Trending Market News

The U.S. Treasury did not extend a waiver on Russian oil sanctions that expired at midnight Wednesday, though officials have not confirmed whether sanctions will be reimposed. The waiver was initially granted to help vulnerable economies during an energy crisis, but President Trump suggested it could end now that Middle East oil is flowing following a recent Iran deal. The U.S. has previously let the waiver lapse before extending it days later.

• Trump stated the U.S. is monitoring oil prices, which are 'tumbling', before deciding on reimposing sanctions that target Russian oil majors Rosneft and Lukoil to cut Moscow's revenue
• The waiver decision comes after a U.S.-Tehran deal to end a war that caused 'the biggest disruption to global energy markets in history', though it may take months for oil flows to normalize
• The U.S. has allowed similar waivers to expire in recent months only to extend them days later, creating uncertainty about whether this lapse signals actual policy change

A federal judge on Wednesday remanded Bayer's proposed $7.25 billion Roundup settlement back to Missouri state court, rejecting objections from some cancer victims who had attempted to move the case to federal court. The ruling allows the settlement process, which seeks to resolve nearly all lawsuits alleging Roundup causes cancer, to proceed on its original fast-track schedule in state court.

• U.S. District Judge Henry Edward Autrey ruled that objecting plaintiffs lacked the power to transfer the case to federal court, as only the defendant (Bayer) could remove it from the court where it was originally filed
• The settlement was proposed in February through a new class action in Missouri state court, but objecting cancer victims transferred it to federal court on May 22, disrupting the fast-track timeline
• The agreement aims to resolve nearly all pending lawsuits alleging that Bayer's widely used Roundup weedkiller causes cancer through a nationwide class action

The U.S. FDA has approved GSK's oral antibiotic Utebzi for treating complicated urinary tract infections, including drug-resistant cases and kidney inflammation. The approval provides patients with a convenient at-home treatment option for conditions that affect more than 2.8 million Americans annually and carry higher risks of treatment failure. The drug is expected to be available by the end of 2026.

• Utebzi offers at-home treatment for complicated UTIs and pyelonephritis (kidney inflammation), eliminating the need for hospital-based care
• Complicated UTIs affect more than 2.8 million people in the U.S. each year and carry higher risk of treatment failure compared to simple UTIs
• GSK expects the drug to be available to U.S. patients by the end of 2026

Oilfield services provider SLB announced it expects to incur an additional $10 billion in annual digital spending by 2030. The company projects the total digital market could reach $50 billion by 2030, driven by accelerated adoption of artificial intelligence in the energy sector.

• SLB forecasts an additional $10 billion in annual digital expenditures by 2030 beyond current spending levels
• The company anticipates the total digital market for oilfield services could expand to as much as $50 billion by 2030
• Growth projections are based on accelerated AI adoption across the oil and gas industry

The U.S. Federal Aviation Administration and European Union Aviation Safety Agency are in the final stages of certifying two new Boeing 737 MAX variants, the MAX 7 and MAX 10. EASA's executive director indicated the MAX 10 is a top priority and expressed optimism about closing remaining certification actions in the upcoming period.

• Both the FAA and EASA are making 'very good progress' toward approval, with the certification process in its final stages
• EASA Executive Director Florian Guillermet stated the MAX 10 is a top priority and expects to 'turn the page and move on' once certification is complete
• Approval of these variants would expand Boeing's 737 MAX family after the original MAX faced a lengthy grounding following two fatal crashes

U.S. retail sales rose 0.9% in May, exceeding economist expectations of 0.5%, driven partly by higher gasoline prices amid the U.S.-Israeli war with Iran. However, analysts warn the growth may slow as tax refunds are depleted and consumers draw down savings, with the saving rate hitting a four-year low in April.

• Core retail sales (excluding autos, gas, building materials, and food services) increased 0.7% in May, above April's 0.5% gain, indicating solid underlying consumer demand
• Lower-income households have spent down over 60% of their 2026 tax refunds compared to 43% at the same point in 2025, suggesting weakening spending power ahead
• The Federal Reserve is expected to hold interest rates steady at 3.50%-3.75% despite the strong sales data, with economists ruling out rate hikes this year due to easing oil prices

Carvana is expanding from used car sales into new vehicles by transforming franchised Stellantis dealerships into test-drive centers and 'playgrounds' where all actual sales occur online. The company has acquired seven Stellantis dealerships across the U.S. for roughly $171 million, maintaining its online-only sales model while using physical locations for vehicle testing and service. This strategy represents a stark departure from traditional franchised dealership operations and could disrupt the 16,990-retailer U.S. dealer network.

• Carvana's Dallas location features a vehicle 'playground' with themed brand areas and QR-code-enabled self-guided experiences, replacing traditional sales floors with couches and hourly-paid associates instead of commission-based salespeople
• The company has limited new vehicle inventory (roughly 3,000 new vehicles nationwide versus 60,000+ used models), meaning customers often cannot test drive the exact vehicle configuration they plan to purchase online
• Carvana will operate service departments similar to traditional dealers but with transparent, non-haggling pricing, and currently offers only cash purchases or company-originated financing rather than manufacturer leasing programs

Jazz Pharmaceuticals has signed a research collaboration and licensing agreement with Canada's AbCellera to develop T-cell engaging multispecific antibodies for cancer treatment. The deal includes $56 million upfront for two initial programs and up to $876 million in total potential payments. The partnership focuses on therapies targeting gastrointestinal cancers and other solid tumors.

• AbCellera receives $56 million upfront for two programs starting within 12 months, plus $28 million tied to a third program, and is eligible for up to $792 million per program in option fees and milestone payments plus tiered royalties
• AbCellera will lead early-stage discovery using its antibody platform, while Jazz holds exclusive global rights to develop and commercialize resulting therapies
• T-cell engaging antibodies harness the immune system to direct T-cells to attack cancer cells, an approach increasingly explored for hard-to-treat tumors

The U.S. FDA has agreed that Dutch drugmaker UniQure can use data from a mid-stage clinical study to support an accelerated approval filing for its gene therapy designed to treat Huntington's disease. This regulatory milestone allows the company to potentially bring the treatment to market faster than through the traditional approval pathway.

• FDA granted agreement for accelerated approval pathway based on mid-stage study data rather than requiring full Phase 3 trial completion
• UniQure's gene therapy targets Huntington's disease, a genetic neurodegenerative disorder with limited treatment options
• Accelerated approval allows earlier patient access to potentially life-changing therapies for serious conditions with unmet medical needs

Britain's Competition and Markets Authority announced two conduct requirements for Google's search services aimed at creating fairer competition for businesses and improving search services in the UK. The requirements focus on transparency in search ranking and user data portability.

• Google must improve transparency and fairness in how search results are ranked under the new regulatory regime
• The company must allow users to move their search data to authorized third parties
• The measures are part of the UK regulator's efforts to secure 'a fairer deal' for businesses operating in the country

Moderna CEO Stephane Bancel expressed interest in acquiring production facilities in Germany, specifically targeting plants that rival BioNTech plans to close. The U.S. pharmaceutical company sees this as a potentially more efficient option than building new facilities, contingent on securing the right partnership with the German government.

• Moderna is considering taking over BioNTech's facilities slated for closure rather than constructing new production plants in Germany
• CEO Bancel stated that acquiring existing facilities would be 'an interesting option' compared to new construction, but requires partnership with German government
• The move would establish Moderna's manufacturing presence in Germany while leveraging existing pharmaceutical infrastructure

Toyota Motor shareholders approved Akio Toyoda as chairman and Kenta Kon as new CEO at their annual meeting on June 17. The approvals signal investor confidence in Toyota's multi-powertrain strategy, which has seen strong hybrid vehicle sales growth in the U.S. and Japan. Kon, who became CEO in April after serving as Toyoda's secretary, formally joined the board while former CEO Koji Sato stepped down to become vice chairman.

• Kon committed to continued investment in AI, robotics, and Toyota's multi-pathway powertrain strategy without 'hitting the brakes suddenly'
• The leadership changes reflect investor support for Toyota's approach as the world's top-selling automaker amid growing hybrid vehicle demand
• Former CEO Koji Sato transitioned to vice chairman and stepped down from the board as part of the leadership restructuring

Qantas Airways will announce the first destination for its Project Sunrise ultra-long-haul flights, offering the world's longest non-stop services from eastern Australia to London or New York. The initiative, delayed since 2017, is set to launch in late 2027 using modified Airbus A350-1000ULR aircraft that can fly up to 10,000 nautical miles. Qantas aims to charge approximately 20% premium pricing in premium cabins compared to one-stop alternatives.

• The non-stop flights will reduce London travel time from current 24-25 hours via Singapore to a maximum of 22 hours, compressing what was once a five-day journey on the 'Kangaroo Route'
• Qantas estimates Project Sunrise could add over A$400 million ($282.68 million) annually to earnings, banking on passengers paying premium prices to avoid layovers
• The airline has ordered 12 customized 238-seat A350-1000ULR planes with extra fuel tanks extending range by 1,000 nautical miles, with first delivery expected April 2027 after five years of pandemic and supply chain delays

Japan's exports grew 17% year-over-year in May 2025, the fastest pace since November 2022, surpassing economist expectations of 16.2%. The strong export performance comes as the Bank of Japan raised its policy rate to 1%, the highest in over 30 years, amid rising inflation and a weak yen that has remained near historic lows despite government intervention.

• Imports rose 12.5% year-over-year, slightly below the 12.8% forecast, while Q1 GDP grew 0.5% sequentially and 1.8% annualized
• The Bank of Japan raised rates by 25 basis points to 1% on Tuesday, addressing inflation concerns while the yen traded at 160.4 against the dollar despite 11.7 trillion yen in government intervention
• The Reuters Tankan business sentiment index for large manufacturers climbed to +13 in June from +8 in May, the highest in three months, while non-manufacturing reached +32

U.S. crude oil inventories declined for the ninth consecutive week, falling by 8.33 million barrels in the week ended June 12, according to American Petroleum Institute data cited by market sources. Meanwhile, gasoline stocks increased by 2.48 million barrels, while distillate inventories remained relatively flat with a minor 10,000-barrel decrease.

• Crude oil inventories fell 8.33 million barrels, marking the ninth straight week of declines
• Gasoline inventories rose 2.48 million barrels during the same period
• Distillate stocks decreased marginally by 10,000 barrels

A former Citigroup managing director filed a lawsuit alleging she was fired after raising concerns about the bank's risk-management practices, including efforts to court President Donald Trump as a client through a numbered account. The anonymous complaint, filed in Brooklyn federal court, claims retaliation for flagging deficiencies in 'know your customer' checks and other risk protocols. Citigroup denies the allegations, calling the suit meritless.

• The lawsuit alleges Citi considered opening a numbered account for Trump that would have made it anonymous to most employees and difficult to monitor
• The case emerges amid Trump's crackdown on alleged 'debanking' practices, which he claims are politically motivated but banks say are standard risk-management procedures
• Citigroup states the lawsuit has 'absolutely zero merit' and will be challenged through the legal process

Intel has begun 'risk production' of its most advanced chip node, 18A-P, marking progress in its effort to become a contract manufacturer for other companies. The development brings Intel closer to potentially securing a deal with Apple and other major customers. After years of manufacturing struggles, this represents a critical test of whether Intel can compete with industry leader TSMC.

• 18A-P offers 9% higher performance or 18% lower power consumption than the standard 18A node and is 20% more heat resistant, with analysts saying yield rates above 90% will be crucial to attracting customers
• Intel faces challenges manufacturing Arm-based chips (used by Apple, Amazon, and Google) as it has primarily focused on x86 architecture, while rival TSMC has 'mastered' Arm production
• Intel's packaging technology (EMIB) may offer a faster path to major customers due to current bottlenecks at TSMC's competing CoWoS packaging facilities

Amazon faces a potential lawsuit from the U.S. Federal Trade Commission over allegations that the company misled advertisers. The case, reported by Bloomberg News, could result in civil penalties totaling billions of dollars for the e-commerce giant.

• The FTC is preparing possible legal action against Amazon.com related to advertising practices
• Potential civil penalties could reach billions of dollars if the case proceeds
• The allegations center on claims that Amazon misled advertisers on its platform

Microsoft's negotiations with Oracle for a cloud infrastructure leasing deal valued at over $3 billion have collapsed, according to Business Insider. The talks broke down due to security and compliance concerns. This represents a significant setback for what would have been a major partnership between two cloud computing rivals.

• The potential deal was valued at more than $3 billion
• Security and compliance concerns were cited as the primary reasons for the breakdown in negotiations
• The collapse ends discussions between Microsoft and Oracle that would have involved Microsoft leasing cloud infrastructure from its competitor

Venezuela's state oil company PDVSA and Spanish energy group Repsol have signed an agreement to increase crude oil and gas production in Venezuela. The deal was announced through Venezuelan state television on June 16, with representatives from both companies discussing the arrangement at an event in Venezuela. This partnership aims to boost hydrocarbon output in the sanctions-affected nation.

• The agreement between PDVSA and Repsol focuses on increasing both crude oil and natural gas production levels in Venezuela
• Representatives from both companies met in Venezuela to finalize the deal, as shown in state television coverage
• The partnership represents continued international energy company involvement in Venezuela's oil sector despite ongoing economic and political challenges