- USD/JPY exchange rate reaches 161.94, highest since July 2024
- Move above 161.99 yen would be highest in nearly 40 years
- Markets on watch for potential intervention
June 25, 2026
▲ 53▼ 66◆ 25– 170
Markets 35
- Global stocks rose 0.37% as chipmakers' strong earnings lifted sentiment
- Dollar hovered near one-year high despite falling against major peers
- Oil prices edged higher but remained near pre-war levels
- Banxico unanimously kept the policy rate at 6.50% and warned inflation risks remain upside.
- The peso gained over 0.62% versus the dollar, with USD/MXN falling to 17.49 from a 17.67 peak.
- US Q1 GDP was revised up to 2.1% and core PCE rose 3.4% YoY, yet the DXY slipped 0.19% to 101.39.
- World Cup hosting adds an estimated $2.73 billion (0.14% of GDP) to Mexico’s economy, bolstering the currency.
- GBP/USD fell to ~1.3150, its lowest in multi-month, below 50‑day and 200‑day EMAs near 1.3400
- UK political risk rose after PM Keir Starmer resigned, leaving a Labour leadership contest open
- US Q1 GDP revised up to 2.1% and jobless claims dropped to 215k, boosting the dollar and pressuring the pound
- BoE kept rates at 3.75% on June 18, but the hawkish stance was ignored by the market
- Key support at 1.3150; resistance at 1.3200‑1.3400; a close below 1.3100 could test 1.3000
- Japan's main stock index hits record levels, matching its 1989 peak
- Broad market rally lifts major Japanese shares across sectors
- Investor optimism fuels the strongest upward move in over three decades
- Q1 GDP revised up to 2.1% annualized, beating the 1.6% consensus
- Core PCE inflation posted 0.3% MoM and 3.4% YoY, in line with forecasts
- DXY slipped to ~101.45, retreating from a high of 101.75 earlier in the session
- Weekly jobless claims fell to 215,000, below the 225,000 estimate
- Markets still price at least one more Fed rate hike before year‑end
- Treasury yields slipped across the curve after U.S. economic indicators showed slower growth
- Market pricing suggests the Federal Reserve may not need to maintain as aggressive a rate‑hike path
- The reported Iranian attack added a geopolitical risk premium, supporting the yield decline
- Lower yields could boost equity markets by reducing financing costs
- USD/JPY trades at 161.78, staying within the historic intervention range around 161.80
- US core PCE inflation rose 3.4% YoY in May, keeping Fed rate‑hike odds elevated
- Initial jobless claims fell to 215,000 and Q1 GDP was revised to a 2.1% annualised gain
- Tokyo CPI release is the next focus; a stronger reading could prompt BoJ tightening
- Dow reached an intraday high of ~52,650 before closing near 52,200
- Nasdaq slipped ~0.3% as investors shifted from tech to healthcare, financials and industrials
- Memory chip makers surged (Micron +14%) while Apple fell ~5% on higher component costs
- Core PCE rose 0.3% MoM (3.4% YoY) and Q1 GDP was revised up to 2.1% annualized
- Fed funds rate held at 3.75% with no near‑term cuts signaled
- US Core PCE inflation rises 3.4% YoY, keeping Fed tightening expectations alive
- GBP/USD gains 0.22% as Dollar profit-taking offsets strong US GDP and jobs data
- UK political uncertainty rises as Burnham succession questions grow amid Starmer resignation
- MSCI extended its review of Indonesia’s emerging‑market status to November 2026
- If reforms are insufficient, MSCI may reclassify Indonesia to frontier, risking billions in capital outflows
- Indonesia’s stock market lost about $80 bn after the downgrade threat; the recent reprieve sparked a modest rally
- The rupiah has depreciated more than 14 % since President Prabowo took office
- Reforms include raising the minimum free float to 15 % and lowering shareholder disclosure threshold to 1 %
- Asian equity indices climbed, led by semiconductor stocks
- Micron Technology posted earnings that eased AI‑related worries
- The market recovered from the sell‑off earlier in the week
- Nasdaq Composite fell for a fourth consecutive session.
- SpaceX IPO priced at $135, shares trading at $153, with a $242.6 consensus target.
- CVS shares up 45% YTD, price target $104.25, analysts largely bullish.
- Magnificent Seven stocks down double digits from recent highs; Nvidia down 9% this month.
- Consumer sentiment data due June 10, expected at 49.0 versus 48.9 prior month.
- S&P 500 futures unchanged, slipping 0.01% while Dow futures rose about 0.1%
- Apple fell 6% and Microsoft dropped over 3% after announcing price hikes on devices
- Nasdaq Composite down 0.46%, on pace for a 4.4% weekly loss; S&P 500 down 1.9% week‑to‑date
- Dow up 0.14% on the day, up 0.7% for the week, helped by healthcare, financial and industrial stocks
- Traders will watch May wholesale inventories and June University of Michigan sentiment data
- Proposal aims to link Hong Kong IPOs with mainland investors, expanding access to top‑tier China assets
- Officials say the scheme could inject fresh capital into Hong Kong's equity market, though exact funding targets are undefined
- Implementation challenges include regulatory approval, coordination with existing Stock Connect, and uncertain market appetite
- Long-term corporate bond issuance fell 3.7% YoY to 337 bn baht in Jan‑May 2026
- Investment-grade bonds (BBB- or higher) accounted for ~95% of issuance (~321 bn baht) with >96% subscription rate
- High-yield and non-rated bonds saw subscription rates drop below 60%, indicating heightened default concerns
- Yields on three-year corporate bonds rose 10‑18 basis points versus end‑2025 across all ratings
- K-Research forecasts total 2026 corporate issuance at 850‑890 bn baht, roughly in line with 2025
- HKEX will debut its first ETF tracking the HKEX Tech 100 Index on Friday.
- The HKEX Tech 100 Index, launched on Dec 9, covers the 100 largest Hong Kong-listed technology firms.
- The move aims to broaden proprietary benchmarks as traditional gauges lag behind the AI-driven tech rally.
- May Australian employment rose 40.3k vs 25k forecast; unemployment fell to 4.4%
- US Q1 GDP revised up to 2.1% YoY; core PCE held at 3.4% YoY, keeping Fed hikes alive
- AUD/USD trades at 200‑day EMA ~0.6900, with resistance at 0.6950 and 0.7000
- RBA cash rate 4.35% vs Fed 3.5‑3.75% gives rate advantage, but soft China data and US dollar strength cap gains
- Key upcoming catalysts: Chinese factory surveys, RBA minutes, US non‑farm payrolls
- S&P 500 closed Thursday right at a critical support zone
- A break below the support may lead to additional equity losses in the coming weeks
- Analysts view the level as a potential pivot for market direction
- Russell 2000 hit an all‑time high of 3,033.75, up 21% YTD in 2026
- Index on pace for strongest first half since 1991, outpacing S&P 500's 7.5% gain
- Bank of America and TD Cowen recommend Freshpet (target $80, ~50% upside) and Omnicell (target $70, ~77% upside)
- Small‑caps (market cap $250 m‑$2 bn) are gaining momentum as larger‑cap tech stocks retreat
- Dollar Index fell 0.09% to 97.64 in the latest session
- The decline snapped a three‑trading‑day winning streak
- Move represents a modest 0.1% drop in the index
- US Q1 GDP revised sharply higher while consumer spending stalls
- Apple and Dell fall 6%, Microsoft down 3.5% and -21% YTD, while Micron jumps 15% and SOX index rises 3.5%
- Asian equities rally: South Korea +5%, Japan +4.5%; European markets up ~1%
- Dollar posts first down day in seven; oil rebounds 2% and precious metals rise 1%
- Inflation measures stay above 4%, prompting markets to trim 15 bps of implied Fed tightening
- May PCE inflation rose to 4.1% YoY (core 3.4%), matching forecasts
- Initial jobless claims fell to 215K; Q1 GDP revised up to 2.1% annualized
- DXY slipped toward 101.40; USD/JPY hovered near 161.80, close to intervention zone
- EUR/USD steadied near 1.1370; GBP/USD advanced toward 1.3200 as USD eased
- WTI oil recovered to about $71.90 per barrel; gold rebounded above $4,030 per ounce
- USD/CNH surged to a high of 6.8195, now consolidating between 6.8030‑6.8185 intraday.
- UOB forecasts possible further rise toward 6.8300, citing strong support at 6.7900 (and 6.7750).
- Over the next 1‑3 weeks the bank keeps a positive USD view as long as the pair stays above 6.7900.
- USD/CHF fell 0.34% to trade under 0.8100 after a six‑day rally.
- RSI remains above 70, signaling overbought momentum.
- Key support levels: 0.8050, then 0.8000; a break below 0.8000 would expose the 200‑day SMA near 0.7910.
- Resistance at 0.8100 with the YTD high at 0.8139; next upside target around 0.8200.
- NZD/USD trades around 0.5650, hovering near seven‑month lows.
- US core PCE YoY rose 3.4% in May; monthly core inflation unchanged at 0.3%.
- Fed September rate‑hike probability fell to 60% from 67% after the data.
- NZD/USD below 200‑day SMA (0.5827) and 100‑day SMA (0.5874); RSI near 29 (oversold).
- Key support at 0.5600; resistance at 0.5700 and 0.5770.
- U.S. bond ETF inflows jumped about 60% year‑over‑year.
- Investors are moving into Treasury and multi‑sector income ETFs to capture higher real yields.
- New Fed chair signals no forward guidance, pricing in multiple rate hikes and a steep front‑end curve.
- Breakeven inflation rates have fallen sharply, prompting interest in short‑dated TIPS.
- Credit spreads stay tight, reflecting confidence but caution on aggressive credit exposure.
- USD/SGD peaked at 1.2991 before closing at 1.2980 (+0.08%).
- UOB expects intraday range of 1.2955‑1.2990, with strong support at 1.2925.
- 1‑3 week target remains 1.3000 if the 1.2925 support holds.
- Upward momentum appears to be waning after recent overbought conditions.
- EUR/USD trades near 1.1380, gaining modestly as the dollar weakens despite strong US data
- US PCE inflation rose to 4.1% YoY in May and core PCE to 3.4% YoY, both matching expectations
- US initial jobless claims fell to 215K and Q1 GDP was revised up to a 2.1% annualized rate
- German consumer confidence improved slightly to -29.2, offering modest support to the euro
- US core PCE inflation rose 3.4% YoY in May, matching expectations; headline PCE hit 4.1% YoY, highest since April 2023
- Markets trimmed September Fed rate-hike probability to 60% from 67% after PCE data
- USD/JPY fell to ~161.75 as USD eased, but JPY remains near 40-year lows amid BoJ-Fed rate differential
- Micron projects Q4 revenue around $50 bn, well above the $43.2 bn consensus
- South Korea's Kospi index jumped roughly 6% overnight, reversing most of Tuesday's sell‑off
- AI‑focused memory peers Samsung and SK Hynix stand to gain from the AI infrastructure build‑out
- FX spillovers to other markets have remained limited
- Apple shares dropped 6%, pulling the Nasdaq lower
- Micron's weak performance failed to sustain a broad rally
- Oil prices rose modestly, offering limited upside to risk assets
- AI-driven market volatility has made broad market valuations expensive, according to John Rogers
- Rogers is bullish on Covista (CVSA), up about 20% YTD, citing demand for medical education
- He favors Lazard (LAZ) and Carlyle Group (CG), down 16% and 29% YTD respectively, as cheap at ~9‑11x forward earnings
- Chicago small-caps Littelfuse (LFUS) and Knowles (KN) have surged roughly 89% and 90% YTD and are highlighted as strong picks
- Wendy's shares fell nearly 7% after a double‑digit rally earlier in the day
- The stock jumped 25.7% in the prior session, its biggest gain since June 2021
- Retail traders on Reddit generated abnormal buying, with net purchases over seven times the norm
- The rally was fueled by a viral "Save Wendy's" campaign and the appointment of former Potbelly exec Steven Cirulis as CFO/CSO
- Leibowitz, 89, was a senior bond researcher at Salomon Brothers.
- He developed quantitative formulas that underpin modern bond pricing.
- His models continue to influence fixed‑income market strategies worldwide.
Macro/Economy 23
- PCE price index rose 4.1% YoY in May, highest since April 2023
- Core PCE (ex food & energy) increased 3.4% YoY
- Real consumer spending grew 0.3% month‑over‑month in May
- Higher inflation may pressure the Fed toward tighter policy
- US PCE inflation rose 4.1% YoY in May (matching expectations) and 0.4% MoM (slightly below estimate).
- The Dollar Index fell 0.19%, snapping a three-day gain, as softer inflation data reduced Fed rate hike probabilities.
- Market expectations for a 25bps Fed hike in July dropped to ~30% (from 34.2%) and for September to ~62.1% (from 65.7%).
- Other US data showed Q1 GDP revised up to an annualized 2.1%, and weekly jobless claims fell to 215,000.
- Chicago Fed President Goolsbee noted a 'glimmer of hope' on services inflation but stressed underlying pressures remain too high.
- Critical minerals (e.g., lithium, cobalt, rare earths) are replacing fossil fuels as strategic assets, driven by climate change and geopolitical vulnerabilities.
- Global supply chains for critical minerals are increasingly controlled, with China dominating processing and refining capacity (e.g., 90% of rare earth processing).
- India faces deep import dependence for critical minerals, segmented across raw materials (resource-rich countries), processed products (China, Japan, South Korea), and recycled materials (China, Russia).
- Developing domestic mining and processing capacity is slow, leaving India vulnerable to import reliance for its accelerating clean energy and defense demands.
- India's strategy must involve building allied supply chains, investing across the entire value chain, and leveraging multilateral cooperation to reduce dependency.
- Tokyo consumer price index (CPI) increased in June (month‑on‑month)
- Core CPI, excluding fresh food, also rose, indicating broader price pressures
- The data suggests persistent inflationary trends in Japan’s capital region
- OASI trust fund could be depleted in the fourth quarter of 2032, earlier than prior forecasts
- Current payroll tax cap of $184,500 may be raised to $250,000 (Warren/Sanders) or $400,000 (Larson) to shore up solvency
- Unfunded Social Security obligations are estimated at $30 trillion, according to Senate Finance subcommittee
- When the fund depletes, 78% of benefits will still be payable, highlighting the need for reform
- AUD/USD trades muted near 0.6900, struggling to gain despite a pullback in the US Dollar.
- US PCE inflation rose to 4.1% YoY in May (from 3.8%), with core PCE increasing to 3.4% YoY.
- Australia's employment change rose by 40.3K in May, exceeding expectations, while the unemployment rate held steady at 4.4%.
- Iran warned that uncoordinated shipping routes through the Strait of Hormuz would be 'unacceptable and dangerous', adding geopolitical risk.
- Core PCE inflation rate rose to 3.4% in May, highest since October 2023
- Annual core reading in line with Dow Jones consensus estimate
- Energy prices drove largest source of price gains, up 4% for the month
- Vietnam aims for 10% annual GDP growth through 2030
- National champions concept to drive industrialization and global trade integration
- At least 20 large private conglomerates to be developed by 2030
- Hong Kong has become the world's most unequal society in terms of wealth distribution
- Income inequality shifted from wage disparities to capital concentration between 1981 and 2021
- Social mobility reduced due to increased wealth inequality
- SME NPL ratio rose to 9.16% in Q1, up from 9.03% in the previous quarter
- Special mention loans for SMEs increased to 15.8% from 15.6% in Q1
- SME loan portfolio contracted 4% in the first quarter, extending a 15‑quarter decline
- The central bank will monitor loan quality and may deploy targeted measures if migration to NPLs accelerates
- Household income growth slows and living costs rise, weighing on private consumption
- Plan aims for 70% of electricity from clean sources by 2050, with 60% renewable and 10% advanced tech such as SMRs
- Assumes annual GDP growth of 2‑2.5% and sets electricity tariffs at 4 baht per kWh for the 24‑year horizon
- Egat to retain at least a 30% share of generation; SMR rollout may take up to a decade as BESS costs fall
- Demand‑response and smart‑grid measures to be introduced to curb peak‑hour consumption
- Cocaine sales in Colombia projected at $16.5 billion for 2024.
- Oil export earnings for the same year estimated around $15 billion.
- Despite the rise, oil (plus coal) still generates more total export revenue than the illicit cocaine trade.
- Twin quakes of magnitude 7.2 and 7.5 struck west of Caracas, killing at least 188 people
- Preliminary damage estimates range from 1% to 7% of Venezuela's $111 bn GDP
- IMF announced a $200 million reconstruction fund to support infrastructure rebuilding
- Oil production largely unchanged; 1.2 million bpd output and key refineries remained intact
- Over 20 million Venezuelans already in poverty, heightening humanitarian concerns
- Core PCE inflation rose to 3.4% in May, its highest level since October 2023
- May price gains: goods up 0.4%, services up 0.5%, with energy prices jumping 6.5%
- Williams projects inflation to fall to 3.5% in 2024 and to the 2% target by 2028
- Markets assign about a 30% probability of a Fed rate hike at the July 28‑29 meeting
- Kazakhstan signs MoUs worth over $12 bn with EU partners
- Deal includes purchase of 50 Airbus passenger jets valued at €7.1 bn
- Discussions target development of the Middle Corridor trade route under the EU Global Gateway program
- President Tokayev's Brussels visit concluded on June 23, aiming to expand energy and trade ties
- May exports rose 10.6% to $34.3 bn, marking 23 consecutive months of growth
- Industrial product exports up 14.4% while agricultural exports fell 7.2% in May
- Trade deficit widened to $5.7 bn in May as imports jumped 35.1% to $40 bn
- Full‑year export growth projected at up to 8% if average monthly exports reach $29.2 bn
- Key markets include the US, Japan, ASEAN‑5 and the EU
- Luxury goods sales forecast to grow 1%‑4% in 2026, reaching €365‑€373 bn.
- Experiential luxury (travel, dining, events) projected to grow 3%‑7%, with bookings up ~30%.
- U.S. becomes leading market for luxury goods growth, driven by aspirational consumers.
- Travel to non‑traditional destinations up 20%; cruises attract many first‑time buyers.
- BoC downplays Q1 GDP surprise, citing government spending volatility
- Bank highlights stronger per-capita consumption, but treats inflation risk discussions as stale
- Conservative oil price assumption in April MPR gives BoC more room to downplay decline
- RPIB launched a consultation on the design of the UK’s next‑generation retail payments infrastructure
- Consultation covers new methods like account‑to‑account payments at point of sale and enhanced cross‑border payments
- Feedback deadline is 11 September 2026; a new industry‑led Delivery Company will implement the design
- Pay.UK will continue operating Faster Payments, Bacs and Image Clearing during the transition
- No decision yet on a digital pound; Bank of England and HM Treasury will publish conclusions later this year
- IFC's internal watchdog reported lenders pressuring borrowers to keep up payments they cannot afford
- The review highlights harmful lending practices within Cambodia's microfinance sector
- Findings could prompt tighter oversight and reforms for microfinance institutions
- Opposition MPs say the 10.3 billion baht transfer equals only 0.2 % of Thailand’s 3.78 trillion baht 2026 budget.
- Government claims the move funds the emergency and contingency fund after the 99 billion baht reserve was depleted.
- Critics note the government could have reallocated up to 125 billion baht for rising energy prices but opted for a much smaller transfer.
- The bill draws funds from unspent routine and investment expenditures, raising concerns over cash‑flow management.
- MPs suggest the transfer may be a tactic to avoid a 500 billion baht emergency loan decree, potentially prompting a constitutional court review.
- Senate Democrats sent a letter to Interior Secretary Doug Burgum demanding answers on the reflecting pool project.
- Renovation costs have ballooned from an initial $1.8 million estimate to more than $16 million.
- The project was awarded via a no‑bid contract and may require the pool to be drained again for additional repairs.
- Officials cite alleged vandalism, but senators question project management, contracting practices, and oversight.
- Mining workers in Canada earn about $42 an hour on average.
- The average wage for other blue‑collar occupations is roughly $35 an hour.
- The mining sector has become one of the highest‑paying blue‑collar fields in Canada.
Central Banks 10
- Williams extends expected return to the Fed's 2% inflation goal from 2027 to 2028.
- Forecasts inflation to ease to about 3.5% this year, with US growth around 2.25% and unemployment at 4% by 2028.
- Reiterates monetary policy is "well‑positioned" and keeps standing repo operations as a key tool, signaling continued hawkish tone.
- Notes that resolution of Middle East war disruptions could reduce some inflation pressure.
- ECB will permanently include NFC credit claim portfolios in its general collateral framework
- Technical implementation planned for November 2027 at the earliest
- Temporary ACC collateral measures will be phased out, with COVID‑19 guarantee eligibility ending Dec 2026
- Eligibility criteria will align with existing individual credit claim rules, allowing lower‑quality loans within diversified portfolios
- National central banks may terminate temporary frameworks earlier, but current portfolios stay eligible until rollout
- Ceasefire in the Middle East has lowered oil prices, yet they stay above pre‑war levels.
- ECB warns inflation remains above the 2% target, with medium‑term energy costs still elevated.
- Recent rate hike was deemed appropriate; additional rate increases are expected to restore price stability.
- Growth resilience is supported by AI-driven activity and fiscal measures, but wage pressures could sustain medium‑term inflation.
- Japan's core CPI remains around the 2% target, currently at 2.3% YoY.
- Q2 GDP growth projected at 0.8% YoY, reflecting modest recovery.
- Wage growth expected to stay near 2.5%, supporting the inflation outlook.
- BOJ likely to keep ultra‑loose policy stance unchanged in the near term.
- Core CPI in Tokyo stayed below the BOJ's 2% target for the fifth month in a row
- The reading kept core inflation under the 2% threshold year‑over‑year
- Sub‑target inflation reduces pressure for near‑term BOJ rate hikes
- Data supports the Bank of Japan's continued accommodative monetary stance
- Inflation is "well too high" and trending in the wrong direction, according to Fed Chicago President Austan Goolsbee
- Core PCE inflation remains above target, with services inflation highlighted as especially concerning
- Goolsbee warns AI‑driven spending expectations could create overheating risks and notes wages are not a reliable leading indicator
- Banxico kept its reference rate unchanged at 6.50% in a unanimous decision.
- Board notes inflation risks are tilted to the upside, but core inflation is easing.
- Headline inflation is projected to reach the 3% target by Q2 2027.
- Mexico's GDP is expected to contract in Q1 2026 and grow in Q2 2026, with downside risks.
- BoT held its policy rate at 1.00%, a near four-year low, for a second consecutive meeting.
- GDP growth forecast for 2026 raised to 2.3% (from 1.5%), while 2027 forecast trimmed to 1.8% (from 2.0%).
- Inflation outlook lowered to 2.8% for 2026 and 1.4% for 2027, still above the 1‑3% target range.
- BoT signals no rate cuts and likely no hikes through 2026, aligning with fixed‑income market expectations.
- Recent THB depreciation attributed to Fed policy shift rather than domestic factors.
- Cipollone argues CBDCs are essential for modernizing monetary systems
- He stresses the need for robust regulatory frameworks to ensure stability
- Calls for international coordination among central banks to harmonize standards
- Fed executes consent cease-and-desist order against Jason Burns
- Order related to unsafe lending practices
- Burns is president and director of Bank of Eufaula and director of S N B Bancshares, Inc.
Energy/Oil 18
- Crude prices slipped to roughly $80‑$85 per barrel, matching pre‑war levels
- A surge of tankers left the Strait of Hormuz, boosting available supply
- Analysts expect the market to tighten again, hinting at a possible price rebound
- OPEC+ to face increased US shale production
- US shale output to reach 9.3 million bpd by 2025
- Global oil supply to rise 3.5% in 2024
- Iraq is weighing an exit from OPEC to lift its oil output.
- Leaving OPEC would let Iraq exceed its current production quota.
- Potential increase could add several hundred thousand barrels per day to global supply.
- Higher supply may pressure oil prices, likely weighing on Brent and WTI futures.
- First US waiver for Russian crude issued on March 12, 2026, easing sanctions concerns for Asian buyers
- Waiver shows Asian oil markets need Russian supply to offset Middle East disruptions
- Successive extensions of the waiver point to continued reliance on Russian crude, boosting Russia's oil revenues
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- Asian economies to exercise caution in buying Iranian oil due to US sanctions waiver
- 60-day waiver raises concerns over compliance, financial risk, and potential hostilities
- Global markets await signs of progress in US-Iran peace talks
- IRGC says any vessel not using Iran‑designated routes in Hormuz will be deemed “unacceptable and dangerous”.
- Ship transits rose to 93 over the weekend, triple the previous period but still below the pre‑war level of >100 daily.
- Only 31 verified crossings were recorded on Tuesday, indicating traffic remains far from normal levels.
- Analysts warn that continued Iranian control could keep oil flows through Hormuz lower than pre‑war levels, supporting higher oil prices.
- Base Power starts selling home battery systems in Illinois, targeting PJM Interconnection's grid
- Wholesale electricity prices in PJM nearly doubled over the past year due to power crunch
- Base Power's rates are 25% below utility ComEd's in Illinois
- TVA plans to add 7-26 GW of natural gas capacity by 2040
- Load growth outpaces reference case forecast due to data center expansion
- AI-driven demand drives electricity growth in Tennessee Valley Authority's footprint
- At least 17 Russian regions have imposed mandatory gasoline and diesel sales restrictions.
- Ukrainian drones hit multiple oil terminals, pipelines and the Kapotnya refinery, which will stay offline until the end of 2026.
- Dozens of private fuel companies report shortages, tightening domestic fuel availability.
- The reduced Russian output is expected to support higher global crude prices.
- Fuel charge rises 33.6% to 41.9 HK cents (5.3 US cents) per unit
- Double-digit increase expected to continue
- Global fuel prices rise due to Middle East war
- Natural gas futures posted gains for a third consecutive session
- Weather forecasts predict warmer temperatures, increasing electricity‑sector demand for gas
- The rally reflects expectations of higher consumption rather than supply constraints
- National average gasoline price has fallen for six consecutive weeks.
- GasBuddy forecasts $3.75 per gallon on July 4, the second‑highest level on record after $4.80 in 2022.
- May price spikes were driven by the Strait of Hormuz closure that lifted crude oil prices.
- WTI rose over 2% on Thursday, trading near $71.50 after hitting a three‑month low.
- Traffic through the Strait of Hormuz improved, easing supply concerns despite Iran’s new routing rules.
- EIA data showed crude inventories fell by 6.1 million barrels last week, slightly less than the prior 8.3 million‑barrel draw.
- Technicals remain bearish: price stays below the 200‑day SMA ($73.02) and RSI sits around 32, near oversold.
- Immediate support seen at $70, with downside floor near $65.
- Ras Tanura, Saudi Arabia's largest oil export terminal, set to restart crude shipments after being idle since early March
- Multiple Very Large Crude Carriers (VLCCs) owned by Bahri are moving toward the offshore Ju'aymah loading area
- The restart signals accelerating Gulf oil supply recovery amid recent Strait of Hormuz reopening headlines
- Chevron CFO states 7-10% production growth in 2024 but warns fuel price cuts lag crude declines by weeks
- Trump orders DOJ probe into 'Big Oil gouging' as U.S. gas prices remain above $2.25/gal target
- Brent crude at $72.75/bbl, down 1.3% on Thursday, nearing pre-Middle East war levels
- Malaysia will stay a net gas exporter until 2035 but remains a net oil importer.
- Russia aims to secure a steady flow of US dollars through a currency swap tied to Russian crude and gas deliveries to Malaysia.
- The deal uses US dollars and Singapore banking channels, bypassing Malaysia's ringgit due to currency controls.
- Global LNG storage utilization climbs to about 70% of capacity, reversing earlier declines
- New onshore storage projects add roughly 5 bcm of capacity across Europe and Asia
- Heightened cargo competition pushes spot LNG prices down 5‑10% year‑to‑date
- Construction of the 8‑mile "Starpipe" begins next month
- Pipeline will deliver natural gas to Starbase in South Texas
- Operational target set for January, supporting Starship's methane fuel needs
- Each Starship launch consumes a large volume of liquid methane
Gold/Metals 13
- Spot gold slipped to $3,974.89, its lowest level since November 2025.
- Gold is down about 28‑30% from the January peak near $5,600 per ounce.
- Traders price in three Fed hikes this year with a 67% chance of a September increase.
- Analysts cite $3,500‑$3,600 as the next key support, while Goldman Sachs cut its year‑end target to $4,900.
- Spot gold fell for a third consecutive session, slipping below $1,950 per ounce
- The metal lost about 2% in the week, its biggest weekly drop since early 2023
- Safe‑haven demand waned as US Treasury yields rose above 4.5%
- Analysts suggest relief may come if inflation data eases later this month
- Gold price faces risk of dropping under $3,500 per ounce if inflation stays sticky
- Sticky inflation lowers odds of a near‑term dovish Fed pivot or rate cut
- Higher real yields from a hawkish Fed could pressure gold's safe‑haven appeal
- Investors watch US CPI and Fed minutes for clues; any hawkish tone may accelerate the slide
- Gold is facing potential downside pressure.
- Market expectations for the Federal Reserve to maintain higher interest rates for an extended period are increasing.
- The 'higher-for-longer' interest rate outlook typically weighs on non-yielding assets such as gold.
- Spot gold fell to its lowest level in eight months, hovering near $1,900 per ounce
- The slide was fueled by a stronger US dollar and rising Treasury yields
- Analysts caution the metal could slip further if inflation data stays subdued
- Gold (XAU/USD) rebounds above $4,000 after US PCE data comes in line with market expectations
- US PCE rose to 3.4% YoY in May, with core PCE unchanged at 0.3% MoM
- Gold remains nearly 27% below its all-time high near $5,600 reached in January
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- Silver (XAG/USD) rose ~0.8% on Thursday, rebounding from a session low near $56.35
- The metal peaked intraday around $59.00 before retreating to about $58.00
- Immediate support sits at $55.50, with resistance at the $59‑$60 zone
- The Fed’s policy rate remains at 3.75% with expectations for higher‑for‑longer, keeping real yields elevated
- Measured and indicated gold resources at the Hemlo mine rise by 34% after the latest update.
- The resource boost highlights the growth potential of Hemlo's flagship project in northwestern Ontario.
- Hemlo Mining (TSX:HMMC, OTC:HMMCF) expects the larger resource base to support future production plans.
- Lithium carbonate futures in China fell about 10% over two trading sessions.
- Prices reached a 10‑week low near 157,000 yuan per tonne.
- Drop follows speculation that CATL may restart its large Jianxiawo lithium mine, boosting supply.
- Jiangxi authorities issued a preliminary land pre‑review for the mine, signaling possible production restart.
- Silver price up 2.16% to $58.65 after US PCE inflation data comes in line with expectations
- Weaker US Dollar supports a technical rebound in precious metals
- Expectations for restrictive monetary policy remain in place, limiting Silver's recovery potential
- Heliostar Metals (TSX-V: HSTR) is conducting drilling at its Ana Paula gold project in Mexico.
- Drilling results support the conversion of inferred mineralization to higher categories.
- A feasibility study for the project is targeted for next year.
- The Ana Paula gold project is valued at $426 million.
- Gold spot price slipped further, extending its recent decline
- US Dollar Index rose, reaching its highest level in several months
- Dollar strength eroded bullish momentum in gold
- Wesdome Gold Mines (TSX: WDO) extends mine life to 2033 via updated reserve estimates
- Reserve base increase supports sustained production for eight years
- TSX-listed gold miner strengthens operational outlook
Crypto 38
- Bitcoin may bottom in Q4 at $42,000-$44,000, 30% below current price
- Strategy's mNAV has fallen to 0.72, near 2022 cycle low, historically a 6-month precursor to bitcoin's price bottom
- Jiang's 4-year cycle model predicts shrinking price swings, with a low of $44,016 on Oct. 31
- Bitcoin supply in loss reached 10.83 million BTC, a record high, as price fell to ~$59,100
- Long-term holders now control 14.8 million BTC (75% of circulating supply), with 37% at a loss
- Previous bear-market bottoms saw ~10.5 million BTC in loss, aligning with current levels
- Uniswap and Spark to build shared liquidity infrastructure for stablecoins, starting with $150m migration for USDS, USDT, and PYUSD
- Banks, fintechs, and payment firms increasingly entering stablecoin market amid regulatory clarity
- Citi projects stablecoin market could expand from $300bn to $4trn by 2030
- Partnership targets Japan’s $440B daily FX market using USDC for cross-border settlements
- Service aims to cut transfer times from days to minutes via blockchain integration
- Nomura to handle client onboarding, compliance, and banking system integration
- 60 sanctioned Iranian entities moved over $3.84 billion through CoinEx since 2019.
- CoinEx accounts for about 8% of illicit crypto transaction volume, far above the 0.3% average at other exchanges.
- Approximately $2.7 billion of the flow involved daily transfers of about $1 million between CoinEx and Iran’s Nobitex exchange.
- The US Treasury recently sanctioned four Iranian crypto exchanges and seized $1 billion in crypto linked to Iran.
- Bitcoin fell from about $67,000 to under $60,000 ahead of the June Deribit expiry.
- The max‑pain level for the $10 billion options settlement is around $72,000, far above spot price.
- $10.2 billion of contracts will expire or roll on Friday, a major liquidity event likely to spur volatility.
- Recent expiries have shown little price pinning, challenging the max‑pain theory.
- Four proprietary onchain indicators aligned for only the sixth time in bitcoin’s history, historically coinciding with cycle bottoms
- Bitcoin faces key $82,000 resistance or potential final low between $48,000–$57,000 within 90 days to confirm a major turning point
- Structural shifts from U.S. spot bitcoin ETFs and improving onchain fundamentals may outweigh bearish macro narratives
- Bitcoin fell 5% to $58,000, its lowest since 2024, before rebounding to $59,400
- Derivatives data show crowded short positions and strong buy orders below $58,000, risking a short squeeze
- Fed’s hawkish shift under new Chairman Warsh adds pressure to risk assets including crypto
- Investors rewarding crypto firms for AI infrastructure, not just digital asset exposure
- Galaxy Digital's stock surge points to a new trend in valuing crypto companies
- AI infrastructure becoming a valuable resource, with some crypto firms controlling key assets
- SBI Holdings will acquire full control of crypto exchange Bitbank for 46.7 billion JPY ($289 million).
- The deal, expected to close around October, will create Japan's largest crypto exchange by assets under custody and among the largest by account numbers.
- The combined entity will manage approximately 1.1 trillion JPY in assets under custody and serve about 2.92 million crypto accounts.
- SBI is expanding its digital asset ecosystem, recently launching yen-pegged JPYSC and dollar-backed Ripple USD (RLUSD) stablecoins, and the Strium layer-1 blockchain.
- Binance will halt onboarding of new EU users and restrict certain services starting July 1 after missing MiCA authorization.
- Withdrawals will remain available; users are urged to move assets to self‑custody wallets or other crypto service providers.
- The EU restriction covers roughly 1% of Binance's spot trading volume, per CryptoQuant, following the withdrawal of its MiCA license in Greece.
- Binance retains local licenses in Poland, France, Spain and Italy, while MiCA‑licensed CASPs such as Revolut and OKX are recruiting EU users.
- User reactions are mixed, with some expecting minimal impact and others concerned about staking and active trading continuity.
- Bitcoin one-week options skew shows 25-point put premium vs calls, signaling bearish sentiment
- U.S. core PCE expected at 3.4% YoY for May, up from 3.3% in April; softer-than-expected print could trigger BTC rebound
- Bitcoin tested $59,000 support level, a level that held for four months after February's low
- TRM Labs alleges CoinEx processed $3.84 bln in flows with sanctioned Iranian entities over 7 years
- CoinEx disputes claims, citing no commercial ties to Iranian exchanges or government entities
- TRM identified $2.7 bln in transfers between CoinEx and Iran's largest crypto exchange Nobitex
- Bitcoin (BTC) futures liquidated $1B in 24 hours after dipping below $60,000, with negative funding rates indicating short bias
- Ether (ETH) rose 1.5% to $1,644 but remains volatile; implied volatility fell from 51% to 46%
- Solana (SOL) down 75% from September peak, threatening lowest level since Dec 2023 if $60 breaks
- Put-call skew for BTC shows 25-point volatility premium for puts, signaling persistent downside concerns
- $1B in altcoin futures liquidated in 24 hours, with $585M from altcoin pairs
- Bitcoin fell to $59,175, its lowest since early June, before rebounding to about $61,500.
- Roughly $430 million in long Bitcoin futures positions were liquidated.
- The cryptocurrency is down ~10% from Monday’s peak near $65,500, pressured by a hawkish Fed and ETF outflows.
- Leveraged longs totalling $1.6 billion sit below $58,000, heightening downside risk.
- Thursday’s PCE inflation print could move the market higher or lower.
- Bitcoin slipped below $60,000, hitting $58,000 and wiping out June gains.
- Rounded‑top and bear‑flag patterns project a downside target near $54,000 (≈8.9% drop).
- MVRV bands show the 1.0 level around $53,400, supporting the $54,000 target; a deeper fall could test $42,700 (0.8 band).
- The decline coincided with losses in megacap tech stocks, pressuring risk assets.
- Bitcoin DeFi TVL is $4.12 bn, a tiny fraction of Bitcoin's $1.2 tn market cap
- Botanix closed after ~4 years, citing insufficient fee volume despite 25 m transactions and 200 k wallets
- 77 % of Bitcoin holders have never used a BTC‑DeFi platform and only 3 % integrate it into their strategy
- Wrapped BTC on Ethereum still dominates, with roughly $20 bn (≈2 % of supply) on EVM chains
- Invesco filed with the SEC to launch a tokenized fund investing in cash and short‑term U.S. Treasuries to back stablecoins
- The fund will use tokenization specialist Superstate as sub‑transfer agent and maintain an on‑chain shareholder registry
- Citi projects the stablecoin reserve market could grow to $4 trillion by 2030, up from roughly $300 billion today
- Invesco joins BlackRock, State Street and ProShares in the race to manage stablecoin reserves
- Put skew on Deribit and BlackRock's iShares Bitcoin Trust options ranks in the 82nd‑84th percentile of historical levels
- 30‑day/7‑day implied volatility ratio inverted, with near‑term volatility priced higher than longer‑term
- MicroStrategy preferred stock fell to $77, about 23% below par, while common shares trade near $87 after a 78% YTD decline
- Defensive positioning remains below stress thresholds, indicating no severe downside pricing for Strategy
- Third‑party vendor breach let hackers inject malicious code into Polymarket's site
- Approximately $3 million in crypto was taken from over 11 users
- Polymarket says the incident is contained and will fully refund victims
- 52% of UK advisers say most of their clients' crypto exposure is invisible to them.
- Across surveyed EU countries, 25% of advisers report similar invisibility.
- 61% work at firms that restrict digital assets or lack clear guidance.
- FCA estimates about 8% of UK adults hold crypto, highlighting a gap between ownership and oversight.
- Proposed FCA rule would allow funds to hold up to 10% in crypto exchange-traded notes.
- Base blockchain was down for roughly two hours, from 16:03 to 16:52 UTC.
- Outage traced to an invalid block, leading to node restarts and investigation.
- This marks the second major disruption for Base after an August 2025 outage.
- Kraken is evaluating a deal to buy 15% of Aave, valuing the protocol at $385 million.
- The transaction would involve Kraken investing about 35,000 ETH (~$71 million) for 250,000 AAVE tokens.
- The move follows Kraken’s parent Payward’s recent acquisitions and fundraising ahead of a potential IPO.
- Aave recently recovered from the KelpDAO exploit that caused $190‑$230 million in bad debt and $8 billion of withdrawals.
- XRP trades just above $1, its lowest level of 2026, down 43% year‑to‑date
- Binance's XRP reserve fell to about 2.68 bn, a 100 m outflow since May, the lowest since March
- Withdrawals on Binance have exceeded deposits for seven consecutive days, with a 53.8% withdrawal share on June 23
- Whale net accumulation remains positive at roughly 5.1 m XRP per day over the past 90 days
- Spot XRP ETFs have drawn $243 m in inflows since April, including $31 m in June alone
- Story Protocol raises $140 million in funding and rebrands to DATA Foundation
- The DATA Network will issue cryptographic receipts to verify provenance, licensing and consent of AI training data
- Integration with Kled AI adds over 1.5 billion user‑contributed records to the on‑chain registry
- The platform will pay contributors in stablecoins and develop fraud‑detection tools for verified human data
- 21shares lowered several 2026 crypto growth targets amid weak market conditions
- Bitcoin peaked at about $126,000 in Oct 2025 and now trades below that, with ETF holdings near 1.25 million BTC
- Prediction markets expected to surpass $100 billion in annual trading volume this year
- US spot Bitcoin ETFs recorded roughly $3 billion net outflows YTD, yet holdings stay near all‑time highs
- New crypto ETFs attracted over $150 million in net inflows within a month
- Kraken and Maple created an on-chain warehouse financing SPV to fund Kraken's OTC crypto lending business
- Facility provides USDC-denominated senior financing with over-collateralized exposure to Bitcoin and Ether
- Tokenized credit market has grown to over $6.2 billion, with Maple managing roughly $1.4 billion of assets
- Bankruptcy-remote SPV structure lets Kraken expand lending without tying up additional balance-sheet capital
- Size and financial terms of the facility were not disclosed
- South Korean crypto exchange Bithumb was fined $136,000 by the Personal Information Protection Commission (PIPC).
- The fine stems from Bithumb transferring user personal information overseas without explicit consent, violating data protection laws.
- Specific violations included sharing Tether (USDT) order books with BingX and user data with 13 other overseas exchanges.
- PIPC emphasized the necessity for strict compliance with data protection requirements for overseas transfers, even for anti-money laundering purposes.
- Bithumb has faced prior regulatory scrutiny, including a temporary suspension and a recent police raid related to other investigations.
- Kraken parent Payward claims PowerTrade misappropriated more than $6 million of digital assets and unrealized gains
- Unauthorized "corrections" shifted a $6 million positive balance to an approximate $2 million deficit
- Payward filed a U.S. federal court application to obtain discovery from U.S. financial institutions regarding PowerTrade
- The CoinDesk 20 Index increased by 2.7% (+42.96) to 1646.0 since Wednesday 4 p.m. ET.
- Aave (AAVE) was a top performer, gaining 10.1%.
- Bitcoin Cash (BCH) also performed strongly, up 5.8%.
- Eighteen of the 20 assets in the index traded higher.
- HBAR (-1.0%) and XLM (-0.6%) were the only laggards.
- CZ served a four‑month federal prison term for a Bank Secreate Act violation.
- He says the conviction has not deterred partners and he will stay an investor, not CEO.
- Binance remains the world’s largest crypto exchange, with CZ retaining a majority stake.
- His venture‑capital arm is transitioning to a $10 billion family office, YZi Labs.
- CZ donated about $2 million to Prison Professors and continues advisory work.
- 60% of World Cup bettors on Polymarket were first-time crypto users, per Bitget Wallet study of 857,000 users
- Daily prediction market taker volume hit record $713M on June 17, driven by World Cup contracts
- Sports betting contracts generated $4.9B on Polymarket and $8.5B on Kalshi over past 30 days
- Indonesia's Financial Services Authority requires influencers to obtain competency certifications under Regulation No. 6/2026
- Promotions limited to digital assets listed on authorized exchanges; recommended service providers must be licensed
- Regulation aligns Indonesia with Australia, the UK and the Philippines, which have introduced similar fin‑influencer rules
- Kanga's subsidiary SIA AlphaRoute received a Class 3 MiCA license from the Bank of Latvia on June 18
- The license permits crypto custody, trading and transfer services across the EU under the cross‑border notification procedure
- Poland's own MiCA implementation remains stalled after a third presidential veto on a crypto bill
- Poland's crypto sector faces additional scrutiny following a fraud probe into Zonda with losses over 350 million zlotys
- M token dropped from $2.92 to $0.74 (≈74%) in a single day, wiping ~ $3 billion from its market cap
- Trading volume was thin, about $21 million exchanged during the 24‑hour slide
- No confirmed catalyst (hack, news, or announcement) was identified for the sharp decline
- On‑chain analyst ZachXBT previously alleged insider price manipulation and concentrated supply
- Japan's Financial Services Agency cleared RLUSD as a new electronic payment instrument under the Payment Services Act
- RLUSD will be offered via SBI VC Trade's VCTRADE platform to both institutional and retail customers in Japan
- RLUSD's market value is about $1.7 billion, far below USDT (~$186 billion) and USDC (~$74 billion)
- MIM dropped to $0.49, a depeg of over 50% from its $1 target.
- Abracadabra will gradually increase interest rates across all Cauldrons to spur debt repayment and shrink supply.
- The protocol previously injected $100,000 into Curve's liquidity pool as MIM first slipped from its peg.
- Broader crypto markets fell about 3% in the last 24 hours, with Bitcoin briefly dipping below $60,000.
- Seven key questions to address when planning Bitcoin inheritance, covering awareness, access, legal authority, health contingencies, and backup resilience
- A generic will often insufficient; specific digital asset provisions, trusts, or designated digital executors are recommended
- Multi‑signature setups or custodial services can mitigate single points of failure and improve heir access
- Physical backups should be stored in multiple, fire‑ and water‑proof locations (e.g., titanium seed plates) to survive disasters
- Test the inheritance plan while alive and update instructions as holdings or circumstances change
Geopolitics 49
- US Supreme Court rules 6-3 in favor of Trump administration's decision to terminate Temporary Protected Status (TPS) for Haitians and Syrians.
- TPS holders from Haiti and Syria, totaling over 350,000, face deportation as a result of the ruling.
- The decision allows the administration to strip hundreds of thousands of immigrants of humanitarian status, giving a boost to Trump's hardline approach toward immigration.
- US President Trump promises to deploy resources to earthquake-stricken Venezuela
- At least 164 people killed and 971 injured in 7.2 and 7.5 magnitude quakes
- US estimates 41% probability of 10,000+ fatalities and 7% dent in Venezuela's GDP
- IMO halts evacuation initiative after a cargo ship was struck 14 km southeast of Oman’s port of Dahit
- The Singapore‑flagged vessel Ever Lovely, likely hit by a drone, was not part of the IMO evacuation list
- Iran ordered ships to use only Tehran‑approved routes, warning that unauthorized passages lack safety guarantees
- The paused plan had aimed to move roughly 600 ships and 11,000 mariners stranded by the Hormuz closure
- Verified vessel crossings remain low at about 70 on Wednesday, well below pre‑war levels of ~120 per day
- Iran admitted to hitting a cargo vessel near Oman’s coast in the Strait of Hormuz on Thursday
- The attack occurs under a 60‑day U.S.–Iran memorandum that paused hostilities and bars Iran from imposing tolls on shipping
- The Strait of Hormuz carries roughly 20% of global oil shipments, raising concerns over potential oil market disruption
- U.S. officials say frozen Iranian assets will stay blocked until Iran meets MOU conditions; Congress debates a $88 billion supplemental war funding request
- Iran denies U.S. claims that any released funds will be used to purchase American agricultural products
- House Select Committee on China held a hearing on Chinese economic espionage aimed at AI.
- Testimony warned that China's military is positioned to benefit from stolen AI advances.
- The hearing occurs amid rising U.S.-China tensions over export controls and tech restrictions.
- Lawmakers called for stronger safeguards to protect U.S. AI research and intellectual property.
- Assistant Secretary Michael DeSombre reaffirmed commitment to the "Six Assurances" for Taiwan
- No timeline given for the stalled $14 billion arms sale to the island
- Trump had earlier dismissed the Six Assurances, but policy is said to remain unchanged
- AGR‑20 FALCO rockets cost roughly 1/19th of a Sidewinder missile
- FALCO can be mounted on MQ‑9 Reaper, OA‑1K Skyraider II, A‑10 Warthog, AH‑1Z Viper and AH‑64 Apache
- Shahed‑style drones have been used in over 112,000 attacks on Ukraine, highlighting their low‑cost threat
- Chinese sea‑drone (USV) attacks have proven effective, driving demand for cheap air‑launched interceptors
- Six GCC members (Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman) endorse the US‑Iran MoU.
- Israel's recent strikes on Iran have pushed Gulf states toward pragmatic dialogue with Tehran.
- US Secretary of State Marco Rubio is touring the Gulf to reassure GCC that the agreement won't empower Iran.
- Gulf concerns centre on Hormuz security and a proposed $300 bn reconstruction fund, with contributions still uncertain.
- Federal judge in Boston blocked Trump's executive order to tighten mail-in voting rules, citing unconstitutional overreach
- Order sought to compile voter lists via DHS and restrict USPS ballot delivery, violating state election authority
- Decision comes amid Trump's broader push for voting restrictions, with 23 states and D.C. suing to block the policy
- US 'freedom of navigation' operations in South China Sea declined last year
- Increased reliance on Philippines and uncrewed drones for reconnaissance
- Shift in US presence due to maintenance and deployment constraints
- China's Communist Party is redefining performance metrics to prioritize social welfare and long-term policy execution over GDP growth and infrastructural expansion.
- The campaign aims to correct distortions in local governance, where incentives have encouraged shortsighted decision-making and excessive risk-taking.
- The shift in performance evaluation is linked to broader policy shifts, including high-quality development, technological upgrading, and risk management.
- Australia joins Global Urban Data Centers Pact to address AI infrastructure's environmental footprint
- Pact aims to establish common standards for data center planning, powering, and integration into urban communities
- Australia seeks to demonstrate climate leadership in sectors where tech innovation and decarbonization intersect
- War in Iran disrupted global fertilizer supply, affecting 30% of nitrogen-based urea and impacting Australia's import-dependent agriculture.
- Australia secured a 250,000-tonne urea fertilizer agreement with Indonesia, with the first 47,250-tonne shipment arriving in Brisbane.
- The deal leverages Indonesia's fertilizer production capacity and Australia's agricultural exports, addressing food security vulnerabilities.
- This cooperation is framed as part of a broader Indo-Pacific food security and supply chain resilience agenda.
- The fertilizer agreement reflects deepening Australia-Indonesia ties, including a Comprehensive Strategic Partnership Plan and a Treaty on Common Security.
- China vows to pursue tariff cuts with the US within a new trade board framework
- Both sides to discuss reciprocal tariff reductions and cooperation in aircraft and agricultural products
- Beijing imposes fresh restrictions on dozens of American firms in response to US actions
- Malay-nationalist Barisan Nasional (BN) targets Chinese-dominated Democratic Action Party (DAP) in Johor state election
- Prime Minister Anwar Ibrahim's unity government faces internal tensions ahead of polls
- Pakatan Harapan coalition's stability at risk due to ethnic rifts
- US Secretary of State Marco Rubio assures Gulf allies that any Iran deal will consider their interests
- Regional partners express deep reservations about the preliminary Iran peace accord
- Rubio wraps up Middle East trip to win over regional partners
- EU disburses first €3 billion of €90 billion loan to Ukraine
- Loan aims to support Ukraine's post-war recovery
- Conference in Poland attended by key European leaders
- China-US structural rivalry persists despite temporary diplomatic easing
- AI and rare earths highlighted as key flashpoints in bilateral tensions
- Expert from CASS cautions against overoptimism on relationship trajectory
- Trump delayed his DNI nominee, stalling a key foreign surveillance program.
- He cancelled the signing of a bipartisan housing bill despite 85% House and 90% Senate support.
- GOP lawmakers say no further legislation will move until the SAVE America Act is passed, risking a standstill.
- Washington is considering a ban on imports of Chinese drones for public safety and security
- The debate intensifies as the US marks its 250th anniversary and faces growing tech rivalry with China
- Officials cite risks of espionage and urge development of domestic drone capabilities
- EU proposes partnership with Brazil on rare earths, pledging investment in domestic refining and technology
- The initiative seeks to lower the EU's dependence on Chinese rare‑earth supplies
- EU claims its offer is more advantageous than proposals from the United States or China
- Commissioner Jozef Sikela announced the plan during a week‑long visit to Brazil
- Senate impeachment trial for Vice President Sara Duterte scheduled for July 6 after graft accusations.
- Independent Commission for Infrastructure recovered cash and luxury cars but did not investigate the presidential office.
- Ombudsman has filed graft and plunder cases against several legislators and contractors, with more targets possible.
- Nationwide protests in 2025 and a planned White Ribbon March on June 28 highlight rising anti‑corruption sentiment.
- Netanyahu declares Israeli troops will remain in southern Lebanon, Syria and Gaza indefinitely.
- Remarks delivered at a graduation ceremony for combat officers in southern Israel.
- The pledge signals a continued military presence, potentially extending regional tensions.
- State‑organized Ashura events across Tehran and other cities displayed black drapes, tents, and pro‑government slogans.
- Ceremonies occurred as Iran and the United States negotiated a memorandum to end the four‑month US‑Israel conflict.
- Iranian officials linked historic Shia martyrdom to recent fallen commanders, using the rites to reinforce national unity.
- Rubio visited Bahrain to hold talks with Gulf Cooperation Council officials
- US seeks a permanent Iran agreement while insisting Iran should not charge for Strait of Hormuz crossings
- Washington emphasizes that Iran must never acquire a nuclear weapon and pledges to prioritize Gulf allies' security
- Interior Minister reports 355 arrests nationwide during second anniversary of 2024 protests
- 2024 anti‑government demonstrations left at least 60 people dead
- Government allocated 2 billion Kenyan shillings (~$15.5 million) for victims of protest‑related abuses
- Police deployed tear gas, water‑cannon trucks and roadblocks in Nairobi's central business district
- Federal judge orders DOJ to file answer by July 17
- Lawsuit challenges $1.8 billion fund created by Acting AG Todd Blanche
- DOJ says fund is dead but has not provided written rescission of May 18 memo
- Critics label the fund a "slush fund" for Trump allies
- Kazakhstan secured roughly €10 billion in commercial agreements with the EU, including a €7.1 billion Airbus aircraft order.
- The EU remains Kazakhstan’s top trade partner, accounting for 37 % of its exports, mainly oil and uranium.
- New agreements target transport connectivity, with a €150 million European Investment Bank fund and a focus on the Middle Corridor rail route.
- The joint statement emphasized strategic partnership and resilience, while omitting references to the Ukraine conflict.
- Ukrainian attack on Crimea killed at least five people, including a child, and wounded two others.
- Russia's defence ministry said 269 Ukrainian drones were shot down over Russia and Crimea overnight.
- Russia expelled Romania's consul general in St. Petersburg amid escalating diplomatic tensions.
- Debris from a drone strike sparked a fire at the Poltavskaya oil depot in Krasnodar Krai.
- Crimean authorities announced temporary power cuts due to damage to energy infrastructure.
- Two earthquakes of magnitude 7.2 and 7.5 struck Venezuela, killing at least 164 people
- The United States is deploying search‑and‑rescue teams, military logistics and humanitarian aid to the disaster zones
- The relief effort tests Washington's role as the leading international partner in Venezuela's post‑Maduro transition
- UK Energy Secretary Ed Miliband vetoed Treasury proposal to boost North Sea oil/gas drilling
- Plan aimed to raise £18B via higher tax revenues to fund £24B defense budget increase
- Decision reflects prioritization of energy transition over short-term revenue gains
- Beijing says its coastguard operations east of Taiwan are lawful and necessary to protect maritime rights
- The United States, Britain, France and Germany voiced concern, calling the patrols a threat to regional stability
- China rebuked the criticism, emphasizing the need to maintain regional order and safe navigation
- Pakistan is acting as a peacemaker in the Iran war, receiving praise from U.S. Vice President JD Vance
- Inflation hit 11.7% in May and GDP growth is projected at 2.1% for 2026, with an interest‑to‑revenue ratio of 39.1%
- Pakistan is on its 24th IMF loan and may seek favorable Arab loans or U.S. security aid rather than direct investment
- Energy price shocks hurt Pakistan, which imports 85% of its fuel and most LNG; austerity measures were lifted after peace progress
- The military contributes about 20% of economic activity but adds little to tax revenues, hindering reform
- Michelle Steel confirmed after 18 months without a Senate‑approved US ambassador in Seoul
- Her Korean‑American heritage and partisan background raise concerns over diplomatic distance
- South Korean conservatives may view her as an ideological ally, while progressives see her through a US partisan lens
- Previous ambassador Sung Kim operated in a less polarized environment, highlighting current ideological tensions
- Managing perception and political symbolism may prove more challenging than traditional security issues
- Since the Taliban seized Kabul in August 2021, half of Afghan women and girls are barred from education and work.
- Western powers focus on counterterrorism and migration, while China, Russia and Central Asian states prioritize security and mineral access.
- Global powers increasingly accept the Taliban regime as a stable authority, sidelining Afghan civil society and human‑rights advocates.
- The lack of coordinated diplomatic pressure risks entrenching gender apartheid and undermining international human‑rights norms.
- China's Dongfeng-15B short‑range missiles are considered effective against contemporary missile defenses.
- Biconic manoeuvring re‑entry vehicles (MRVs) are credited with achieving penetration similar to hypersonic projectiles.
- The assessment is based on observed performance during the recent Iran conflict.
- China announced the identification of a rare coral reef blue hole within the Scarborough Shoal lagoon.
- The feature is a deep, circular sinkhole with turquoise/emerald waters, formed differently from typical blue holes.
- Scarborough Shoal is a contested area in the South China Sea, making the discovery a potential flashpoint in regional geopolitics.
- Theary Seng, a dual US‑Cambodian citizen, has served four years in prison for criticizing PM Hun Sen
- UN declared her detention illegal; hunger strikes caused ~15% body‑weight loss and health complications
- Since 2020, over 250 opposition figures and activists have been targeted; US officials have called for her release without success
- Cambodia has deepened US ties with $30 million aid and lifted arms embargo despite ongoing human‑rights concerns
- More than 250 people killed and over 60,000 displaced in Manipur since the 2020 outbreak.
- Estimated 10,000+ armed militants from Meitei, Kuki‑Zo and Naga communities remain active.
- 25 Kuki‑Zo outfits signed a 2008 suspension of operations pact, yet ceasefires have not curbed violence.
- Ceasefire extensions lowered insurgency incidents in Assam, Tripura, Meghalaya and Mizoram but not in Manipur.
- Home Minister Amit Shah plans to revoke the Armed Forces (Special Powers) Act in most of the Northeast next year.
- Death toll from the conflict since the Feb 2021 coup is approaching 100,000.
- Allegations of Rohingya atrocities by the Arakan Army arise from 2024‑2025 offensives in Rakhine State.
- Continued fighting among the Myanmar military, Arakan Army, and Rohingya groups leaves repatriation unsafe.
- Cambodian human‑rights group reports at least 20 detentions for online posts about the border conflict.
- Two major military clashes in July and December 2023 ended with a ceasefire on Dec. 27, but fears of a third flare‑up persist.
- The bilingual website “Apology Culture” has attracted roughly 50 Thai and Cambodian participants to promote cross‑border dialogue.
- Boycotts of Thai imports in Cambodia and a ban on Khmer workers in Thailand have heightened economic and social tensions.
- OFAC listed 9 people and 26 entities linked to Prince Holding Group for sanctions.
- Justice Department seized roughly $15 billion in bitcoin, its largest forfeiture ever.
- Treasury estimates U.S. victims lost at least $10 billion to scams in 2024, up 66% year‑over‑year.
- FinCEN proposed adding H‑Pay Service PLC to its rule, extending sanctions on Huione Group.
- The action builds on October sanctions that targeted 146 individuals and entities.
- California seeks injunction to prevent rollback of its emissions regulations
- Petition aims to keep current vehicle and industrial emission standards in place
- Legal action could delay the state's planned deregulation of greenhouse‑gas rules
- President Trump announced the selection of a telecom regulatory attorney to lead the DOJ antitrust division.
- The nominee has extensive experience in telecom policy and previously served at the FCC and private law firms.
- The appointment underscores a renewed focus on competition enforcement in the telecommunications sector.
- Hundreds of Bedouin Palestinians demonstrated against home demolitions in the Negev.
- Protesters demanded official recognition of long‑standing Bedouin villages.
- Community leaders criticised National Security Minister Itamar Ben Gvir's demolition policy.
- The 'Alligator Alcatraz' detention centre in the Everglades closed after roughly 11 months of operation.
- Governor Ron DeSantis said the facility was always intended as a temporary measure.
- Federal officials now have capacity to accommodate migrants in permanent detention sites.
- Hong Kong police arrest model Erena So for promoting overseas gambling website
- So appeared in advertising videos for the website, allegedly facilitating bookmaking
- Police release So on bail, requiring her to report back in late...
- China leading in poverty reduction and environmental targets per UN 2026 SDG progress report
- US lagging in key SDG metrics including climate action and inequality reduction
- Global goals aim for 2030 targets on poverty, planet health, and prosperity
- Hong Kong police's bomb squad dispatched to investigate a suspicious object in Quarry Bay
- Object likely to be 'mud, a rock or concrete' according to a source
- No bomb threat reported
Tech/AI 31
- BlackBerry's QNX operating system is a critical component of the AI and robotics ecosystem
- Shares surged 23% after strong earnings beat and higher guidance
- QNX is a deterministic and safety-certified framework used by chipmakers like Nvidia and AMD
- Rippling introduced 'Rippling Data Cloud' to integrate data analytics into HR systems, aiming to collapse the modern data stack into a single platform.
- The Data Cloud provides insights like identifying high AI tool spend with low ROI (e.g., $30,000/year for one employee's AI tool) and optimizing staffing levels.
- Rippling has shifted much of its AI model usage from Anthropic to OpenAI's 5.5 model, citing better performance and cost-effectiveness.
- The company also launched 'Business Banking' offering high-yield checking and same-day payroll, competing with fintechs like Ramp.
- Rippling is roughly two years from cash-flow positive, spending 45-50% of revenue on R&D, and is not rushing an IPO despite the current market.
- Fuel cell market revenues are projected to increase tenfold from $2.8 billion in 2025 to $30 billion by 2030.
- Growth is primarily driven by unprecedented data center construction fueled by AI computing demand.
- Data center developers are increasingly turning to on-site fuel cells for reliable power, bypassing congested grids.
- A contracted order book of approximately 9 gigawatts, including agreements with major operators like Oracle and Equinix, signals strong market confidence.
- Google releases a stand‑alone Finance app on Android, with an iOS version slated for later this year
- App includes real‑time market data, watchlists and AI‑driven "Key Moments" explanations of stock moves
- New AI tools let users create portfolios, ask sector questions and set up natural‑language tasks
- The launch puts Google in direct competition with Yahoo Finance and trading platforms such as Robinhood
- U.S. DOT proposes eliminating brake-pedal rule for vehicles that rely exclusively on automated driving systems
- Change would lift a regulatory barrier for Tesla's Cybercab and Amazon-owned Zoox robotaxis
- Public comment period of 30 days before the proposal is finalized
- Rare As One network has pledged over $150 million across four funding cycles for rare disease research.
- The fourth grant cycle is expected to open in October, focusing on rare pulmonary, immune diseases and rare cancers.
- Biohub expands its partnership with Every Cure, leveraging AI to identify drug‑repurposing opportunities for underserved diseases.
- Biohub's Virtual Biology Initiative, a $500 million program, aims to create a predictive model of the cell to accelerate drug discovery.
- The Trump administration directed OpenAI to grant access to GPT‑5.6 "customer‑by‑customer" during a preview period.
- OpenAI plans a limited rollout to select partners, with a broader release possibly a few weeks later.
- The request follows a recent executive order requiring AI firms to submit new models for government review before public launch.
- Anthropic has already used a similar limited‑release approach for its Claude Mythos model.
- Officials cite risks that advanced LLMs could automate malware creation and exploit software vulnerabilities.
- OpenAI could postpone its IPO until 2027, still aiming for a $1 trillion valuation
- CFO Sarah Friar says the company prefers a 2027 listing over a quicker, lower‑valued debut
- CEO Sam Altman states lowering the $1 trillion valuation is a non‑starter
- U.S. agencies request a staggered rollout of GPT‑5.6, limiting access to select partners
- Patronus AI secured $50 million in Series B funding, bringing total capital to $70 million
- Company revenue grew 15‑fold over the past year as demand for AI agent stress‑testing rises
- Digital world models replicate websites and internal systems to evaluate agents via reinforcement learning
- Customers include frontier AI labs; the startup competes with internal evaluation teams rather than human‑data firms
- LLM‑driven trading shows modest outperformance in the first few weeks but reverts to market average thereafter
- Over multi‑year backtests, AI models underperform major equity indices by a few percentage points
- The performance gap widens during market regime shifts or heightened volatility
- Anthropic says operators linked to Alibaba generated over 28.8 million exchanges with Claude
- The alleged campaign used nearly 25,000 fraudulent accounts between April 22 and June 5
- Attack targeted Claude’s agentic reasoning, software engineering and long‑horizon tasks, violating its terms
- House Foreign Affairs Committee Chair Brian Mast called the US a "superhero" and China a "supervillain" in the AI race.
- Treasury Secretary Scott Bessent warned that China's AI lead is America's biggest risk.
- U.S. officials stress the need to preserve American leadership in global AI development.
- Claude's paying consumers and revenue up about 75% since January 2026, according to Indagari data.
- Demand for Claude courses on DataCamp surged 18x in the last 30 days, outpacing ChatGPT 3:1 among self‑directed learners.
- Claude still trails ChatGPT in total paid users, but growth persists despite recent US government restrictions on Anthropic models.
- US halted Anthropic's advanced AI models citing national security concerns.
- US officials told India future AI models will remain accessible and not be shut down.
- The assurance follows India's "Pax Silica" initiative aimed at countering China's AI dominance.
- Former Databricks AI head Naveen Rao founded Unconventional AI to build ultra‑efficient inference hardware.
- The startup released Un‑0, an image‑generation model built on a software simulation of its oscillator‑based chips.
- Rao says the new architecture could slash inference power consumption by as much as 1,000 times versus conventional chips.
- Unconventional AI aims to publish chip schematics and launch a full inference stack within the next year, despite having under 50 staff.
- Domyn aims to release an open-source AI model with over 400 billion parameters within 12 months.
- The project is part of the EU Frontier AI Grand Challenge and will use the EuroHPC supercomputing network.
- Funding is backed by Abu Dhabi's G42 and investors including Eurizon Capital, Rabobank and BNY, though amounts are undisclosed.
- FCC approved new licensing requirement for submarine line terminal equipment operators for the first time
- Rules aim to limit Chinese equipment providers while fast‑tracking approvals for trusted U.S. tech firms
- Submarine cables carry roughly 99% of international internet traffic; Meta and Google could benefit
- Rebranded from Story Protocol to DATA Foundation to target AI data licensing as 'frontier AI labs' face multi-billion-dollar data scarcity
- Launched Trace, an on-chain registry for AI training data provenance and licensing, and integrated with Kled for licensable datasets
- Poseidon, an incubated AI data-processing project, raised $15M seed round in July 2025 with traction from major AI firms
- Network automation startup Netris raised $15 million in a Series A funding round led by Andreessen Horowitz (a16z).
- Netris provides software and a platform to automate network setup, configuration, and operations for AI 'neoclouds,' reducing time to market.
- The company's solution is hardware-accelerated and vendor-agnostic, supporting both Nvidia and AMD servers.
- Netris is currently live at over 35 GPU clusters worldwide, managing approximately 1 million GPUs.
- The funding will be used to hire more engineers and sales staff, add hardware vendor support, and enhance algorithm functionality.
- Fysics AI introduced "Fysiverse", a physics‑embedded world model to simulate reality.
- The model contrasts with the data‑driven techniques used by OpenAI and Meta.
- The start‑up claims the approach could improve realism and reduce hallucinations in AI outputs.
- China's 360 founder warns of AI-driven cybersecurity risks
- Need for local equivalent to Anthropic's Mythos model
- Mythos accelerates vulnerability discovery by 100x, slashes costs
- NBA Finals generated 15B+ social media views, nearly triple the 2025 record, with Game 5 alone at 4B+
- 68% of U.S. sports viewers watch live games (TV/streaming), 38% consume highlights/clips on social platforms like YouTube
- 42% of TikTok users watching sports content later tune into live games, per platform data
- Younger audiences (17-25) skew 8% growth in NBA streaming vs. 38% for over-46 cohort, per Apptopia
- Social platforms act as a conduit to live games, not a replacement, per industry executives
- Kuaishou's TranStreams raises undisclosed Series A+ funding from QF Capital
- Chip spin-off aims to develop proprietary semiconductor designs
- Move comes amid US export controls and growing AI workloads
- IBM's new nanostack chip integrates nearly 100 billion transistors on a fingernail‑sized die.
- Transistor density is about twice that of IBM's previous generation chips.
- IBM markets the architecture as delivering sub‑1 nm performance and energy efficiency for AI data centers.
- The advance could boost compute power without a corresponding rise in energy consumption.
- AAA and Integra Ledger introduced the Legal Context Protocol (LCP) to embed legal terms in AI‑agent transactions
- Gartner projects the agentic payment economy to reach $15 trillion in spending by 2028
- Digital Applied forecasts the agentic AI market to grow from $7.6 billion today to $236 billion by 2034 (over 30× increase)
- Goldman Sachs predicts a 24‑fold rise in token consumption for agentic AI by 2030
- Democratic lawmakers sent a letter to SEC Chair Paul Atkins asking for written responses by July 31 on AI trading agents.
- They warn AI advisers could expand to options, cryptocurrency, futures and raise investor protection and market integrity concerns.
- Coinbase recently launched an AI agent on its platform, highlighting the growing use of AI in retail trading.
- The letter questions whether the SEC has authority or needs congressional action to regulate AI advisers.
- Singapore's AI Council aims to cut adoption costs and boost training, but cautions against a sole focus on productivity gains
- Study of 26,000+ Chinese students finds AI tools speed up homework but lower learning and exam scores
- Advocates a two‑track AI strategy: a performance track for speed/consistency and a learning track to develop employee capability
- Warns AI‑driven layoffs can create a 'capability debt' and urges firms to prioritize skill development alongside automation
- Google Gemini produced hallucinated citations in English output while omitting global context in Chinese output
- English AI appeared authoritative but fabricated references, whereas Chinese version lacked broader perspective
- The incident underscores the importance of bilingual expertise for reliable AI development in Hong Kong
- Microsoft pushes the end date of Windows 10 Extended Security Updates from Oct 12, 2026 to Oct 12, 2027
- The extension adds an additional year of free security patches for Windows 10 users
- Windows 10 official support ended in 2025, with regular updates stopping in Oct 2024
- The new deadline is reflected on Microsoft's ESU support page and blog post
- DeepSeek plans to double the size of every department.
- 33 new positions opened across seven major categories.
- Roles span full‑stack development, algorithms, AI core R&D, deep‑learning research, and product management.
- Hiring drive aims to accelerate progress toward artificial general intelligence (AGI).
- Early‑bird pricing ends June 26 at 11:59 p.m. PT, saving up to $190 per pass
- Event scheduled for November 4 in Boston, expecting over 1,000 founders and investors
- Group discounts of up to 30% available for teams of four or more
- Sessions will cover raising Series A, reaching $10 million ARR, and preparing for IPO
Companies 50
- Samsung plans $648 billion of new investments in South Korea
- Spending will target semiconductor, display and AI‑related facilities
- Largest single‑company capital outlay in the country's history
- Investment expected to boost domestic R&D and create thousands of jobs
- Apple raises prices of Mac and iPad lineups due to memory shortage driven by AI buildout
- New MacBook Neo costs $699, base MacBook Air now $1,299, and MacBook Pro now $1,999
- iPads also see price bumps, with Air now $749 and Pro now $1,199
- Apple stock closed more than 6% lower, its steepest decline since April 2025.
- Price hikes were announced for multiple MacBook and iPad models, e.g., MacBook Air 512GB from $1,099 to $1,299.
- Memory and storage component costs have quadrupled over the past three quarters, driving the price increases.
- Analysts estimate component cost pressures could add roughly $150‑$200 to Apple product prices, potentially affecting iPhone pricing.
- Doug Petno and Troy Rohrbaugh appointed co-presidents, each granted $30 million restricted-stock bonuses
- Petno will head commercial & investment banking; Rohrbaugh will lead consumer & community banking, replacing Marianne Lake
- Marianne Lake, a 25‑year veteran and former CFO, announces retirement from JPMorgan
- Succession shortlist narrowed to Petno and Rohrbaugh as CEO candidates; Dimon likely to remain CEO for about three more years
- Bonuses vest only if JPMorgan posts average ROE of at least 12 % from 2026‑2028
- Supreme Court ruled 7-2 to block state failure‑to‑warn lawsuits over Roundup
- Decision overturns a $1.25 million Missouri jury verdict
- Bayer shares surged nearly 18 % following the ruling
- Ruling curtails future Roundup litigation and backs Bayer's $7.25 bn settlement plan
- Shares dropped sharply in June, marking the steepest monthly decline in Microsoft’s history
- Analysts say investors must now fund a capital‑intensive growth cycle instead of relying on free‑cash‑flow returns
- Heavy spending on cloud, AI and infrastructure raises concerns over near‑term profitability
- The rout follows broader tech sector pressure but is driven by company‑specific spending outlook
- Strategy has a 10-month cash runway for dividends, despite current price of $75.
- Retail investors are losing faith due to repeated changes in plans and poor performance.
- CEO Alexander Blume warns that trust has been broken, making it unlikely for Strategy to return to $100 par value.
- Micron signs $22B in 5-year 'take-or-pay' AI memory deals with Nvidia and others, shifting from commodity to strategic supplier model
- Long-term contracts aim to reduce boom-bust volatility but analysts warn risks remain if AI demand falters post-2027
- Micron reported $5.3B annual loss in 2023; new deals provide cash flow visibility amid tight supply until at least 2027
- US Commerce Department denies Polestar authorization to import new cars from 2027
- Existing stock of Polestar 3 and 4 SUVs will still be sold in the US
- Future models, including Polestar 5 and 6, will not be allowed in the US market
- Exits have been restricted at a private-credit fund for four years
- Investors may face extended wait times to withdraw their money
- Fund invests in consumer and small-business debt
- CATL’s rise in Dongqiao, Fujian, driven by local government incentives and supply chain agglomeration
- Ningde’s battery cluster now includes 90+ firms with 500 GWh capacity by 2025
- CATL’s R&D spending surged from ¥1.91bn (2018) to ¥22.1bn (2025), 4.6–7.1% of revenue
- Amazon raises total India investment commitment to $48B by 2030, including $13B fresh AI/cloud spend
- AWS to expand Mumbai and Hyderabad data centers amid India's push to become AI computing hub
- Competitors Microsoft ($17.5B) and Google ($15B) also ramping India AI/data center investments
- Q3 revenue $41.5 bn versus $35.7 bn estimate
- EPS $25.11 beat $20.49 consensus
- Shares rose about 16% in pre‑market trading
- Q4 revenue forecast ~ $50 bn, above $43.2 bn expectations
- AI memory shortage expected to continue beyond 2027
- Reformation's revenue rose year-over-year in latest filing
- Company plans US IPO to tap domestic market
- Growth attributed to strong demand for its womenswear
- Onsemi announced a $7 billion all‑stock acquisition of Synaptics, its largest deal to date.
- Synaptics shareholders will receive 1.350 Onsemi shares per Synaptics share, a 19% premium to the 10‑day VWAP.
- The merger is expected to lift Onsemi's addressable market to $243 billion by 2030, adding $30 billion in target market size.
- Onsemi shares fell about 10% in extended trading, while Synaptics shares rose more than 10%.
- Price of 512 GB Xbox consoles will rise $100, 1 TB models $150, effective Aug 1
- Microsoft will discontinue the 2 TB Xbox model
- Storage and memory component costs have risen >2.5× and may double again by 2027
- Xbox plans major layoffs and cuts to marketing budgets following the price hikes
- SpaceX IPO considered overvalued by analysts
- Overhyped IPOs typically underperform in the short term
- Recommendation to avoid buying SpaceX shares despite a bullish market backdrop
- FedEx Freight forecasts revenue growth of up to 6% for the remainder of 2026
- The outlook covers the full fiscal year ending 2026
- Growth expectation signals continued strength in the freight segment
- U.S. Army awarded contracts to Titan and REalloys to build processing facilities for critical minerals
- Projects will focus on extracting and refining battery‑grade metals such as lithium, cobalt and nickel
- The sites aim to strengthen the defense supply chain and reduce reliance on foreign sources
- I-Pulse secured a $250 million award from the U.S. Department of Commerce’s CHIPS program.
- Funding will be used to develop high‑performance silicon‑carbide semiconductor components for pulsed‑power systems.
- The technology targets sectors such as geothermal drilling, mining, rock crushing, manufacturing and defense.
- The program will be led from Albuquerque, near Sandia and the Air Force Research Lab, involving national labs and universities.
- S&P Global raised Life Time's credit rating following robust operational results
- The upgrade reflects improved revenue growth and profitability metrics
- Analysts anticipate the rating boost could support the company's share price
- Qualcomm plans a $40 bn investment to build a data‑center business that can rival Nvidia's AI chip dominance.
- The strategy leverages Qualcomm's 5G and silicon expertise to develop GPUs and AI accelerators for data‑center workloads.
- Meta has already placed orders, providing early demand validation for Qualcomm's new data‑center solutions.
- Analysts view the move as high‑risk due to Nvidia's entrenched market share and higher‑margin products.
- Success could diversify Qualcomm beyond mobile and capture a share of the rapidly growing AI chip market.
- Micron's latest quarterly earnings exceed analysts' expectations
- Revenue grew year-over-year, boosting profit margins
- Shares surged on the results, positioning Micron as a key semiconductor player
- Micron's stock jumps sharply after strong performance
- Apple shares tumble following disappointing guidance
- Market focus shifts to leadership succession at JPMorgan
- Xbox Series S price up $100 to $500; 1TB model up $150; Series X starts at $750
- Microsoft shares fell 3.5% following the price‑increase announcement
- Memory component costs have risen over 2.5x, with a further doubling expected by fall 2027
- Stellantis is negotiating to buy Marelli's suspension business in Italy and other countries
- Nissan is targeting Marelli's cockpit assets in Japan
- Marelli filed for Chapter 11 bankruptcy in the U.S. after trade‑war tariffs strained liquidity
- Diesel fuel subsidies keep diesel trucks dominant in Thailand’s long‑haul logistics.
- UD Trucks will study battery‑electric and fuel‑cell trucks, aiming for 10% sales growth in 2026.
- Thai market share rose to 13% in Q1 2026; factory capacity is 20,000 units, current output ~10,000.
- Strait of Hormuz tensions disrupted deliveries to a key export market.
- General Intuition secured $320 million in a new round, valuing the startup at $2.3 billion
- Total disclosed funding now stands at $454 million after a $134 million round in October
- The company leverages gameplay with action labels to train world models that transfer to real‑world robotics
- Investors include Khosla Ventures, General Catalyst, Jeff Bezos, Eric Schmidt, DeepMind and MIT researchers
- Funds will be used to scale compute capacity and launch an API by summer
- Bumble is working with Morgan Stanley on a potential sale; no deal is certain
- Paying users fell over 11% in 2025 to about 3.7 million and down ~20% YoY in Q1 2026
- Annual revenue declined nearly 10% to roughly $966 million; shares down 48% in 12 months, market value $388 million
- Blackstone owns ~22% of Bumble and sold $28.2 million of shares this month
- US Dept of Commerce denied Polestar authorization under the “Connected Vehicle Rule”.
- Polestar can still sell existing Polestar 3 and 4 inventory, but new models are barred.
- 94% of Polestar’s Q1 2026 retail sales came from markets outside the US.
- Company will shift strategic focus to Europe after the ban.
- Volvo, also owned by Geely, recently received a similar authorization.
- Micron shares rose 18.4% to $1,236, lifting market cap to $1.398 trillion
- Valuation now exceeds Meta's $1.392 trillion and briefly overtook Tesla's $1.4 trillion
- Customers pledged $22 billion for memory chip supplies, underpinning the forecast
- Strong Q4 revenue and profit outlook helped reverse a recent stock slump
- Adobe is acquiring Topaz Labs, a company specializing in AI models for video upscaling and image retouching.
- Topaz Labs' Astra and Wonder AI models will be integrated into Adobe's Firefly AI app and Creative Cloud suite.
- The acquisition aims to optimize large AI models for on-device processing, enhancing performance and accessibility for creatives.
- Adobe seeks to strengthen its competitive position against rivals like Canva and Blackmagic Design by expanding its AI offerings.
- The transaction is expected to close in the second half of 2026.
- GameStop CEO Ryan Cohen withdrew a $35bn bonus plan tied to a $100bn market cap, removing a key distraction from eBay acquisition push
- GameStop’s $10bn market cap remains far below eBay’s $56bn bid, with funding gap and operational risks unresolved
- eBay shares up 25% YTD as turnaround gains investor confidence, rejecting Cohen’s proposal as 'neither credible nor attractive'
- European HVAC and building-efficiency stocks rose 0.7%-2.3% as extreme heat triggered red alerts in multiple countries
- Saint-Gobain, Beijer Ref, NIBE, Ariston and Rockwool all gained on cooling-system demand and climate-resilience themes
- EU buildings pre-2001 lack modern climate adaptation; Saint-Gobain cited as key beneficiary of renovation investment wave
- U.S. pizza category sales are flat year‑over‑year, indicating stagnant demand
- Key pizza chains report declining same‑store sales, pressuring margins
- Analysts project Domino's could gain market share and deliver stronger earnings
- A small portion of institutional investors have accepted UniCredit's takeover bid for Commerzbank
- Previously, Commerzbank said no shares had been tendered
- The acceptance signals progress but the offer remains far from fully subscribed
- Prosus commits €400 million to Alan
- Deal values Alan at $6.3 billion
- Prosus is Tencent's largest shareholder and owns Just Eat Takeaway
- Kalshi is in talks to raise capital at a $40 billion valuation, almost double its $22 billion valuation in May
- A $1 billion Series F round closed in May, meaning the valuation could be eightfold higher than a year ago
- Monthly notional trading volume hit $17.9 billion in May, more than twice Polymarket’s $7.1 billion
- Prediction markets are gaining traction ahead of the U.S. election, with Meta planning an app and Cboe launching Cboe Predicts
- SEC Form 4 filing submitted by Charles Schwab on June 25
- Discloses insider transactions for the brokerage firm
- No immediate market impact anticipated
- Notion will shut down Notion Mail across web, desktop, and iOS on September 22, 2026.
- The email service stemmed from Notion's 2024 acquisition of encrypted email startup Skiff.
- Notion says most users rely on AI agents for email, leading to low adoption of the client.
- CEO Kim Rivers disposed of $8.9 million worth of Trulieve shares.
- The transaction was disclosed in a recent SEC filing.
- The sale represents a significant insider cash-out but does not affect company operations.
- Double playback speed option now available for Shorts
- Dislike button removed; users can flag content via “Not Interested” or “Don’t recommend this channel”
- Heart emoji replaces thumbs‑up for likes; new “Clear Screen mode” hides UI elements during playback
- Shorts averages 200 billion daily views (June 2025) and 2 billion hours watched per month on TV screens
- Moody's lifts Ingersoll Rand's rating to a higher tier
- Upgrade attributed to strong operating margins
- Higher rating could lower borrowing costs and support equity outlook
- Generation Mining secured $969 million of financing for its Marathon copper‑palladium project.
- Funding includes a $200 million senior loan and a $300 million private placement.
- The project’s total capex is about $1 billion, targeting 120,000 tpa of copper production.
- Financing brings the project within 5 % of required capital, moving it closer to construction start.
- Shares rose sharply after a wave of individual investors bought in
- Meme traders framed Wendy's as a 'pigtailed savior' and defended it on social media
- The rally reflects a broader trend of retail-driven price spikes in heavily shorted stocks
- New 2027 GMC Sierra 1500 lineup features redesigned interior/exterior and updated V-8 engines (5.7L, 6.6L)
- GM narrows Sierra trims to Pro, Elevation, AT4, AT4X, Denali, Denali Ultimate; removes mid-level SLE/SLT
- GM forecasts U.S. sales decline of ~7% in H1 2024 vs. ~3% market drop; Sierra 1500 sales down ~2% YoY to ~51,900 units
- Federal Reserve Board terminated a 2024 cease-and-desist order against Jiko Group, Inc. on June 23, 2026
- Termination follows compliance with prior enforcement terms
- Jiko Group, a San Francisco-based financial services firm, was the subject of the action
- Vista Gold announces transition of Mt Todd from feasibility study to build phase
- Project development to proceed under existing resource estimates
- Company highlights potential for increased production at the Australian mine
- Gina Rinehart invests $50M in Lumitron Technologies
- X-ray tech to improve ore processing and cancer detection
- Commercialization of high-resolution imaging technology
- An employee was caught stealing a Knicks-branded trash can from the bank's office
- The incident is linked to a broader lawsuit alleging misconduct at JPMorgan
- JPMorgan's public relations team is managing the negative publicity
Thai Markets 6
- Government plans up to 200 bn baht rail concession buyback, targeting 2027 rollout
- Funding to come from MRT Authority and an infrastructure fund issuing ~80 bn baht per tranche
- Infrastructure fund expected to offer 6‑7% yields and will not be counted as public debt
- Integrated ticketing scheme with fares 17‑45 baht to launch Jan 1 2027, aiming to lower commuter costs
- I.C.C. International says forecasting for the next 3‑4 months is difficult due to rapid market changes.
- Lion Corp warns raw material costs remain about 30% above pre‑war levels, squeezing margins.
- Both firms expect heightened competition and uncertain consumer sentiment, with no positive signs for H2 2024.
- Thailand's beauty market valued at 75 billion baht in 2025, up 2.7% YoY
- Aesthetics sector projected to achieve 5.6% average growth rate from 2024 to 2032
- Consumers aged 50+ emerging as a potential market with greater financial stability
- Ministry requests cabinet approval for ~770 million baht cash rebates for The White Lotus and Alien: Earth
- Rebates equal 20% of investments: ~240 million baht for The White Lotus (1.3 bn baht) and ~528 million baht for Alien: Earth (2.8 bn baht)
- Payments pending from FY2025; could be funded in FY2026 or shifted to FY2027 with disbursement starting October
- Thailand offers film rebates up to 30% of investment, with tiered rates (15% for 50‑100 mn baht, 20% for 100‑150 mn, 25% above 150 mn)
- Additional rebates for three other productions total 171 million baht approved in April
- BoT held its policy rate at 1.00% and signals no change through 2026‑2027
- Recovery is narrow, with tech exports strong but household demand and SME credit weak
- Cost‑push inflation viewed as temporary; rate hikes only if broader price pressures arise
- Policy focus will shift to targeted fiscal, debt‑restructuring and credit‑enhancement measures
- BoT outlook aligns with expectations of a Fed hold through 2026 and easing in 2027
- House of Representatives approved the Product Defect Liability Bill in principle with 420 votes, no opposition.
- Bill presumes seller liability for defects within 6 months for general goods and electronics, and 12 months for automobiles.
- Consumers gain rights to repair, replacement, price reduction or refund; replacement within 7 days (general) or 14 days (electronics), repair capped at 60 days (most) or 90 days (vehicles).
- A 24‑member special committee will scrutinise the legislation, with a 15‑day amendment period.
Other 41
- Twin earthquakes struck Venezuela on Wednesday night, measuring 7.2 and 7.5 on the Richter scale
- National Assembly reports at least 188 deaths, while USGS warns the toll could climb into the thousands
- Aid pledged by Ecuador, Dominican Republic, Mexico, United States, Qatar and Argentina
- Government partially unblocked social‑media platforms to aid information sharing after the disaster
- Power and phone outages left many residents sleeping in streets or cars while rescue teams search for survivors
- Colossal Biosciences and U.S. Fish and Wildlife Service will archive living cells and DNA for ~2,300 species protected under the Endangered Species Act.
- The project will cost tens of millions of dollars, with no federal funding obligated in the memorandum of understanding.
- Samples will be stored cryogenically at -321°F (-196°C) in Dallas and other locations with redundant backup systems.
- The BioVault aims to provide open-access genomic data for conservation, assisted reproduction, and potential de‑extinction efforts.
- Twin earthquakes have devastated parts of Venezuela, intensifying an already severe humanitarian crisis.
- The UN is scaling up its response, deploying hundreds of staff to assist in relief efforts.
- Recovery and reconstruction are expected to take several months, according to UN officials.
- Twin earthquakes struck Venezuela on June 24, 2026, causing extensive damage
- Official death toll rose to 188, with thousands reported missing or injured
- Rescue operations are ongoing in Caracas and surrounding regions
- Authorities are coordinating search and recovery amid infrastructure challenges
- DOE estimates geothermal capacity could serve 65 million U.S. households by 2050
- Geothermal currently provides less than 1% of U.S. electricity, indicating large growth potential
- High upfront installation and development costs remain major barriers
- Industry executives label the 2020s as "the decade of geothermal" expecting rapid expansion
- Two earthquakes struck Venezuela, concentrating damage in La Guaira
- Extensive building collapses left much of La Guaira devastated
- Rescue operations hampered by limited resources and slow response
- FCC proposes scaling back or eliminating the E‑Rate program, which costs about $2 billion annually
- Chairman Brendan Carr led a 2‑1 vote to issue a Notice of Proposed Rulemaking on the program
- Proposal cites concerns over excessive screen time for students as justification for changes
- Klue confirmed a June 12 breach that stole data from an unspecified number of customers, including firms such as Gong and LastPass.
- Hackers identified as “Icarus” claim they are deleting the stolen data and their website is now offline.
- A second unnamed hacking group alleges possession of data from 195 Klue customers and is demanding ransom.
- The breach involved theft of OAuth tokens used to access customers’ cloud and database services.
- France recorded its hottest day ever, with temperatures exceeding 44 °C in some locations
- Around 40 people have drowned and thousands are without electricity as the heat intensifies
- The UK issued a red heat warning as temperatures hit 36 °C, leading to school closures and train delays
- Switzerland and Spain also issued heat alerts as the heat wave spreads across western Europe
- Parcel-by-parcel verification to separate residents from speculators in Thap Lan National Park
- 155,865 rai withdrawn from the park to be transferred to state agencies for land-rights management
- Approximately 5,000 occupants identified as living in the area before the park was declared in 1981
- Around 450 encroachment cases remain pending in court
- Proposes transferring BMTA bus service control to the Bangkok Metropolitan Administration.
- Plans to redesign bus routes, integrate with other transport, and ensure 100 m access to public transit via feeder networks.
- Will deploy AI to manage traffic lights in real time and expand canal transport with a flat 40‑baht fare ticketing system.
- Aims to overhaul waste management with stricter separation and waste‑to‑energy projects at sites in On Nut, Nong Khaem and Sai Mai.
- Seeks to upgrade 70 public health centres, expand telemedicine, and create community spaces from unused land.
- King Charles paid £12.9 million (≈US$17 million) in taxes for fiscal year 2024/25.
- First public disclosure of the monarch's tax contribution.
- Payment places him among the UK’s top 100 taxpayers.
- He will vacate Buckingham Palace after its ten‑year refurbishment finishes next year.
- AIU imposed a seven-year ban on Kibiwott Kandie, backdated to March 14, 2025
- Ban covers two anti‑doping violations: refusal to provide a sample and tampering with doping control
- Original eight-year sanction was reduced by one year after Kandie accepted the penalties early
- Suspension runs until March 13, 2032, when Kandie will be 36 years old
- Judge Beryl Howell issued a temporary injunction halting the loan caps set to start July 1
- Proposed caps would limit most graduate borrowers to $20,500 annually and professional students to $50,000
- Administration defined 11 fields as "professional degrees," including medicine, dentistry and theology
- Plaintiffs say the rule arbitrarily excludes fields such as nursing and education
- FIFA's first U-15 World Cup will be staged in Azerbaijan from Oct 22 to Oct 30.
- The tournament is open to all FIFA member associations, paving the way for Russia's return to FIFA competition.
- Russia has been absent from U-17 events since its 2022 suspension; the U-15 format could mark its first FIFA appearance since the invasion.
- Prosecutors dropped the New York rape charge after the accuser said she could not endure a fourth trial
- The case previously involved an overturned conviction and two hung juries
- Weinstein remains incarcerated for a separate sexual felony conviction in New York and other convictions in California
- Upstart: loans $1,000‑$75,000, rates 6.20%‑35.99%, next‑business‑day funding, high late fees
- SoFi: loans up to $100,000, rates 8.74%‑35.49%, no origination/early‑payoff/late fees, variable or fixed APR
- LightStream: loans up to $100,000, terms 24‑240 months, same‑day funding available, no fees
- PenFed: loans as low as $600, max $50,000, requires credit‑union membership
- All 20+ Homo naledi skeletons in Rising Star Cave are female
- Protein analysis in dental enamel confirms female sex
- Implications suggest careful placement of remains by other Homo naledi members
- Dear You has earned over 1.8 billion yuan at the Chinese box office
- The film, told in Teochew dialect, has become one of the biggest films of the year
- It has done so without major stars or heavy promotion
- Dettol apologizes for ad perceived as objectifying women in China
- Potential violation of local laws may lead to penalties
- Commercial removed from Chinese social media platforms
- Flames rose more than 10 metres up the building facades during the fire
- Experts cite missing façade fire‑fighting strategies and use of combustible temporary works
- Inquiry labels the blaze as Hong Kong's deadliest inferno in decades
- One in five (20%) coffee packets in Europe tested positive for pesticide residues.
- Detected pesticides include banned substances associated with cancer risk.
- Contamination spans beans from most major producing regions, suggesting a systemic pattern.
- Research conducted by Coffee Watch in partnership with the Pesticide Action Network.
- Tourism ministry proposes widening visa‑free entry to additional countries
- Immigration chief warns it could attract low‑quality tourists who add little value
- He cautions that visa waivers may reduce state revenue and affect national dignity
- Calls on the government to rethink the decision before implementation
- India chased 137, winning by five wickets in 17 overs.
- Shafali Verma scored 53 runs off 34 balls.
- India and South Africa are tied on six points, two behind group leaders Australia.
- Methasit Boonsane secured his fifth consecutive Asian downhill gold with a time of 2:25.099.
- Vipavee Deekaballes claimed her 10th Asian downhill title, finishing in 2:44.843.
- Japanese riders Yuga Ikuta and Tesuma Hakuji took silver and bronze in the men's event; Indonesia's Milatul Khaqimah and Philippines' Naomi Gardoce earned silver and bronze in the women's event.
- The championships are being held in Tashkent, Uzbekistan, from June 23-27, 2026.
- Nicolas Pepe scored both goals in Ivory Coast's 2-0 victory over Curacao.
- The win gives Ivory Coast six points, securing second place in Group E.
- Curacao become the eighth team eliminated from the tournament.
- Ivory Coast will face the runner-up of the France‑Norway group in the round of 16.
- Ecuador beat Germany 2-1 to secure a spot in the knockout stage.
- Gonzalo Plata scored the winning goal with 13 minutes remaining.
- Germany's 11-match World Cup winning streak ended.
- Ecuador advance as one of the eight best third-placed teams.
- Alyssa Thomas (Phoenix Mercury) receives a flagrant foul 2 and a one‑game suspension.
- The incident happened with 6:52 left in the second quarter of the Mercury's 111‑109 win over Indiana.
- Clark left the game in the third quarter with back issues; Thomas is averaging 14.7 points, 8.4 assists and 6.6 rebounds in 18 games.
- Thomas will serve the suspension on Saturday as Phoenix faces the Toronto Tempo.
- Parent considers buying a condo and having son with special needs pay rent
- Concern focuses on whether rental income could affect eligibility for benefits
- Advice likely hinges on specific benefit program rules and asset limits
- Single mother lost her son unexpectedly, prompting emotional distress
- She recently purchased a house where her children were raised
- She is considering selling the house and relocating back to her hometown
- Dutch fans celebrate in Kansas City ahead of the Netherlands vs Tunisia World Cup group game
- A win would likely secure the top spot in Group F for the Netherlands
- Netherlands hold a goal‑difference edge over Japan that would clinch group leadership
- Astronomers detected a planet with a multi‑day orbit so near its star that their magnetic fields appear to connect
- The star‑planet pair exhibits periodic brightening, which researchers attribute to magnetic interaction
- Earlier research had already predicted such coupling and reported a young star with flares linked to its innermost planet
- A sharp knife cut the foam sealant liner of the Lincoln Memorial Reflecting Pool on June 9.
- The damage occurred during a $16 million rehabilitation effort for the reflecting pool.
- The National Park Service reported the incident to US Park Police and disclosed it in a court filing.
- Nadal confirmed his retirement in 2024 and will not return to pro tennis
- Netflix documentary "Rafa" about his life debuted on May 29
- He may explore coaching later, but it is not in his near‑term plans
- Swedish Climate Minister Romina Pourmokhtari brought 3-month-old son to EU council meeting in Luxembourg
- Action aimed at promoting parental leave policies without forcing women to choose between work and family
- First instance of an infant attending an EU ministerial meeting
- Doctor charged with 15 patient deaths between 2021-2024, admits to 12 killings
- Victims aged 25-87; alleged use of lethal drug mixtures
- Trial ongoing in Berlin Regional Court
- 3-year-old trapped in car in Saint-Gratien due to child lock
- France recorded hottest day since 1947 on Wednesday
- Third child death in car this week amid extreme heat
- Ichikawa City Zoo in Chiba received a tip about a YouTube video showing a laser pointed at Punch, a baby macaque
- The zoo called the act 'unacceptable' and issued a public warning to deter similar behavior
- Punch gained fame online, prompting the zoo to stress animal welfare and safety
- Veteran actress Barbara Chan, 66, died earlier this month after illness
- Private memorial held at St Andrew's Church in Tsim Sha Tsui
- Industry figures including director Johnnie To and actress Ada Choi attended
- Her husband, actor Liu Kai-chi, was also commemorated at the same venue five years ago
- Equality Commission is claiming HK$250,000 (US$31,900) for the helper's family.
- The domestic helper was terminated in February 2019 after a cervical cancer diagnosis.
- Legal proceedings were launched in 2020 under the Disability Discrimination Ordinance.
- Employer named in the case is Jamil Bushra.
- Growing sentiment that traditional 9‑to‑5 employment is less appealing
- More individuals are turning to social media to explore passive‑income ideas
- Eccentric money‑making schemes are gaining traction online
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