Global Economy

The U.S. Senate has confirmed Kevin Warsh to serve a four-year term as the next chair of the Federal Reserve Board of Governors.

The Bank of Japan raised its benchmark interest rate to 1.0 percent from 0.75 percent, the highest in 31 years, at its June 2026 board meeting, citing inflation risks and a weak yen. Governor Kazuo Ueda was absent due to hospitalization for a hepatic cyst infection. The bank also announced a slowdown in government bond purchase reductions starting April 2027.

Tokyo stocks rose sharply on June 18 after U.S. President Donald Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding aimed at ending their countries' conflict, analysts said. The Nikkei index gained 1,151.24 points to close above 71,000 for the first time.

Gold rose more than 2% above $4,300 after a US-Iran peace deal, with bullion gaining for a third straight session. The agreement is expected to reopen the Strait of Hormuz and remove the US naval blockade, while oil fell 4.5% to a two-month low as supply disruption fears eased.

South Korea's KOSPI index fell nearly 10 percent after the country's financial regulator issued a caution regarding leveraged exchange-traded funds.

Volkswagen plans up to 100,000 job cuts and is weighing further asset sales following a €10 billion marine unit deal, the Financial Times reports.

Jerome Powell concludes his final press conference as Chair of the Federal Reserve.

President Donald Trump stated that a US naval blockade against Iran could persist for months, an announcement that triggered a surge in oil prices to their highest level in over four years.

Spirit Airlines has initiated an orderly wind-down of its operations, resulting in the cancellation of all flights. The company has advised passengers to refrain from traveling to airports.

The United Arab Emirates has announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC).

President Donald Trump announced a 25% tariff on cars and trucks imported from the European Union, alleging that the bloc is not complying with existing trade agreements.

US credit card stress has reached its worst level since the 2008 financial crisis, with outstanding balances surging to $1.3 trillion and average interest rates hitting 22%.

Gold has replaced US Treasuries as the world's top reserve asset, according to the European Central Bank.

Elon Musk's SpaceX plans to price its initial public offering at $135 per share, selling 555.6 million shares to raise $75 billion in what would be the largest IPO ever.

Elon Musk rang the opening bell as SpaceX went public on the NASDAQ under ticker SPCX, making him a trillionaire.

SpaceX shares opened at $150 in their Nasdaq debut, giving the company a valuation of $1.96 trillion.

SpaceX's record IPO drew more than $350 billion in demand. Shares extended gain to 30% in trading debut. Elon Musk became the world's first trillionaire.

Treasuries rose across the curve as investors reduced expectations for Federal Reserve interest-rate hikes after news of a deal to end the Iran war.

Share markets surged in Asia while the dollar slipped and oil prices tumbled as a tentative peace deal between the United States and Iran promised to ease inflationary pressures globally and lessen the need for higher interest rates.

Fox is set to acquire Roku for $160 per share in a cash and stock deal.

SpaceX has overtaken Microsoft to become the fourth largest company by market value.

The Group of Seven industrial nations pledged this week to set an ambitious target for reducing reliance on China, boosting the European Union’s effort to address a growing trade imbalance with the world’s largest exporter.

Intertek has agreed to a £9.3 billion takeover bid from private equity firm EQT.

The United States and its partners have agreed to develop a $300 billion Iran reconstruction plan, according to a memorandum of understanding. First Squawk reported the MOU.

The US Supreme Court ruled Tuesday that oil giant ExxonMobil could sue Cuba's state-owned oil company and a major business group for what it termed 'unlawful trafficking' of its assets after Fidel Castro's 1959 revolution.

The closure of the Strait of Hormuz has stranded nearly 1,200 cargo ships carrying approximately $125 billion worth of goods, according to the Financial Times.

Donald Trump announced plans to suspend the 18-cent federal gasoline tax to address rising fuel costs, while warning that the ceasefire agreement with Iran is currently on "life support."