News

"Fed Speaker" Nick Timiraos: According to forecasts that convert PPI and CPI data into PCE caliber, the U.S. core PCE is expected to rise moderately by 0.18% in June (a year-on-year increase of 3.3%), which will be the lowest monthly increase since November last year. Overall PCE is expected to decline 0.07% in June, reducing the 12-month year-over-year gain to 3.7%.

Legislation to make daylight saving time permanent will face an uphill battle in passing, a U.S. senator says.

GE Aviation is partnering with NASA, Beta Technologies and Boeing (BA.N) to launch the world's first high-altitude hybrid electric propulsion flight.

Mizuho Bank: Initiates coverage research on BP (BP.N) with an Outperform rating and a target price of $51.

Bernstein raised its price target for United Airlines (UAL.O) from $153 to $162.

UBS Group: Lowered its target price for Disney (DIS.N) to $133 from $138.

Philippine Airlines plans to purchase up to 20 Boeing (BA.N) 787-10 passenger aircraft.

Philippine Airlines signed a memorandum of understanding with Boeing (BA.N) for 15 787-10 Dreamliners.

British Prime Minister Starmer officially resigned as prime minister during a meeting with King Charles.

In his farewell address at Downing Street, British Prime Minister Keir Starmer stated, “My work is done. In six and a half years, I led our party out of the historic defeat of 2019, transformed it into a party that could stand up to the nation, and won a landslide victory in the 2024 general election. It has been an honor of my life to serve you and this great country as Prime Minister. I believe that Britain is now stronger and fairer than it was two years ago. However, what I will always remember is that the most humble aspect of this job is that you sit in the front row and witness the greatest things in this country being done. Every day you see countless acts of resilience—resilience from those who serve the country.” "Perseverance, integrity, and compassion," Starmer concluded. "We must remember the greatness of Britain. When we debate how to solve problems, something we inherit from our nation and people gives us the confidence that we can make our country better. We can create a Britain where every child can go further on their talents, and where different people can unite under a common banner if we do not succumb to division. Therefore, as I now hand the baton to Andy Burnham, I wish him all the best. He has my full support… I thank the British people for giving me the opportunity to serve. I leave with dignity, with a smile, and with pride in all that we have accomplished."

British Prime Minister Keir Starmer went to Buckingham Palace to formally resign as Prime Minister of the United Kingdom.

British Prime Minister Starmer: I fully support Burnham and wish him all the best.

British Prime Minister Starmer: I will soon have an audience with the King of England to present my resignation.

Citigroup cut IBM (IBM.N) PT to $255 from $375.

Citigroup: Lowered its target price on IBM (IBM.N) to $255 from $375.

Citi: Raised its price target on JPMorgan Chase (JPM.N) to $360 from $325.

Citigroup: Among the winners of artificial intelligence stocks, the label of the "Seven Technology Giants" in U.S. stocks is outdated.

Iran's Judicial Director: Those sent to the front lines, battlefields and streets emphasize the need to continue the jihad against aggressive and perfidious enemies and have raised the banner of revenge. There is no disagreement among state officials that America's enemies have no credibility; we will never yield to them in any way and will fight to the end.

The EU said it had filed charges against a number of companies and trade associations in France, Germany and Spain.

The EU antitrust regulator accused a number of construction chemicals companies and industry associations of participating in cartel behavior between 2021 and 2022.