- Oil prices continue to drop, extending recent slump
- Tech sector under pressure, with Micron down for a second consecutive day
- Micron rebounds after hours, posting a modest gain
June 24, 2026
▲ 12▼ 9◆ 4– 34
Markets 2
- Roughly 25% of life insurers with stakes in private-credit funds also lend to those funds, according to Clearwater Analytics.
- The dual role signals insurers are expanding beyond investment to direct financing in the private credit market.
- Lending by insurers provides an additional capital source for private-credit funds, potentially deepening market liquidity.
Macro/Economy 8
- A Kyrgyz bank, Demir Bank, signed a loan agreement with Uzbek gym chain Ozone Fitness LLC, under the EBRD's Risk Sharing Facility (RSF).
- This marks the first time the EBRD's RSF program has facilitated an international financing agreement, deemed a 'significant milestone in regional cooperation'.
- The EBRD's RSF shares transaction risk, providing up to 65% direct funding or guarantees for partner bank sub-loans.
- While the EBRD signed 31 domestic RSF agreements worth 28.5 million euro in Central Asia and Mongolia in 2025, this is the first cross-border deal.
- The deal demonstrates the potential for financial institutions in one Central Asian country to support businesses in another, fostering deeper regional economic ties.
- Limited economic convergence progress observed since 2024 for Czech Republic, Hungary, Poland, Romania, and Sweden, despite economic resilience to external shocks.
- Mixed inflation trends; Hungary, Poland, and Romania recorded 12-month average inflation rates above the 2.7% reference value.
- Fiscal situations deteriorated in most countries, with Hungary, Poland, and Romania exceeding the 3% of GDP deficit reference value in 2025.
- None of the currencies participate in ERM II, and some experienced sizeable fluctuations against the euro.
- Legislation in all five countries is not fully compatible with the legal requirements for euro adoption.
- Bank of Japan released preliminary Flow of Funds accounts for Q1 2026 (PDF 672KB).
- Retroactive revision applied to data from Q1 2005 onward, updating source data and estimation methods.
- Revision largely mirrors the planned update announced on May 25, 2026.
- Federal government reviewing national interest designation for two northern transport projects
- Combined project cost estimated at C$2 billion (about US$2 billion)
- Mackenzie Valley Highway and Grays Bay Road & Port aim to improve access to remote resource regions
- Designation could speed up permitting, funding and boost northern resource development
- 99.9% of U.S. firms have fewer than 500 employees and have contributed 61% of net new jobs since 1995
- Nearly 50% of small employer firms reported using AI, with 71% noting productivity gains
- 2025 Small Business Credit Survey marks 10 years of national coverage and expanded data scope
- Total factor productivity shifted from negative growth (pre‑2013) to positive rates, narrowing Spain's 12‑point productivity gap with the euro area.
- Around one‑third of the 12‑point gap has been recovered since 2013, driven by improved capital and labour allocation.
- Credit is increasingly directed to more productive firms, especially SMEs and micro‑enterprises, reducing indebtedness and boosting own‑fund ratios.
- The central bank proposes simplifying prudential rules into two broad buffers (micro‑ and macro‑prudential) and adopting a more proportional supervisory approach.
- Nature‑positive transition could generate up to $4.3 trn annually and 232 million jobs in Asia‑Pacific by 2030
- Bank Negara Malaysia reports 54% of loans to sectors highly dependent on ecosystem services and 36% to sectors with high nature impact
- Visit Malaysia 2026 aims for RM329 billion in tourism receipts from eco‑tourism
- Physical risks such as water supply disruptions, flooding and declining fish stocks pose financial stability concerns
- Financial institutions urged to assess nature dependence, impact and related risks to build resilient portfolios
- U.S. officials say future trade will rely on bilateral deals, sidelining WTO MFN principle.
- Washington will use tariffs, export controls and rules of origin to manage Chinese-linked supply chains in ASEAN.
- ASEAN faces heightened scrutiny as the U.S. expands Section 301 investigations into forced labor and excess capacity in the region.
- The shift to "managed trade" pushes ASEAN to accelerate customs digitization and origin‑verification to retain its trade hub role.
Central Banks 6
- All 32 banks stayed above minimum CET1 requirements, with aggregate capital falling only 1.6 percentage points
- Banks would absorb over $708 billion in loan losses under the hypothetical severe recession scenario
- Projected losses include $200 billion in credit‑card, $160 billion in commercial‑industrial, and $75 billion in commercial‑real‑estate loans
- Scenario assumed a 39% drop in commercial real‑estate prices, 30% fall in house prices, and unemployment peaking at 10%
- Dollar index gains 0.5% as markets react to easing geopolitical tensions
- US 10-year yields fall 4bps to 3.84% despite hawkish Fed tone
- Fed's policy divergence from other major central banks widens
- SNB kept the policy rate unchanged at 0%
- Discount on sight deposits above the threshold stays at 0.25 percentage points
- SNB signals increased willingness to intervene in the foreign‑exchange market to curb franc appreciation
- Recent inflation rose on higher energy prices, while medium‑term inflation pressure remains unchanged
- PBOC will narrow the short‑term rate corridor to 50 basis points and set the ad‑hoc repo band at 7‑day reverse repo +/- 25 bps
- A new RMB repo facility will be offered to foreign central banks, international financial organisations and sovereign wealth funds
- Offshore RMB/FX trading pilot launched in Shanghai FTZ with ICBC, ABC, BOC, CCB, BCOM and CITIC Bank participation
- Contingent liquidity backstop for non‑bank financial institutions under market stress will be explored via swap operations
- Action plan to develop offshore finance in Shanghai International Financial Center will roll out step‑by‑step
- Around 2,500 of the 3,300 firms supervised by the Central Bank of Ireland are retail intermediaries.
- A new Consumer Protection Code strengthens best‑interest duties, digital design, and conflict‑of‑interest management.
- The Savings and Investments Union promotes Personal Investment Accounts to mobilise household savings for productive investment.
- The Central Bank pledged to complete 21 items on its simplification roadmap within the set timelines.
- OECD 2026 report flags rising online fraud and digital exclusion as key consumer risks in the digital finance era.
- Icelandic króna becomes the fifth currency on the Eurosystem's TARGET Instant Payment Settlement (TIPS) system.
- The ECB‑Seðlabanki Íslands agreement will take effect in 2028.
- Existing TIPS currencies: euro, Swedish krona, Danish krone; Norwegian krone also slated for 2028.
- Goal is to improve payment security, efficiency and align Iceland with SEPA standards.
Energy/Oil 5
- Oil tankers with 35 million barrels have exited the Strait of Hormuz since the US-Iran deal
- Confirmed oil shipments through Hormuz have risen to 4.8 million barrels per day
- Exports remain below prewar levels, but highest since February 28 attack
- WTI closed at $70.34, hitting a low of $69.63, first sub‑$70 level since March 2.
- Brent settled at $73.74, down 4.3%, its lowest since before the Feb. 28 U.S.–Israel war‑Iran launch.
- Oil prices fell ~4% on Wednesday as tankers moved through the Strait of Hormuz, easing supply‑disruption concerns.
- President Trump urged DOJ to investigate gasoline pricing, claiming consumers are being “gouged.”
- Over 11,000 seafarers are set to exit the Persian Gulf as the IMO confirms safety guarantees for Hormuz navigation.
- Oil prices slipped below $75 per barrel, Brent under $74, lowest since Iran conflict began.
- Ship traffic through the Strait of Hormuz rose to 55 vessels, moving over 17 million barrels of oil.
- JPMorgan cuts its 2026 Brent forecast to $64 per barrel and upgrades the energy sector to overweight.
- Chevron signs a 20‑year natural‑gas deal with Microsoft for a Texas data center, linking AI and energy demand.
- 10‑year Treasury yields hover around 4.5%, raising rate‑risk concerns for marginal energy projects.
- Commercial crude oil inventories decreased by 6.1 million barrels to 412.1 million barrels, 7% below the five-year average.
- U.S. refineries operated at 96.1% capacity, processing 17.1 million b/d of crude oil, down 81,000 b/d from the prior week.
- Crude oil imports rose by 436,000 b/d to 5.6 million b/d, though the four-week average is 4% below year-ago levels.
- Gasoline inventories increased by 2.1 million barrels, while implied demand decreased by 3% year-over-year.
- Distillate inventories increased by 3.1 million barrels, with implied demand up 3% year-over-year.
- The Strait of Hormuz closure caused a $3.36 billion monthly increase in ASEAN's energy import bill, exposing high dependence on Middle East crude (55% of imports).
- The crisis prompted a rapid return to fossil fuels; Vietnam's coal-fired generation rose 44% MoM, and Thailand reactivated decommissioned coal units.
- Governments deployed fiscal measures like fuel subsidies (Malaysia, Philippines) and price controls (Indonesia, Thailand) to manage consumer impact.
- Despite setbacks, the energy transition continued with new initiatives, including Thailand's revised rooftop solar policy and Indonesia's 1.2 GW solar tender.
- Long-term solutions like the ASEAN Power Grid face substantial funding gaps, with only $2 billion invested in interconnectors over five decades against a $27 billion need by 2040.
Gold/Metals 4
- Anglo American and Chile's state miner Codelco sign joint development pact for Los Bronces and Andina mines
- Agreement targets at least $5 billion of new copper projects
- Combined plan expected to boost copper output and extend mine lifespans
- Partnership could bolster supply as global copper demand rises
- Gold has entered a sharp selloff amid a challenging macro environment
- BofA suggests the dip creates a potential entry point for investors
- Patience may be required for the metal to recover from current pressures
- Endurance Gold (EDG/ENDGF) discovered high-grade gold mineralization beyond the current resource at the Reliance project.
- The step-out intercepts are located in southern British Columbia, expanding the company's Bridge River mining district footprint.
- The find bolsters Endurance Gold's strategy to increase resource size and may support future financing or acquisition interest.
- Nova Scotia family uncovered a hidden gold cache valued at over $30,000
- Cache discovered at Cape D’Or during search for the Great Canadian Treasure Hunt $1M prize
- Gold find adds to the $1M grand prize pursuit, highlighting the hunt's lucrative potential
Crypto 4
- Bitcoin fell to $59,060, near $59K, as the US Dollar Index (DXY) hit a 13‑month peak.
- Spot Bitcoin ETFs recorded net outflows and MicroStrategy added only 520 BTC, its lowest weekly intake in 18 months.
- Oil prices slipped below $74 per barrel and gold fell under $4,000, dampening demand for inflation‑hedge assets.
- US unemployment benefit claims dropped by 4,000, supporting expectations of higher‑for‑long interest rates.
- Judge George Daniels set trial start date for Michelle Bond on Nov. 9, 2024.
- Bond faces four campaign finance violation charges linked to alleged $400,000 FTX fund misuse.
- Her husband, former FTX Digital Markets co-CEO Ryan Salame, is serving a 90‑month prison sentence after a 2024 plea deal.
- The case is among the final criminal proceedings stemming from FTX's 2022 bankruptcy.
- Kalshi filed a lawsuit in U.S. District Court challenging Illinois SB 3019, which takes effect on July 1
- The law mandates licensing for prediction market platforms and adds a 0.2% tax on crypto transactions
- Kalshi claims the state rule conflicts with CFTC authority and would cause irreparable harm if complied with
- The case adds to ongoing federal‑state disputes over prediction markets, similar to challenges in Kentucky
- HYPE down 22% from its $75 all‑time high, trading near $60
- Key support identified between $50 and $54; a close below $53 would mark first bearish daily close this year
- Spot cumulative volume delta remains negative at roughly $95 million, while open interest dropped to $1.73 billion from $2.2 billion
- Derivatives CVD sits near –$389 million, indicating reduced leveraged activity
Geopolitics 10
- India's BRICS presidency faces challenges in maintaining cohesion among member states
- BRICS Plus expansion may exacerbate internal divisions
- Group's New Development Bank and BRICS Pay challenge the Bretton Woods system
- Bangladesh and Malaysia agreed to revise the labor cooperation MoU and sign a new one
- Both countries aim to advance the free trade agreement by 2027 and establish a Joint Business Council
- Bangladesh secured Malaysia's support for its bid to become a Sectoral Dialogue Partner of ASEAN
- China's Vice Foreign Minister Hua Chunying met with Japanese lawmaker Hashimoto Gaku in Beijing, marking the first formal talks since diplomatic tensions escalated in autumn 2025.
- The meeting did not produce breakthroughs, but both sides signaled a shared willingness to work toward improving relations despite unresolved disagreements.
- China's approach to compartmentalizing economic cooperation from political disputes may indicate a broader strategy to maintain engagement with Japan's business community.
- Japan-China relations have deteriorated since November 2025, with little prospect of improvement before late 2027 due to Chinese political changes.
- China's foreign policy, aiming for 'great rejuvenation' by 2049 and opposing the U.S.-led order, positions Japan as a target for structural criticism.
- Stable U.S.-China relations allow Beijing to adopt a tougher stance on U.S. allies like Japan, especially regarding Taiwan and security policies.
- A stark power disparity, with China's economy now over four times Japan's, and the integration of economic security, reduces China's impetus for normalization.
- Domestic political conditions in both countries, marked by anti-China sentiment in Japan and intensified anti-Japan propaganda in China, hinder dialogue.
- Xi Jinping has systematically purged the patronage network of former Politburo Standing Committee member Wang Qishan, extending purges beyond the military.
- Wang Qishan, a former economic czar and anti-corruption chief, is under virtual house arrest and unreferenced in official media since Oct 2023.
- Four of Wang's former personal secretaries, including Li Xiaohong, have been investigated or purged on serious corruption charges.
- Over ten senior executives at China Construction Bank and several at China International Capital Corporation, firms Wang helped lead/found, have also been targeted.
- The purges are viewed as Xi's effort to eliminate potential obstacles to his ambition for a fourth term and consolidate unrivaled power ahead of the 21st Party Congress.
- Xi Jinping's early June visit to North Korea saw Kim Jong Un reaffirm support for the One China principle, heightening Taiwan conflict risk.
- U.S. defense production is strained, with thousands of subcontractors now overseas and a $1 billion investment in L3Harris rocket‑motor facilities to plug supply gaps.
- The Defense Production Act was invoked on June 17, highlighting shortages of rocket motors, igniters, guidance systems and air‑defense interceptors after the Iran conflict.
- Offshoring has left the U.S. reliant on foreign sources for critical minerals, electronics and metals, many routed through China.
- AI‑driven automation firms like Hadrian aim to rebuild domestic defense manufacturing capacity with autonomous factories.
- Eldik Bank and ABank terminated relationships with about 131 companies over sanctions risk.
- The banks are investigating an additional 80 firms and flagged roughly 17,000 transactions as suspicious.
- The actions follow the EU's 20th anti‑circumvention sanctions package targeting Kyrgyzstan for re‑exporting goods to Russia.
- Kyrgyz Ministry of Justice recently ordered 50 locally registered companies to close, and over 30 Kyrgyz firms are on sanctions lists.
- Russia's share of new ASEAN defence contracts fell from nearly 20% (2017‑2021) to below 3% (2022‑2024).
- Suppliers outside the US‑China‑Russia trio now account for roughly 85% of the region's contract value.
- The Philippines cancelled a 16‑helicopter Russian deal and received $100 million US financing for Black Hawk replacements.
- Vietnam is shifting to alternatives, including a $245 million K9 howitzer purchase from South Korea and a $100 million used C‑130 deal with the US.
- Malaysia signed 2023 contracts for 18 South Korean FA‑50 fighters and three Turkish ANKA drones, moving away from Russian Su‑30s.
- Pax Silica extends Biden-era programs (MSP, IPEF, CHIPS4) with a more transactional Trump‑style approach to secure semiconductor and critical mineral partnerships.
- Indo‑Pacific countries join to diversify supply chains, attract investment and maintain strategic flexibility amid U.S.–China competition.
- The initiative targets China’s rare‑earth and mineral dominance, seeking alternative supply routes to protect U.S. defense and industrial sectors.
- Ongoing Iran‑U.S. conflict highlights risks of relying on geopolitically volatile regions for supply‑chain resilience.
- Russian military setbacks have reduced Moscow's influence in Mali and Niger.
- A power vacuum is spurring competition among local and foreign actors for Sahel resource control.
- Heightened security instability may impact mining projects and investment outlook in the region.
Tech/AI 5
- White House ordered Anthropic to suspend Fable 5 and Mythos 5 models worldwide on June 12
- SK Telecom announced a gigawatt‑scale AI cloud partnership with Nvidia on June 7, five days earlier
- Anthropic has spent nearly $5 million on U.S. lobbying since 2023 targeting AI export rules
- SK Telecom earned roughly $1.9 million in Chinese revenue in 2024, showing minimal China exposure
- Beijing plans a $295 billion five‑year AI data‑center program, limiting Korean firms’ access to China
- OpenAI and Broadcom announced a new chip named Jalapeño for LLM inference in data centers.
- The chip is positioned as the first generation of a long‑term hardware roadmap for AI workloads.
- Both companies plan to deploy the chip at large‑scale data centers to improve inference efficiency.
- NASA ended development of a new SLS upper-stage adapter after 13 years of work
- The canceled program had accrued roughly $500 million in costs
- Administrator Jared Isaacman said the hardware was not essential for Artemis lunar landing and faced delays
- Authorities and tech firms coordinated to takedown the Amadey malware‑as‑a‑service platform.
- The operation also disabled the StealC infostealer‑as‑a‑service, which harvested credentials and crypto wallets.
- Microsoft used AI analysis to identify shared infrastructure linking the two tools, enabling simultaneous disruption.
- The disrupted cybercrime chain had generated over $47 million in ransom and fraud payments.
- Amadey has been active since at least 2018 and was observed abusing GitHub in 2023.
- Amazon leverages its incumbent cloud infrastructure to stay ahead in AI services
- Google distinguishes itself with innovative AI research and product launches
- Both firms dominate AI market share among large technology companies
Companies 10
- Agility to merge with SPAC, ArcLight Clean Transition Corp., in a $2.5 billion deal
- Company behind humanoid robot Digit to list on NYSE under ticker 'AGI'
- Agility's valuation to reach $4.5 billion post-merger
- Micron posted earnings that beat analysts' expectations
- The stock jumped, pushing Nasdaq futures higher
- Management highlighted AI-driven demand for memory chips as a growth catalyst
- JPMorgan and Bank of America both met all stress‑test thresholds
- Federal Reserve disclosed test parameters in advance last year
- Results indicate robust capital buffers for the two banks
- SK Hynix will debut ADRs on the Nasdaq, its first US listing.
- Micron reported earnings that exceeded analysts' expectations.
- Cerebras Systems' stock slipped below its IPO price after a recent drop.
- Shares fell to a 17‑month low following the release of the Enchi project PFS
- Prefeasibility study indicated weaker-than-expected economics for the Ghana project
- Analysts highlight concerns over cash‑flow projections and grade assumptions
- Hyundai and SK Engineering & Construction to support ioneer's Rhyolite Ridge project
- Project to produce lithium and boron in Nevada, USA
- ioneer's shares gain after securing support from South Korean groups
- Micron under scrutiny
- Seven stocks that made a single decision, now struggling
- Lagging behind peers
- Base price announced at $24,950 for Slate's entry-level electric pickup.
- Estimated driving range increased from 180 miles to 205 miles (330 km).
- Tow capacity doubled from 1,000 lbs to 2,000 lbs; payload raised to 1,550 lbs.
- Launch follows a year of tongue-in-cheek marketing and limited pre-release testing.
- Disney agrees to a $50 million settlement with YouTube TV and DirecTV streaming subscribers.
- The lawsuit claimed Disney forced OTT services to raise prices by bundling ESPN in base packages.
- The class action was filed in November 2022 in the U.S. District Court for the Northern District of California.
- Settlement resolves claims of alleged anticompetitive agreements with live‑TV providers.
- Li-FT Power secures option to acquire Renard diamond mine for $12M
- Move aims to reduce development costs and accelerate lithium production
- Renard mine to be repurposed as lithium hub
Other 5
- GTA VI will launch at $80, exceeding the $70 price point of recent AAA titles
- Physical edition will contain only a download code, no disc
- Pre‑order sales begin on June 25
- HHS concluded the hantavirus response on June 24 after a 42‑day monitoring period.
- No American passengers were confirmed infected; cases fell from 11 to 10.
- The response faced criticism for lacking explanation and imposing strict quarantines.
- Cork acts as a regulator of oxygen diffusion into wine bottles
- Limited oxygen ingress supports gradual aging, smoothing tannins and enhancing aroma
- Excess oxygen accelerates oxidation, leading to brown color and off‑flavors
- The article pertains to a 'Treasure Hunt' event conducted in Nova Scotia.
- The Nova Scotia Regional Prize for this hunt was discovered prior to the article's publication.
- Nova Scotia is referred to as 'Canada's first mining frontier' within the context of the treasure hunt.
- Article consists solely of a cookie consent notice with no substantive information.
- No details on Megan Greene's CV or the Treasury Select Committee questionnaire are provided.
- No market, economic, or policy implications are discussed.
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