This past weekend was packed with major developments across the energy markets, international finance, global politics, and more. Here’s your concise recap of the headlines that mattered most.

Energy & Markets

• OPEC+ Sticks With July Output Hike
  The oil cartel and its allies reaffirmed plans for a significant production increase in July, aiming to balance market stability amid demand uncertainties.
• Carry Trades Gain Momentum
  Investors are turning back to carry trades as emerging market currencies rally, driven by favorable interest rate differentials and global risk appetite.
• Big Tech Drives S&P 500 Gains
  Tech giants once again led the charge in equity markets, with strong earnings putting them firmly back in the driver’s seat of the S&P 500 rally.
• Treasury Traders Eye Labor Data
  With bond markets on edge, traders are eagerly awaiting this week’s labor reports, which could shift expectations for future interest rate moves.

Central Banks & Financial Policy

• Taiwan Central Bank Reaffirms Confidence in USD
  Taiwan’s central bank stated that the U.S. dollar and Treasuries remain sound as global reserve assets, amid broader discussions on currency diversification.
• RBA Rate Cut Fuels Aussie Home Prices
  Australian real estate prices continued their upward climb following the Reserve Bank’s latest interest rate cut.

Politics & Policy

• US Treasury Secretary: No Default Ahead
  Secretary Bessent emphasized that the U.S. will not default on its obligations, even as Congress approaches a critical fiscal decision point.
• Tariff Ruling Impact Downplayed
  Secretary Lutnick sought to ease concerns over a recent court ruling on tariffs, saying it would not derail ongoing U.S.-EU trade talks.
• GOP Megabill Faces Senate Hurdles
  A sweeping Republican policy package is facing stiff resistance in the Senate, with key provisions likely to be cut or reshaped.
• Canadian PM Names New Chief of Staff
  Prime Minister Carney tapped a prominent Canadian pension executive for the role, signaling a focus on financial acumen at the heart of government.
• Trump Administration Slashes More Tech Contracts
  As part of an ongoing push to rein in spending and reshape procurement, the Trump team continued targeting major tech firms with contract cutbacks.

Health & Pharma

• AstraZeneca Breast Cancer Drug Shows Promise
  A new treatment from AstraZeneca slowed disease progression by over six months in clinical trials, offering new hope to patients.

Global Economic Indicators

• China’s PMI Signals Manufacturing Contraction
  China’s manufacturing sector shrank in May, according to official PMI data, highlighting ongoing struggles despite stimulus efforts.
• New Home Prices in China Rise on Policy Optimism
  A private sector survey showed slight gains in new home prices, fueled by hopes of more supportive government measures.
• South Korea’s Exports Suffer Under Tariff Pressures
  Seoul reported a decline in exports, as global tariffs continue to weigh on trade momentum.

Geopolitics & Security

• Ukraine Claims Strikes Inside Russia
  Kyiv said it destroyed multiple Russian warplanes in deep-strike operations, signaling a new phase in the conflict.
• Graham Pushes Hardline Russia Sanctions Ahead of G-7
  Senator Lindsey Graham is advocating for aggressive new sanctions on Russia in the lead-up to the G-7 summit.
• US Warns China Over Taiwan Ambitions
  A senior U.S. official warned that China would face serious consequences if it attempted to take Taiwan by force.
• Iran Expands Uranium Stockpile
  Despite ongoing nuclear negotiations, Iran has reportedly increased its weapons-grade uranium reserves, raising alarms in the international community.
• Hamas Hostage Deal Stalls
  The U.S. envoy labeled Hamas’s latest response to hostage negotiations as “totally unacceptable,” casting doubt on progress.