QtrendsNew Gulf clashes test Iran ceasefire as oil surges
Renewed exchanges of fire in the Gulf between Iran-linked forces and Israel have put the fragile ceasefire under severe strain, with each side blaming the other for the escalation. Oil prices have jumped sharply in response, adding to global inflation concerns. The US stock futures initially dipped but rebounded as investors weighed the risk of broader regional conflict. OPEC Plus has announced plans to boost production, yet uncertainty around the ceasefire continues to keep markets on edge.
International financial firms including AXA and Standard Chartered are expanding aggressively into Hong Kong's offshore wealth market, which is estimated at US$2.95 trillion. Despite tighter regulatory oversight, the city continues to attract high-net-worth clients drawn by its gateway role to mainland China. Meanwhile, the Stock Connect mechanism faces scrutiny as Hong Kong investors are unable to buy top Chinese AI stocks listed on the mainland. Luxury retail is also booming, with new flagship projects reinforcing Hong Kong's position as a global brand magnet.
Intel, once on the brink of collapse, may be staging a revival thanks to a twist in the AI chip race that has opened new opportunities for the struggling semiconductor giant. Meanwhile, Apple faces a make-or-break moment at its upcoming WWDC as the company tries to convince markets of its AI strategy after lagging behind competitors. A broader trend is emerging among Big Tech firms: both Google and Meta are reportedly considering selling stock to fund an $820 billion AI infrastructure boom.
The US economy added 172,000 jobs in May, marking the third consecutive month of gains and extending the labor market rebound. The unemployment rate remained steady at 4.3%. However, many Americans remain frustrated as wage growth softened and failed to keep pace with rising prices. A significant portion of the new jobs were concentrated in restaurants, bars, and hotels, pointing to continued growth in the service sector.
Veteran CBS correspondent Scott Pelley has launched a blistering public attack on CBS News management, calling the network 'on fire' and demanding the removal of Bari Weiss. In a candid interview with The New York Times, Pelley detailed what he described as institutional incompetence under the current leadership. The scathing remarks have drawn widespread media attention, with analysts noting the rare and dramatic nature of a veteran anchor publicly condemning their own network's leadership.