Market news
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US Oil Product Exports Hit Record 8.7M Bpd
Last week, total US oil product exports surged to a record 8.7 million barrels per day, led by propane, diesel, gasoline, and jet fuel. Most diesel exports go to South America, while ~14% head to Europe.
US-Iran Military Strikes Escalate, Threatening Middle East Ceasefire
The US and Iran exchanged a new round of military strikes, raising fears the fragile ceasefire could collapse. The US said it struck 90 targets inside Iran to weaken Tehran's ability to threaten shipping, while Iran retaliated with missile and drone attacks.
New PCE Inflation Methodology, Similar Results
The Bureau of Economic Analysis will update the PCE price index methodology on September 30, affecting data from 2021. Early indications suggest the changes will not significantly alter the overall inflation picture.
Silver Two-Speed Market: New York Refills, Shanghai Pays Up
Silver vaults in New York are refilling—a bearish signal—but the supply tightness has relocated to Shanghai, where buyers now pay an 11% premium over the global price.
Morgan Stanley Direct Lending Fund Issues $350M Senior Notes at 6.10%
Morgan Stanley Direct Lending Fund has issued $350 million in 6.10% senior notes due July 15, 2031, per an SEC filing. The notes are redeemable before June 15, 2031 at par plus a make-whole premium.
US Consumer Credit Falls $182M in May, First Drop Since November 2024
US consumer credit unexpectedly fell $182 million in May, the first monthly decline since November 2024, driven by a sharp drop in revolving credit (credit cards) while non-revolving credit rose modestly.
Nordea: Eurozone Energy Shock Keeps ECB Under Pressure
Nordea's Jan von Gerich warns that Eurozone inflation risks remain tilted to the upside due to a persistent energy shock linked to Middle East tensions, maintaining pressure on the ECB.
Fed Task Force Co-Led by External Experts Including Marc Andreessen and Former Central Bank Heads
The Federal Reserve is forming task forces co-led by external experts, including former central bank heads, leading economists, Marc Andreessen, and Xbox CEO Sarah Bond Sharma, with Fed staff support.
Volkswagen Board Unveils 12-Point Transformation Plan
Volkswagen announced that its board has presented a 12-point transformation plan designed to address changing global market conditions, intensifying competition, and to prioritize strategic investments and returns.
Volkswagen announces major restructuring, plans to cut model range and production capacity
Volkswagen unveiled a sweeping restructuring plan that includes reducing its model lineup by up to 50%, cutting product complexity by 75%, and capping annual global production at 9 million vehicles.
Volkswagen Works Council Ultimatum Rejects Plant Closures, Demands Details by July 10
Volkswagen's works council has issued an ultimatum to the CEO, rejecting plant closures and supporting only voluntary job cuts, while demanding details on possible layoffs and the proposed closure of five German plants by July 10.
Lagarde Rules Out French Election Bid, Open to Spain's Joint Borrowing Proposal
ECB President Christine Lagarde has ruled out running for the French presidency and expressed openness to discussing Spain's proposal for joint eurozone borrowing. She also confirmed that the digital euro will not replace physical cash.
Big Tech Record $182B Bond Issuance in 2026 Driven by AI Arms Race
Amazon, Alphabet, Nvidia, Meta, Oracle, and SpaceX have issued a combined $182 billion in investment-grade bonds so far in 2026, a 1,300% increase from the same period last year. The six firms now account for 15% of all US corporate bond issuance year-to-date.
WTI Crude Slips Below $72 as 200-Day SMA Rejection Keeps Bears in Charge
West Texas Intermediate crude oil fell on Thursday, erasing the previous day's gains as traders reassess supply risks from US-Iran tensions. The price hovered around $71.75, down 3.77% on the day, after a rejection at the 200-day simple moving average.
Gold Rebounds Above $4,100 as Falling Oil Weighs on US Dollar
Gold (XAU/USD) rose over 1.3% during the North American session on Thursday, climbing back above $4,100 as a retreat in oil prices pressured the US dollar amid easing Middle East tensions.
Elon Musk Retracts on Anthropic, Calls It Clear AI Leader
Elon Musk admitted he was wrong about Anthropic, describing it as the clear leader in AI with no competitor matching Mythos/Fable. He expects Mythos 2 soon and pledged not to harm Anthropic, citing Tesla's open-sourcing philosophy.
Odds of Inflation Above 4.5% in 2026 Fall to 19% Low
The probability of inflation exceeding 4.5% in 2026 has dropped to a new low of 19%, down from 85% just seven weeks ago, signaling cooling inflation expectations.
Belgian PM: US remains NATO's most important ally despite criticism
Belgian Prime Minister De Wever stated that the United States remains NATO's largest and most important ally, despite presidential criticism, and that Europe's 80-year security dependence on the US does not change.
Belgian PM Questions Iran Military Operation Planning
Belgian Prime Minister De Wever stated that preventing Iran from developing nuclear weapons is justified, but questioned whether the military operation was well planned and executed, noting it appears to be proceeding poorly.
Belgian PM: Iran Situation Unpredictable, Heavy Burden on Global Economy
Belgian Prime Minister De Wever described the Iran situation as extremely unpredictable with rapid shifts, adding that the conflict appears to be going nowhere and represents a very heavy burden on the global economy.
Belgian PM: NATO Article 5 Covers Defense Only, Not Offensive Actions
Belgian Prime Minister De Wever stated that NATO's Article 5 obliges allies to defend each other if attacked, but does not require participation in unilateral offensive actions by one member, warning such expectations are not in NATO's spirit.
Rubio Invites 60+ Nations to Antifa Terrorism Meeting Amid Skepticism
US Secretary of State Marco Rubio has invited officials from more than 60 countries to a meeting on transnational far-left terrorism, with a focus on Antifa. The initiative has drawn skepticism from US officials, European allies, and terrorism experts who argue Antifa is a decentralized movement, not an organized terrorist organization.
CFTC Chair Calls CME's 24/7 Crude Oil Futures Self-Certification 'Wholly Inappropriate'
CFTC Chair Mike Selig stated that CME's self-certification of a 24/7 crude oil futures contract is inappropriate, and the regulator will stay the contract.
Whipsaw in Rate Expectations After Payrolls and Strait of Hormuz News
Market expectations for a December rate hike reversed course over five sessions after a weak payrolls print, then rebounded on renewed geopolitical tensions in the Strait of Hormuz.