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Volkswagen to Sell Audi's Bayern Munich Stake, Review Porsche's VfB Stuttgart Stake in Austerity Drive
Volkswagen is examining the sale of Audi's 8.33% stake in FC Bayern München and reviewing Porsche's stake in VfB Stuttgart as part of a major austerity program. The moves come ahead of a supervisory board vote on July 9 on a plan to slash 100,000 jobs.
Dassault CEO: Eurodrone Vulnerable in High-Threat Conflicts; France Seen Dropping Purchase
Dassault Aviation CEO Éric Trappier said the Eurodrone is suited for surveillance in permissive environments but vulnerable in high-threat conflicts, and he understands France no longer plans to buy the drone.
Canada’s LeBlanc: USMCA Talks Continue, Focus on Trade and Investment Frameworks
Canadian Minister LeBlanc stated that USMCA discussions are ongoing, with an emphasis on maintaining and improving trade and investment frameworks between Canada, the United States, and Mexico.
Kevin Warsh Expresses Discomfort with Inflation Rate at ECB Conference
Former Fed governor Kevin Warsh voiced ongoing concerns over inflation during the ECB's central banker conference, alongside Christine Lagarde and others.
U.S. Official Says USMCA Failed to Cut Trade Deficit, Trump Altered Deal
A senior U.S. official stated that the USMCA trade agreement failed to reduce the U.S. trade deficit or provide market access in Canada and Mexico, adding that Trump has already modified the deal through new tariff policies.
Strait of Hormuz Crude Oil Traffic Rises to 10M Barrels/Day
Commercial shipping through the Strait of Hormuz has surged to 10 million barrels of crude oil per day, though volumes remain about 50% below pre-war levels. Uncertainty persists over the future after the 60-day memorandum expires.
Trump Calls for Firing of Senate Parliamentarian
President Donald Trump urged Senate Republicans to immediately fire the Senate parliamentarian, appointed under Harry Reid and Barack Obama, alleging years of unfair rulings against Republicans.
WTI Extends Losses as Hormuz Flows Recover, OPEC+ Supply Outlook Weighs
West Texas Intermediate crude oil remains under pressure as improving flows through the Strait of Hormuz bring prices back to pre-US-Iran war levels, outweighing the latest US inventory data.
Trump Announces Micron's $250M Investment in Trump Accounts
Former President Donald Trump announced that Micron Technology will invest $250 million in Trump Accounts, a savings program aimed at providing financial security for American children and families.
India Q1 2026 GDP Nowcast Dips to 7.8% YoY, DBS Says
DBS Senior Economist Radhika Rao notes that India's real GDP grew 7.8% year-on-year in the first quarter of 2026, slightly below the previous quarter's revised 8.0% expansion, indicating a slower pace of growth.
Brent Oil Falls, Signals Bearish Continuation Below $73 Support
Brent crude weakened on Wednesday, approaching a close below the key Fibonacci support level at $73.04, marking a potential bearish continuation after repeated failures to hold above that level.
US Entry-Level Job Market at Weakest in 37 Years
The U.S. entry-level job market has hit its lowest point in 37 years, reflecting a sharp slowdown in hiring for new graduates and early-career workers as companies remain cautious.
Nearly 90% of Americans Under 40 Say Home Buying Harder Than Parents' Generation
A Yahoo Finance survey shows 89% of Americans under 40 believe buying a home today is more difficult than it was for their parents, highlighting persistent affordability issues from high prices, elevated mortgage rates, and rising living costs.
Hedge Funds Slash US Equity Exposure to Record Low -20%
Hedge fund exposure to US stocks relative to the MSCI ACWI Index dropped to -20%, a record low, from 0% at end-2023, signaling extreme caution.
BofA Warns US Tech, Semiconductors Show Bubble-Like Conditions
Bank of America's Bubble Risk Indicator hit record highs for the US Semiconductor sector (0.91), Technology sector (0.82), and Nasdaq 100 (0.75), more than tripling since March. BofA says positioning, sentiment, and valuations approach dot-com bubble extremes.
Eurozone Inflation at 2.8% in June; Core Eases to 2.4% – Commerzbank
Eurozone inflation fell to 2.8% in June, with core inflation dropping to 2.4%, according to Commerzbank. The bank warns that price pressures keep the ECB on alert, expecting overall inflation to remain near 3%.
US ISM Manufacturing PMI Falls to 53.3 in June, Below Expectations
The US ISM Manufacturing PMI dropped to 53.3 in June, down from both the previous month's reading and analyst expectations.
US Dollar Long Positioning Hits 18-Month High, Crowded Trade Risk
Speculative long positioning in the US dollar surged to $34.3 billion as of June 23rd, the highest in 18 months, while bearish yen positions near multi-year highs. The data suggests the trade may be overcrowded and due for a reversal.
Fed Chair Warsh: Not Happy with Inflation Above 2%, No Forward Guidance
Federal Reserve Chairman Kevin Warsh said the central bank is not satisfied with inflation above 2% and reiterated that it will not provide forward guidance on policy. He spoke at a panel at the ECB Forum on Central Banking.
Previewing NFP as Fed Shifts to Data-Dependent Approach
A preview of tomorrow's Canadian NFP release highlights the number's heightened importance as the Fed transitions to a data-dependent framework to rebuild credibility.
OCBC Cuts Gold, Silver Forecasts but Maintains Constructive Outlook
OCBC analysts lowered their end-2026 forecasts for gold and silver due to higher real yields, a stronger USD, and slower ETF inflows, yet they still see a constructive case for the metals.
Fed Chair Warsh: US Will Be Big Winner in AI
Federal Reserve Chair Kevin Warsh said the US will be a big winner in AI, while reiterating he will not give forward guidance on policy during a panel at the ECB Forum on Central Banking 2026.
AI Researchers Propose Banning Powerful GPUs to Prevent Catastrophe
A new book by Eliezer Yudkowsky and Nate Soares argues that powerful GPUs should be outlawed and that any country building a large data center in defiance should be struck preemptively, even at risk of nuclear retaliation.
US Lifts Export Restrictions on Anthropic's Claude Fable 5 and Mythos 5
The US Department of Commerce has removed export restrictions on Anthropic's Claude Fable 5 and Claude Mythos 5 models. Fable 5 will be released globally on July 1 with a new safety classifier.