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Oil prices surged to their highest level in a month on Monday after President Trump announced plans to reinstate a naval blockade of Iran and impose a 20% fee on cargo passing through the Strait of Hormuz, with Brent crude settling nearly 10% higher at $83.30 a barrel. Mr. Trump said the U.S. would act as the "guardian" of the strategic waterway and seek reimbursement for providing security, while the U.S. military said it would begin enforcing the blockade on vessels linked to Iran. The proposal has heightened concerns over disruption to one of the world's most important oil shipping routes, with analysts warning it could keep energy prices elevated and increase geopolitical risks. The announcement also weighed on financial markets, pushing U.S. government bond yields higher and sending U.S. equities lower, while Iran rejected any U.S. role in managing the strait and insisted it would continue to oversee security in the waterway.

 

CNBC	Financial Times

The U.S. federal budget posted a $120bn deficit in June, reversing a $27bn surplus a year earlier, after the Treasury refunded $49.2bn in tariffs that had been ruled illegal by the U.S. Supreme Court. Gross customs duties totaled $23.6bn, resulting in a net customs outflow of $25.6bn for the month, as tariff refunds more than doubled from May. The refunds weighed on government revenues, which fell 6% year over year to $496bn, while outlays rose to $616bn. For the first nine months of fiscal 2026, the budget deficit increased 2% to $1.367tn, with the Trump administration's tariff policy remaining in flux ahead of the expiration of temporary import duties later this month and the expected introduction of new trade measures.

 

Bloomberg

Reuters

U.S. consumer inflation is expected to have slowed in June, with economists forecasting the CPI to rise 3.8% year-on-year, down from 4.2% in May, largely reflecting lower gasoline prices following a temporary ceasefire between the U.S. and Iran. Monthly inflation is expected to have fallen 0.1%, marking the first monthly decline since May 2020, although renewed tensions in the Middle East have since pushed fuel prices higher again. Despite the anticipated moderation in headline inflation, economists believe underlying price pressures remain persistent. Core CPI, which excludes food and energy, is forecast to have risen 2.8% year-on-year and 0.2% month-on-month, with higher prices for services, hotels, motor insurance and rents offsetting stable goods prices. Food inflation is also expected to strengthen as higher fertiliser and distribution costs linked to the Middle East conflict feed through to consumers.

 

Reuters

Americans' confidence in Big Tech has fallen to its lowest level since Gallup began tracking the sector in 2020, with just 20% expressing a great deal or quite a lot of confidence in major technology companies and 41% saying they have very little or no confidence. The decline comes amid growing concerns over artificial intelligence, privacy, child safety, market power, and job cuts across the technology sector, with trust differing sharply by political affiliation. The findings are part of Gallup's latest survey of confidence in major U.S. institutions, which found overall trust remains near a record low, with only 27% of Americans expressing confidence in the country's leading public and private institutions. Gallup said confidence has weakened across most sectors in recent years, reflecting increasing political polarization and public concerns over the performance of government, business, media, and other major organizations.

 

US News and World Report

Canada’s banking regulator has warned major financial institutions that advanced AI models such as Anthropic’s Claude Mythos could accelerate cyberattacks and shorten the time available to detect and repair vulnerabilities. The Office of the Superintendent of Financial Institutions contacted technology, security and risk executives across banks and insurers, later publishing broader guidance on generative and agentic AI. OSFI said such models “significantly compress the timeframe for effective risk mitigation.” Canadian banks are expanding their use of AI while developing internal defences and strengthening cyber governance, monitoring and incident-response capabilities.

 

Reuters

U.S. data-center owners are exploring majority-stake sales worth tens of billions of dollars as investors seek exposure to infrastructure supporting artificial intelligence. Potential transactions include DataBank, which could be valued at up to $25bn, alongside EdgeCore, Netrality, Edged and other operators. Record demand for computing capacity is colliding with shortages of power, skilled labour, turbines and chips, increasing development costs and pushing operators toward deeper-pocketed investors. Data-center mergers and acquisitions reached about $50bn in 2025, but only a limited number of buyers can finance today’s largest deals. “There are not that many people who can write those checks,” said Paul Weiss infrastructure co-head Ravi Purohit. Valuations will also depend on secured electricity access, construction milestones and operators’ ability to address growing local opposition over utility costs, noise and AI development.

 

Wall Street Journal

New research from the Center for Retirement Research at Boston College indicates that AI is significantly affecting older workers, particularly those aged 55 and above. Geoffrey Sanzenbacher, a professor of economics, said: “It's a statistically significant effect. For some occupations, it can be quite large.” The study reveals that older workers in AI-exposed industries are leaving their jobs more frequently, driven by both unemployment and voluntary reasons. AI may lead to job displacement, prompting some to retire early or seek roles that do not involve AI. However, it could also enhance productivity, allowing older workers to extend their careers. The research highlights that older workers in high AI exposure roles, such as web developers and data scientists, are more likely to transition out of work. As policymakers consider Social Security reforms, they must account for AI's impact on the labor force and career longevity. Sanzenbacher noted: “AI exposure may reduce the gap in career length between low- and high-paying jobs.”

 

CNBC

Twelve Democratic-led states have sued to block Paramount’s proposed $81bn acquisition of Warner Bros. Discovery, despite the Justice Department supporting the transaction. California Attorney General Rob Bonta and other plaintiffs argue the merger would reduce theatrical releases, raise entertainment prices and weaken employment opportunities for writers, actors and production workers. Paramount says the challenge misrepresents competition and has pledged to “vigorously defend the transaction.” The states claim the companies distributed more than 30% of anticipated top-grossing films during the past four years, potentially triggering antitrust concerns. However, experts describe the case as uncertain because Disney, Universal, Sony, Netflix and Amazon would remain competitors. The legal test may hinge on whether courts accept blockbuster films as a distinct market and whether state authorities can overturn a merger approved federally.

 

Wall Street Journal

A U.S. federal appeals court has reinstated more than 500 lawsuits alleging that taking Tylenol during pregnancy contributed to autism and ADHD in children, ruling that a lower court wrongly excluded expert testimony supporting the claims. The court stressed it was not determining whether acetaminophen causes autism or ADHD, but found the experts had used scientifically accepted methodologies and that their evidence should be considered. The decision sends the cases back to the district court for further proceedings after they were dismissed in 2024. Kenvue, which was spun off from Johnson & Johnson in 2023 and is being acquired by Kimberly-Clark, said it stands behind the safety of Tylenol and will continue to defend the litigation. Medical organisations continue to recommend acetaminophen as the preferred pain relief during pregnancy, and there remains no conclusive scientific evidence linking its use to autism.

 

Bloomberg

CNBC

New York Times

The U.S. Securities and Exchange Commission has issued new guidance requiring activist investors to disclose the identities of clients backing campaigns through special purpose vehicles in certain regulatory filings. The move aims to increase transparency around shareholder activism and follows a busy period of activist campaigns. Hedge funds have traditionally resisted revealing investor identities, arguing it could undermine their competitive edge. Companies targeted by activists have welcomed greater disclosure, saying it provides more information about investors seeking boardroom or strategic changes.

 

Reuters

Brown-Forman has announced that chief executive Lawson Whiting will retire after leading the Jack Daniel's maker since 2019, remaining in the role until a successor is appointed. The board has launched a search that will consider both internal and external candidates, while the company reaffirmed its financial guidance for the current fiscal year. Mr. Whiting's departure comes as Brown-Forman navigates a prolonged slowdown in global alcohol consumption and follows unsuccessful takeover discussions with Pernod Ricard and an approach from Sazerac, which the company rejected. During his tenure, Mr. Whiting led the business through the pandemic, oversaw a major restructuring that included cutting 12% of the workforce, and managed a period of weaker consumer demand driven by health trends and inflationary pressures.

 

Reuters

Wall Street Journal

The anticipated hiring surge from the FIFA World Cup in the U.S. has not materialized as expected. Initially, FIFA projected the event could create around 185,000 full-time jobs, primarily in leisure and hospitality. However, recent reports indicate that employment in this sector has actually decreased by 21,000 jobs over the past two months. Eli Nir, a U.S. economist at TD Securities, noted that “geopolitical tensions, higher airfares and other barriers could have limited international travel for the World Cup.” While hotels reported record revenue per available room, this was largely due to increased rates rather than higher occupancy. Shruti Mishra from Bank of America suggested that businesses are opting for overtime for existing employees instead of hiring new staff. Local establishments outside major entertainment hubs are struggling, with some owners like Brett Dowell stating: “It was not worth it in our location.” Separately, NPR looks at how the World Cup has significantly impacted global productivity, as many individuals prioritize watching matches over work.

 

Los Angeles Times

NPR