Energy Giants Exxon Mobil and Chevron Hit Record Highs on Oil Price Rally

• Wall Street saw mixed results on Thursday as declines in chip stocks and AI-related winners offset gains made by the majority of other stocks. • The S&P 500 remained largely unchanged despite more than two-thirds of stocks posting gains, highlighting a narrow market divergence.

• A long-running study reveals that the most enthusiastic stock market booms often lead to the most severe wealth destruction over the last century. • Historical examples include the dot-com bubble's telecommunications giants like WorldCom and Lucent Technologies, as well as the 2007 financial crisis.

• The FDIC has released a list of state nonmember banks that recently underwent evaluations for compliance with the Community Reinvestment Act (CRA). • The CRA, established in 1977, mandates that the FDIC assess whether banks are meeting the credit needs of their entire community, specifically targeting low- and moderate-income neighborhoods.

• President Donald Trump executed over 21,000 securities trades during his first year back in office in 2025. • The financial disclosures reveal that these trades often occurred in intense bursts coinciding with market-shifting events triggered by his own administration.

• Asian stock markets rebounded sharply on Friday, led by a strong rally in technology shares after a week of significant selling. • The recovery was driven by easing geopolitical tensions in Iran and growing investor optimism regarding potential Federal Reserve interest rate cuts.

• The Asian Banking & Finance Awards 2026 recently honored top banking leaders and institutions for driving innovation and growth across the Asian financial sector. • Key winners included China Bank Capital Corporation for Sustainability-linked Bond of the Year in the Philippines and CIMB for Corporate & Investment Bank of the Year in Malaysia.

• Asia-Pacific stock markets traded broadly higher on Friday, with South Korea's Kospi leading the surge with a 4.65% increase. • Other notable gains included Japan's Nikkei 225 rising 1.36%, Hong Kong's Hang Seng Index climbing 1.57%, and Australia's S&P/ASX 200 adding 1.39%.

• Asian markets rallied on Friday, driven by the Dow Jones Industrial Average closing at a new record high. • Key gains were seen in Hong Kong's Hang Seng (+1.7%), Australia's S&P/ASX 200 (+1.3%), and the Shanghai Composite (+0.7%), while Taiwan's Taiex fell 0.6%.

• The FTSE 100 index surged 1.61% to reach 10,646.99, demonstrating strong bullish momentum and demand as prices hold above key moving averages. • Anton Kharitonov of Traders Union attributes the advance to technical factors, noting that the rise currently lacks supportive news to solidify long-term investor confidence.

• The European Commission has approved recovery fund payments for Spain, Portugal, and Belgium as part of the NextGenerationEU economic recovery initiative. • Portugal received approval for its ninth payment request totaling €2.32 billion, while Belgium was granted its fourth payment of €567 million.

• Aakash K Hindocha, Vice President, has issued stock buy recommendations for July 2, 2026. • The recommended stocks include REC, Oberoi Realty, and Home First Finance Company India.

• The UK service sector has experienced a contraction, driven by a combination of extreme heatwaves and disruptions linked to the conflict involving Iran. • Market trends show investors are rotating away from high-performing chip stocks and shifting capital toward "old economy" companies listed on the London stock market.