1h ago
Fed Chair Kevin Warsh faces Supreme Court test on Lisa Cook removal as Sintra debut looms
The U.S. Supreme Court is poised to rule on the Trump administration’s attempt to remove Federal Reserve Governor Lisa Cook, a case widely seen as a key test of the central bank’s independence. At the same time, Fed Chair Kevin Warsh is set to make his global debut at the European Central Bank’s forum in Sintra, Portugal, outlining a shift away from explicit rate forward guidance. Warsh has said policy decisions will be driven by incoming data, as markets increasingly price in possible rate hikes even as Trump continues to call for cuts.
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1h ago
Asian markets mixed as AI-linked selling drags Japan’s Nikkei 225 down 1% to 68,704.70
Iran launched a new round of drone and missile attacks on Bahrain and Kuwait over the weekend, in response to new U.S. airstrikes tied to fresh sanctions, sharply escalating U.S.-Iran tensions. Japan’s Nikkei 225 fell 1% on Monday to 68,704.70, extending Friday’s 4.2% drop, while SoftBank Group slid another 5.9%. Oil prices rose but remained near levels seen before the Iran war began in late February. The latest geopolitical escalation has lifted energy risk premiums and weighed on sentiment toward Asian tech stocks.
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Philippines flags mixed fuel price moves from June 30, with gasoline allowed to rise by up to P1.90 per liter
The Philippine Department of Energy said pump prices will see a mixed adjustment from June 30, with gasoline allowed to increase by as much as P1.90 per liter. The possible uptick follows renewed U.S.-Iran military exchanges in the Persian Gulf that revived shipping risks through the Strait of Hormuz and pushed global oil prices higher, according to the agency. Oil prices had fallen sharply a week earlier on ceasefire expectations, but a return of geopolitical tensions has lifted Dubai crude and refined product prices. While local pump prices eased from last week, they remain well above levels seen before the late-February conflict.
2h ago
2h ago
Middle East hostilities lift oil, while tech valuation jitters ripple through global markets
Renewed tensions in the Middle East have added upward momentum to oil prices, though hopes for talks have capped gains. The repricing of geopolitical risk has also lifted crude-price volatility. In equities, Apple faces limited room to raise prices as chip costs rise, while Micron’s upbeat earnings outlook has supported sentiment. A stronger dollar is pressuring the yen after Japan previously intervened in currency markets.
2h ago