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GDP has risen by 0.1% in May, driven by services though production and construction slipped. The upside comes amid ongoing Middle East tensions and ahead of a new prime minister taking office, with analysts noting fragile momentum and potential inflation risks.
Oil markets are facing a prolonged impact from the current crisis in the Strait of Hormuz, with analysts and industry leaders warning that a full rebound in flows may take years. Saudi and UAE officials emphasise resilience strategies to cushion prices, while other observers caution that the damage to global trading systems will extend beyond the immediate conflict.
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.
SpaceX has priced and aims to begin trading on the Nasdaq, valuing the company at about $1.75 trillion. The offering totals $75 billion from 555.56 million shares, making it the largest U.S. IPO on record for now. Elon Musk retains a large voting stake, while investors weigh execution risk against growth prospects.
China's official manufacturing PMI has edged into expansion at 50.3 in June from May's 50.0, with improvements in new orders and production. Export demand remains a key engine, while domestic consumption shows caution amid a prolonged property downturn. Analysts expect policy support to sustain momentum.
Tech stocks retreat after Micron’s results dim optimism for AI demand; Kospi sinks as memory-chip exposure bites—while mega-cap techs hold some ground.
The government has released June employment data showing payrolls rising by 57,000, far below forecasts, while the unemployment rate edges down to 4.2%. The labor force participation rate has fallen, highlighting a shift in the job market as fewer people are seeking work. Revisions to May and April data point to a softer hiring pace than previously thought.
UK service activity has contracted in June while manufacturing continues to expand, signaling a mixed momentum for the economy. Analysts warn growth remains weak into the second half as energy costs and geopolitical tensions weigh on demand.
The US and Iran have exchanged fresh strikes this weekend and on Monday, reversing a recent interim ceasefire and re‑opening doubt over control of the Strait of Hormuz. President Donald Trump has declared the ceasefire "over," ordered further strikes and revoked a temporary oil waiver. Oil has jumped into the high $70s–$80s and global markets have fallen.