General Market News

Typhoon Mekkhala's outer bands brought torrential rain to southern Taiwan on June 25-26, 2026, shutting down offices and schools for over five million people in Kaohsiung, Tainan, and Pingtung. While the typhoon did not make direct landfall, severe flooding cut a section of the main north-south rail line and prompted evacuations of nearly 200 residents due to a rapidly filling barrier lake in Hualien county.

• More than five million people in three southern Taiwan cities (Kaohsiung, Tainan, Pingtung) had work and school closures on Friday
• Severe flooding in Tainan severed part of the main railway line, though the high-speed rail remained operational with no casualties reported
• Authorities evacuated nearly 200 residents downstream of a barrier lake in Hualien, where 19 people died last year when a similar lake breached during heavy rains

South Korea is launching 24-hour currency trading for the won starting July 6, 2025, dismantling restrictions in place since the 1997 Asian Financial Crisis. The reform aims to help the country achieve MSCI 'developed market' status and eliminate the 'Korea Discount,' but dealers warn of risks including thin liquidity and increased volatility, particularly as the won hovers near 17-year lows.

• The always-on trading system includes new safeguards: offshore investor permits to hold won directly, an offshore settlement system, and overdraft policies to prevent liquidity gaps
• About 20% of spot trading volume already occurs during offshore hours in London; banks are adding night shift staff to manage 24-hour operations, with Hana Bank adding three staff and Woori Bank doubling its UK team to four
• MSCI kept South Korea in 'emerging market' status on June 25, citing insufficient onshore liquidity despite extended FX hours, with the next review scheduled in one year

The Democratic Republic of Congo reported 1,155 confirmed Ebola cases, including 304 deaths, as of Wednesday. The outbreak shows continued growth with 37 new cases and 5 deaths recorded in the previous 24 hours. Health officials attribute earlier case detection to intensified surveillance efforts.

• Total confirmed cases reached 1,155 with 304 deaths, representing a fatality rate of approximately 26%
• Community transmission continues to grow on a week-on-week basis despite surveillance efforts
• Intensified epidemiological and biological surveillance has enabled earlier detection of new cases

Two powerful earthquakes struck Venezuela's northern coast and Caracas on Wednesday, killing at least 188 people with the toll expected to rise as rescue operations continue. This event approaches Venezuela's deadliest modern quake in 1967 that killed 240 people. The article contextualizes this disaster by reviewing Latin America's 10 deadliest earthquakes spanning from 1812 to 2010.

• Haiti's 2010 earthquake (magnitude 7.0) remains the region's deadliest with 316,000 deaths, causing $8 billion in losses equivalent to 120% of the country's 2009 GDP due to poor infrastructure and building practices in densely populated Port-au-Prince
• Peru's 1970 earthquake (magnitude 7.9) triggered history's deadliest landslide, with 80 million cubic meters of ice and rock burying towns at speeds up to 335 kmph, killing an estimated 19,000 in Yungay alone and leaving nearly 1 million homeless
• Chile experienced the strongest recorded earthquake in history at magnitude 9.5 in 1960, but its deadliest was the 1939 magnitude 8.3 event that killed 30,000 people and led to the country's first anti-seismic building code

Johns Hopkins University laid off 110 employees this week due to significant cuts in federal research funding, which the Trump administration has targeted over issues including pro-Palestinian protests and diversity initiatives. The university's federal research portfolio declined by over $500 million in 2025, with 43% less funding and 28% fewer awards than the previous year.

• Johns Hopkins' federal research portfolio dropped by more than $500 million in calendar year 2025, receiving 43% less funding and 28% fewer awards compared to the prior year
• The university designated $60 million annually for the next two years for a new research fund to offset federal funding reductions, and eliminated over 2,000 jobs in the U.S. and abroad last year after Trump terminated grants
• Federal courts have in some cases intervened to restore frozen university funds, while rights advocates raise concerns about free speech, academic freedom, and due process

Clothing brand Reformation filed for an initial public offering in the United States, according to an SEC filing released Thursday. The filing comes amid a resurgence in U.S. IPO market activity, with multiple companies moving forward with listings.

• Major financial institutions J.P. Morgan, Morgan Stanley, Citigroup, and RBC Capital Markets are serving as underwriters for the offering
• The filing reflects increased activity in the U.S. IPO market, which has seen a recent wave of companies pursuing public listings
• Reformation intends to list its shares, though specific financial details and valuation were not disclosed in the initial filing

Mortgage rates edged slightly higher this week, with the 30-year fixed rate rising to 6.49% from 6.47% the previous week, according to Freddie Mac. Rates have remained relatively stable over the past six weeks despite ongoing concerns about inflation and geopolitical tensions involving Iran. The Federal Reserve recently held rates steady at 3.5-3.75%, with inflation metrics still well above the Fed's 2% target.

• The 30-year fixed mortgage rate increased to 6.49%, while the 15-year rate rose to 5.84%, both remaining significantly lower than year-ago levels of 6.77% and 5.89% respectively
• The PCE inflation index showed headline inflation at 4.1% and core inflation at 3.4% year-over-year, both well above the Fed's 2% target
• Market expectations now favor the Fed holding rates steady or hiking rather than cutting rates this year, as geopolitical tensions and persistent inflation concerns weigh on policy decisions

Britain's Crown Estate reported annual net operating profit of £1.245 billion, down 13% year-over-year, primarily due to declining offshore wind lease revenues as Round 4 projects transitioned from option fees to construction phase. The Treasury received £487 million, significantly less than the £1.1 billion received the previous year. The Crown Estate announced plans for a new offshore wind leasing round in the coming year, though executives expect lower option fees due to challenging market conditions.

• Offshore wind lease revenues dropped sharply as Round 4 projects (awarded in 2021 to majors like BP and Total) moved into construction phase, reducing fee payments from option-stage levels
• Excluding Round 4 fees, operating profit actually rose 5% to £370 million, while property portfolio valuation increased to £14.5 billion from £13.4 billion
• CEO anticipates lower option fees in the next leasing round due to 'very different market environment' with soaring development costs and political headwinds from U.S. administration criticism of offshore wind

California filed for a preliminary injunction to block the EPA from enabling Congress to potentially repeal the state's landmark vehicle emissions rules. The EPA recently determined that California's Clean Air Act waivers for environmental regulations, approved under previous Democratic administrations, should have been submitted to lawmakers under the Congressional Review Act.

• The EPA's action would allow Congress to review and potentially overturn California's vehicle emissions standards that were granted waivers under the Clean Air Act
• California is seeking court intervention to prevent the EPA from submitting these waivers to Congress under the Congressional Review Act
• The dispute involves environmental regulations approved during prior Democratic administrations that are now being challenged through procedural mechanisms

James Sprayregen, who founded and built Kirkland & Ellis' restructuring practice into a dominant force in corporate bankruptcy over three decades, is joining Paul Weiss to co-lead its restructuring practice. The move is part of Paul Weiss' aggressive expansion under new chairman Scott Barshay, who has hired five partners in June alone. Sprayregen's arrival comes as bankruptcy work remains a major revenue driver for large law firms, with Kirkland's 2025 revenue crossing $10 billion.

• Sprayregen founded Kirkland & Ellis' restructuring group in 1990 and advised major bankruptcies including Caesars, Toys 'R' Us, and United Airlines before leaving in 2024 to join Hilco Global
• Paul Weiss partner Paul Basta, co-head of restructuring since 2017, will step down at year-end as part of a planned leadership transition
• Kirkland & Ellis' 2025 revenue exceeded $10 billion with a 20% year-over-year increase, highlighting the lucrative nature of bankruptcy work for major law firms

President Donald Trump has repeatedly disrupted Republican legislative priorities over the past two weeks, scrapping a bipartisan housing bill signing, delaying his intelligence director nominee, and pressuring Senate Republicans to eliminate the filibuster for a controversial voter-ID bill. The actions have turned potential GOP victories into internal party conflicts, frustrating some Republicans who say Trump is using 'New York real estate tactics' and creating political liabilities ahead of the 2026 midterms.

• Trump cancelled a planned signing of a bipartisan housing affordability bill that passed with 85% House support and 90% Senate support, instead demanding passage of the SAVE America Act voter-ID legislation that lacks sufficient votes.
• Rep. Don Bacon (R-NE) called Trump 'destructive' and said he 'couldn't take a win,' while Rep. Brian Fitzpatrick (R-PA) criticized the president for using leverage tactics to extract concessions on unrelated legislation.
• The disruptions have paralyzed Congress, with the Senate starting July 4 recess early and House hardliners refusing to vote on GOP priorities until the voter-ID bill passes, giving Democrats ammunition to argue Republicans cannot address voter concerns about affordability.

The Federal Aviation Administration proposed regulatory changes on June 25 to modernize and accelerate the certification process for new commercial aircraft by harmonizing requirements with the European Union Aviation Safety Agency. The changes aim to reduce certification costs, time, and complexity for manufacturers like Boeing, Airbus, Embraer, and Bombardier while maintaining or improving safety standards.

• The FAA will mirror some requirements with EASA to provide consistent regulations and reduce the number of exemptions, special conditions, and equivalent safety findings needed during certification
• Current airplane model approvals can take years with substantial testing requirements; Boeing's 737 MAX 7 certification has been delayed since its 2022 target date
• The FAA and EASA are in final stages of certifying the Boeing 737 MAX 7 and MAX 10 variants, with both agencies cooperating more closely on safety and certification processes

Two powerful earthquakes measuring 7.2 and 7.5 struck Venezuela on June 25, 2026, killing at least 188 people and injuring over 1,500, with about 200 still trapped in debris from at least 250 damaged buildings. International governments and humanitarian organizations are deploying search-and-rescue teams, medical supplies, and financial aid to support relief efforts. The disaster compounds Venezuela's existing humanitarian crisis, where 8 million people already required aid before the earthquakes.

• The U.S., Spain, Italy, Mexico, and El Salvador are sending search-and-rescue teams, with Spain deploying 57 soldiers and 40 firefighters plus a field hospital
• Financial and humanitarian aid includes €100,000 from Pope Leo XIV, $1 million from World Central Kitchen's Longer Tables Fund, and 50 tons of medical supplies from El Salvador
• The earthquakes struck roughly 160 km west of Caracas, with casualties expected to rise as rescue operations continue and the U.N. coordinates international response teams

On Thursday, the Dow Jones hit a record high, rising 0.1% on strength in industrials, healthcare, and financials, while the Nasdaq fell 0.46% as major technology stocks declined despite strong earnings from Micron Technology. The divergence came as Apple dropped 5% after announcing price increases due to rising component costs, and as May PCE inflation data met expectations at 4.1% year-over-year, keeping Fed rate hike expectations intact.

• Apple fell 5% after announcing MacBook and iPad price increases due to rising component costs; Microsoft dropped nearly 4% on Xbox console price hikes, raising margin concerns across Big Tech.
• May core PCE inflation rose 3.4% annually, matching forecasts but marking the highest level since October 2023; traders still anticipate at least one Fed rate increase before year-end.
• Semiconductor stocks rallied sharply with the Philadelphia Semiconductor Index up 3.59% and on track for its strongest quarter on record, driven by Micron's 14% surge on strong earnings and raised guidance.

Twin earthquakes struck Venezuela on June 25, 2026, with U.S. Geological Survey models suggesting deaths could exceed 10,000, though the government has confirmed nearly 200 dead and 1,520 injured. The coastal city of La Guaira was worst hit, with at least 250 buildings damaged or destroyed and residents scrambling with limited equipment to rescue survivors. International aid is coming from Spain, the U.S., Mexico, and Qatar as hospitals overflow and rescue efforts continue amid shortages of basic supplies.

• At least 100 aftershocks reported, with La Guaira beach town experiencing the worst damage including building collapses and fires despite cut gas service
• Hospitals are overwhelmed with injured patients, lacking basic supplies like blood pressure monitors, gauze, and painkillers; field hospitals being deployed by armed forces
• Rescue efforts hampered by shortage of heavy machinery like backhoes, forcing residents to dig through rubble with their hands while looting reported at stores as people search for food and water

Binance, one of the world's largest cryptocurrency exchanges, announced it will suspend crypto services in several European Union countries. The move comes as the exchange faces increasing regulatory scrutiny and compliance requirements under evolving EU financial regulations. This decision will impact users' ability to access Binance's trading and related services in the affected regions.

• The suspension reflects growing regulatory pressure on cryptocurrency platforms operating within the EU's tightening compliance framework
• Affected users in multiple EU countries will lose access to Binance's crypto trading and service offerings
• This follows a broader pattern of major exchanges adjusting operations to meet stricter European financial regulations

A fire at Monroe Energy's 190,000-barrel-per-day Trainer refinery in Pennsylvania was extinguished on Thursday, causing one non-life-threatening injury. The incident occurred during the restart of a 68,000-bpd fluid catalytic cracker unit following a previous outage. The refinery, owned by Delta Air Lines subsidiary Monroe Energy, produces jet fuel and other transportation fuels.

• The fire broke out in a process unit pump room while the refinery was restarting its 68,000-bpd catalytic cracker after an outage last week
• One employee sustained non-life-threatening injuries and was transported for medical treatment; the cause of the fire remains under investigation
• The incident comes as U.S. jet fuel markets face volatility due to Middle East conflicts affecting crude and fuel exports, with any supply disruptions potentially tightening the already constrained fuel market

Paris police announced a ban on public alcohol consumption starting Friday at midday and a ban on alcohol sales from Friday evening, in response to a severe heatwave affecting France and much of Europe. The measure aims to prevent health issues that arise when people drink alcohol in extreme heat.

• Paris Police Chief Patrice Faure cited the 'devastating effect' of drinking alcohol in intense sun as the reason for the emergency restrictions
• The ban includes both consumption of alcohol in public spaces (from midday Friday) and sales of alcoholic products (from Friday evening)
• The measure comes as a heatwave grips France and much of Europe, prompting public health interventions across the region

Oil markets rallied on June 25, 2026, as U.S.-Iran nuclear negotiations showed signs of stalling, with WTI crude gaining 3.11% and Brent rising 3.21%. Diplomatic tensions emerged after U.S. Secretary of State Marco Rubio rejected Iranian tolls in the Strait of Hormuz and Iran's Parliament speaker criticized decades of mistrust, prompting traders to buy the dip after oil reached multi-month lows.

• WTI oil rebounded from support at $70.50-$71.00 and is attempting to settle above $72.00, targeting resistance at $76.50-$77.00 if momentum continues
• Brent crude is testing the $75.00 level after falling to pre-war lows, with potential to reach $80.00 if it breaks through resistance at $77.00-$77.50
• Natural gas rose toward $3.30 on bullish weather forecasts showing warmer conditions by end of June, though the market has been choppy and needs stronger catalysts for sustained gains

Ukrainian air defense forces successfully intercepted a Russian missile attack on Kyiv on Thursday evening, with debris falling in at least one suburban district but causing no reported injuries. The attack follows President Zelenskiy's warning last week about impending large-scale strikes on Kyiv and other Ukrainian cities.

• At least one Russian missile was confirmed shot down by a Reuters witness, with air defense systems engaging multiple enemy missiles according to Kyiv's military administration
• Debris from the intercepted missiles landed in the suburban Darnitskyi district, igniting a fire in a storage area in an open space
• President Volodymyr Zelenskiy had warned of large attacks on Kyiv and other cities last week, indicating intelligence of escalating Russian military operations