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U.S. gasoline pump prices crossed the $4 a gallon mark on Monday as renewed hostilities between the U.S. and Iran further disrupt energy flows through the Strait of Hormuz, a critical route for global oil supplies. National average retail gasoline prices have climbed more than 30% since the U.S. and Israel attacked Iran at the end of February. The average pump price on Monday was $4.0030 a gallon, according to AAA data. ReutersChina’s “national team” of funds stepped into the equity market and made sizeable purchases in an attempt to bolster prices following last week’s slump. FT
Chinese officials will contemplate stimulus measures, including accelerating bond issuance, after GDP fell below the government’s target range in Q2. FT
Iran’s currency has sunk to record low levels vs. the USD as the country’s economy comes under further strain. FT
Iraq is using a vast fleet of trucks to carry fuel oil through Syria and reroute flows away from the Strait of Hormuz. BBG
Moonshot is getting ready for a Hong Kong IPO in as early as the next six months as it looks to tap capital markets after wrapping a fundraise that may value it at more than $30 billion BBG
Hong Kong is considering extending equity trading hours to align with most global markets, including a proposal to eliminate the lunch break. BBG
Andy Burnham was named the UK’s Prime Minister today, the country’s seventh premier in just over a decade. BBG
TSMC is adding $100 billion to its investments in Arizona to meet strong US demand and ward off rivals, CFO Wendell Huang said, after beating profit expectations last quarter. BBG
US President Trump posted "Wonderful news! I have just been informed that Giant Eagle, a GREAT American Grocery Company, will be lowering prices, by a lot, across more than 300 products this Summer, through Labor Day, to help hardworking American families".
https://x.com/zerohedge/status/2079183055411904875
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