The Trump administration's decision to withhold Medicaid payments from California, Senate confirmation of Kevin Warsh as Fed chair, and preparations for the US-China summit headline a day filled with domestic policy disputes, leadership changes at the Federal Reserve, and complex international diplomacy involving trade tensions and presidential family business activities in China.

• Trump Administration Will Withhold $1.3 Billion in Medicaid Payments to California — The New York Times Business -
• Senate confirms Warsh to succeed Powell as Fed chair — Financial Times -
• Senate Confirms Kevin Warsh as Fed Chair — The New York Times Business -

• Opinion | Tax Cuts Exceed Expectations — Wall Street Journal -
• What to Watch at Trump and Xi’s U.S.-China Summit — The New York Times Business -
• Eric Trump, Who Runs the Family Business, Hops Along on the Plane to China — The New York Times Business -
• Trump Administration Pushes I.R.S. to Identify Undocumented Immigrants — The New York Times Business -
• Rich Danker, RFK Jr.’s Top Spokesman, Resigns in Protest Over New Vaping Policy — The New York Times Business -
• Eric Trump joins Beijing trip as family-linked group chases China deal — Financial Times -
• With a Friend in Trump, the Tobacco Industry Secures a Lucrative Win — The New York Times Business -
• Tariff Refunds Begin to Reach Businesses as Trump Lashes Out at Court — The New York Times Business -
• Trump’s Shrinking Ambitions on China — The New York Times Business -
• Marty Makary, Trump’s F.D.A. Commissioner, Resigns After Weeks of Pressure — The New York Times Business -
• Why a Warsh-Led Fed May Keep Interest Rates Higher for Longer — The New York Times Business -
• Trump demands Xi ‘open’ China to US business — Financial Times -
• Wariness at Temple of Heaven as China waits for Trump — Financial Times -
• Trump cuts to grocery subsidies bite US food companies — Financial Times -
• What to Know About the Federal Gas Tax Trump Wants to Suspend — The New York Times Business -
• Trump’s Shrinking Ambitions on China — The New York Times Business -
• Here’s How Trump’s Trade War on China Ended Up in a Stalemate — The New York Times Business -
• Trump is up against China’s great wall of confidence — Financial Times -
• How China Could Wield Its Control of Rare Earths Against Trump — The New York Times Business -
• Trump’s plan to discuss Taiwan arms sales with Xi rattles Asian allies — Financial Times -
• 1MDB financier Jho Low asks Trump for a pardon — Financial Times -
• Justice Dept. Officials Consider Settling Trump Suit Against I.R.S. — The New York Times Business -

The ongoing Iran war and its economic ripples are causing significant disruptions to global energy markets and supply chains, with the Strait of Hormuz closure leading to oil demand forecast cuts and price spikes, while Saudi Arabia's strikes against Iran and UAE's denial of a secret Netanyahu visit highlight regional tensions, even as geothermal energy start-ups go public and the U.S. emerges as a major energy exporter.

• UAE denies Netanyahu made secret visit during Iran war — Financial Times -
• Shares surge in debut of power producer favoured by Trump energy agenda — Financial Times -
• A Start-Up Aiming to Make Geothermal Energy Mainstream Goes Public — The New York Times Business -

• Geothermal-Champion Fervo Energy’s Shares Soar in Trading Debut — Wall Street Journal -
• Fuel Prices Drive Sales of E.V.s, Just Not in the U.S. — The New York Times Business -
• Saudi Arabia launched strikes against Iran — Financial Times -
• An Uncertain World Awaits the Reopening of the Strait of Hormuz — The New York Times Business -
• Why the Bombing of Iran Tied the U.S. More Closely to China — The New York Times Business -
• How the U.S. Became the World’s Greatest Energy Exporter — Wall Street Journal -
• U.S. Crude Oil Inventories Post Third Straight Weekly Drop — Wall Street Journal -
• Famed Merops Drone Interceptor to Be Made in Europe — Wall Street Journal -
• OPEC Cuts Oil Demand Forecast As Hormuz Shock Pushes Output Lower — Wall Street Journal -
• IEA Warns Recovery From Hormuz Supply Shock Will Take Months — Wall Street Journal -
• Hapag-Lloyd Cautions on Higher Costs From Middle East Fallout — Wall Street Journal -
• IEA warns of further ‘price spikes’ as oil inventories plunge — Financial Times -
• The Iran war and the future of cheap flights — Financial Times -
• Hormuz closure stalls construction projects as material costs soar — Financial Times -
• Hoarding adds to economic damage triggered by Iran war — Financial Times -
• The New Route Around Hormuz Involves a Massive Convoy of Trucks — Wall Street Journal -
• Iran Expands Strait Definition — Wall Street Journal -

The AI industry continues its rapid expansion with Cerebras boosting its IPO price, Cisco restructuring for an AI push, and SoftBank realizing massive gains from OpenAI, amidst discussions around OpenAI's non-profit origins and broader investments in AI-powered robotics and advertising solutions across global markets.

• Cerebras boosts IPO price to raise $5.5bn — Financial Times -
• Cisco to Shed Jobs for All-In AI Push — Wall Street Journal -
• YouTube Promises All Things to All Advertisers, With Some Help from AI — Wall Street Journal -

• Opinion | The Real Story of the OpenAI Case — Wall Street Journal -
• Rivian CEO’s Robotics Company Raises $400 Million — Wall Street Journal -
• Alibaba Profitability Remains Under Pressure — Wall Street Journal -
• SoftBank Lands $25 Billion Gain on OpenAI Bet — Wall Street Journal -
• How the dream of a non-profit OpenAI died — Financial Times -
• Tencent’s Core Businesses Help Cushion Burden of Intensified AI Push — Wall Street Journal -
• FirstFT: JPMorgan reshuffles its top bankers — Financial Times -
• Europe’s few AI plays soar as US tech frenzy goes global — Financial Times -
• Will Chinese companies still move to Singapore after Manus crackdown? — Financial Times -

Diverse corporate earnings reports reveal StubHub's profit surge, Nissan's projected return to profitability, and strong performances from European utilities, alongside significant bond auctions, increased scrutiny on private credit markets, Elon Musk's SEC settlement issues, and **major M&A activities in the gold sector**, reflecting a busy day in global finance.

• StubHub Swings to First-Quarter Profit as Sales Climb on Ticket Demand — Wall Street Journal -
• Auto & Transport Roundup: Market Talk — Wall Street Journal -
• Basic Materials Roundup: Market Talk — Wall Street Journal -

• Energy & Utilities Roundup: Market Talk — Wall Street Journal -
• Financial Services Roundup: Market Talk — Wall Street Journal -
• Elon Musk’s settlement with SEC raises ‘red flags’, judge says — Financial Times -
• UK regulator pushes private credit groups to share more data — Financial Times -
• US sells 30-year bonds at 5% yield for first time since 2007 — Financial Times -
• Can Three Auction Houses Sell $2.6 Billion Worth of Art in One Week? — The New York Times Business -
• Private credit is not ‘a cancer’, says Wall Street’s top prosecutor — Financial Times -
• Dozens of Polymarket Bets Show Signs of Insider Trading, The Times Finds — The New York Times Business -
• India more than doubles tariffs on gold imports — Financial Times -
• JPMorgan reshuffles investment bank chiefs amid wider shake-up — Financial Times -
• Equinox, Orla Agree to Form $18.5 Billion Gold Major — Wall Street Journal -
• Nissan Targets Return to Profit After Restructuring Drive — Wall Street Journal -
• Why scrapping quarterly earnings is a bad idea — Financial Times -
• GameStop makes big bet that governance doesn’t matter — Financial Times -
• ABN Amro Shares Climb After Cost Control Lifts Profit — Wall Street Journal -
• E.ON Confirms Guidance After Strong Start to Year — Wall Street Journal -
• RWE’s Earnings Rise as Offshore Wind Unit Helps Offsets Weaker Trading — Wall Street Journal -
• Siemens Launches New $7 Billion Share Buyback Program — Wall Street Journal -
• Deutsche Telekom Lifts Full-Year Guidance — Wall Street Journal -
• Bank stocks under pressure after Australia targets property investors — Financial Times -
• BoE chief economist becomes an outlier on the Monetary Policy Committee — Financial Times -
• MSCI to cut some of Indonesia’s biggest companies from global indices — Financial Times -
• Introducing: The Story of Money — Financial Times -
• The takeover that’s the talk of London — Financial Times -
• MUFG seeks to offload risk tied to $2bn of private credit loans — Financial Times -
• Inheritance tax plans for pensions could cause family disputes, experts warn — Financial Times -
• Euroclear plans to accept HK-traded Chinese bonds as collateral — Financial Times -
• JPMorgan is finally rolling out its consumer bank in Europe — Financial Times -
• Call for entries: UK’s Fastest-Growing Companies 2027 — Financial Times -

The UK faces political turmoil with Keir Starmer preparing to defend his Labour leadership against potential challenges, while the economy shows vulnerability through gloom among estate agents due to high mortgage rates, warnings about the minimum wage's impact on weaker cities, and ongoing discussions about the future of government policy and asset attractiveness despite market storms.

• UK estate agents at gloomiest in more than two years due to higher mortgage rates — Financial Times -
• Starmer prepares to fight leadership bid by Streeting — Financial Times -
• Weaker UK cities at risk from higher minimum wage, think-tank warns — Financial Times -

• Starmer crisis as it happened: Manchester MPs refuse to stand aside for Burnham — Financial Times -
• How could a challenge to Starmer’s premiership play out? — Financial Times -
• The battle for the soul of Labour — Financial Times -
• Who do gilt investors want to lead Britain? — Financial Times -
• Why UK assets are attractive despite the storm — Financial Times -
• What was in the King’s Speech? — Financial Times -
• Badenoch is underpriced to become prime minister — Financial Times -
• Nigel Farage faces investigation over £5mn gift from crypto billionaire — Financial Times -
• What is the future of UK politics? Submit your questions — Financial Times -
• Starmer’s failure to lead makes his downfall inevitable — Financial Times -
• Disinflation disappears — Financial Times -
• What could government policy look like after Starmer? — Financial Times -

Shifting consumer habits are impacting industries, from GLP-1 users affecting the restaurant business to teens being banned from malls, while steel tariffs are raising canned food prices and companies like Deloitte and Zoom are cutting paid family leave, highlighting both **market innovation (Poppi's success, Netflix NFL deal) and evolving social dynamics** in the workplace and public spaces.

• Steel Tariffs Are Raising the Price of Canned Foods — The New York Times Business -
• GLP-1 Users Are Taking a Bite Out of the Restaurant Business — Wall Street Journal -
• I Started a Business at 67. It Has Been Much Better Than Retiring. — Wall Street Journal -

• Netflix Secures Three More Football Games in New NFL Deal — Wall Street Journal -
• How Allison Ellsworth Turned a Drink Made in Her Kitchen Into a Billion-Dollar Brand — Wall Street Journal -
• Why Your Life Is Now on Subscriptions — The New York Times Business -
• Opinion | At Goodwill, Ex-Offenders Get a Second Chance at Life — Wall Street Journal -
• The indelible appeal of tattoos — Financial Times -
• Why Two Big Companies Just Cut Paid Family Leave — The New York Times Business -
• The rise of the American corporate gerontocracy — Financial Times -
• Teens Helped Bring Malls Back to Life. Now They’re Getting Banned. — Wall Street Journal -
• McDonald’s Is Recommitting to Chicago In a Stadium-Naming Deal — Wall Street Journal -
• BuzzFeed and GoPro learn nostalgia doesn’t pay the bills — Financial Times -