Market news
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Crude Oil Falls on Oversupply Fears as Iran Talks Progress
WTI and Brent crude prices dropped amid growing oversupply concerns, progress in US-Iran talks, and recovery of shipping through the Strait of Hormuz.
Micron to Invest $250 Million in Children’s Trump Accounts, Launching July 4
Micron will invest $250 million into new tax-advantaged children’s accounts through employee matching and direct contributions, benefiting up to 1 million children. President Trump called it the largest corporate investment of its kind.
Armstrong: US needs spending cap, hard currency; crypto, AI can help
Coinbase CEO Brian Armstrong stated that the United States lacks a cap on government spending and a hard asset-backed currency. He suggested that growth driven by AI, robotics, and crypto could help outpace debt and inflation.
Mexico criticizes US steel/aluminum tariffs and auto rules of origin
Mexico expressed disagreement with several US trade policies, including steel and aluminum tariffs, the exclusion of regional auto parts from tariff calculations, and agricultural seasonality rules, while calling auto rules of origin among the world's most complex.
Republican Party Favored to Win US Senate in 2026 Midterms
The Republican Party is now projected to win control of the US Senate in the 2026 midterm elections, as Democratic odds have slipped to 42%.
Gold Rises Nearly 2% on Mixed US Data and Fed Hawkish Remarks
Gold (XAU/USD) climbed almost 2% on Wednesday despite a strong US dollar and elevated Treasury yields, as mixed US economic data and hawkish comments from Fed Governor Kevin Warsh buoyed demand for the safe-haven metal.
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.