Headlines detail the Pentagon approaching automakers for weapons production, US petrol prices expected to fall, UK business urging action on energy bills, concerns about debt alarms ringing due to emergency spending, Japan pledging aid for oil prices, the US Navy enforcing a Strait of Hormuz blockade, and the Iran War impacting corporate profits, crude oil exports, and European gas prices.

• Pentagon Approaches Automakers, Manufacturers to Boost Weapons Production — Wall Street Journal -
• Bessent says US petrol prices will fall below $4 by end of summer as deal hopes rise — Financial Times -
• UK business urges more action on energy bills as ministers set out £600mn scheme — Financial Times -

• Debt Alarms Ring as Countries Rack Up More Emergency Spending — The New York Times Business -
• Japan Pledges $10 Billion to Help Countries Cope With Oil Prices — The New York Times Business -
• Iran-Linked Ships Slow or Stop as U.S. Navy Enforces Strait of Hormuz Blockade — The New York Times Business -
• Amid Iran War, Companies Look to Extend a Record Profit Run by Raising Prices — The New York Times Business -
• US crude exports hit record as Iran war disrupts Middle East supplies — Financial Times -
• UK gas prices dip below pre-Iran war levels in boost for Reeves — Financial Times -
• Iran’s Shadow Fleet Meets Its Match in U.S. Blockade — Wall Street Journal -
• Trump warns he could rip up trade deal with UK — Financial Times -
• Iran is America’s Suez crisis — and just as ridiculous — Financial Times -
• U.S. Crude Oil Stockpiles Decline as Exports Rise — Wall Street Journal -
• War Exposes Gaps in India’s Clean Energy Push — The New York Times Business -
• IMF tells EU to stick to fiscal rules in energy crisis — Financial Times -
• Reeves should avoid big energy support package for households, IMF says — Financial Times -
• How Airline Passengers Are Being Hit by the Jet-Fuel Crunch — Wall Street Journal -
• FirstFT: China shares satellite technology with Iran — Financial Times -
• Middle East war halves regional car sales at Nissan and Stellantis — Financial Times -
• Iran faces halt to oil production within weeks if US blockade succeeds — Financial Times -
• Fallout from vicious Sudan war spills across borders — Financial Times -
• Iran used Chinese spy satellite to target US bases — Financial Times -
• The mix of chaotic politics and a resilient economy can’t last — Financial Times -
• Oil shortages are coming, and with them some difficult questions — Financial Times -
• US Blockade Stops Iran-Linked Ships From Crossing Strait of Hormuz — The New York Times Business -

The day's news covers a Goldman president warning on private credit funds, the **S&P 500 hitting record highs despite geopolitical shocks, Goldman traders being wrongfooted by interest rate expectations, proposals for stablecoin holdings disclosure, Norway's sovereign wealth fund maintaining US asset exposure, and Trump's repeated threats to fire Fed Chair Powell**.

• Goldman president warns private credit funds are not marketed properly — Financial Times -
• S&P 500 hits record high as markets surge back from Iran shock — Financial Times -
• Goldman traders wrongfooted as Iran war upended interest rate expectations — Financial Times -

• Companies Would Need to Disclose Stablecoin Holdings Under FASB Proposal — Wall Street Journal -
• Norway’s $2tn sovereign wealth fund has ‘no plans’ to reduce US assets — Financial Times -
• S&P 500 Hits Record High as Stock Market Looks Beyond Iran War — The New York Times Business -
• Trump’s Quest for More Sway Over Fed Faces Fresh Hurdles — The New York Times Business -
• Beige Book shows increasing price pressures — Financial Times -
• Kevin Warsh, Trump’s Pick for Fed Chair, Discloses Vast Wealth Ahead of Confirmation Hearing — The New York Times Business -
• Saudi wealth fund resets priorities after decade of heavy spending — Financial Times -
• Trump Threatens to Fire Powell if He Does Not Resign From Fed — The New York Times Business -
• Trump Increased Tax Refunds, but a Political Challenge Still Looms — The New York Times Business -
• US stocks close higher after Trump floats new US-Iran talks within days — Financial Times -
• Stocks Approach Record High as Wall St. Looks Beyond War — The New York Times Business -
• Rate setters face ‘double danger’ from Iran war and tariffs, Fed official warns — Financial Times -
• Taxpayers urged to claim PAYE refunds before window closes — Financial Times -
• Trump Threatens to Fire Powell, Again — The New York Times Business -
• UK Treasury refuses to loosen fiscal rules for defence — Financial Times -
• Largest US banks spend record $33bn on share buybacks — Financial Times -
• Morgan Stanley profits jump 30% as Iran war drives trading boom — Financial Times -
• PNC Profit Rises on Robust Client Activity — Wall Street Journal -
• Banks’ soaring exposure to trading firms creating ‘inherent fragility’, warns S&P — Financial Times -
• Trump’s push to cut US rates akin to ‘banana republic’, says Yellen — Financial Times -
• Prosecutors Make Surprise Visit to Fed as Pirro Defends Investigation — The New York Times Business -

Key developments include UK summons for social media companies over child safety, AI's role in job retention, Allbirds' pivot to AI, Snap's layoffs due to AI adoption, the Amazon-Musk space race heating up with satellite deals, VR use for older adults, and a Maine data center construction ban.

• U.K.’s Starmer Summons U.S. Social Media Companies Over Child Safety Online — The New York Times Business -
• Tech, Media & Telecom Roundup: Market Talk — Wall Street Journal -
• That Meeting You Hate May Keep A.I. From Stealing Your Job — The New York Times Business -

• For Its Next Act, Allbirds Makes an Unlikely Pivot From Shoes to AI — Wall Street Journal -
• Snap Is Laying Off 16% of Full-Time Staff as It Embraces A.I. — The New York Times Business -
• Amazon satellite deal takes the battle of the billionaires into orbit — Financial Times -
• Paramount’s New Streaming Pitch: More Shows, Better Tech — Wall Street Journal -
• Snap to Cut 16% of Workforce as It Seeks Profitability — Wall Street Journal -
• How Older Adults Are Using VR to Counter Social Isolation — The New York Times Business -
• Chip-Machine Supplier ASML Lifts Guidance on Strong AI Demand — Wall Street Journal -
• AI Boom Drives Record Capital to Late-Stage Venture Funds — Wall Street Journal -
• Amazon enters the space race — Financial Times -
• The CEO chatbot era is coming — Financial Times -
• Uber commits $10bn to robotaxis in strategy shift — Financial Times -
• Democrats cautioned against angering $300mn AI lobby ahead of US midterms — Financial Times -
• Maine becomes first US state to pass data centre construction ban — Financial Times -
• The Bezos vs. Musk Space Race Is Heating Up — Wall Street Journal -

The major story is a jury finding Live Nation monopolized concerts and ticketing, with various takeaways from the trial, alongside the FTC agreeing to settlement terms in an ad boycott probe and Ferrero being raided over potential EU competition breaches.

• 5 Takeaways From the Live Nation Antitrust Trial — The New York Times Business -
• Live Nation Illegally Monopolized Concerts and Ticketing, Jury Finds — Wall Street Journal -
• Jury Decides Against Live Nation in Antitrust Trial — Wall Street Journal -

• US jury finds Live Nation monopolised concert ticketing markets — Financial Times -
• FTC, Ad Companies Agree to Settlement Terms in Boycott Probe — Wall Street Journal -
• Nutella maker Ferrero raided over possible EU competition breaches — Financial Times -

News centers on Ford EV Chief Doug Field stepping down, a look at electric cars as gas prices soar, Canadian factory and wholesale trade lifting due to auto rebound, and Stellantis shipments rising while Middle East war halves regional car sales.

• Ford EV Chief Doug Field Steps Down — Wall Street Journal -
• Ford Says Doug Field, Who Led Company's E.V. Push, is Leaving — The New York Times Business -
• Auto & Transport Roundup: Market Talk — Wall Street Journal -

• 11 Electric Cars Worth a Look as Gas Prices Soar — The New York Times Business -
• Canadian Factory, Wholesale Trade Lifted by Rebound in Auto Industry — Wall Street Journal -
• Stellantis Shipments Rise on Strong Growth in North America and Europe — Wall Street Journal -

Significant deals include Esco Technologies acquiring Megger Group for $2.35 billion, Sazerac's offer to buy Brown-Forman for $15 billion, megadeals defying market fears, Kimberly-Clark detailing its leadership post-Kenvue deal, and Aegon selling its UK unit to Standard Life.

• Esco Technologies to Acquire TBG’s Megger Group in $2.35 Billion Deal — Wall Street Journal -
• Sazerac Offered to Buy Brown-Forman for Around $15 Billion — Wall Street Journal -
• ‘Megadeals’ defy market fears and volatile geopolitics — Financial Times -

• United plus American won’t make US airlines great again — Financial Times -
• Kimberly-Clark Details Structure, Leadership Team Following Kenvue Deal — Wall Street Journal -
• Transamerica Owner Aegon to Sell U.K. Unit to Standard Life for $2.7 Billion — Wall Street Journal -

Headlines focus on China driving a weight-loss drug price war, Ken Paxton's opinion on Lululemon yoga pants, the Barneys brand getting a reboot, and the Middle East war impacting luxury brands, leading to luxury stocks being on flash sale and Hermès shares tumbling.

• China to drive a weight-loss drug price war — Financial Times -
• Opinion | Ken Paxton Wants Your Lululemon Yoga Pants — Wall Street Journal -
• Opinion | ‘Working Families’ vs. Cheap Groceries — Wall Street Journal -

• The ’90s Really Are Back. Barneys Is Getting a Reboot. — Wall Street Journal -
• The Middle East Was a Bright Spot for Luxury Brands. Not Any More. — Wall Street Journal -
• Luxury Stocks Are Suddenly on Flash Sale — Wall Street Journal -
• Hermès shares tumble on weak sales as Iran war hits luxury demand — Financial Times -
• European Luxury Stocks Drop as Iran War Stymies Sector’s Comeback — Wall Street Journal -
• US hotels slash summer room rates as World Cup demand falls short — Financial Times -

This category includes the passing of veteran investor Mark Mobius, insights into American advertising history, unique aspects of a soy sauce maker, discussions on CEO-worker wage ratios, Europe's airport delays due to new border systems, China's directives to shipping groups in Panama, and **Kirkland & Ellis's move to poach a top lawyer**.

• Energy & Utilities Roundup: Market Talk — Wall Street Journal -
• Veteran investor Mark Mobius dies at 89 — Financial Times -
• Great Moments in American Advertising History — Wall Street Journal -

• The Secret Techniques of a 150-Year-Old Soy Sauce Maker — Wall Street Journal -
• Prosecutors charge organiser of New York Santa bacchanal with fraud — Financial Times -
• Basic Materials Roundup: Market Talk — Wall Street Journal -
• Reader callout: Do you worry you’re giving your children bad financial advice? — Financial Times -
• Making sense of a CEO:worker wage ratio with basic sums — Financial Times -
• Maria Sharapova Takes On the Podcast Manosphere — Wall Street Journal -
• How to Become Less Ambitious — Wall Street Journal -
• UK jobs data fix faces delay into 2027 — Financial Times -
• America’s Self-Storage Craze Has Reached a Tipping Point — Wall Street Journal -
• Wall Street Has an Elite Coffee-Tasting Force. It’s Struggling to Find Recruits. — Wall Street Journal -
• European airports warn new border system causes up to three-hour delays — Financial Times -
• China told Maersk and MSC to drop Panama port operations — Financial Times -
• Should Europe welcome Chinese investment? — Financial Times -
• The China Shock 2.0 — Financial Times -
• Kirkland & Ellis set to poach top Wachtell distressed-debt lawyer — Financial Times -