Binance to stop providing services to EU clients after failing to obtain licence

• The European Commission has launched a public consultation on the draft of its new merger guidelines to update antitrust oversight. • The initiative follows recent regulatory scrutiny in the chocolate sector and investigations into Italian private-label markets.

• Binance's application for a bloc-wide crypto license in Greece failed last week, prompting the exchange to shift its application efforts to France. • The move comes as all crypto firms must obtain a license under the Markets in Crypto-Assets Regulation by July 1 to avoid penalties.

• Italy's competition regulator, AGCM, is investigating Microsoft over allegations that the company triggered AI-fueled price hikes for Microsoft 365 subscribers. • The probe focuses on claims that users may have been defaulted into more expensive plans featuring Copilot AI tools without receiving sufficient information to make an informed decision.

• Binance CEO Changpeng Zhao has expressed concern regarding European Union measures that restrict users' access to top global liquidity pools. • Zhao argues that these regulatory constraints limit consumer options and hinder the ability of EU traders to access the most efficient markets.

• ActionForex forecasts a moderation in labor market growth, predicting June payroll additions will slow to 120K. • The unemployment rate is expected to remain stable at 4.3%, suggesting that while conditions are steady, the recent rapid pace of hiring is unsustainable.

• Fidelity National Financial (NYSE: FNF) is highlighted as a top insurance stock, leading the U.S. market in title insurance policies and escrow services. • The company has diversified its revenue streams by offering annuities and life insurance through its subsidiary, F&G.

• The U.S. Personal Consumption Expenditure (PCE) price index for May met expectations, with headline inflation at 4.1% and core inflation at 3.4%. • Consumer spending rose by 0.7%, exceeding the 0.6% forecast, while personal income accelerated sharply by 0.7%, significantly beating the 0.4% consensus estimate.

• U.S. stock markets closed the first half of the year on a solid note, though investors remain cautious ahead of new economic data. • Market participants are closely monitoring the monthly jobs report due this Thursday, as a "hot" economy could prompt the Federal Reserve to implement further interest rate hikes.

• RBC Economics predicts that the upcoming June jobs report will reinforce the Federal Reserve's current "inflation-first" policy stance. • Key indicators show that wage growth remains below headline PCE inflation, suggesting that earnings are not keeping pace with rising prices.

• RBC Bearings (RBC) is facing investor scrutiny as its stock recently closed at $648.89, sparking a debate over whether its current valuation is justified. • The company's bullish outlook is driven by a narrative of accelerated earnings growth, increased profitability, and a strong position within the aerospace sector.

• Researchers at Liberty Street Economics analyzed the resilience of emerging market economies (EMEs) during the U.S. monetary tightening cycle of 2022-23. • The study found that EMEs generally performed better in financial markets than predictive models suggested, with "more vulnerable" economies showing the most significant outperformance.