The Global Economic News

Around $2.3 trillion has been wiped off the value of the Magnificent 7 this month as the tech giant's huge infrastructure spending is increasingly scrutinized by investors, who see stronger returns in other parts of the market. The Mag 7 comprises Microsoft , Nvidia , Alphabet , Apple , Meta , Tesla and Amazon . The CNBC Magnificent 7 Index has fallen 10% so far in June. These companies, in particular Amazon, Microsoft, Alphabet and Meta, are collectively spending hundreds of billions of dollars buying chips and building data centers to power their artificial intelligence services. Some of this investment is being fueled by debt. Investors are waiting to see a return on those investments, with all eyes on the second quarter earnings season, which kicks off next month. "We are going through another 'gut check' few weeks ahead for the tech trade as tech investors await a very important 2Q earnings season in July to further validate the AI Revolution buildout," Dan ...

Oil Markets Are Pricing A Supply Surge That Isn’t Guaranteed Irina Slav Sun, June 28, 2026 at 4:00 PM PDT 5 min read Crude oil prices are in freefall after the United States and Iran agreed on a ceasefire, set to last 60 days. Traders expect the ceasefire to unleash an avalanche of crude, and indeed, tankers are leaving the Persian Gulf in growing numbers. And yet Iran just struck a commercial ship in Hormuz. Bloomberg reported earlier this week that the ceasefire prompted huge discounts in available crude cargoes, noting how Angolan crude was selling at a $10 discount to dated Brent for the first time in a decade. Not only this, but Chinese refiners were offering crude oil cargoes for sale, the publication wrote, citing unnamed traders. "You actually get a discount to buy a barrel now versus a barrel tomorrow because of the weakness in the Asian pull on Middle Eastern grades," Daan Struyven, co-head of global commodities at Goldman Sachs, told Bloomberg. "Reopening is ...

Why Verizon, AT&T, and T-Mobile Should Be Terrified of Elon Musk’s Next Move Rich Duprey Sun, June 28, 2026 at 1:30 PM PDT 4 min read SPCX VZ T TMUS A close-up of a SpaceX sign by Sundry Photography via Adobe Stock The telecommunications industry has spent decades building towers, laying fiber, and battling for every wireless subscriber. Now the next competitive threat may not come from another carrier at all. It could arrive from orbit. According to a Financial Times report, SpaceX (SPCX) plans to launch a direct-to-consumer Starlink mobile service in the U.S., marking a shift from partnering with wireless companies to competing with them. For investors, the move isn't just about mobile phones. It highlights how SpaceX is transforming Starlink from a satellite broadband provider into a full consumer connectivity platform and one that already generates the company's profits. More News from Barchart Billionaire Mark Cuban Asks If AI 'Collapses' And Data Centers Turn...

Hello, this is Leonie Kidd writing to you from London. Welcome to today's edition of the Daily Open newsletter. No more unconventional instruments, no more complex forward guidance and no more force. That's the message from ECB President Christine Lagarde on shaping Europe's future, as she welcomes the world's central bankers to Sintra, Portugal for the continent's version of Jackson Hole. European Central Bank President Christine Lagarde has used her curtain-raiser speech in Sintra, Portugal to say it's time for the ECB to go back to basics . "We no longer need to reach for unconventional instruments... we no longer need to act with the same force... and we no longer need complex forms of forward guidance," she said. The ECB president also touted the central bank's recent decision to raise rates, saying it was "justified under every scenario. It was, by design, a robust decision." This morning, "Squawk Box Europe" will speak t...

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SpaceX Stock Has Already Lost Most of Its IPO Gains. It’s Not Time to Buy Until Shares Fall Below $135. Patrick Sanders Sun, June 28, 2026 at 8:00 AM PDT 5 min read SPCX Space Exploration Technologies (SPCX) is continuing to take investors on a roller coaster ride and I don't expect it to end any time soon. After launching the biggest initial public offering in stock market history, raising an incredible $85.7 billion, SpaceX rattled the markets this week when it said it needed you guessed it even more cash. SPCX stock sold off fast Monday, dropping 16%, as the company sold off bonds to raise another $25 billion on top of the $85 billion that it raked in during its IPO, according to CNBC . The company now has more than $100 billion in cash. More News from Barchart Billionaire Mark Cuban Asks If AI 'Collapses' And Data Centers Turn Into 'Chuck E Cheeses,' Would That 'Create A Revival Of Jobs?' As Trump Doubles Down on Quantum Computing, This Is the Top-Perfo...

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Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection a snapshot of what I'm seeing and hearing from local businesses. As more Chinese tech companies set their sights on global users, competition with the U.S. enters a new phase. From data centers to artificial intelligence applications, Chinese companies are expanding rapidly outside their home market, just as American firms race to do the same . " US tech investors need to keep a very close eye on the growing competition from China tech because as we've seen, many Chinese companies first prioritize market share over profit margins," market strategist Peter Boockvar wrote on June 24. Launching low-cost AI models with capabilities that rival American-made ones was only the first step. Next is industrial integration. It's a sign that price and functionality will increasingly matter as economic competition expands globally clearly illustrated by events over the past ...

Image source, Alan Donegan Image caption, Katie and Alan Donegan were able to retire when he was 40 and she was 35 By Alice Kantor Business reporter Published 49 minutes ago Every winter, Alan and Katie Donegan would avoid turning on the heating at their home in the south of England. "Instead, we wore extra layers and used hot water bottles - we turned it into a game," says Alan. "It wasn't suffering, it was strategy." While the couple admit that others thought they were "extreme" or "mad" to put so much emphasis on not spending money, Alan explains that they were "laser-focused on buying freedom". By "freedom" he means early retirement, which the Donegans managed to achieve seven years ago when Alan was only 40, and Katie just 35. The two rarely had takeaways and always took packed lunches to work. "We were 40,000 better off over 10 years from just that one lunch habit," says Alan. "We even charged our pho...

Q3 Results Proved That the Stars Are Aligned for Micron Stock Pathikrit Bose Sun, June 28, 2026 at 7:00 AM PDT 7 min read MU GOOGL NVDA SPCX In different points of the market, investors find their new favorites. While in recent years it has been Nvidia (NVDA) or Alphabet (GOOGL) (GOOG), the wider AI trade has anointed a new darling: Micron (MU). Undoubtedly, with a rally of 296.74% year-to-date (YTD), shares of the memory chip major have been a massive hit with investors. In fact, the hype around the company was eclipsed only by those who were not even listed on the exchanges, like SpaceX (SPCX), OpenAI, and Anthropic. www.barchart.com Now, following a sensational set of numbers for its fiscal Q3, leading brokerages on Wall Street are reinforcing their bullish views about the company. One of them is the reputed broker, Stifel. More News from Barchart Billionaire Mark Cuban Asks If AI 'Collapses' And Data Centers Turn Into 'Chuck E Cheeses,' Would That 'Create A Rev...

Image source, Getty Images By Ben Chu Policy & Analysis Correspondent, BBC Verify Published 2 hours ago Andy Burnham promised the "biggest rebalancing of power our country has seen" as part of his plans for the UK if he becomes the next prime minister. In his first major policy speech, Burnham said on Monday he would seek to take power away from Whitehall and devolve it to all parts of the UK. This would include Greater Manchester and other city regions in England. But the former Mayor of the Greater Manchester Combined Authority also said he would further extend devolution in Scotland, Wales and Northern Ireland - though not giving detail - and also promised to give Greater London more devolved powers. Burnham, who was sworn in as the new MP for Makerfield last week, said this radical devolution of power was essential for delivering higher economic growth in all parts of the UK. "We will never get growth up to the level Britain needs unless every single postcode in...

China's economy is showing signs of picking up, thanks in part to a rebound in shipments to the U.S. "Manufacturing saw the clearest improvement. Retail sales recovered nicely," according to the China Beige Book, an independent survey of Chinese businesses, on Monday. The survey, covering 1,321 businesses from June 1 to 22, pointed to a surge in luxury goods sales, but weaker tourism-related spending. "The second quarter is ending on a more positive note than it began, but this performance will need to repeat itself in July and August for there to be legitimate cause for celebration," the report said. The world's second-largest economy lost steam in April and May after a strong first quarter . In May, China's retail sales fell for the first time since the pandemic, official figures showed, while data from the 618 shopping festival, which ran from mid-May through mid-June, showed a sharp slowdown in sales growth. Investment in manufacturing , dragged dow...

Oil prices have fallen back sharply to near pre-war levels over recent weeks in response to a fragile truce between the U.S. and Iran, and diplomatic efforts to bring the conflict to a lasting conclusion. However, commodity strategists warned Monday that prices could reflect an overly optimistic stance from markets, which are underestimating the scale of persistent supply-side challenges. Analysts argue that shipping traffic through the Strait of Hormuz is unlikely to swiftly return to pre-war levels, even after a pickup in activity following the U.S.-Iran ceasefire agreement, as Tehran seeks to exert leverage over the critical chokepoint. Nikos Petrakakos, managing director of investments at Tufton Investment Management, said many shipping companies remain wary of sending vessels back through the key energy chokepoint, citing uncertainty over the peace framework, lingering concerns over sea mines and elevated war-risk insurance premiums. "Even though there is some more motion go...

BlackRock IBIT investors are now nursing a 40% loss BlackRock IBIT investors are now nursing a 40% loss TheStreet Getty Images Pooja Rajkumari Sun, June 28, 2026 at 2:33 AM PDT 2 min read BLK IBIT BTC-USD 2024 was a massive turning point for crypto. After years of regulatory back and forth, a few of the biggest asset managers in the world were allowed to offer spot Bitcoin (BTC) exchange-traded funds (ETFs). Among them was BlackRock (NYSE: BLK), the world's largest asset management company. The launch of its iShares Bitcoin Trust ETF, or IBIT, came as a green signal for traditional investors who wanted to explore cryptocurrencies but did not know how or where. A Bitcoin ETF allows people to bet on Bitcoin's price without buying or storing the cryptocurrency themselves. As recently as mid-2025, the average IBIT holder was up roughly 30%, per Bespoke data cited by Bloomberg . But after the flash crash o f October 2025, Bitcoin's slide has flipped that gain into a steep loss....

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Stocks making the biggest moves midday: MU, CMCSA, RKLB, GOOGL, VZ Skip Navigation Markets Business Investing Tech Politics Video Watchlist Investing Club PRO Livestream Menu Check out the companies making the biggest moves midday: Chipmakers Semiconductors were volatile Monday as investors rotated money between the sector and the rest of the market. The VanEck Semiconductor ETF (SMH) was last up 2.5% after falling as much as 3.1%. Nvidia traded 0.6%, recovering from a 1.4% slide. Micron pared earlier losses, trading 2% lower. TopBuild The insulation and building materials maker dropped 12% to start the week, putting it on pace for its worst day since March 2020. The move comes as investors brace for TopBuild to be acquired by QXO. The deal was announced in April . Comcast Shares rose 6% after the company announced it would spin off its media portfolio of NBCUniversal and Sky. The spin-off is expected to be completed in about one year, and will see Comcast co-CEO Mike Cavanagh steppin...