Global Economy

SpaceX, Elon Musk's rocket and satellite company, announced on Wednesday it plans to raise approximately $75 billion in an initial public offering, valuing the company at $1.765 trillion. The offering of 555.6 million shares at $135 each would surpass Saudi Aramco's record $25.6 billion IPO in 2019.

The U.S. Senate has confirmed Kevin Warsh to serve a four-year term as the next chair of the Federal Reserve Board of Governors.

Jerome Powell concludes his final press conference as Chair of the Federal Reserve.

President Donald Trump stated that a US naval blockade against Iran could persist for months, an announcement that triggered a surge in oil prices to their highest level in over four years.

Spirit Airlines has initiated an orderly wind-down of its operations, resulting in the cancellation of all flights. The company has advised passengers to refrain from traveling to airports.

The United Arab Emirates has announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC).

President Donald Trump announced a 25% tariff on cars and trucks imported from the European Union, alleging that the bloc is not complying with existing trade agreements.

US credit card stress has reached its worst level since the 2008 financial crisis, with outstanding balances surging to $1.3 trillion and average interest rates hitting 22%.

Gold has replaced US Treasuries as the world's top reserve asset, according to the European Central Bank.

Iran war puts RBI in razor-edge policy bind over inflation, growth and rupee.

The United States is proposing tariffs of at least 10% on imports from most major trading partners, following an investigation into forced-labor practices. Trump seeks to rebuild the sweeping tariff wall that was struck down by the US Supreme Court.

Japan's cabinet has approved a $19 billion supplementary budget in response to the war in Iran, according to the source.

The United States is proposing tariffs of at least 10% on imports from most major trading partners following an investigation into goods allegedly produced by forced labor, as President Donald Trump seeks to rebuild the sweeping tariff wall struck down by the US Supreme Court.

Foreign investors withdrew from Brazilian stocks at the fastest pace in more than six years in May, derailing a historic run for the nation’s stock market.

China is training hundreds of students annually in rare earth mining and processing, an unmatched expertise that gives Beijing significant leverage in its trade conflict with President Trump, according to Reuters.

Google parent Alphabet increased its equity raise to $84.75 billion from $80 billion announced two days earlier, aiming to fund growing AI spending plans.

Treasury Bessent said the Trump tax bill averted over $5 trillion in tax increases.

U.S. Treasury Bessent estimated annual budget fraud at at least $500 billion.

OpenAI and Anthropic are advancing towards their expected IPOs with valuations close to $1 trillion. Investors will test whether the artificial intelligence frenzy can sustain on Wall Street.

Gold held a decline after renewed hostilities between the US and Iran jeopardized talks to end the war, keeping energy prices and inflation risks elevated.

Broadcom lost more than $300 billion in market value after its revenue forecast disappointed investors, according to the Financial Times.

A decline in chip stocks has erased $1.3 trillion in stock market value.

The Nasdaq experienced its largest daily drop since April 2025, driven by a strong May jobs report that raised fears of interest rate hikes, ending a nine-week winning streak. US-traded chipmakers lost approximately $1.3 trillion in market value.

Donald Trump announced plans to suspend the 18-cent federal gasoline tax to address rising fuel costs, while warning that the ceasefire agreement with Iran is currently on "life support."

SpaceX is targeting an IPO valuation of $1.77 trillion, according to CNBC.

SpaceX is considering a record IPO at a $1.76 trillion valuation.