BUSINESS
Musk-Trump breakup exposes cracks in Wall Street’s meme casino
Dogecoin sank 10%; a publicly traded fund dangling SpaceX exploration for retail consumption slid 13%; leveraged bets amping up returns on Musk-related ventures lost a quarter of their value or more.
WORLD
Republicans push Musk aside as Trump tax bill barrels forward
Lawmakers are largely taking their cues from Trump and sticking by the $3 trillion bill at the center of the White House’s economic agenda.
WORLD
Musk blinks first in bitter Trump feud that cost him $34 billion
After the fight wiped a record $153 billion from the market value of the electric carmaker Thursday and dragged down broader indexes, it became clear that Musk had the most to lose.
WORLD
Wall Street reacts to Trump-Musk spat and what’s next for Tesla shares
Tesla Inc.’s stock plummeted 14% on Thursday after a rift over Trump’s proposed tax legislation exploded into an all-out public feud
WORLD
Musk signals he’s open to cooling off period in feud with Trump
The acrimonious back-and-forth between Musk and Trump represented a remarkable falling out among two men who spent months working together to reshape the federal government
WORLD
Asian shares edge up, dollar dips before US jobs data
Shares in Hong Kong and China fluctuated after Donald Trump held a call with China’s President Xi Jinping and agreed to further trade talks.
BUSINESS
Malaysia’s Petronas to cut 10% of workforce on profit slump
The energy producer not only anchors Malaysia's energy sector, but also plays a key role in funding infrastructure, education, and social programs through dividends and taxes.
BUSINESS
P&G plans to cut up to 7,000 office jobs over next two years
Makers of toilet paper and toothpaste are grappling with weakening consumer sentiment and higher costs from tariffs
BUSINESS
BofA’s analyst expects more emerging market gains as Dollar drops
The US dollar is trading near two-year lows. Wall Street banks, including Morgan Stanley and JPMorgan Chase & Co., expect further weakness in the US currency due to likely interest-rate cuts, slowing economic growth, and ongoing fiscal and trade policy uncertainty.
TECHNOLOGY
Alphabet to keep hiring engineers while AI advances
US tech leaders like Microsoft Corp. have trimmed more staff this year, reflecting in part the enormous investments needed to ensure leadership in AI
BUSINESS
Japan 30-year bond auction sees weakest demand since 2023
Disappointing demand at sales of 20-year and 40-year bonds late last month exposed investor concern about a lack of appetite for longer tenors, sending a fresh warning to the government that it may need to rethink issuance plans.
BUSINESS
Citigroup to cut 3,500 tech jobs in China as part of global revamp
The reductions at its Shanghai and Dalian solution centers are expected to be completed by the start of the fourth quarter, the bank said in a statement
BUSINESS
RBI set to deliver third straight rate cut to lift growth: Guide
The Reserve Bank of India will lower the benchmark repurchase rate by 25 basis points to 5.75%, according to all but one of the 34 economists surveyed by Bloomberg.
MARKETS
Asian stocks cautious ahead of Japan bond auction
A regional gauge swung between small gains and losses at the open as South Korean shares gained for a third day while Japanese indexes dropped
WORLD
Trump signs travel ban for 12 countries including Afghanistan
The second-term travel ban covers Afghanistan, Myanmar, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen.
WORLD
Elon Musk urges Americans take action to ‘kill’ Trump tax cut bill
“Call your Senator, Call your Congressman,” Musk wrote in a social media post. “Bankrupting America is NOT ok!”
BUSINESS
China considers ordering hundreds of Airbus jets in major deal
A deal could involve about 300 planes and include both narrowbody and widebody models, they said, with one person saying the order could range between 200 and as many as 500 aircraft.
BUSINESS
China bond futures trade dwindles as market awaits Xi-Trump call
The aggregate volume of futures on Chinese 10-year and 30-year government bonds both fell to their lowest levels since February on Tuesday, according to data from the onshore financial futures exchange.
BUSINESS
Chinese firms brush off US tariff risks with domestic confidence
Companies are also highlighting a shift in supply chains, and are doubling down on research and development to boost growth, according to a Bloomberg News analysis of corporate transcripts and filings in April and May.
INDIA
Global airlines pile on India capacity as US-Europe traffic drops
Foreign airlines and the biggest Indian operators announced a range of plans at the International Air Transport Association annual general meeting in New Delhi this week
BUSINESS
Asian shares rise at open after US jobs surprise
South Korean stocks led the moves with a 1.6% jump for the Kospi Index after the country elected a new president, capping six months of chaos.
BUSINESS
Trump signs order hiking steel, aluminum tariffs to 50%
The order said the previous charge had “not yet enabled” domestic industries “to develop and maintain the rates of capacity production utilization that are necessary for the industries’ sustained health and for projected national defense needs.
BUSINESS
Adani mulls entering airport ground services after Celebi’s exit
Indian regulations require that every major airport with annual passenger traffic of at least a million should have three ground handlers.
BUSINESS
Block trades power cash market turnover to seven-month high
Zinka Logistics, Aptus Value and Yes Bank were among stocks that witnessed a surge in volumes on June 3, fuelled by multiple block trades. True North and others sold over $175 million worth of Niva Bupa shares in a block deal in the previous session.
