This week saw pivotal developments across global politics, finance, and markets, as headlines pointed to both progress and peril in economic and geopolitical arenas. Here’s a breakdown of the most important stories shaping the week:

Trump’s Tax Bill Clears House Amid GOP Turmoil

In a major political victory, former President Donald Trump’s proposed tax bill narrowly passed the House, overcoming notable infighting within the GOP ranks. This legislation could significantly reshape the U.S. tax code and influence both domestic policy and Trump’s political momentum heading into election season.

Energy Spotlight: OPEC+ Mulls Massive Output Hike

Oil markets are on edge as OPEC+ signals discussions around another super-sized output hike in July. The move could further rattle global energy prices, which remain highly sensitive to geopolitical developments and supply-demand imbalances.

Bitcoin Breaks Records

Cryptocurrency enthusiasts cheered as Bitcoin surged past $111,000, marking a historic milestone for the world’s largest digital asset. The rally underscores renewed investor interest amid persistent inflation fears and a search for alternative stores of value.

Markets & Economic Indicators: Mixed Signals

• JPMorgan CEO Jamie Dimon issued a stark warning on stagflation risks in the U.S., suggesting that persistent inflation coupled with sluggish growth could challenge the Fed’s path forward.
• The ECB’s Boris Vujcic offered a more optimistic note, saying eurozone inflation is gradually aligning with the central bank’s 2% target.
• Eurozone PMI data revealed a slowdown in May, particularly in the service sector, while Germany’s Ifo survey reported improved business sentiment—highlighting a split economic outlook across Europe.
• The UK showed resilience with an easing business downturn despite worsening conditions in manufacturing.

Defense & Diplomacy: Rising Tensions and Strategic Shifts

• Germany is expanding its tank brigade presence in the Baltics, reinforcing NATO’s deterrence posture against Russia.
• UK officials are urging G-7 allies to tighten the price cap on Russian oil in an effort to ramp up pressure on Putin.
• In a tragic development, two Israeli embassy staffers were shot dead in Washington, sparking international concern.
• The U.S. and Iran are slated for a fifth round of indirect talks in Rome, potentially opening a new chapter in nuclear negotiations.

Corporate Moves: Big Deals and Layoffs

• AT&T announced a $5.75 billion acquisition of Lumen’s consumer fiber business, reinforcing its focus on high-speed internet expansion.
• Walmart is laying off roughly 1,500 tech employees, part of a broader restructuring effort as it refocuses digital investments.
• On a brighter note, Analog Devices surpassed earnings estimates, while BT Group reported rising profits despite falling international revenue.

Health & Regulation

• The U.S. is stepping up audits of Medicare Advantage health plans, signaling heightened regulatory scrutiny in the insurance sector.
• Trump also floated the idea of a public offering for Fannie Mae and Freddie Mac, potentially reviving a debate about privatizing the mortgage giants.

Auto & Tech: BYD Overtakes Tesla in Europe

In a landmark shift in the EV market, China’s BYD outsold Tesla in Europe for the first time—underscoring intensifying competition and Europe’s growing appetite for affordable electric vehicles.

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From fiscal policy showdowns to crypto milestones and international tensions, this week’s headlines paint a complex picture of a world in flux. Stay tuned for more updates as these stories evolve.