Economy

Oil Market
Trump's War Pushes US Oil Stocks to 22-Year Low

The war against Iran has led to US oil stocks now at their lowest level since 2004, writes the Financial Times. Last week alone, stocks of crude oil and petroleum products fell by 10.6 million barrels, new statistics show.

The loss has analysts warning that oil prices could rise sharply. Rapidan Energy CEO Bob McNally says the price could reach $200 per barrel as early as this summer if the Strait of Hormuz is not opened.

– This increases the risk of problems spreading to other sectors, the economy and the financial system, he tells the newspaper.

Economic Impact
Warning: Hundreds of Thousands of Jobs in the EU at Risk

The European Commission is warning that hundreds of thousands of jobs in the EU could be at risk due to rising energy prices as a result of the war in Iran. This is reported by Politico.

In total, this involves around 560,000 jobs, mainly in the construction, metal, chemical and transport industries.

Last autumn, the Commission's forecast for unemployment in the member states was 5.9 percent in 2026 and 5.8 percent in 2027. Now the figure is expected to be 6 percent in both years.

EU countries are also expected to take on more debt and the total deficit is believed to increase in the coming years.

Crypto market
The market believes in more of a bitcoin crash

The fall in bitcoin continues - on Wednesday, the cryptocurrency was trading around $65,000, the lowest level since April, writes CNBC. And if you ask the betting market, the price will drop significantly more.

According to the Kalshi platform, the market is pricing in 80 percent that bitcoin will fall below $60,000 this year. And whether the currency falls below $50,000 or not is a close call.

Bitcoin has lost 45 percent from its peak of just over $126,000 in October, notes CNBC.

Volvo Cars' future
Volvo Cars sells worse – but pressure on electric cars increases

Volvo Cars sold 178,980 cars in the period March-May, a decrease of 5.5 percent compared to the same quarter last year.

"The automotive industry, including the premium segment, is still facing difficult market conditions in various regions," the company writes in a press release.

In China in particular, things are slow due to fierce competition and the macroeconomic situation.

Electric car sales are on the rise. During the quarter, electrified models accounted for 48 percent of all cars sold.

“Overall, deliveries of our all-electric vehicles increased for the eighth consecutive month, driven by strong demand for the EX30 and EX40 electric SUV models in Europe.”  

Trump's business
Minister confirms: Trump reverses on controversial fund

Donald Trump's administration is scrapping plans to start a multibillion-dollar fund that will compensate people who allegedly suffered during Joe Biden's presidency. This was confirmed by US Attorney General Todd Blanche last night.

The controversial fund would operate without much transparency – and has received extensive criticism from both political opponents and Republicans.

Tonight, Blanche was pressed about the matter during a hearing in the House of Representatives.

- We are not moving forward with the fund. Period, said Blanche.

That Trump backs down on a proposal after criticism is extremely unusual, notes AP.

The fund was born as part of an agreement between Trump and the US tax authorities. In exchange for the fund, the president dropped his lawsuits.

Today's stock market
Record streak broken – war worries lower US stock markets

Wall Street fell as oil prices and market interest rates rose in the wake of new attacks between the US and Iran, writes CNBC. At the close, the broad S&P500 index and Nasdaq were down about 0.6 percent and 0.8 percent, respectively, while the Dow fell 1 percent.

This broke a nine-day streak of gains on US record-breaking stock markets.

Cybersecurity company Palo Alto lost about 5 percent despite an unexpectedly strong report that caused the stock to surge by double digits in after-hours trading on Tuesday evening.

AI-related stocks also weighed on the market, writes the channel. Nvidia was down 3.6 percent, while Dell Technologies and Microsoft lost around 3 percent when the stock market closed.

Mem stock Gamestop rose about 6 percent, after presenting its interim report and a new share buyback program.