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Oil Prices Spike as US Joins Israel in Strikes on Iran

Key Points Oil prices jumped to their highest point since January. The spike was triggered by President Trump's announcement that the U.S. had joined Israel. The market is concerned that Iran will retaliate by closing the Strait of Hormuz, a crucial oil shipping route. The U.S. joining the conflict marks a significant escalation, increasing the risk of a broader regional war. Analysts are now warning that oil prices could realistically rise to $100 a barrel if the conflict escalates. Oil...

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EU Resigned to 10% Tariffs in Trade Deal with Trump’s US

Key Points European officials are increasingly accepting that a 10% tariff on most EU goods is the starting point for any trade deal with the U.S. The Trump administration, led by Commerce Secretary Howard Lutnick, has refused to negotiate below this 10% baseline. The EU is scrambling to finalize a deal before July 9th, when U.S. tariffs on many goods are set to increase to...

Nippon Steel Gives US Veto Power to Seal $14.1B US Steel Deal

Key Points Japan's Nippon Steel bought U.S. Steel for $14.1 billion. To get President Trump's approval, Nippon Steel had to give the U.S. government significant control over the company. The U.S. government now holds a "golden share" that allows it to veto key decisions, such as relocating the headquarters or eliminating U.S. jobs. Nippon Steel also had to commit to investing an additional $11 billion...

Musk’s xAI Lands $5 Billion Debt Deal Despite Cool Investor Reception

Key Points Elon Musk's xAI is closing a $5 billion debt deal led by Morgan Stanley. The company had to offer a steep 12% interest rate to attract investors due to the high risk. Investor interest was low, with the deal getting just enough orders to close, far below typical demand for similar sales. Many investors were hesitant due to the problems that followed Musk's...

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