TYB
o7
zerohedge @zerohedge
Top Overnight News
An Air India Boeing 787 (BA -7.5%) traveling from Ahmedabad to London’s Gatwick airport with 242 people on board crashed shortly after takeoff and exploded on impact. Flight AI171 reached an altitude of 625 feet, according to Flightradar24. Boeing shares slumped premarket. BBG
Israel is considering taking military action against Iran — most likely without U.S. support — in the coming days, even as President Donald Trump is in advanced discussions with Tehran about a diplomatic deal to curtail its nuclear program. NBC
China’s chokehold on supplies of minerals essential to high-tech goods from electric vehicles to jet fighters has become a formidable advantage in trade negotiations with the U.S. They are keeping rare earths on a very tight leash, agreeing only to export licenses for 6-month terms to retain negotiating leverage against Washington. WSJ
If the U.S. continues to impose AI semiconductor restrictions on China, then chipmaker Huawei will take advantage of its position in the world’s second-largest economy, Nvidia CEO Jensen Huang told CNBC Thursday. CNBC
GOP senators emerged from the meeting on Trump’s big bill but details are lacking on how tax overhaul and Medicaid cuts would be structured, while it was indicated that changes would be made to pare back SNAP provisions to lessen burden on states and the SALT cap is likely to be reduced: CNN
Japanese PM Ishiba still sees distance with the US when it comes to trade talks, according to an opposition party leader who met with the leader to discuss US tariffs. Ishiba says there is a large gap between the US and Japanese stances, and that he doesn’t have a particular timeline in mind for when the two sides may come to an agreement. BBG
Russian forces ate into more Ukrainian territory in May than in almost any month since the end of 2022, as the Kremlin presses a summer offensive to create the impression in the West that victory is within its grasp. WSJ
UK reported relatively soft April data, with shortfalls in monthly GDP and industrial/manufacturing production. RTRS
Trump said he intended to send letters to trading partners in the next one to two weeks setting unilateral tariff rates, ahead of a July 9 deadline to reimpose higher duties on dozens of economies. BBG
Senator Ted Cruz pitched Republican senators Wednesday on ending the Federal Reserve’s authority to pay interest to banks, claiming it would save $1.1 trillion over a decade, with members of the party’s conservative flank lauding the idea. BBG
Manhattan apartment rents hit another record in May, the third in four months. Demand may surge further as lease expirations and an influx of new graduates tighten the market.
https://twitter.com/zerohedge/status/1933128665719586937