Trending Market News

Hyundai Motor Group plans to acquire SoftBank's remaining 9.65% stake in Boston Dynamics for $325 million, making the U.S. robotics company a wholly owned subsidiary. SoftBank is exercising a put option from the original sale agreement, with Hyundai expected to approve the purchase at a board meeting on June 22.

• The $325 million acquisition will give Hyundai 100% ownership of Boston Dynamics, up from the current 90% stake held by the group and its affiliates
• SoftBank is exercising put option rights agreed upon when it initially sold Boston Dynamics to Hyundai
• Hyundai Motor Group's ownership includes stakes held by Chairman Euisun Chung and affiliates Hyundai Motor, Kia, Hyundai Mobis, and Hyundai Glovis

U.S. Commerce Secretary Howard Lutnick raised concerns with Dutch chipmaker ASML that one of its advanced extreme ultraviolet lithography (EUV) machines may have reached China in violation of U.S.-led export restrictions. The discussions involved meetings with ASML senior leadership about the potential breach of controls designed to limit China's access to cutting-edge semiconductor manufacturing technology.

• Lutnick specifically expressed concern about ASML's EUV lithography machines, which are top-of-the-line tools essential for producing the most advanced semiconductors
• The potential violation involves U.S.-led export restrictions aimed at preventing China from accessing critical chip manufacturing equipment
• The issue was discussed in a series of meetings between U.S. officials and ASML executives, according to Bloomberg's sources

Meta Platforms has secured agreements with data center developer Crusoe to acquire AI computing power at facilities in Texas and Missouri, according to Bloomberg. The deals will provide Meta with approximately 1.6 gigawatts of combined capacity to support its expanding AI infrastructure needs. Financial terms and delivery timelines were not disclosed.

• Meta will purchase computing capacity from two Crusoe data centers located in Childress, Texas, and Warrenton, Missouri, totaling roughly 1.6 gigawatts combined
• The capacity is substantial: one gigawatt can power approximately 750,000 U.S. homes, highlighting the massive scale of AI infrastructure requirements
• This fits Meta's broader commitment to invest in U.S. infrastructure over the next three years to build data centers supporting CEO Mark Zuckerberg's AI agent technology initiatives

Italy's Court of Cassation fully acquitted two Milan prosecutors who had been accused of withholding documents that could have helped Eni's defense in a major corruption case. The prosecutors were previously sentenced to eight months in prison by a lower court, but the highest court ruled 'the offence does not exist.' This concludes a five-year investigation that followed the 2021 acquittal of Eni, Shell, and other defendants in the $1.3 billion Nigerian oilfield corruption case.

• The prosecutors, Fabio De Pasquale and Sergio Spadaro, were accused of failing to file documents, including a video from a former Eni lawyer, during the corruption trial
• Eni and Shell had already been acquitted in March 2021 in what was described as the industry's largest corruption case involving a Nigerian oilfield acquisition over a decade ago
• The prosecution investigation began five years ago, with a Brescia court initially upholding an eight-month prison sentence before the Court of Cassation overturned it completely

Apple will allow iOS app developers in Brazil to use alternative app stores and payment systems outside Apple's ecosystem, following a settlement with Brazil's antitrust regulator CADE. The agreement resolves a dispute that began in 2022 and represents a significant shift in Apple's traditionally closed platform approach in the Brazilian market.

• Developers can now distribute apps through alternative marketplaces and offer payment methods outside Apple's in-app purchase system, with changes available starting with iOS 26.5
• Apple will implement safety measures including app notarization, marketplace authorization requirements, and content protections for younger users
• Apple warned that alternative app stores and payment systems may increase risks including malware, fraud, scams, and privacy threats

SpaceX's record-breaking $75 billion IPO in June 2026 made Elon Musk the world's first trillionaire and sparked unprecedented trading volumes on Nasdaq. The company's market cap briefly surpassed Microsoft and Amazon despite generating far less revenue, and it quickly moved forward with a $60 billion acquisition of AI-coding startup Cursor.

• SpaceX raised $75 billion in its IPO, nearly three times larger than the previous record held by Saudi Aramco at $29.4 billion, with the greenshoe allotment alone bringing in $10.7 billion
• First-day trading volume hit $85 billion, exceeding combined activity of major ETFs like SPY and QQQ, while Musk's 46% stake made him worth over $1 trillion—more than quadruple Google co-founder Larry Page's $300 billion
• The company's $60 billion Cursor acquisition ranks among the largest tech deals ever, despite SpaceX losing billions annually while Amazon generates 38 times more revenue and $78 billion in net income

Novocure announced that its cancer treatment for newly diagnosed brain tumors failed to meet the primary endpoint in a late-stage clinical trial. The study did not demonstrate improved overall survival for patients who started treatment early compared to those beginning at the maintenance stage. The negative results caused the company's stock to decline.

• The trial failed to show improvement in overall survival, the study's main goal
• Comparison was between patients starting treatment early versus those beginning at the maintenance stage
• The announcement resulted in a drop in Novocure's share price

Kroger reported first-quarter sales of $46.12 billion, beating Wall Street estimates of $45.47 billion, but maintained its annual forecasts unchanged. The results reflect cautious consumer spending as shoppers become more selective and trade down to cheaper alternatives amid ongoing inflationary pressures. Kroger's approach mirrors that of competitors like Walmart in maintaining conservative outlooks despite strong quarterly performance.

• Quarterly sales reached $46.12 billion, exceeding analyst estimates of $45.47 billion
• Adjusted quarterly profit came in at $1.58 per share
• The company kept annual forecasts unchanged, citing consumers trading down to cheaper alternatives due to rising living costs

The FDA has approved Merck's pneumococcal vaccine Capvaxive for expanded use in children and teenagers aged 2-17 who have chronic health conditions that increase their risk of serious bacterial infections. The approval allows patients who have completed standard childhood vaccination schedules but have conditions like heart, lung, kidney, liver disease, or diabetes to receive additional protection against pneumococcal disease.

• Capvaxive protects against multiple strains of Streptococcus pneumoniae bacteria, which can cause pneumonia, meningitis, and blood infections
• Approval was based on a late-stage trial of 874 participants where Capvaxive matched or outperformed PPSV23, an older pneumococcal vaccine
• The vaccine is administered as a single dose and complements existing childhood pneumococcal vaccines; it was previously approved for adults in June 2024

Accenture announced a $4.18 billion deal to acquire a majority stake in cybersecurity firm Dragos and fully acquire runZero and NetRise. The consultancy firm simultaneously lowered its annual revenue growth forecast to 3-4% from a previous range of 3-5%, signaling tempered growth expectations despite the major acquisition.

• The deal includes three cybersecurity companies: a majority stake in Dragos plus full acquisitions of runZero and NetRise, totaling $4.18 billion
• Accenture cut the top end of its annual revenue forecast, now expecting 3-4% growth compared to its prior 3-5% projection
• The move represents a significant bet on expanding cybersecurity capabilities amid reduced overall revenue growth expectations

The FDA's advisory panel is voting on Moderna's mRNA-based flu vaccine (mFlusiva) for adults 50 and older, after the agency reversed its initial rejection. If approved by the August 5 deadline, it would become the first seasonal flu shot in the U.S. using mRNA technology, competing with traditional vaccines from Sanofi, GSK, and others.

• Moderna seeks traditional approval for ages 50-64 and accelerated approval for 65+, requiring additional studies for the older age group
• FDA reviewers flagged concerns about effectiveness in immunocompromised and very frail elderly patients excluded from trials, though the vaccine outperformed standard-dose shots in the 50-64 age group
• Analysts project $750 million in U.S. flu and COVID-flu combo vaccine sales by 2030, with revenue not expected until 2027; mRNA production avoids egg-based methods for faster strain matching

BHP Group announced cost overruns at its Jansen Stage 2 potash project in Canada, marking the third time the miner has exceeded budget and timeline estimates. The company will book a $2.3 billion impairment charge as total Stage 2 investment rises to $6.9 billion, with first production now delayed to late fiscal 2031.

• Stage 2 investment estimate increased to $6.9 billion (previous estimate not specified), with first output pushed to late FY2031 due to inflation, design changes, lower productivity, and additional labor requirements
• Stage 1 costs remain at $8.4 billion with mid-2027 production start on track; combined project output will represent approximately 10% of global potash production after ramp-up
• BHP maintains FY2027 group capital expenditure forecast at $11 billion despite the setback to its diversification strategy from copper and iron ore

Vodafone Australia experienced a network outage on June 18 affecting over 8,000 customers due to a failure at one of its network hubs. The company confirmed that most services have been restored, though some customers may continue experiencing intermittent issues. The incident adds to ongoing scrutiny of Australia's telecom industry following a series of high-profile outages in recent years.

• More than 8,000 customers reported network issues early in the morning caused by an outage at a Vodafone network hub
• Most services were restored, but some customers may continue to experience intermittent connectivity as devices reconnect to the network
• The outage highlights continued pressure on Australia's telecom sector to improve network resilience after previous major disruptions, with Vodafone noting customers could access Triple Zero emergency services via other mobile networks during the incident

India's National Stock Exchange (NSE), the country's largest bourse commanding 93% of market share, has filed for an IPO expected to be among the largest listings in India this year. The offering will be entirely an offer for sale, with major investors including State Bank of India, Canada Pension Plan Investment Board, and Temasek paring their stakes. NSE has been attempting to list since 2016 and serves over 129 million unique registered investors.

• NSE and Reliance Jio's IPOs could raise a combined $6.3 billion, accounting for nearly one-third of all mainboard IPO fundraising from the previous year
• NSE's smaller competitor BSE has a market cap of $17.2 billion and trades at 66 times trailing 12-month P/E, providing a valuation benchmark
• India's equity market has a total market cap of approximately $5 trillion, ranking among the top 10 globally, with NSE as the dominant exchange

Oil prices declined on Thursday after the U.S. and Iran signed a peace deal to end the Iran war, reopen the Strait of Hormuz, and waive U.S. sanctions on Iranian oil exports. Brent crude fell 1.12% to $78.66 per barrel while WTI dropped 1.28% to $75.81 per barrel as markets priced in the return of Iranian supply from what had been the largest energy supply disruption in history.

• The memorandum initiates a 60-day negotiation period requiring full restoration of traffic through the Strait of Hormuz within 30 days, with Iran allowing toll-free passage through the critical oil and gas shipping lane
• The IEA forecasts the supply crisis could become a significant glut in 2027, with supply outstripping demand by 5.05 million barrels per day as Middle East oil returns to market
• Nine of 19 Fed policymakers now anticipate a rate hike will be needed later this year to control inflation, potentially suppressing oil demand through slower economic growth

CME Group CEO Terrence Duffy announced the exchange operator will sue the CFTC over the agency's approval of perpetual futures contracts in the U.S. CME argues that perpetual futures—contracts with no expiration date—should be classified as swaps under the Dodd-Frank Act rather than futures. The lawsuit, filed Thursday, challenges the CFTC's decision to allow platforms like Kalshi to offer these products domestically.

• CME claims perpetual futures are actually swaps under Dodd-Frank and that CME holds exclusive licenses with benchmark providers, meaning such products should be listed through CME regardless of format
• The CFTC first approved Kalshi to offer perpetual futures for crypto in the U.S., marking the first domestic approval of the asset class already popular overseas
• Duffy stated CME has been working on this legal strategy with its board for eight months and is 'prepared to go through this' fight despite his planned retirement in March 2027

Biogen announced it will acquire drug discovery company RayThera for $1 billion, including milestone payments. The deal expands Biogen's drug development capabilities in the pharmaceutical sector.

• Total deal value is $1 billion, structured to include milestone payments beyond the base acquisition price
• RayThera is a drug discovery company that will be fully acquired by Biogen
• The acquisition strengthens Biogen's position in pharmaceutical research and development

KKR has committed $1.4 billion to aircraft leasing through partner Altavair, capitalizing on tight aircraft supply caused by production shortfalls at Boeing and Airbus. The investment will be deployed over four years to acquire and lease aircraft to airlines and cargo operators globally, continuing KKR's strategy of backing aviation assets amid rising airline costs and limited fleet availability.

• KKR has invested over $12 billion in aviation since 2015; since 2018, KKR and Altavair have acquired 188 aircraft and engine assets leased to 67 customers globally
• Airlines now lease about half the global fleet as rising costs and supply constraints make ownership less attractive; deals typically involve 5-10 year lease contracts providing predictable cash flows
• Most of the $1.4 billion capital remains unallocated and will be deployed over the next four years, sourcing aircraft from airlines, manufacturers, and secondary markets while avoiding distressed situations

The FDA approved the first generic version of Roche's Xofluza (baloxavir marboxil), a single-dose flu treatment, manufactured by Norwich Pharmaceuticals. The approval provides a more affordable alternative for treating and preventing influenza in patients aged five and older ahead of the upcoming flu season. The original drug was first approved by the FDA in 2018 and is marketed by Roche's Genentech unit.

• The generic can treat uncomplicated flu in patients who have had symptoms for no more than 48 hours, and can also prevent flu after contact with an infected person
• Baloxavir marboxil is taken as a single oral dose, with common side effects including diarrhea, bronchitis, nausea, sinusitis, and headache
• The drug carries warnings about increased treatment-emergent resistance in patients younger than five years of age

Fortinet disclosed on June 17 that its firewall and VPN devices are being targeted by a credential-harvesting campaign. Hackers are using data from previous incidents and employing brute-force attacks to guess passwords and gain unauthorized access to networks. The company stated the campaign is not related to any recent security incident or advisory.

• Attackers are leveraging data from previous security incidents to inform their credential-harvesting efforts
• The campaign uses brute-force techniques, repeatedly guessing passwords to breach target networks and devices
• Fortinet clarified the malicious activity is not connected to any recent incident or security advisory