escalation in US‑Iran tensions
  • Iran arrives with two points from two games; a win would guarantee progression to the knockout stage
  • Fans traveling to the North American World Cup face visa denials and entry hurdles
  • Players, such as Iran's squad, are subjected to sniffer dog searches and forced to base outside the US
  • US immigration policies under President Trump are creating obstacles for the global tournament
  • Emerson College poll shows Lander ahead of Goldman by 34 points in the Democratic primary for New York's 10th district.
  • Prediction market odds on Kalshi approach 100% in favor of Lander winning the primary.
  • Incumbent Goldman has pledged up to $1 million in campaign donations to contest the race.
  • Lander opposes Section 485‑x housing tax incentive, drawing criticism from building‑trade unions.
  • NY-12 Democratic primary features AI-regulation focus with $10M Bloomberg backing Lasher vs tech-aligned Bores
  • Zohran Mamdani's endorsements in NY primaries aim to prove progressive movement's transferable power beyond City Hall
  • AIPAC-backed super PAC spends $650K in NY-13 to support Espaillat against progressive challenger Avila Chevalier
  • Maryland's 5th District primary sees $8.8M outside spending including $4.9M from crypto-backed Protect Progress
  • Utah redistricting creates Democratic-leaning 1st District, reshaping GOP vs Democratic House race dynamics
  • Survey indicates majority backs certain security reforms, while many remain unsure about others
  • Prime Minister Sanae Takaichi faces tension between government ambitions and public uncertainty
  • Ambivalence could complicate Japan's efforts to revise its defence policy
  • Senator Pauline Hanson, leader of One Nation, was previously a frequent target of mockery
  • Recent polling shows her now ranked as the most popular Australian politician
  • Her rise follows a 30-year pattern of consistent messaging and right‑wing populist branding
  • 81 years after the Battle of Okinawa, commemorations are held on the anniversary.
  • Students born after the war are gathering and posting first‑hand accounts on Instagram.
  • The group Sustainable Okinawa coordinates the effort to document and share wartime stories.
  • Social media is being leveraged as a modern archival tool for historical memory.

Tech/AI 37

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  • The Trump administration has asked Meta to voluntarily share its Muse Spark AI model for a security review.
  • Meta remains the only major U.S. AI developer without a voluntary review agreement, after Google DeepMind, Microsoft, xAI and others have complied.
  • The request follows a June 2 executive order establishing a 30‑day voluntary framework for "covered frontier models" to be examined by the government.
  • Earlier this month, the U.S. ordered Anthropic to block foreign‑national access to its most advanced AI models over national‑security concerns.
+
  • US tech indices fell about 1.5% as investors worry AI spending may outpace earnings and valuations look stretched
  • Oracle announced layoffs affecting thousands of employees
  • SpaceX shares rose, snapping a multi‑day losing streak
  • Blackstone plans a $30 billion investment in AI data centers in Japan.
  • Funding will be allocated over a three- to five-year horizon.
  • President Jonathan Gray warns that lacking computing capacity is riskier than an AI bubble.
  • The commitment highlights rising demand for AI infrastructure in the Asian market.
+
  • Philippe Laffont predicts a $10 trillion company in the next 15 years
  • Assumes global economy grows to $200 trillion and largest company takes 5% market share
  • Nvidia is seen as a cheap stock with a forward P/E ratio of 19.66
  • Goldman Sachs halted Anthropic AI use in April; JPMorgan followed last week, citing U.S. export rules.
  • Anthropic’s terms mirror Washington's strict limits on Chinese access to frontier AI models.
  • The bans underscore rising U.S.-China tech tensions and could spur growth of domestic Chinese AI alternatives.
  • Anthropic introduced Claude Tag, an AI agent summoned in Slack threads via “@Claude”.
  • Claude Tag is in beta for Claude Enterprise and Claude Team customers, with expansion to other platforms planned.
  • Anthropic’s valuation rose to $965 billion, overtaking OpenAI, and it has filed confidentially for an IPO.
  • Admins can tightly control the data and tools Claude Tag can access in each Slack channel.
  • Google's YouTube settled a California state case claiming it damaged a teen's mental health; settlement terms remain confidential
  • The suit is among more than 3,300 social-media addiction lawsuits pending in California state courts and 2,600 in federal court
  • Earlier related cases saw Meta ordered to pay $4.2 million and Google $1.8 million, with a federal district settlement of $27 million
  • Three other platforms—Instagram, Snapchat and TikTok—remain slated for a second trial beginning July 27
+
  • U.S. equity indices dropped sharply amid AI concerns
  • Technology stocks led the sell‑off
  • Investors question the long‑term strength of the AI boom
  • Legion LegalTech filed a lawsuit in Washington D.C. federal court challenging a June 12 Commerce Department order
  • The order forced Anthropic to disable its Fable 5 and Mythos 5 models for all foreign nationals, cutting off access for Legion’s Canada team
  • Legion says the restriction causes immediate, irreparable harm to its AI‑driven legal drafting platform
  • Anthropic previously sued the administration over a supply‑chain blacklist linked to military AI use
  • Tech indices dropped sharply on Tuesday as the selloff intensified
  • Rising interest-rate expectations are heightening valuation concerns
  • Analysts warn that stretched valuations could trigger further reversals
  • MFC projects global memory chip market to rise from $214 bn in 2025 to $1.68 tn by 2028
  • AI, infrastructure and energy identified as key growth sectors for the next 12 months
  • Five market drivers cited: interest‑rate policy, resilient earnings, AI trend, capital rotation, easing geopolitical tensions
  • Investors warned of inflation volatility, rate‑decision uncertainty, AI monetisation risk, US midterms and trade tensions
  • M-MEM fund targets memory‑chip leaders such as Samsung, SK hynix, Micron, Western Digital and Intel
  • Menlo Ventures closed a $3 billion fund, the largest in its 50‑year history.
  • The fund’s growth was fueled by a $750 million stake in Anthropic, now valued at about $14 billion.
  • Menlo structured $500 million of the Anthropic investment via a special purpose vehicle and contributed $250 million from its own capital.
  • The firm also launched a $100 million startup fund with Anthropic, now deployed around $250 million across 60+ AI startups.
  • FCC auction of mid‑band spectrum raised over $3.5 billion.
  • Up to $3.3 billion will fund the “Rip and Replace” program to purge Huawei/ZTE equipment.
  • Program cost is estimated at $4.98 billion, with $1.9 billion previously approved by Congress.
  • 42 % of federal recipients have completed equipment removal, facing permitting and supply‑chain delays.
  • LineShine achieved 2.198 exaflops, overtaking the previous leader El Capitan's 1.809 exaflops.
  • The ranking marks China's first appearance at the top of the TOP500 since 2017.
  • The announcement was made at the International Supercomputing Conference in Hamburg.
  • 77% of 534 surveyed French mid-sized firms use generative AI, per Bpifrance survey
  • Only 17% of AI users report time savings; 23% of regular users see productivity gains vs 12% of occasional users
  • 78% expect AI to boost productivity long-term, up 11pp from 2023
  • 55% cite demand weakness as primary growth constraint; 2026 cash-position outlook balance at -12
  • Finland may approve Tesla's FSD system before EU-wide decision in October 2026
  • Traficom assessing key areas: driver control, overtaking in low-visibility conditions, and speed offset feature
  • Around 6,500 cars in Finland equipped with FSD system, 0.24% of passenger vehicles
  • Long March-12 rocket employed a new 'super fuel' in its latest launch.
  • The fuel is claimed to boost payload capacity by roughly 10%.
  • China seeks larger payload capability for commercial satellites and lunar missions without larger airframes.
  • DES Ministry will roll out TH‑AI Passport by July, adhering to original timeline
  • Program aims to give five million Thai citizens free premium AI tools, budgeted at 1.6 billion baht
  • Critics cite budget, procurement and political‑link concerns; officials assert legal compliance and consider pay‑per‑use option
+
  • Samsung receives increased AI chip production requests from BYD, Google, AMD and Tesla.
  • TSMC's capacity is reported to be under strain as AI demand surges.
  • Companies are turning to Samsung to secure advanced node capacity for upcoming AI workloads.
  • New sensor shipments begin this month from Sony Semiconductor subsidiary
  • Resolution increased by more than 20% versus previous models
  • Design uses realigned pixel color filters to boost image detail
  • Supports 4K video capture at 120 frames per second
  • Rakuten Group will create a satellite business joint venture with U.S. firm AST SpaceMobile within 2024.
  • The JV will purchase and operate its own satellites to enable direct-to-mobile communications across Japan.
  • Service aims to compete with rivals using SpaceX’s Starlink for satellite-to-cell connectivity.
  • The partnership expands Rakuten’s telecom offerings beyond traditional mobile networks.
  • Japan will establish AI dialogue frameworks with France and India
  • Additional talks planned with Brazil, Malaysia and the United Kingdom
  • Goal is to reduce reliance on U.S. and Chinese AI technologies and avoid "digital colonisation"
  • Line teams with 15 government and private agencies for the "Lifeline" disaster preparedness drive
  • Natural disasters have cost Thailand over 2 trillion baht and affected 68 million people in the past 20 years
  • Campaign promotes Line Alert Official Account and Line Safety Check, with a nationwide simulation on June 26, 11 am‑5 pm
  • Partners include Allianz Ayudhya, Central Group, Kasikornbank and other major Thai firms
  • American policymakers are pressed to act quickly on AI safety initiatives.
  • The goal is to prevent lagging behind global competitors in AI development.
  • Balancing rapid innovation with robust safety frameworks is highlighted as critical.
  • Sacramento County Sheriff’s Office deployed a quadcopter drone with a magnetic attachment to extract a knife from a motionless suspect.
  • The incident, filmed in early June 2026, was promoted as a "nationwide first" for drone‑based disarmament.
  • The operation followed a SWAT deployment after the suspect, described as a felon with a firearm, failed to respond to negotiators.
  • The video was shared on Facebook and Instagram on June 22, 2026, using a Mission: Impossible theme.
  • ABC aired a commercial asking viewers to write to the FCC opposing a rule change
  • The FCC is seeking public comment on whether "The View" is a bona fide news interview program
  • Existing FCC policy classifies daytime talk shows as news, exempting them from the equal‑time rule
  • The Construction Industry Council will hold the first Global AI and Smart Construction Conference (GASCCE) on June 24‑25 in Hong Kong.
  • The event will feature AI‑driven robotics and software designed to automate on‑site tasks and enhance worker safety.
  • Industry leaders anticipate the technologies will raise construction efficiency and lower labor costs.
  • Early Bird registration for TechCrunch Founder Summit 2026 closes on June 26 at 11:59 p.m. PT, offering savings up to $190.
  • The summit will be held on November 4 in Boston, bringing together over 1,000 founders and investors.
  • The event focuses on practical insights, peer-to-peer learning, and networking to help startups grow faster.
  • Topics include raising capital, scaling revenue, hiring, and preparing for major milestones like going public.
  • Groups of four or more attendees can save up to 30% on registration fees.
  • Ribbie converts real-time MLB data into 8-bit, pixel-art broadcasts with arcade-style animations
  • Creator Eric Brownrout built the tool in weeks using AI coding assistants (Claude Code, Codex)
  • Project leverages MLB's public StatsAPI, which courts have ruled cannot be copyrighted
  • $4M pre-seed round led by Luminar Ventures to develop AI video interview platform
  • Platform uses AI agents for 10-minute video interviews, converting responses into candidate profiles
  • Employers pay 10% of first-year salary upon hire; free for job seekers; early access opens this week
  • Author Cory Doctorow labels current AI enthusiasm a bubble and calls for separating hype from reality
  • He defines a "reverse centaur" as a human serving as a peripheral for an uncaring machine, e.g., AI‑monitored Amazon drivers
  • Doctorow argues the AI discourse is over‑talked and suggests focusing on practical impacts rather than hype
  • Farmers are integrating AI-driven monitoring systems for livestock and crops.
  • Drones are increasingly used for real‑time field surveillance and precision spraying.
  • Autonomous herding dogs, such as the 3‑year‑old kelpie "Sky," are being trained to manage sheep flocks.
  • Early adopters report improved efficiency and reduced labor costs.
  • Preferred Networks introduced a Japanese-optimized AI model.
  • The new model costs less than 50% of comparable OpenAI models.
  • It removes the need for English translation by using only domestic data.
  • Performance is claimed to be on par with OpenAI's models for Japanese tasks.
  • Sakana Fugu combines multiple large language models into a collaborative workflow for public use
  • The platform reportedly outperforms benchmark models such as Fable 5 and GPT‑5.5
  • Sakana AI is Japan's most valuable unlisted unicorn, valued at over $2.5 billion

Companies 56

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  • Chinese EV manufacturers led by BYD gain global market share, overtaking legacy brands in Singapore.
  • Legacy automakers face pressure to compete on technology, scale, and cost, with many posting losses or declining market share.
  • Analysts warn that new entrants from China may face significant problems as competition intensifies, including low resale value and barely profitable vehicles.
  • SpaceX announced a five‑tranche senior unsecured notes offering targeting at least $25 billion of funding.
  • Investor demand reached roughly $85 billion, signaling strong appetite for the bonds.
  • Proceeds will be used to repay bridge‑loan borrowings and finance AI data‑center, hardware, and power infrastructure.
  • The notes cover maturities of 5, 7, 10, 20 and 30 years, marking SpaceX’s first investment‑grade dollar bond issuance.
  • SpaceX shares rebounded after the announcement, ending a recent tech‑sector sell‑off.
+
  • Nippon Steel's interest-bearing debt more than doubles in a year
  • Rising interest rates increase burden of $11 billion acquisition debt
  • Shares slump as company struggles to show U.S. Steel revival benefits
+
  • GE Vernova's turbines to power Microsoft's new data center in Texas
  • Project Kilby expected to deliver 2.7 GW of capacity, equivalent to 2 million households
  • GE Vernova's backlog expected to reach $200 billion by 2027, a year earlier than expected
  • Meta is assembling a small team to build a prediction‑markets smartphone app dubbed “Arena”.
  • The app will initially use a points‑based system rather than real‑money betting, though monetisation is not ruled out.
  • Prediction‑market trading volumes could reach $1 trillion annually by 2030, according to Bernstein.
  • Meta’s 3.56 billion daily active users could be leveraged to grow the new app.
  • Talent agency Ariel Emanuel is negotiating to buy UK theatre group ATG for about $6 billion.
  • The proposed transaction would be one of the largest recent M&A deals in the live‑entertainment sector.
  • ATG, owner of venues such as the Old Vic, is valued at roughly £4.8 billion (≈$6 bn) in the offer.
  • Shares dropped 7.8% in extended trading following the earnings release
  • 2026 revenue forecast of $855‑$865 million beats analysts' $823.9 million estimate
  • 2026 gross margin projected at 38‑41%, down from 45% in Q1 and well below Nvidia’s mid‑70% range
  • Q1 revenue rose to $193.4 million from $99.5 million YoY; adjusted net loss narrowed to $2.5 million versus $36.75 million expected
  • Q2 sales outlook of $194 million with 36‑38% margin tops estimates of $174.34 million and 24.6% margin
  • Hackers accessed a legacy OAuth token from a 2022 pilot to steal data from Klue's corporate customers
  • Breach detected on June 12; affected customers include LastPass and other cybersecurity firms
  • Klue did not revoke the credential after the pilot and is reviewing credential management and vendor access controls
  • Hacking group Icarus claims responsibility and threatens to release the data unless ransom is paid
  • Meta Glasses available in several countries starting at $299
  • No screen, but comes with camera, personal speakers, and AI assistant
  • Up to 8 hours battery life, with 40 hours additional usage from on-the-go charging case
  • MoEngage bought San Francisco AI startup Aampe for an undisclosed cash price estimated at tens of millions of dollars
  • Aampe’s AI agents personalize messaging per customer; its ARR grew 150% year‑over‑year and it serves over 30 enterprise clients
  • The deal adds about 20 Aampe staff to MoEngage, raising its workforce to roughly 820 and targeting customers shifting from Salesforce and Adobe
  • SpaceX plans to close its AI‑backed debt offering on Friday
  • Deal described as one of the biggest AI‑linked debt financings to date
  • Proceeds will be used to repay the company's existing debt
+
  • Shareholders approved the election of new directors to the board
  • Key proposals, such as a share repurchase plan, received majority support
  • The meeting underscored continued confidence in management's strategic direction
  • Morgan Stanley imposes limits on withdrawals from its private credit fund
  • Action taken after a surge in investor pullout requests
  • Limits intended to preserve fund liquidity and protect remaining investors
  • Specific withdrawal cap amount not disclosed
+
  • Revenue rose 92% YoY to $193.4 million in Q1
  • Core gross margin forecast to shrink to 36%‑38% in Q2 from 46.5% in Q1
  • Stock fell about 10% in after‑hours trading, extending a 28% decline since IPO
  • Full‑year core revenue projected at $855.5‑$865 million, up roughly 69% YoY
+
  • Lockheed Martin secures an $8.4 billion amendment for missile systems
  • The contract boosts the company's defense backlog and revenue outlook
  • U.S. defense spending continues to underpin major aerospace contractors
+
  • Boeing secured a $2 billion contract to build and launch satellites for the DoD
  • The deal expands Boeing's defense and space portfolio
  • Revenue impact expected to boost Boeing's upcoming fiscal year earnings
+
  • Tesla and NatPower have sealed a deal for the initial phase of a $5 billion battery storage plan
  • The agreement covers the deployment of large‑scale energy storage solutions under the first phase
  • The partnership expands Tesla's battery storage footprint and NatPower's renewable capacity
+
  • Adjusted EPS $6.31 vs. $5.96 expected
  • Revenue $25.01B vs. $24.04B expected
  • Shares slipped about 6% in extended trading
  • FedEx Freight paid a $4.1B cash dividend to FedEx Corp
  • Fuel costs jumped 66% to $1.43B, demand unchanged
  • Superhuman announced the acquisition of GPTZero, an AI detection startup.
  • GPTZero reports over 19 million registered users and $30 million in annual recurring revenue.
  • The startup raised a total of $13.5 million, including a $10 million Series A in June 2024.
  • Superhuman already had its own AI detection tool and says the deal adds a second detector.
+
  • Aclara Resources (TSX: ARA) obtained final environmental approval for its Penco Module rare‑earths project in Chile.
  • The clearance removes the last regulatory hurdle, permitting construction to begin on the planned rare‑earth mine.
  • The project highlights Chile's drive to develop critical mineral resources amid global supply‑chain concerns.
+
  • CEO Ryan Cohen rejected a potential $35 bn performance‑based compensation package.
  • GameStop is pursuing a $56 bn cash‑and‑stock bid to acquire eBay, which eBay's board has rejected.
  • Quarterly revenue rose 14% to $835.3 million, and the board approved a $2 bn share repurchase program.
  • GameStop's market value is about $10 bn, roughly one‑fifth of the proposed eBay deal size.
+
  • Oracle announced 21,000 layoffs, a 12.9% reduction in workforce.
  • Workforce fell from 162,000 to 141,000 employees after AI-driven cuts.
  • Layoffs are linked to Oracle's debt‑financed AI investment strategy.
+
  • SpaceX shares fell about 28% from the June 16 peak and are down roughly 12% this week
  • Short interest totals around 40 million shares, representing roughly 5%‑7% of the 625 million float
  • More than 30 million shares are available to borrow, with annualized borrowing fees below 1%
  • Only about 60 S&P 500 companies have short interest above 7%, indicating SpaceX short positions are relatively limited
+
  • Activist investors Anson Funds and Irenic Capital have urged a strategic review, including a potential sale
  • SPS Commerce is working with Morgan Stanley and expects interest from private‑equity firms
  • Shares have fallen more than 80% over the past year, putting market cap at roughly $2 billion
  • Revenue grew 18% in 2025; the company projects 6‑7% growth for 2026
  • BHP, Rio Tinto and Caterpillar deployed two Cat 793 XE electric haul trucks at Jimblebar mine
  • Trucks have logged over 100 operating hours and completed 200 test laps in initial trials
  • Pilot will assess static and dynamic charging, including on‑the‑move charging, for commercial use
  • Success could accelerate electric fleet adoption across global iron‑ore mining to meet net‑zero goals
+
  • Feasibility study projects a fourfold increase in open-pit mine value
  • Payback period reduced to under 2 years
  • Project targets both silver and gold output
  • AbraSilver listed on TSX (ABRA) and US‑OTC (ABBRF)
  • US seed market dominated by 2-4 companies controlling 70-94% of sales
  • Patents on seeds obstruct competition and research in agriculture
  • Taxpayer subsidies intended for farmers turned into corporate profits
+
  • Avis Budget to receive $650 million from Pentwater Capital
  • Resolution ends unusual spat between car rental company and major shareholder
  • Pentwater Capital agrees to pay Avis Budget to resolve dispute
+
  • STRC preferred stock fell to ~$82.53, drawing false comparisons to Terra’s UST stablecoin collapse
  • Analyst Mark Palmer states STRC is a dividend-paying equity with no peg, not a stablecoin mechanism
  • Strategy’s bitcoin-backed funding engine paused as STRC trades below $100 target, reducing efficiency
+
  • ARK Investment Management increased its exposure to SpaceX by buying shares.
  • ARK sold part of its Roku position, reducing its stake in the streaming company.
  • The trades signal ARK's shift toward high‑growth space assets while trimming streaming exposure.
  • CEO Le Phong bought preferred shares worth $998,756
  • Transaction adds to insider ownership in Strategy Inc
  • Purchase may be interpreted as confidence in company outlook
+
  • Shareholders voted against the appointment of the former audit committee chair on June 23, 2026.
  • The rejected candidate was a key outside director slated to join Nissan’s board.
  • Renault, Nissan’s long‑standing partner, abstained from voting citing independence concerns.
  • The vote signals potential governance friction between Nissan and its alliance partner.
+
  • Meta invested $900 million in Indian fintech Cred
  • Cred founder Kunal Shah will oversee WhatsApp
  • Shah's payments expertise is aimed at boosting WhatsApp monetisation in India
  • Analysts view the hire as a move to unlock new commercial partnerships
  • Tekever, a Portuguese drone maker, will establish its first overseas manufacturing facility in Japan.
  • The plant will leverage Japan's sensor technology and use Marubeni as its sales agent.
  • Production will focus on exporting defense drones across Asian markets.
  • Li-Ning announced a brand partnership with NBA star Stephen Curry.
  • The deal is intended to increase the company's visibility in China and overseas.
  • Li-Ning expects the partnership to revive consumer excitement and support its stock.
  • Curry's global fan base is seen as a catalyst for future sales growth.
  • SoftBank Corp. will begin AI server manufacturing at a former Sharp plant near Osaka in fiscal 2027.
  • The move supports Japan's drive for domestic AI infrastructure to enhance economic security.
  • Repurposing the shuttered Sharp facility signals SoftBank's shift toward AI hardware production.
  • Toyota plans to reduce output outside Japan by roughly 100,000 vehicles by February 2027.
  • The cut is driven by weaker demand linked to the de‑facto closure of the Strait of Hormuz.
  • Production of the Avalon sedan for the Chinese market will be among the reductions.
  • Sega Sammy Holdings reports a threefold increase in intellectual property revenue.
  • The surge is driven by recent Sonic movies and related licensing deals.
  • The company aims to challenge Nintendo's Mario dominance in the gaming IP market.
  • Sonic the Hedgehog celebrates its 35th anniversary this year.
+
  • SK Hynix surpasses Samsung to become the country's top market‑cap firm
  • Samsung loses the No. 1 spot for the first time in over 25 years
  • AI-driven demand for high‑bandwidth memory fuels SK Hynix's valuation boost
  • The shift highlights the growing importance of AI‑related semiconductor supply chains
  • HD Renewable Energy (HDRE) announced a $3 bn investment in battery energy storage systems in Japan.
  • Initial projects will focus on underdeveloped markets, beginning with a facility in Sapporo, northern Japan.
  • Japan's subsidies and low interest rates are drawing foreign firms to its nascent battery storage sector.
+
  • Company RH submitted a Form 4 filing to the SEC on June 22.
  • The filing reports insider transactions for the reporting period.
  • No immediate impact on the stock price is anticipated.
+
  • Beta Technologies submitted a Form 144 filing to the SEC on June 22
  • Form 144 signals an upcoming sale of securities by insiders or affiliates
  • The filing does not disclose the number of shares or transaction value
  • Foodpanda reports a sharp rise in delivery orders in Myanmar.
  • Higher fuel prices are making bicycle couriers more attractive to customers.
  • The bike fleet now offers a competitive alternative to Grab in the market.
  • No specific order volume figures were disclosed in the report.
  • Allegiant secured tenders for $377.5 million of senior notes due 2027
  • The notes are scheduled to mature in 2027, extending the company's debt profile
  • The financing will support Allegiant's ongoing capital and operational needs
+
  • Director Zadesky disposed of Aeva stock worth $75,817
  • Transaction reported as an insider sale under SEC rules
  • No additional context on motive or timing provided
+
  • Revenue grew year-over-year, beating analysts' expectations
  • Earnings per share fell short of consensus estimates
  • Shares dropped in after-hours trading
  • Stock slipped below its debut price on Nasdaq
  • Reached a new intra‑day low before rebounding
  • Ended the session in positive territory
  • Twin‑motor AWD EV delivers 338 hp (252 kW) from a 74.7 kWh battery pack.
  • Starting price is $37,000, roughly $3,000 cheaper than the comparable bZ model.
  • C‑HR is 6.7 in (170 mm) shorter than the bZ but similar in width, targeting smaller‑SUV buyers.
  • Only one powertrain option; reviewers question its overall attractiveness.
  • HaloBraid raised $7 million in a seed round led by Seven Seven Six
  • Device aims to reduce braiding time from hours to seconds for stylists
  • Survey of 2,000 people found 95% would braid more often if faster; 8 billion hours spent annually
  • Product launch slated for later 2024; team of ~15 engineers working on development
  • Indian automaker Bajaj Auto and its unit Bajaj Auto Technology were impacted by a ransomware attack.
  • The attack occurred earlier on Tuesday, affecting the company's systems.
  • Bajaj Auto initiated precautionary actions and protocols to mitigate the incident's impact.
  • The company stated that these mitigation measures have been successful so far.
  • MCC Canadian Gold Ventures files multi-million dollar lawsuit against British Columbia
  • Province stripped mining rights via Orders in Council
  • Legal action targets alleged breach of mining rights
+
  • Fuel surcharge reduced to HK$1,164 (US$148.48) per sector, a 14.5% drop from the previous rate.
  • Cut applies to long‑haul flights from Hong Kong to North America, Europe, the Middle East, Africa and the Southwest Pacific.
  • New surcharge rates take effect on July 1, marking the second reduction in under two months as fuel costs ease.
+
  • SVP Arjun Agarwal sold ORKA stock valued at $128,468
  • Sale represents a modest insider transaction
  • No immediate impact on Oruka Therapeutics' broader market perception
+
  • Owner Michael Smolyansky sold shares valued at $1.31 million.
  • The transaction was disclosed in an SEC Form 4 filing.
  • No additional insider transactions were reported at the time.
  • AirAsia will reinstate most of the flight capacity it cut during the oil-price spike.
  • The capacity restoration is planned over the next three months, targeting September.
  • Easing fuel costs have allowed the airline to lower fares by 5%.
  • Cocovie plans to launch its coconut‑based skincare line in China
  • China's cosmetics market is valued at roughly $27 bn, offering growth potential
  • The startup targets rising "V‑beauty" trends and social‑media driven consumer tastes
  • Expansion signals a shift from the typical Vietnam‑China supply‑chain trade

Thai Markets 8

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  • Fast Pass programme aims to channel ~700 billion baht of investment in 2026
  • First 23 companies approved, covering high‑tech sectors such as aircraft engines, rockets and LiDAR
  • Investment promotion applications rose 142% YoY to 1 trillion baht in Q1 2026
  • Private investment grew 10.1% and GDP expanded 2.8% in Q1, the first double‑digit growth in a decade
  • Eight government agencies will join the pilot, moving toward online automatic approvals
  • Crackdown on illegal nominee structures is not expected to dent foreign demand for luxury villas in Thailand
  • Foreign buyers account for ~60% of Phuket villa transactions and >90% in Samui/Phangan, with 2,400‑3,000 villas owned/leased by foreigners in each market
  • Chinese buyers rank Thailand second globally; 27.5% of their enquiries target properties above $2 million
  • Potential reforms could raise condo foreign ownership quota to 75% and extend lease terms to 99 years within 12‑24 months
  • Pool villas priced 15‑30 million baht near international schools remain in strong demand in Phuket
  • Lease terms at 28 regional airports can now run up to 30 years for land outside airport sites
  • Inside airport land lease periods increased from a maximum of 3 years to up to 10 years
  • DoA authorized to sign lease and compensation contracts for projects worth up to 500 million baht
  • Policy aims to attract private investment and boost revenue from aeronautical and non‑aeronautical activities
+
  • 15-day visa exemption for Indian travellers and 30-day exemption for EU countries under consideration
  • New phase of domestic tourism co-payment scheme to offer 1 million hotel room-nights with discounts
  • Tourism revenue expected to reach 2025 levels due to eased geopolitical tensions
+
  • Baht fell to a 13-month low of 33.18 per USD, down from 32.93 the prior close
  • Year-to-date baht depreciation is 4.9%, compared with 6.6% for the rupiah, 6.4% for the won and 5.1% for the rupee
  • Fed funds futures show a 54% probability of two 25‑bp rate hikes by year‑end, keeping pressure on the baht
  • Bank of Thailand likely to keep policy rate unchanged; without a hawkish signal, baht may weaken to 33.30‑33.50 per USD
  • Dollar index rose above 101.00 and gold fell 1.6% to $4,118/oz, reflecting a shift toward the dollar
+
  • Central Pattana and Ikano commit 6 billion baht to enlarge Megabangna shopping centre.
  • Expansion adds about 170,000 sqm of gross building area and 1,750 new parking spaces, slated for Q3 2028.
  • Mall aims to host over 1,200 brands (up from 900) and total project value could reach 70 billion baht by 2040.
  • Megabangna logged 60 million visits in 2023 and now sees roughly 165,000 daily visitors.
  • Location near Suvarnabhumi airport and the Eastern Economic Corridor serves a catchment of 3 million people.

Other 30

  • The Court held that RLUIPA does not permit monetary damages suits against individual prison employees.
  • Justice Gorsuch wrote for the 6‑member majority, emphasizing liability applies only to state or local entities receiving federal funds.
  • The ruling upholds a lower court decision, leaving Rastafarian inmate Damon Landor without a damages claim.
  • France's national temperature indicator hit 29.8 °C, the hottest since 1947.
  • Heatwave forecasts 39‑41 °C across much of France, affecting about 44 million people.
  • Carrefour sold 30,000 AC units in one day, roughly 1,000 times normal sales.
  • Red heat alerts issued in 16 Italian cities; Poland, Croatia and Hungary also under high alerts.
  • Study estimates climate change added 2‑4 °C to current temperatures.
  • U.S. nuclear fleet is aging with minimal new construction, exemplified by Plant Vogtle overruns.
  • China is channeling AI into nuclear design and operations to speed up reactor deployment.
  • AI is projected to cut construction timelines and reduce costs for Chinese nuclear projects.
  • Analysts anticipate China overtaking the U.S. as the world's largest nuclear energy producer.
  • U.S. policy ambivalence may further erode its nuclear leadership position.
  • 6-3 decision holds that mere suspicion of criminal wrongdoing justifies placing green card holders on immigration parole.
  • Ruling expands government authority to detain lawful permanent residents without clear evidence of a crime.
  • Liberal justices warned the decision weakens due‑process protections for non‑citizen legal residents.
  • The case reflects the Trump administration's broader effort to roll back legal safeguards for migrants.
  • Airports Corporation of Vietnam appoints new chairman after previous leader was arrested in a graft probe tied to Long Thanh Airport.
  • Worker shortages and ongoing corruption investigations threaten the airport's target full rollout by the end of 2026.
  • Monsoon season adds further obstacles, increasing the risk of additional delays for Vietnam's largest airport project.
  • BYD and Xpeng have introduced at least 20 full-size electrified SUVs in 2024.
  • The shift targets higher margins but faces short product cycles and discount pressure.
  • Analysts warn a potential SUV glut could erode profitability for Chinese EV firms.
  • Speaker claimed fixed-rate annuities can beat market returns
  • Described annuities as "sparkly, rainbow-fairyland" of investments
  • Article questions the realism of such outperformance claims
  • Nationwide GSM‑R digital communication failure forced Deutsche Bahn to hold all trains at stations.
  • Service disruption began late Tuesday, with the issue reported about 1.5 hours before a midnight statement.
  • No specific timeline for restoration was given, leaving passengers stranded across Germany.
  • The Trump administration redirected climate.gov to NOAA under Executive Order 14303 (“Gold Standard Science”).
  • The move referenced statutes 15 USC § 2904, § 2934, 33 USC § 893a and a June 23, 2025 memorandum.
  • Volunteers and former climate.gov staff launched climate.us, restoring the site's content.
  • Prime Minister Anutin Charnvirakul has instructed the Energy Ministry, MEA and PEA to investigate whether street lighting expenses have been added to household electricity bills.
  • PEA governor confirms the cost may have been built into bills for more than a decade, prompting a review of when the practice began.
  • The government says corrective action will be taken if the investigation finds consumers were charged for public lighting.
  • The No. 1 NBA draft pick is expected to earn close to $70 million in total compensation.
  • Dropping a few draft slots could cut a player's earnings by roughly $30 million.
  • Expanded TV contracts are boosting rookie salaries and overall league revenue.
  • PenFed Credit Union – loans start at $500, no early payoff fees, pre‑qualification available
  • Navy Federal Credit Union – repayment terms up to 96 months, longer than the market average of ~69 months
  • Service Credit Union – APR as low as 4.99%, up to 0.75% rate reduction with direct deposit, first payment can be deferred up to 90 days
  • Alliant Credit Union – same‑day approval, debt‑protection coverage at $0.75 per $1,000 of loan balance
  • The Court ruled 6-3 to deny the inmate's claim that prison guards violated his religious rights by shaving him bald.
  • It upheld the lower court's dismissal, stating individual prison staff cannot be sued under the religious‑discrimination statute.
  • The decision leaves the inmate without a federal remedy for the alleged violation.
  • New competitive model to launch in the 2028 season, splitting events into a Championship Series and a Challenger Series
  • Championship Series will feature a minimum $20 million weekly purse; Challenger Series will have at least $4 million per event
  • Season will comprise roughly 23‑24 tournaments from February to August, with promotion/relegation of 20 players and 90 retaining spots
  • Match‑play playoffs will return, and separate point systems will govern the two circuits
  • Eli Lilly's retatrutide received FDA compassionate‑use approval for a single 79‑year‑old patient.
  • Phase‑3 trial showed patients without diabetes lost roughly 28% of body weight after 80 weeks on the drug.
  • The patient’s identity is unconfirmed, but speculation links the case to former President Donald Trump.
  • The 36th Hong Kong Book Fair runs July 15‑21 at the Convention and Exhibition Centre.
  • Theme: “Reading the World: Cultural Legacy | Joyful Journeys” emphasizing cultural exploration and tourism.
  • Organisers aim to surpass last year’s visitor numbers by highlighting AI’s role in reading.
  • AI tools will be featured to help readers discover new books and personalize recommendations.
  • 69 individuals arrested in joint Hong Kong‑Mainland operation
  • Syndicate suspected of laundering roughly HK$200 million (US$25.5 million)
  • More than 170 victims targeted by the cross‑border investment scam
  • Investment fraud losses in Hong Kong totalled HK$920 million since January
  • Man in Zhejiang province sentenced to prison for illegal breeding of more than 300 pythons
  • Pythons are Grade Two protected species in China, making unlicensed breeding and trade illegal
  • Authorities described the case as serious harm to rare and endangered wildlife
  • England and Ghana drew 0-0, leaving both teams on four points in Group L
  • England dominated possession with 19 shots, Ghana managed only two attempts
  • England need a win against Panama to secure top spot and advance to last 32
  • Ghana's goalkeeper Benjamin Asare made key saves, including a late stop on Bukayo Saka
  • Original prescription price was $618
  • Single QR code coupon lowered cost to $15
  • Consumer saved $603, a 97% discount
  • Coupon applied to a generic medication at Walgreens
  • Person wants to ensure all assets pass to his sons, not ex-husband
  • Concern that sons might transfer assets to former spouse
  • Legal options include trusts, irrevocable structures, and clear estate documents
  • Conscripts alleges severe hazing by senior soldiers in Marine Division, Sattahip.
  • Videos and images were circulated in a Line chat group with joking comments.
  • Victim filed a complaint with the Cyber Crime Investigation Bureau after local authorities took no action.
  • CCIB commander says senior officers are concerned and evidence has been received; investigation to assess jurisdiction.
  • Donald Trump will attend the World Cup final on July 19 in East Rutherford, New Jersey
  • FIFA president Gianni Infantino confirmed they will present the trophy together
  • Trump previously appeared at the 2022 Club World Cup final at the same venue
  • Almiron was shown a red card for covering his mouth and will miss Paraguay's final group match against Australia
  • The suspension is for one game and is not subject to appeal
  • FIFA stripped journalist Jorge Chipi Vera of World Cup credentials after his on‑air criticism of the decision
  • New rule penalises players who hide their mouths during confrontations, introduced after a UEFA incident
  • A massive blaze engulfed a sandal factory and spread to an on-site gas storage area, triggering a chemical explosion.
  • Local residents reported respiratory problems due to smoke and fumes from the incident.
  • Indonesian police have opened an investigation to determine the cause of the fire.
  • Portugal defeated Uzbekistan 5-0 in Houston.
  • Cristiano Ronaldo scored two goals, becoming the first player to score in six World Cups.
  • The victory moves Portugal nearer to the knockout round.
  • Savannah Guthrie made an emotional on‑air appeal on Tuesday for tips about her missing mother.
  • A ransom note received months ago suggested Nancy Guthrie, 84, was dead.
  • Nancy Guthrie was reported missing from the Tucson area and has not been found.
  • Guthrie held a tissue while speaking, emphasizing the family's ongoing anguish.
  • Early tetrapods, ~300 million years ago, may have bypassed amphibian-like tadpole phase
  • Researchers examined embryonic fossils of embolomer predators up to 3 m long
  • Findings challenge long-held view of aquatic-to-terrestrial life-cycle transition in vertebrate evolution
  • Joseph McGrail-Bateup, 58, recorded a 122.4 decibel shout, the loudest ever by an individual per Guinness World Records.
  • The previous record of 121.7 dB was set by Annalisa Flanagan in 1994.
  • The 122.4 dB level is comparable to the noise of a chainsaw.
  • First trailer released for Taika Waititi's film adaptation of Kazuo Ishiguro's novel
  • Cast includes Jenna Ortega, Amy Adams, and Natasha Lyonne
  • Film features themes of AI companionship and family healing