The world in a glance.

Chinese AI start-up DeepSeek nears $45bn valuation

Value soars in ongoing fundraising discussions as investors including Tencent seek slice of AI lab

Samsung hits $1tn value on AI euphoria

Memory chip giant’s surge pushes South Korea’s Kospi to new record

Russia pavilion drags Venice Biennale into EU sanctions row

Brussels has warned that allowing Moscow to participate would breach ban on providing services to Kremlin

Imbalances are back on the global agenda

Policymakers must overcome the mercantilist fallacy that the way to get rich is by running surpluses forever

Republican-led group mounts $8mn midterms push to undo Musk aid cuts

Billionaire’s Doge assault emerges as vulnerability for Donald Trump’s party in swing districts

‘Worst’ still ahead as oil price swings darken global trade outlook

Volatility is more damaging than higher prices and will cause merchandise flows to drop, according to Global Trade Alert

Oil futures fall after Trump pauses U.S. effort to partially reopen Strait of Hormuz

Crude-oil futures fell late Tuesday after President Donald Trump said his latest effort to partially reopen the Strait of Hormuz would be paused, to buy more time to reach an…

Toyota switches on to electric vehicles to counter Chinese threat

Hybrid pioneer’s push comes as rivals scale back their EV targets

Upstart’s stock is getting punished after earnings. Here’s the big gripe.

The AI lending company came up short on a key profit metric, but its CEO says that analysts may have mismodeled seasonal trends.

Oil futures fall after Trump pauses U.S. effort to partially reopen Strait of Hormuz

Crude-oil futures fell late Tuesday after President Donald Trump said his latest effort to partially reopen the Strait of Hormuz would be paused, to buy more time to reach an…

Trump says US will ‘pause’ plan to guide ships through Strait of Hormuz

US president says there has been ‘great progress’ on a deal with Iran

This narrow shipping lane is how Trump now wants oil tankers to navigate the Strait of Hormuz

If the U.S. succeeds in shepherding more vesses out of the strait safely, hundreds of ships still stuck on either side of the strait, including massive oil tankers, would find…

Betting on long Treasury bonds when yields near 5% has been a slam-dunk trade over the past few years. Is this time different?

“There is not a ‘break-the-glass’ solution,” says former Treasury Secretary Steven Mnuchin of backup plans if the U.S. can’t finance its debt.

Cheaper protein shakes are crushing this industry stalwart

Shares of BellRing Brands, the maker of Premier Protein drinks and PowerBar snacks, tumble nearly 40%.

PayPal’s stock falls after earnings. Here’s what’s spooking Wall Street.

PayPal’s June-quarter guidance came up short, overshadowing signs of momentum in the latest period.

Micron’s stock soars as new report throws cold water on the bear case: ‘This time is different.’

IDC analysts say that the memory market can break from its historical tendency to see dramatic booms and busts.

Apple reaches $250mn settlement over delayed ‘AI Siri’

iPhone buyers sued the tech giant for touting features in 2024 that have yet to launch

I use a wheelchair and my apartment elevator has been broken for 16 days. I haven’t been reimbursed for my hotel. Do I have a legal case?

“I was supposed to be able to move back on Friday, but it’s looking less certain now, and the property manager has been providing fewer updates recently.”

Can Bill Ackman save the closed-end fund?

An outspoken financier wants to build a modern-day Berkshire Hathaway

These are the fastest-growing jobs for new college graduates — even in this low-hire market

The post-inflation job market has been especially hard for new grads, but there are ways they can help themselves prepare for the search.

Spirit starts monthslong process of dismantling airline after biggest collapse in a generation

Spirit Airlines was back in bankruptcy court to start dismantling the airline.

The food inflation crisis will soon be all investors are talking about

As fertilizer costs hit 2026 highs and U.S. farmers cut planting, investors are looking to these stocks to hedge against food scarcity.

Anthropic CEO warns of cyber ‘moment of danger’ as AI exposes thousands of vulnerabilities

Anthropic CEO Dario Amodei warned AI has created a narrow window for software firms, governments and banks to fix tens of thousands of vulnerabilities.

Hospitals are still relying on fax machines and photocopies — and it’s costing you

In the age of AI, there’s no reason the U.S. health system should be stuck in the analog era.

Taylor Sheridan wrote almost every word of ‘Yellowstone.’ Can spinoff ‘Dutton Ranch’ succeed without him?

He’s written hit after hit, but Sheridan is not involved in writing the primary ‘Yellowstone’ sequel — and that could test of his magic touch.

Global oil reserves plunge at record pace as Middle East war strains supplies

Stocks near 8-year low ahead of summer travel season despite collapse in demand

Meta plans advanced ‘agentic’ AI assistant for consumers

Social media platform invests in equivalent to OpenClaw that aims to seamlessly carry out everyday tasks for users

JPMorgan and BlackRock bosses play down talk of AI bubble

Dimon and Fink upbeat in separate comments about demand for the technology as Wall Street funds sector’s spending

Ferrari tops Wall Street's first-quarter expectations ahead of EV debut

Ferrari NV on Tuesday beat Wall Street's first quarter earnings expectations and reconfirmed its guidance for the year.

Intel is now worth more than Oracle as its stock explodes higher

Intel is on track to surpass its record market-cap level achieved back in 2000, with enthusiasm building over the potential for a partnership with Apple.

Ford’s secret EV unit emerges from shadows, still bullish on new pickup amid market slowdown

The "Universal Electric Vehicle" platform is expected to be key to Ford transforming its EV unit from billions of dollars in annual losses to breakeven by 2029.

Spain to conduct health inspection of ship with hantavirus outbreak before passengers can leave

Health officials now believe a couple was infected with hantavirus before boarding the cruise ship.

‘I always did the graveyard shift’: I worked for 54 years. Why on earth would I wait to claim Social Security at 70?

The Committee for a Responsible Federal Budget published a paper suggesting capping Social Security at $100,000 for a married couple.

Job openings were low before Iran war. Now businesses have another reason not to hire.

The number of job openings in the U.S. and the speed at which businesses hire to fill them are still depressed — a depressing thought for anyone looking for work.

This big part of the economy was stung by Iran war, but it hasn’t slowed down much

The largest part of the economy took a hit in April from the fallout from the Iran war, a survey showed, but businesses still grew at a fairly robust pace even as they grew more…

Nissan to cut 10% of Europe workforce in global restructuring

Japanese carmaker will also combine its two production lines in UK’s Sunderland plant

‘Like 10 Manhattan Projects going off all at once’: AI is rewiring the entire global economy, says this BlackRock exec

The head of BlackRock’s fundamental equities global technology team, Tony Kim, says AI is rewiring the global economy, and that will just keep going.

This gold-timing indicator just hit a bottom — and history says a strong rally is next

Gold and gold miners perform best right after investors give up. This “extreme pessimism” is the contrarian tailwind the market has been waiting for.

Coinbase to cut 14% of staff over impact of AI and volatile markets

Crypto exchange’s CEO says the technology is speeding up its processes, meaning fewer employees are needed

We are retirees. Are we too old to take out a mortgage in Pennsylvania so we can escape the Florida heat?

“We are 66 and 76, respectively. We own our home, which is paid off.”

Central banks prepare for a long war

Officials are softening people up for difficult decisions ahead. Also in this newsletter, how oil prices work

Here are 13 reasons why large caps will now beat small caps, according to UBS

Positioning, earnings, momentum and historical evidence suggests large caps are set up to outperform small-cap stocks in the near term, says a team of strategists.

PayPal’s stock rallies after first earnings report of the new era. Here’s what to know.

Shares are heading toward a three-month high as a closely watched measure of payment volume shows improvement.

Major health insurers show signs of recovery – but a key test looms

Insurers have incomplete data on medical costs in the first quarter due to a lag in claims processing, which sets up the second quarter as the real test.

HSBC’s darkest scenario: stock markets down 35% and oil at $145

HSBC Holdings on Tuesday said it’s made a big push into digital assets, including a tokenized gold product that’s already seen $1 billion in value traded, as the bank’s stock…

This is why stocks keep rallying, according to Morgan Stanley

The steady increase in earnings growth expectations has led to a compression in the price-earnings multiple for the S&P 500 index. Furthermore, the growth is broader and more…

HSBC profits hit by $400mn exposure to collapsed mortgage lender MFS

Bank also sets aside $300mn to cover impairments tied to Iran war

Consumers face more pain as companies threaten price rises

Executives warn that a prolonged energy shock would increase pressure to pass on costs to customers

How Germany’s Merz torpedoed his plan to contain Trump

Swipe at US president appears to wipe out year-long effort to establish rapport

Reeves clashed with Bessent over Iran war criticism

Dispute between UK chancellor and US Treasury secretary underscores allies’ diverging stances on the conflict