Trump announced heās raising steel tariffs from 25% to 50%. So far, the EU said itās prepared to enact countermeasures, and Canada called it a ādirect attack on Canadian industries and workers.ā The new tariff comes after the U.S. Court of International Trade ordered a stop to Trumpās tariffs (which an appeals court overrode, at least temporarily). Hereās how the double tariff on steel is already affecting asian markets.
Everyone (even Warren Buffett) is buying short-term US Treasurys. Berkshire Hathaway now owns 5% of the short-term Treasury bill market. While there may be intense volatility for longer-term yields right now, the short side of fixed income seems very attractive to investors because of its relative stability. Sources of consistent yield are hard to come by in fluctuating markets, so many people seem to be jumping on the opportunity.
Treasury Secretary Scott Bessent said the US will never default amid debt crisis fears, as pressure builds to ease capital requirements for banks holding Treasurys. The administration hopes the move will inject more liquidity into the market.
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Duolingo ā up 96% in 14 months
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Hereās why investor Mary Meeker warned that OpenAI is at risk of being undercut by cheaper competitors.
Google quietly launched AI Edge Gallery, an app that let users run AI models locally on their phones without needing internet.
Analysts said Apple lagged far behind OpenAI and Google as WWDC 2025 prepared to reveal macOS Tahoe and new Apple Intelligence features.
Elad Gil backed AI-driven rollups that transformed professional services firms, lifting margins from 10% to 40%. His first, Enam Co., already hit a $300 million valuation.
šĀ Alternative Investing News
Why is private market fee income projected to double to $2 trillion by 2032, according to Bain & Company?
Office loan defaults pushed one in ten commercial mortgage-backed securities into special servicing, double the rate from two years ago, threatening the $650 billion CRE bond market.
Hedge funds ramped up bearish oil bets, with short positions against Brent crude hitting their highest level since October ahead of expected OPEC+ supply increases.
Comptroller Brad Lander blocked Mayor Eric Adams's plan for Bitcoin-backed municipal bonds, calling it irresponsible and vowing New York City wouldn't issue them under his watch.
āļø Trade Wars
Small businesses took a hit from President Trumpās shifting tariffs, with Manley Labs reporting a 19% sales drop and others cutting staff hours or delaying launches.
The European Commission warned it might take countermeasures in response to President Trumpās tariff increase.
šŖ Crypto
Czech Justice Minister Pavel Blazek resigned after his ministry sold $45 million in Bitcoin donated by a convicted drug trafficker without proper vetting, sparking public backlash and a police probe.
The IMF demanded answers from Pakistan after it allocated 2,000 MW to Bitcoin mining and AI centers, citing fears of power shortages while under IMF loan support.
The SEC raised concerns that REX Financial and Osprey Fundsā staking ETFs may fall outside investment company rules, stalling their launch despite initial registration.
US consumers spent cautiously in April as inflation cooled and tariffs cut imports, with core PCE up 2.5%, the savings rate hitting 4.9%, and the trade deficit shrinking 46% to $87.6 billion.
ECB President Christine Lagarde projected the euro could rise as a global reserve currency after it gained 9% against the dollar, with Nomura expecting it to reach $1.20 by December.
š International Markets
šŗš¦ Ukraine deployed 117 drones that destroyed 41 Russian aircraft, including Tu-95 bombers, with estimated damages of $7 billion as peace talks opened in Istanbul.
š®š³ Indiaās economy jumped 7.4% in the March quarter, beat expectations, and positioned the country to surpass Japan with a projected $4.187 trillion GDP in 2025.
š²š½ Mexicoās stock market neared its longest winning streak in over a decade after Banxico cut rates by 50 basis points.
š§š· Brazilās equities jumped on surprise Q1 growth and mid-May inflation data, while Colombia and Chileās pesos posted strong gains despite global trade pressures.
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āMaybe this is P. Trumpās planājust keep everyone guessing. It's a way he shows power. Very outside the box thinking, and it's mind numbing ā
šĀ Market movers
Chevron axed over 200 jobs in Midland, Texas and started cutting 700 in Houston to eliminate up to 20% of its global workforce by 2026.
Google appealed a federal antitrust ruling that threatened to reshape its search and advertising operations.
IndiGo struck a deal with Delta, Air France-KLM, and Virgin Atlantic to expand into Europe and North America, and confirmed 30 A350 jet orders to support it.
š Earnings this week
š¦ļø Curated Finance Twitter Roundup
Weāve gone through and picked out some Twitter posts we think youāll get value from.
If you always wanted to buy solar panels, nowās the best time in history for it.
