Daily Open

• Wall Street shares declined during the U.S. session as investors reacted negatively to massive spending increases from tech giants Alphabet and Tesla. • UniCredit CEO Andrea Orcel informed CNBC that the bank has reached an optimal outcome regarding its acquisition of Commerzbank shares, benefiting both institutions. • Crude oil prices rose on Thursday due to renewed threats from President Donald Trump to strike Iranian infrastructure and a recent tanker attack off the Saudi Arabian coast.

• The U.S. has not renewed the United States-Mexico-Canada Agreement (USMCA), a trade deal previously praised by Donald Trump as the "best agreement" ever made. • New economic data from ADP indicates a cooling labor market, with U.S. private payrolls growing by 98,000 in June. • This growth figure fell short of the Dow Jones consensus forecast, which had predicted an increase of 110,000 jobs.

• A global sell-off in technology stocks continues to rattle markets, with the decline spreading through Asia and Europe on Tuesday. • The volatility has extended to precious metals as investors reassess the potential trajectory of interest rates. • MSCI has maintained South Korea's status as an emerging market, stalling the country's efforts to be recognized as a developed market.

• The G7 is shifting its focus toward AI as the United States implements protectionist policies to restrict access to specific AI models. • In a separate development, Snap co-founder Spiegel debuted "Specs," the company's first augmented reality (AR) device designed for the general public rather than developers. • These moves signal a broader transition in how society interacts with computing, moving beyond the smartphone era that began with the iPhone nearly 20 years ago.

• The U.S. and Iran are reportedly nearing a peace deal that would effectively end their current conflict. • Key terms of the agreement include the reopening of the Strait of Hormuz and the lifting of the U.S. naval blockade. • This diplomatic breakthrough occurs as French President Emmanuel Macron leads the G7, focusing on reducing global inequality and easing geopolitical tensions.

• Wall Street has reached a new series of record highs, driven largely by the ongoing momentum of the AI trade. • Deutsche Bank warned that the current speed of the S&P 500 rally is unprecedented for an economy not emerging from a recession, drawing parallels to the period before the 1987 crash. • Market analysts are monitoring potential headwinds, including emerging trade tensions and diplomatic deadlocks regarding Iran, which could dampen investor sentiment.

• Former world No. 1 pair Satwiksairaj Rankireddy and Chirag Shetty won their first Singapore Open title on Sunday, May 31. • The Indian duo secured the victory in the BWF Super 750 tournament by defeating Indonesia's Fajar Alfian and Muhammad Shohibul Fikri. • The win is significant as the pair overcame an initial game deficit to end their recent title drought.