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Top Overnight News
Brent rose after Iran fired on American forces overnight and the US and Saudi Arabia struck Tehran-backed militias in Iraq, ending a days-long pause in hostilities. BBG
Iran is expected to receive within weeks a first shipment out of up to 400 Chinese-made shoulder-fired air-defense missile launchers, three sources familiar with the deal told Reuters, as it rebuilds its defenses amid war with the United States. BBG
Iran rejected a proposal to evenly divide control of the Strait of Hormuz, jeopardizing hopes that Tehran and Washington would quickly resume negotiations to end the war. WSJ
South Korea will hold an emergency meeting Wednesday evening to discuss the market situation after a stocks rout that has wiped billions of dollars off investors’ holdings. BBG
SK Hynix shares slumped after the company missed lofty expectations while committing at least $31 billion in capex this year. BBG
The US plans to end a subsidy program that helped hold down costs for Medicare drug plans. BBG
The Senate voted 86-12 to advance a bill that would empower Trump to impose tariffs on major buyers of Russian energy, as well as Iran, with a final vote possible later this week. BBG
Wall Street banks have demanded more collateral from hedge funds in recent weeks as a rout in AI stocks accelerates and triggers heavy losses across several popular strategies. FT
Moonshot secured a $35 billion valuation after raising a larger-than-anticipated $3.5 billion in a just-closed round of financing, people familiar said. BBG
US President Trump posted "Senator Johnson is working hard with Senate Republican leadership to adopt a budget resolution before the August recess. This is the first step towards getting as much of the Save America Act as possible in the budget bill..". Full post: "Senator Ron Johnson is working hard with Senate Republican Leadership to adopt a Budget Resolution before the August recess. This is the first step towards getting as much of THE SAVE AMERICA ACT as possible in a Budget Bill, funding our Troops, and helping our Farmers. I am calling on the Senate to get this critical first step done before the August recess. This Resolution can be adopted at a simple Majority threshold. GET IT DONE! Thank you for your attention to this matter. President DONALD J. TRUMP".
Majority of US Senate votes to confirm Trump nominee Jay Clayton to be the Director of National Intelligence.
Pardoned mass murderer and criminal Fauci testifies before the Senate Homeland Security and Governmental Affairs Committee regarding COVID-19 origins
https://x.com/zerohedge/status/2082437755456332025