zerohedge @zerohedge
Top Overnight News
The U.S. and Iran have agreed to end days of back-and-forth fighting around the Strait of Hormuz and resume peace talks, said officials from the U.S. and other countries involved in the negotiations.
Commercial shipping continued to move through the Strait of Hormuz at a reduced level after recent attacks on two vessels. A handful of vessels made open transits over the weekend, according to tracking data. BBG
China’s central bank set the interest rate on its new overnight liquidity tool at a level that was below expectations, according to people familiar with the matter, in what some economists see as a de facto rate cut that could push down market borrowing costs. The PBOC said it conducted 300 billion yuan ($44 billion) of overnight reverse repurchase agreements in open market operations on Monday. BBG
China has expanded the list of Japanese companies and organizations on its export control list in Beijing’s latest move to curb what it describes as a “new type of militarism” from the government of Prime Minister Sanae Takaichi. FT
Vladimir Putin expects US negotiators to visit Russia for Ukraine talks once Washington shifts focus from Iran, but rejected a proposal to halt long-range strikes. He acknowledged fuel supply problems and said he’s considering a full ban on diesel exports. BBG
Investors have never been more eager to ratchet up their stock returns through margin loans and funds that amplify gains and losses. U.S. margin debt, or what investors borrow from their brokerages to buy securities, rose 54% to a record $1.4 trillion in May from a year earlier, according to Finra data. Meanwhile, high-risk leveraged exchange-traded funds that produce double or triple the daily move of underlying stocks are growing rapidly, as is trading in options tied to them. WSJ
Comcast shares jumped premarket (CMCSA +24%) after it announced plans to separate into two companies with a tax-free spinoff of NBCUniversal and Sky. BBG
The Supreme Court is set to rule on two of Trump’s most audacious gambits: his bids to oust Fed governor Lisa Cook and to roll back automatic birthright citizenship. The judges will release the final seven rulings of their term this week, starting today. BBG
Private credit’s latest bet is Buy Now, Pay Later loans. Supporters say the consumer assets offer attractive returns, but critics worry about parallels to the subprime mortgage crisis. BBG
Financials will kick off the Q2 2026 earnings season the week of July 13th. By the first week of August, roughly 75% of S&P 500 market cap will have reported results. Nvidia (NVDA), the largest stock in the market, will report on August 26th. GIR
US House Speaker Johnson said he will send the Housing Bill over to President Trump on Monday: Fox News.
S&P affirmed the US at AA+; Outlook Stable.
https://x.com/zerohedge/status/2071568092669333720