Starts

• Asian markets are expected to open lower due to ongoing valuation pressures on technology stocks, coinciding with the start of the FOMC meeting. • Investors are closely monitoring SK Hynix's earnings report, CXMT's second day of trading, and news regarding China's new deep ultraviolet lithography kit. • South Korean shipbuilder Hanwha Ocean reported a second-quarter operating profit of 736.1 billion won ($500.6 million), marking a 98% increase from the previous year.

• The KOSPI index is serving as a potential warning signal for the Nasdaq as the long-standing AI-driven market boom faces increasing volatility. • While giants like Nvidia, Microsoft, and Amazon have accelerated infrastructure spending, investors are now scrutinizing whether the hardware manufacturing sector can sustain this growth. • This shift matters because it suggests the AI cycle may be entering a new phase where underlying fundamentals are tested despite strong business performance.

• Marine Le Pen has announced her intention to run for the French presidency in the upcoming election next year. • This decision follows a ruling by a French court that shortened her previous ban from holding public office. • The election is viewed as a pivotal moment for Europe, carrying significant political weight similar to the impact of Brexit.

• Iran has launched strikes against U.S. military infrastructure in the Middle East following a series of American attacks. • The U.S. military targeted Iranian assets to degrade their capacity to threaten freedom of navigation within the strategic Strait of Hormuz. • This escalation highlights a struggle for political leverage, as Iran seeks to maintain control over the strait to prevent traffic from shifting toward Oman.

• African markets are entering the second half of the year facing increased pressure on bank balance sheets and rising borrowing costs. • Renewed tensions between the United States and Iran have spiked global energy prices, leading households and businesses in South Africa to raise inflation expectations. • These inflationary pressures have weakened the prospects for interest-rate cuts in South Africa, the continent's largest economy.

• The Vera C. Rubin Observatory in Chile has launched an unprecedented survey of the southern sky to map the solar system and the broader universe. • The project utilizes the largest camera ever constructed to capture high-resolution data on the Milky Way galaxy and distant celestial objects. • This initiative matters as it provides the most detailed survey of the universe to date, allowing astronomers to peer deeper into space than previously possible.

Avi Loeb’s White House panel has asked the Pentagon for videos and files on unexplained aerial sightingsA controversial Harvard University cosmologist who has suggested alien lifeforms could be sailing into the solar system disguised as meteors is leading the Trump administration’s secretive new scientific advisory panel on security risks posed by UFOs.Avi Loeb and his hand-picked committee have already begun looking into the origins of mysterious flying craft, now known as unidentified aerial phenomena (UAP), and last month asked the Pentagon for dozens of videos, images and documents of reported encounters and incidents, the Associated Press reports. Continue reading...

• South Korea will transition its won trading market to a 24-hour schedule, with a trial period beginning June 29 and a full launch on July 6. • The shift includes new reforms such as offshore won settlement and updated overdraft policies designed to prevent liquidity gaps. • The move comes as the currency faces significant pressure, currently languishing near a 17-year low against the U.S. dollar.

• Spain faces Saudi Arabia today, June 21, 2026, in a World Cup group stage match. • The Spanish team is seeking a victory after a surprising 0-0 draw against tournament debutants Cape Verde. • Lamine Yamal has been named in the starting lineup as Spain attempts to recover their form as one of the pre-tournament favorites.

• Meta has begun unwinding its $2 billion acquisition of AI startup Manus following a divestiture order from the Chinese government citing national security concerns. • The co-founders of Manus are currently in early negotiations to raise approximately $1 billion from external investors to fund the buyback of the company from Meta. • This separation is critical as it allows Manus to potentially transition into a Chinese joint venture structure to comply with Beijing's regulatory requirements.

• The 2026 World Cup is scheduled to begin on Thursday, June 11, 2026. • In the United Kingdom, broadcasting rights for the tournament will be shared between the BBC and ITV. • This joint coverage ensures that viewers have widespread access to the global football event across both public and commercial networks.

• Bobby Deol's new film, *Bandar*, experienced a slow start at the box office on its opening day, June 5, 2026. • The movie is currently trailing behind the performance of another release, *Hai Jawani Toh Ishq Hona Hai*. • These early figures are critical as they determine the film's commercial viability and potential for longevity in a competitive market.

• South Korea is emerging as a primary indicator of how the AI boom and rising energy costs could trigger inflation, potentially forcing central banks to resume monetary tightening. • Market sentiment is currently fragmented, with bonds focusing on inflation and energy markets on supply risks, while equities remain driven by AI-led productivity gains. • This tension highlights a disconnect between optimistic stock market projections and the cautious reality of financial conditions and currency volatility.

‘This is a change byelection,’ says Labour mayor as he launches bid for Makerfield seat and lays out policy viewsUK politics live – latest updatesAndy Burnham has formally launched his campaign for the Makerfield byelection with a barely coded pitch for Downing Street, saying a vote for him to become the MP there was “a vote to change Labour”.While not explicitly saying that he would seek to replace Keir Starmer, the Greater Manchester mayor used a speech to Labour MPs and activists in the constituency, followed by questions from the media , to lay out a series of national policy views, including on economy, immigration and electoral reform. Continue reading...

Iran says Americans will be hit with higher fuel prices due to the blockade. Plus, summers are growing longer globallyGood morning.The US has begun blocking ships from using Iranian ports in the Gulf, transforming the US-Israeli war against Iran into a test of economic endurance.How could Centcom enforce the blockade? It is unclear, but as a missile strike on a tanker attempting to break the blockade could cause an environmental disaster, it is possible that US forces could try to board and seize any vessel not obeying their instructions.Follow the latest updates on our live blog.Did Swalwell also face expulsion? Yes, there were bipartisan calls for it. Swalwell acknowledged the threat of removal from office, saying: “Expelling anyone in Congress without due process, within days of an allegation being made, is wrong. But it’s also wrong for my constituents to have me distracted from my duties. Therefore, I plan to resign my seat in Congress.” Continue reading...

Concerns raised over use of travel data in determining whether people are ‘continuously’ in UK, after HMRC fiasco Ministers are to start removing post-Brexit residency rights from EU citizens who are no longer “continuously” living in the UK.The initiative is legal under the 2020 Brexit withdrawal agreement but the decision to use travel data to partially determine absences has raised concerns following the HMRC fiasco that saw almost 20,000 parents stripped of child benefits because of inaccurate Home Office border data. Continue reading...