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OPEC+ is set to approve a fourth consecutive monthly increase in oil output targets of 188,000 barrels per day from July, despite an ongoing U.S. war that has closed the Strait of Hormuz since late February. The closure has created the world's largest supply crisis, preventing key members like Saudi Arabia from meeting existing quotas, while actual production has collapsed from 42.77 million bpd in February to 33.19 million bpd in April.

• Seven core OPEC+ members (Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman) will raise output targets by 188,000 bpd in July, totaling nearly 600,000 bpd in increases from April to June
• The UAE has exited OPEC after nearly 60 years due to the crisis, forcing adjustments to monthly quota increases from 206,000 bpd to 188,000 bpd
• Despite quota increases, actual OPEC+ production plunged 22% (9.58 million bpd) between February and April due to export cuts by Gulf members unable to ship through Hormuz

A consortium led by Bouygues Telecom, along with Orange and Free-iliad Group, has signed a memorandum of understanding to acquire French telecoms operator SFR from Altice France for €20.35 billion ($23.44 billion), including debt. The deal, if approved by regulators, would be among the largest European telecoms transactions in recent years and would consolidate France's mobile network operators from four to three.

• The consortium raised its offer to €20.35 billion from a prior €17 billion in April, with Bouygues Telecom taking 42%, Free-iliad 31%, and Orange 27% of the purchase.
• The acquisition faces significant regulatory scrutiny as it would reduce mobile operators in France to three, testing antitrust authorities' willingness to allow consolidation in Europe's crowded telecoms market.
• The memorandum of understanding includes break-up fees ranging from €0.1 billion to €2 billion, with Orange citing potential 'behavioural remedies' as a possible route to regulatory approval.

Roche's experimental obesity drug enicepatide achieved 22.7% weight loss after 48 weeks in a mid-stage trial, with 26% of patients on the highest dose losing at least 30% of their body weight. The dual-acting drug positions Roche to compete with Novo Nordisk and Eli Lilly in an obesity market expected to generate significant revenue in the coming decade.

• Enicepatide showed faster results than competitors: 22.7% weight loss in 48 weeks versus Wegovy's 15% in 68 weeks, though slightly below Zepbound's 25.5%
• The Phase 2 study tested 469 adults across five doses (4-24 mg), showing clear dose-response relationship with no weight loss plateau at week 48
• Treatment discontinuations due to adverse events were 5.9% for enicepatide versus 1.3% for placebo, with most gastrointestinal side effects being mild to moderate

AstraZeneca CEO Pascal Soriot stated that artificial intelligence is helping the pharmaceutical company accelerate drug development, identify promising targets, and improve clinical trial success rates. The company is leveraging AI partnerships with firms like Tempus AI and Pathos to make more informed decisions throughout the research process. This comes amid broader investor scrutiny over whether massive AI investments are delivering tangible returns in healthcare.

• AstraZeneca uses AI to optimize drug molecules, remove potential side effects, and predict Phase 3 trial success probability through partnerships including Tempus AI
• The company spends $300-500 million per clinical trial, making even modest improvements in success probability 'enormously' valuable for productivity
• AI applications span the entire development pipeline, from target identification and molecule design to analyzing clinical and laboratory data for late-stage trials

A Los Angeles jury ruled in favor of Johnson & Johnson on June 5 in a lawsuit brought by families of three women who died of ovarian cancer, finding the company was not negligent in selling talc products. The verdict comes as J&J faces over 67,000 similar lawsuits alleging its talc-based baby powder causes ovarian cancer, with trials resuming after a failed bankruptcy resolution attempt.

• The jury found 10-2 that J&J was not negligent when making and selling talc-based cosmetic powder, with J&J maintaining its products are safe and do not contain asbestos or cause cancer
• J&J faces lawsuits from over 67,000 plaintiffs alleging talc products cause ovarian cancer, with a mixed trial record including some wins and significant jury verdicts against the company
• The company stopped selling talc-based baby powder in the U.S. in 2020, switching to cornstarch, and has settled most cases alleging its products caused mesothelioma

Goldman Sachs reported that global oil demand fell by 4-5 million barrels per day in April, a sharper decline than expected, creating uncertainty around its Q4 2026 price forecasts of $90/barrel for Brent and $83/barrel for WTI. The demand destruction was linked to the Strait of Hormuz closure and weaker consumption in China and Western Europe.

• Global oil demand dropped by 4% to 5% (4-5 million barrels per day) in April, driven by soft retail fuel sales in China and Western Europe
• Goldman's Q4 2026 forecasts of $90/barrel Brent and $83/barrel WTI face two-sided risks: downside from demand weakness and upside if the Strait of Hormuz remains closed
• Current prices as of Friday: Brent crude settled at $93.09/barrel (down 2.04%) and WTI at $90.54/barrel (down 2.69%)

Marvell Technology will join the S&P 500 index on June 22, replacing PoolCorp, after achieving GAAP profitability driven by AI demand. The chipmaker, valued at $276.81 billion, met key profitability requirements by reporting profits in Q4 and over the trailing four quarters. The inclusion reflects how the AI boom is reshaping major U.S. equity benchmarks.

• Marvell designs custom chips for cloud computing companies seeking alternatives to Nvidia's supply-constrained AI processors, with custom chip revenue forecast to exceed $10 billion by fiscal 2029
• The addition will trigger automatic buying from index funds and ETFs that passively track the S&P 500
• Contract manufacturer Flex will also join the index, replacing Campbell's, as chip and data-center infrastructure companies gain larger weights in major benchmarks

SpaceX has signed a multi-year cloud service agreement with Google, under which Google will pay SpaceX $920 million monthly from October 2026 through June 2029. The deal provides Google access to significant computing capacity including approximately 110,000 Nvidia GPUs and related infrastructure.

• Google will pay SpaceX $920 million per month for nearly three years, with a reduced fee during the ramp-up period through September 2026
• The computing capacity includes about 110,000 Nvidia GPUs, CPUs, memory, and related components
• The deal was disclosed in a U.S. SEC filing and comes as SpaceX is reportedly raising $75 billion in an IPO with investor demand reaching $150 billion

Meta is considering raising tens of billions of dollars through a stock offering to fund its artificial intelligence infrastructure investments. The company is exploring capital-raising options as it prepares to increase AI-related capital expenditures to as much as $145 billion in 2025 and potentially higher in 2027. This move follows similar large equity raises by other Big Tech companies competing in the AI space.

• Meta executives are exploring 'creative' ways to raise cash, with AI capital expenditures projected to reach $145 billion in 2025 and increase further by 2027
• The fundraising effort follows Alphabet's recent $84.75 billion in upsized equity offerings, reflecting intense competition among Big Tech firms to build data centers and AI infrastructure
• Meta has not yet commented on the reported plans, which were disclosed by three people familiar with the company's capital-raising strategies

OpenAI CEO Sam Altman and the Trump administration are in ongoing talks about the U.S. government taking an equity stake in the AI startup, discussions that have been progressing for over a year. The potential deal could involve OpenAI donating equity to seed a 'Public Wealth Fund' that would allow citizens to share in AI growth returns. No official investment terms have been finalized, and details remain subject to change.

• OpenAI proposed a Public Wealth Fund in April that would invest in long-term assets and distribute AI upside returns directly to citizens
• The company is valued at over $300 billion by private investors and is considering an IPO as soon as this year
• President Trump signed an executive order establishing a sovereign wealth fund, and the administration has already taken stakes in quantum and critical mineral companies during his second term

A group of U.S. states is preparing to file a lawsuit to block Paramount Skydance's acquisition of Warner Bros., according to sources. California Attorney General Rob Bonta indicated his office would announce potential action soon, though he declined to comment further. The legal challenge represents state-level antitrust enforcement targeting a major media industry consolidation.

• California Attorney General Rob Bonta suggested his office would announce action soon, though a spokesperson later declined to comment on the pending lawsuit
• The specific states joining the lawsuit have not been disclosed, but multiple states are reportedly coordinating the legal challenge
• The lawsuit targets Paramount Skydance's acquisition of Warner Bros., a deal that would consolidate major Hollywood studios and entertainment assets

Cargill is negotiating to sell its metals trading unit to Macquarie Group as the global trading house seeks to concentrate on its core food and agriculture business. Five anonymous sources confirmed the talks, though no deal is guaranteed. Neither company has officially commented on the potential transaction.

• The sale would allow Cargill to refocus resources on its primary food and agriculture operations
• Five sources with knowledge of the negotiations spoke anonymously as the deal has not been publicly announced
• Both Cargill and Macquarie declined to comment or did not respond to requests for comment from Reuters

Reid Hoffman, LinkedIn co-founder, is leaving Microsoft's board at the end of the year after nearly a decade to focus on his new AI-driven biopharmaceutical startup, Manas. Hoffman informed the board of his decision not to seek reelection and will remain a director until Microsoft's annual meeting. His departure follows a pattern of avoiding potential conflicts of interest, similar to his 2023 exit from OpenAI's board.

• Hoffman previously left OpenAI's board in 2023 to avoid conflicts as Microsoft deepened its partnership with the AI company through investments and technology deals
• The 58-year-old is now co-founder of Manas, an 'AI-native biopharmaceutical company,' and told Microsoft CEO Satya Nadella he needs to focus on being in 'founder mode'
• Hoffman has faced recent controversy over communications with Jeffrey Epstein and Justice Department investigation into a group with ties to him regarding contributions to E. Jean Carroll's legal battles against Trump

Boeing will start producing 737 Max aircraft on a new assembly line in Everett, Washington on July 6, CEO Kelly Ortberg announced. The facility aims to help Boeing increase production to 52 jets per month by next year, though output remains capped by the FAA following a January 2024 door plug blowout incident that triggered safety reviews.

• Boeing currently produces 47 Max jets per month, up from 42 earlier this year, with a long-term goal of 63 per month if supply chain supports it
• The new line will initially focus on the 737 Max 10 variant, expected to receive FAA certification before year-end, enabling first deliveries
• FAA production caps remain in place following the January 2024 Alaska Airlines door plug incident that prompted extensive safety and quality reviews

Amazon unveiled its next-generation Proteus warehouse robot that understands natural language commands, marking an advance in AI-powered automation as the company continues laying off thousands of corporate workers. The robot will roll out in Europe by early 2027 as part of a 10 billion euro ($11.6 billion) investment to modernize fulfillment operations. Amazon executives claim robotics investment has increased employment in warehouses, though the company is simultaneously reducing its corporate workforce citing AI-driven efficiencies.

• The new Proteus robot responds to conversational language commands and is part of a broader robotics push including Vulcan, Amazon's first touch-sensing robot, with deployment planned for Europe in the first half of 2027
• Amazon CEO Andy Jassy stated AI will shrink the company's workforce over coming years, with the company laying off thousands in October 2025 and cutting additional roles in January 2026 to 'reduce layers and bureaucracy'
• Despite claims that robotics increase employment, AI robots are projected to reach 1.3 billion by 2035 and four billion by 2050, while UK youth unemployment (ages 16-24) exceeded one million by May 2026

India's economy grew 7.8% year-on-year in the January-March quarter, exceeding the forecasted 7.2% growth. However, the Middle East conflict that began in late February poses significant risks to future growth, prompting India's central bank to cut its growth forecast to 6.6% for the fiscal year ending March 2027 and raise its inflation projection to 5.1%.

• India benefited early in the quarter from a 'landmark' trade deal with the EU and reduced U.S. tariffs (initially lowered from 50% to 18%, then to 10% after a Supreme Court decision)
• The Reserve Bank of India reduced its FY2027 growth forecast by 30 basis points to 6.6% and raised its inflation projection by 50 basis points to 5.1% due to the Iran war's impact on energy prices
• Energy supply disruptions have inflated India's import bill and pressured the rupee, while the government passed on fuel price hikes to consumers in May after holding them off for months

S&P Global declined to change its fast-track index inclusion rules despite SpaceX's upcoming IPO, creating a potential conflict with Elon Musk's plans. SpaceX is set to begin trading next week in a $75 billion IPO that would value the company at $1.75 trillion, making it one of the top 10 most valuable U.S.-listed firms.

• S&P Global stated exceptions to financial viability, seasoning, and investible weight factor requirements will not be granted solely based on market capitalization
• SpaceX's $75 billion IPO would be the largest ever, immediately placing it among the top 10 most valuable U.S. companies at a $1.75 trillion valuation
• Musk has restructured the traditional IPO approach by giving retail investors a larger allocation role, pushing for early index inclusion, and maintaining strong founder control

The May jobs report, due Friday, is expected to show only 80,000 jobs added, a significant decline from the 150,000 monthly average over the prior two months. Some Wall Street economists predict even weaker numbers (20,000-60,000) due to potential weather-related payback and cautious hiring trends. The labor market shows signs of stagnation with low hiring, elevated layoffs including 38,242 AI-related cuts, and workers reluctant to leave current positions.

• May layoffs totaled 97,006, up 16% from April and the highest for the month since the 2020 pandemic, with AI-related job cuts reaching a record 38,242
• Major firms forecast significantly below consensus: Goldman Sachs expects 60,000 jobs, Vanguard predicts just 20,000, and EY-Parthenon forecasts 50,000 due to unwinding of weather-related gains
• The Federal Reserve is expected to maintain its pause through year-end regardless of the jobs number, with markets pricing near-zero chance of a rate move at the June 16-17 meeting and increased odds of a hike in early 2027 if inflation persists

SpaceX has informed banks involved in its $75 billion IPO that it intends to keep the offering price fixed at $135 per share, breaking with Wall Street tradition of adjusting pricing based on investor feedback during roadshows. The decision reflects Elon Musk's preference to set terms according to his own approach, though sources note the decision could still change before the IPO.

• SpaceX's IPO roadshow has generated 'insatiable' demand, with analysts fielding up to 20 investor calls per day compared to the typical 10-15 for in-demand offerings
• The $135 per share price point for the $75 billion IPO departs from standard practice where issuers and banks use roadshow feedback to determine final pricing at a meeting held one day before debut
• SpaceX is expected to begin trading on Friday, June 12, following its investor roadshow that began on Thursday

Sen. Elizabeth Warren invited Nvidia CEO Jensen Huang to testify before the Senate Banking Committee on June 11 regarding the chipmaker's China business and U.S. export controls on AI chips. The hearing would allow senators to directly question Huang about Nvidia's China strategy, coming weeks after he accompanied President Trump to a summit with Chinese President Xi Jinping. Warren expressed concerns that AI chip sales to China could undermine U.S. long-term security.

• Nvidia's AI chips power many of the world's leading data centers, making it central to the AI boom and a major target in Washington's debate over China export controls
• Warren warned that U.S. companies are profiting from technology sales to China that could strengthen its military and surveillance capabilities, with these chips 'actually used for surveillance'
• The hearing coincides with House Republicans separately calling for an investigation into China's efforts regarding chip manufacturing and data-center development