American multinational bank, the largest in the U.S. by assets
The House Oversight Committee has subpoenaed former Apollo CEO Leon Black to produce nondisclosure agreements and to return for a sworn deposition on July 16 after he declined to answer questions about NDAs during a closed-door interview. Committee chair James Comer says the NDAs may connect Black to Jeffrey Epstein; Black denies wrongdoing.
Apple, Microsoft, Sony and Nintendo have raised prices on Macs, iPads and game consoles after memory and storage chip costs surged. Chipmakers are reallocating capacity to AI data centres, pushing component prices sharply higher and forcing consumer electronics makers to pass costs to buyers or absorb shrinking margins.
The AI investment story shows a widening gap: hardware and memory stocks surge while hyperscalers slow. The Magnificent Seven lag as chipmakers lead the rally, with concerns over AI monetization and rising memory costs shaping investor sentiment.
Central banks are maintaining cautious stances as inflation pressures persist. Officials have signalled that rate paths will be data-driven, with ongoing monitoring of energy prices and geopolitical risks. Market expectations hinge on inflation trends and the pace of growth.
Global markets are mixed as US inflation signals and corporate results shape investor sentiment. Oil prices edge higher amid Iran talks, while technology names remain a volatile driver of indices.
Recent polls have shown President Trump’s approval ratings have dropped into the mid-30s while public concern about inflation and fuel costs has increased after the war with Iran has driven global energy prices higher; voters are expressing widespread disapproval of his handling of the economy and the Iran strikes as midterms approach.
Global energy markets remain tight as the Strait of Hormuz continues to constrain crude flows amid the Iran war. Analysts say jet fuel costs are rising, with U.S. gasoline prices near $4.50 per gallon and potential for $5 as refining capacity shifts toward jet fuel. The driving season looms, and consumers are feeling the impact at the pump.
Global energy pressures from the Middle East conflict persist as talks between the U.S. and Iran continue under a cloud of mutual demands. Inflationary effects are visible in gasoline prices, while the Strait of Hormuz remains a flashpoint and domestic politics in the U.S. influence the discourse.
Global oil majors are posting higher first‑quarter profits as supply disruptions, including the Strait of Hormuz tension and related price spikes, bolster trading and refining margins. Shell and BP report earnings well above forecasts, while Aramco highlights a critical export artery from its east coast to the Red Sea, helping cushion markets.
JPMorgan Chase has publicly warned that its three‑million‑square‑foot Canary Wharf headquarters project could be reversed if the Labour leadership becomes hostile to banks. Dimon has praised Keir Starmer but says policy shifts toward bankers would trigger a reconsideration of the plan, which has been in motion since last year.
A wave of record profits, rising deal activity, and aggressive hiring define the current financial landscape. Banks are expanding, hedge funds are scaling, and private markets are buoyant as AI investment drives capital flows and strategic transactions.
SpaceX has floated on Nasdaq under the ticker SPCX, raising about $75 billion at $135 a share and debuting with a market value above $2 trillion. The newly public group combines SpaceX's rocket and Starlink businesses with xAI and X. Investors have driven strong demand despite losses and questions about unproven projects such as orbital data centres and Mars plans.
A wave of AI-related IPOs from SpaceX, Anthropic and OpenAI is unfolding, with markets facing a flood of new stock. Retail demand remains strong for SpaceX, but analysts warn supply could overwhelm demand, pressuring prices and testing market resilience.
Oil and petrol prices have fallen after the U.S. and Iran reached a tentative deal to reopen the Strait of Hormuz, but global inventories and U.S. strategic reserves have dropped to decades-low levels and will take months to rebuild. Consumers are seeing smaller pump prices now; wholesale and crude markets remain fragile while production, shipping and refinery capacity restart is underway.
SpaceX’s upcoming Nasdaq listing faces index inclusion hurdles as S&P 500 rules keep it out for now, while investors race into leveraged space ETFs and a rising tide of active funds reshapes the ETF landscape.
Fresh data show China’s May retail sales stalled while investment contracts widen, signaling a slowdown in domestic demand. Yet exports are proving resilient thanks to AI-related demand and renewables, and industrial output edges higher, painting a nuanced picture of a faltering domestic economy still buoyed by external demand.
The Bureau of Labor Statistics has reported that U.S. consumer prices rose 4.2% in the 12 months through May, the fastest annual pace since April 2023, driven largely by a surge in energy and gasoline costs. Core inflation has remained cooler at 2.9%, while producers’ prices and oil-driven wholesale gains have also accelerated ahead of the Federal Reserve’s June meeting.
A string of articles shows AI is transforming junior roles across finance and tech, boosting productivity while prompting debate about job quality and upskilling. Disney, Paramount and Thoma Bravo describe faster coding, more complex tasks for juniors, and government-led training initiatives.
Investors have priced in a protracted confrontation as U.S.-Iran hostilities escalate. Oil prices rise, while equities swing in response to shifting risk and higher energy costs. Analysts warn that higher energy costs and a higher cost of capital will pressure earnings in coming months.
Bezos has launched Prometheus to build an “artificial general engineer” that could accelerate invention, with funding surpassing $12 billion and 150 employees. He asserts AI will raise productivity and create opportunities, countering fears of widespread job losses. The company is pursuing AI models for engineering, manufacturing and design, while exploring regulation debates.
The SpaceX IPO has launched, commanding a multi-trillion-dollar market cap and drawing investor attention to AI-focused stocks like Anthropic and OpenAI. Analysts warn about overvaluation and the risk of market concentration as new supply floods the tech sector.
Dallas City Council has approved a Morgan Stanley expansion plan, offering a major downtown office and up to a decade of property tax abatements. The deal includes a new tower, thousands of jobs, and tens of millions in net economic benefit for the city, while Goldman Sachs and JPMorgan Chase expand elsewhere in Texas.
Fox Corp. has agreed to acquire Roku for about $22 billion in a cash-and-stock deal valuing Roku at $160 per share. The boards of both companies have approved the transaction; the combined company will pair Fox's live news and sports and Tubi with Roku's OS, devices and The Roku Channel, and is expected to close in the first half of 2027.
Germany has agreed with France to take a large stake in Franco‑German defence group KNDS and to set joint governance, clearing the way for a potential IPO. Berlin has said it intends to buy roughly 40% from family shareholders to secure long‑term influence over a firm that supplies tanks and armoured vehicles and supports European rearmament.
China’s securities regulator has signaled a crackdown on AI-themed stock promotion and market manipulation, while supporting active ETFs in Shanghai and Shenzhen. Regulators warn they will punish illegitimate stock recommendations and rumours, as Beijing seeks to cool speculative sentiment amid an AI rally.
SpaceX has announced a senior unsecured notes offering to raise about $20 billion to refinance a bridge loan and fund expanding AI infrastructure, including Starship and Starlink. The move follows a record IPO and large cash reserves, but faces scrutiny over negative free cash flow and high capital needs.
Barclays is exploring a return to Japan’s cash equities market, hiring in Tokyo amid a rebound in Japanese stocks driven by governance reforms, rising profitability, and AI-driven market optimism. Barclays previously pulled back in 2016 but is now considering expanding its Japan presence, potentially pitting it against Goldman Sachs, JPMorgan, Morgan Stanley, Nomura and Daiwa.
The United States has issued a 60-day General License, allowing dollar-denominated trade and lifting some oil-related sanctions on Iran as talks for a permanent deal continue. The move enables crude oil and petrochemical transactions and could unlock billions in revenue for Tehran, while raising questions about compliance, Congressional action, and broader regional implications.
Investors from Moloco, Google, Meta and Unity have taken minority stakes in AppsFlyer, as AI reshapes attribution and measurement in advertising. AppsFlyer plans to use the funds to accelerate omnichannel measurement and prepare for a potential public listing.
Anthropic's Mythos model has identified vulnerabilities in highly secure U.S. government systems during tests run with U.S. intelligence agencies under Project Glasswing. Officials say findings show rapid detection, not immediate exploitation; collaboration aims to shore up cybersecurity as tensions with the administration grow.
Prologis has made an all-share approach worth 925p a Segro share, valuing Segro at about 3.6bn. Segro’s board has rejected the bid as “a long way short” of value, arguing the US bid undervalues the business. Shares have rallied on the news, while broader property stocks are buoyed by falling gilt yields and hopes of cheaper financing.
Bending Spoons has begun trading on Nasdaq after pricing an $1.68 billion IPO. The Milan-based company has expanded by acquiring and revitalizing aging brands such as Eventbrite, Vimeo and AOL, and it has reported first-quarter revenue of $601 million with $27.5 million in net income, driven by subscription growth and AI-driven upgrades. The company plans to use IPO proceeds to fund further acquisitions and expand its portfolio.
The AI investment surge has boosted profits and economic activity, with data showing corporate profits reaching new highs and major chipmakers posting strong guidance. Yet pockets of softness linger as some firms warn that the AI-led upswing may not lift all boats. Second-quarter results are due to provide further clarity.
The June employment report has shown slower payroll gains and revisions to prior months, while wages continue to rise. The labor market remains tight, but participation has cooled and hiring is concentrated in a few sectors.
JPMorgan Chase has named Doug Petno and Troy Rohrbaugh as co-presidents, signaling a shift in leadership as Marianne Lake retires. The board is advancing a male-dominated succession slate, with Erdoes and Piepszak retaining high-level roles and retention bonuses awarded to top bankers.
Prices for Xbox consoles and various Apple devices have surged as AI-driven demand strains memory and storage components, pushing manufacturers to raise prices by hundreds of dollars. The trend affects consumers globally as memory costs double and memory shortages loom. The changes come as several publishers report price increases from Microsoft, Apple and others amid an AI infrastructure boom.
A mix of housing costs, delayed financial independence, and shifting attitudes are pushing more young adults to live with their parents in the UK. The trend reshapes family dynamics, finances, and the path to independence as people balance savings with privacy and autonomy.
The government has launched a youth jobs grant to hire 18- to 24-year-olds on universal credit for six months, offering firms £3,000 per recruit. The move aligns with a jobs guarantee and broader poverty-reduction efforts, while education and childcare supports expand. Roundtable discussions with hospitality leaders accompany the policy rollout.
The Federal Reserve has kept rates steady and is focused on delivering price stability. In Sintra, Warsh says inflation risks have come down, while markets await the June jobs data and the next policy move.
OpenAI CEO Sam Altman has proposed that the U.S. government take a roughly 5% stake in OpenAI and that other leading U.S. AI firms do likewise, officials and insiders have told the Financial Times and other outlets. The proposal has been discussed with Trump administration officials and would likely require congressional approval.
Tesla has delivered 480,126 vehicles in the second quarter, a 25% year-on-year rise, surpassing estimates of about 402,000 and signaling a rebound in demand. Production reached 451,758, with inventory drawdown used to meet demand. Europe drives momentum amid a broader US slowdown, aided by higher fuel prices and policy incentives.
The Trump Accounts program has launched with a $1,000 federal seed for children born 2025–2028. Morningstar cautions that outcomes depend on ongoing contributions and behavior, with significant leakage potentially reducing balances by adulthood. Employers and philanthropists are matching or boosting seed funds, expanding access but risking wider wealth gaps.
JPMorgan has been ordered to continue advancing Javice’s legal fees as the Delaware court rules the bank did not prove the fees were unmistakably unreasonable. Javice faces a seven-year prison sentence and a multi-million-dollar restitution order from her conviction for defrauding JPMorgan in the Frank deal.