SpaceX's $1.77T record IPO debuts Trump-Iran deal sinks oil, lifts Wall Street

Trading begins June 12 at a $135 price and a $1.77T valuation; the sale of 555.6M Class A shares raises $75B, more than doubling Aramco's 2019 record. First-day price discovery is the key event.

On June 11 Trump pulled planned strikes and signaled a European deal-signing within days, sending Brent down $3.37 to $89.73. The Nasdaq and S&P 500 rallied as the first concrete accord signals since the Hormuz crisis emerged.

The ECB raised its deposit rate to 2.25% on June 11. With the Middle East war lifting eurozone inflation, it set a 3.0% 2026 headline forecast and left the door open to more, with BOJ and Fed decisions in the same week.

The May CPI released June 10 rose 4.2%, the most since 2023, as energy jumped 23.5% and drove over 60% of the monthly gain on the Iran supply shock. Markets expect a hold at Kevin Warsh's first FOMC on June 16-17.

Anthropic filed a draft S-1 with the SEC on June 1, just after a Series H at a $965B valuation and roughly $47B in annualized revenue. The filing sharpens focus on the next mega AI listing as SpaceX debuts.

Bank household lending rose 6.9tn won in May to 1,181.8tn won, with mortgages up 3.2tn and credit and overdraft loans up 3.7tn. The top five-year fixed mortgage rate hit 7.32%, compounding the interest burden.

The May CPI accelerated 0.5 point from April; restaurant prices rose about 7% and the lived-price index gained 3.3%. A surge in petroleum on higher crude was the main driver.

USD/KRW stood at 1,520.57 on June 10, unable to escape an elevated band, and touched 1,549 intraday on June 5. The weak won lifts imported materials and goods, feeding a fresh inflation loop.

Nationwide gasoline averaged 2,011.54 won per liter as of May 7. Middle East risk and a weak won keep crude declines from reaching pumps, with prices likely to hold in the low-2,000s through June.

Dongtan apartment prices jumped 1.98% week-on-week in mid-June, leading capital-region gains. Tight supply is keeping Seoul prices and lease values firm, intensifying housing costs for renters.

The People Power Party chose three-term Chung Jum-sik as floor leader in a June 10 runoff of 103 lawmakers (55 votes), keeping Chang Dong-hyeok's leadership intact and the mainstream faction in command, while complicating any return for Han Dong-hoon.

Xi Jinping wrapped his first North Korea trip in seven years (June 8-9), but the joint statement made no mention of denuclearization. With China and Russia also dropping the term, worries grow over cracks in the nonproliferation front.

Premier-designate Han Sung-suk reported 25.3bn won in assets, including her mother's, on the 11th. Two homes in Samcheong-dong and Yangpyeong plus an officetel will be a hearing flashpoint; she pledged to sell all foreign stock.

A prolonged US-Iran conflict keeps the Strait of Hormuz unstable, through which much of Korea's crude flows. The Lee Jae-myung government is working with France and others on alternative energy and shipping routes, but near-term fixes are unclear.

Foreign media rate the Lee administration's foreign policy as pragmatic — keeping the US alliance and trilateral ties while pursuing gains with China. But deeper Beijing-Pyongyang alignment after Xi's visit narrows Seoul's room to maneuver.

As of June 11, layoffs across 247 firms hit 183,966, and 55% explicitly cited AI and automation, hardening 'AI displacement' into a structural shift. Meta, Amazon, Microsoft and Alphabet keep cutting even as they pour hundreds of billions into AI.

Initial claims rose to 229,000, topping the 220,000 forecast, while continuing claims jumped 24,000 to 1.795M, confirming a cooling labor market.

Salesforce filed a California WARN notice for 86 San Francisco layoffs effective August 7, hitting Agentforce, MuleSoft and Marketing Cloud roles. It follows 1,000 cuts earlier this year in the same AI-driven cost pattern.

Unemployment for 22-to-27-year-old graduates reached 5.7%, well above the 4.2% overall rate, as entry-level postings fell 35% since early 2023. With AI absorbing junior work, firms increasingly want 2-3 years of experience from new hires.

Korea's 15-to-29 employment rate kept sliding for a 24th month, the longest slump since the global financial crisis. The youth extended jobless rate climbed into the 17% range, deepening the real employment shock including discouraged workers.

Consumer prices hit a three-year high, led by a 23.5% annual energy jump. Core CPI softened to 0.2% on the month, but BofA now sees the Fed on hold through 2026 and cutting only in 2027, a view CME FedWatch echoes.

A hold at 3.50-3.75% is all but assured for a third straight meeting. The key variable is whether the dot plot survives; Warsh has criticized it as curbing flexibility, and his first press conference could reset the policy path.

A board majority backs a 25bp move to the highest level since 1995. Middle East oil has sharpened inflation concerns and a weak yen adds to the case; a hike could reignite yen-carry unwinding pressure.

The ECB raised its three key rates 25bp, judging that the war's energy shock changed the inflation path and setting a 3.0% 2026 forecast. Growth at 0.8% keeps stagflation in view, but it prioritized price stability.

The BOK is holding at 2.50% with the next decision on July 16. Geopolitical risk, a weak won and resurgent inflation all press at once, while high rates abroad effectively close the door on an independent cut.

SPCX trades June 12 at $135 with a $75B raise. Demand near $250B oversubscribed the book more than threefold, laying bare the AI-and-space crowding, with Nasdaq 100 inclusion hopes piling on.

Trump's cancellation of Iran strikes and talk of an imminent pact turned sentiment June 11. The Nasdaq rose 2.5% and the Dow reclaimed 50,000 as chips led — AMD +8%, Micron +11%, Lam Research +12.7% — reversing much of the CPI shock in a day.

With Trump touting an imminent European signing, WTI fell to $86.51, down 3.9% and the lowest since April. A Hormuz reopening condition eased supply fears and pulled energy-inflation pressure lower, a swing factor for the Fed's path.

The 10-year yield eased to 4.52-4.53% on June 11 as the deal-driven oil drop cooled inflation expectations and drew buyers. Its direction faces a fresh test on post-SpaceX risk appetite.

The KOSPI ended near 7,730 on June 11 as foreigners and institutions kept selling. Even with Wall Street's bounce, accumulated outflows leave the June 12 SpaceX debut and global capital flows as the key directional test.

USD/KRW ranged 1,523-1,533 on June 10-11. Analysts say the rate now reacts more to foreign equity flows than to rates or the current account, so persistent selling keeps depreciation pressure intact.

Intel surged 12.45% after reports that Google ordered 3 million 2028-production TPUs on its 18A process. Landing a major cloud customer cracks TSMC's grip and prompts a market rethink of Intel's foundry viability.

Lam Research jumped 11.5% toward a 52-week high after UBS raised its target to $375 from $310. Surging wafer-equipment orders tied to AI have lifted the stock about 75% year-to-date.

Micron rallied about 11% back to roughly $926 after another bank flagged a two-to-three-year memory shortage and doubled its target. A strong consensus into June 24 earnings concentrated the buying.

S&P Dow Jones confirmed Marvell's June 22 entry to the index, lifting it more than 10% over June 8-11. With its market cap tripled this year on AI custom-silicon sales, passive inflows add momentum.

Corning rose 6% after signing a multiyear, multibillion-dollar optical-fiber supply deal with Amazon on June 8 and held gains June 11. It is now a core AI-datacenter supplier after deals with Meta and Nvidia.

US spot bitcoin ETFs bled $4.33B over a record 13 straight sessions, shrinking AUM to $80.4B from $104.2B. The May CPI's 4.2% print, which erased rate-cut hopes, is the core driver of the institutional selling.

US spot ether ETFs logged crypto's longest-ever 17-day net outflow through June 5. Net assets collapsed to $9.96B from a $30B peak, and ETH at $1,644 sits 67% below its August 2025 high after Standard Chartered cut its target 47% to $4,000.

With under a month before the MiCA transition ends, only 14 platforms hold full EU authorization and 10 member states have issued none. Unlicensed operators face fines up to 5M euros and EU bans, risking access for millions.

Strategy (formerly MicroStrategy) bought 1,550 BTC for $101M (June 1-7) at an average $65,332, just two weeks after its first sale since 2022 (32 BTC). Funded via an ATM equity raise, it reaffirms the corporate-treasury model.

BTC traded $62,054 on June 11, about 51% below its October 2025 high of $126,198. The May CPI shock erased rate-cut hopes and the Fear & Greed Index read 12 (extreme fear), with global volume sliding to $8.1B.

Priced at $135 under ticker SPCX, it begins trading June 12. The $75B haul is the largest US IPO ever and a milestone for space-industry capital access; heavy day-one float warrants caution on volatility.

The June 1 SEC filing follows a $65B Series H in May. At roughly $47B in annualized revenue — a pre-IPO AI record — a fall listing could top $1T and spur OpenAI and others toward public markets.

A Series D led by Lux Capital and General Catalyst closed May 27. Booming enterprise uptake of coding agent Devin drove months of revenue growth, lifting the valuation 2.5x in eight months.

A GIC-, Stripe- and Accel-led Series F closed June 4. AI coding tools drove new databases up 600% year-on-year, with 9M developers and 250,000 customers, doubling the valuation in eight months.

A round led by Vitruvian and JPMorgan Asset Management closed June 3, doubling the valuation. Q1 2026 ARR above $600M shows enterprise AI search monetizing at scale.

Rivian started delivering the R2 Performance from its Illinois plant on June 9, formally entering the midsize EV market. With 330 miles of range, dual motors and a 2-6-week wait, it takes direct aim at the Model Y as it rebuilds supply credibility.

Tesla widened its driverless robotaxi zone to the whole Austin metro (245 square miles) on June 3, but only about 20 vehicles are actually running. The gap between coverage and supply is the key variable for commercialization pace.

BYD's overseas sales topped 160,000 for the first time in May, 42.6% of the total. Exports are increasingly offsetting soft domestic demand, making the annual overseas target a barometer for the global EV race.

Waymo rebranded its Zeekr-built robotaxi as 'Ojai' and put it into US service from May. The sixth-generation autonomy platform replaces the Jaguar I-Pace and anchors multi-city expansion, putting the focus on scaling speed.

Joby has secured multiple Dubai vertiports and plans paid, Uber-linked flights within 2026 under a six-year exclusive RTA deal, aiming for 10-minute hops to Palm Jumeirah. UAE launch alongside FAA work could set an eVTOL precedent.

Tim Cook's final WWDC keynote (June 8) unveiled a rebuilt 'Siri AI' backed by a $1B-a-year Gemini deal. It ships this fall with iOS 27 and macOS 27 Golden Gate, and outside chatbots plug directly into Siri, reshaping the assistant landscape.

Microsoft AI unveiled seven models at Build (June 2-3), including the MAI-Thinking-1 reasoner (35B, 256K context) plus image, coding and voice models. MAI-Code-1-Flash hit 51% on SWE Bench Pro at just 5B — its first full in-house stack.

Jensen Huang certified Samsung, SK Hynix and Micron for Vera Rubin HBM4 on June 5. Vera Rubin promises 10x agent throughput over Grace Blackwell with second-half cloud deployment set, sharply expanding Korean memory orders.

After Gemini 3.5 Flash in May, the Pro version nears GA in Vertex preview. Its 2M-token context and Deep Think reasoning are the largest in a production model, absorbing Ultra-tier work and squaring off with OpenAI and Anthropic's top models.

After its GTC Taipei debut (June 1), the Vera Rubin NVL72 entered full production with AWS, Google Cloud, Azure and OCI as priority second-half customers. Lower inference-token costs versus Grace Blackwell reignite the datacenter GPU cycle.

An off-schedule June 9 meeting added 25bp after May's 50bp. With the rupiah sliding on Iran-driven outflows, BI acted between meetings and paired the move with a foreign-investment incentive package, sacrificing growth for the currency.

The June 5 MPC kept the repo rate at 5.25%, cut its growth view to 6.6% from 6.9% and raised CPI to 5.1%. It also rolled out wider G-Sec access and tax breaks targeting up to $40B of inflows to shore up the rupee.

After a May 28 hike to 7.00%, South Africa's central bank flagged the chance of another increase this year on June 10. Persistent crude strength is darkening the inflation outlook, making the next meeting a key driver for the rand.

With the Selic at 14.50%, markets price an 84.5% chance of a 25bp cut on June 17, but a 2026 IPCA forecast near 4.36% and a central-bank call of 4.6% narrow the room, crossing with a weaker real on dollar strength.

The IMF signed off on May 21, releasing about $1B more of the $20B EFF. The peso band (921 floor, 1,518 ceiling) now adjusts monthly to the latest inflation, prioritizing a firm peso over reserve accumulation.

The FDA approved Lilly's orforglipron for adult obesity on April 1. Unlike oral semaglutide, it can be taken any time without food or water, promising better adherence, and ADA 2026 phase-3 data showed double-digit weight loss over 72 weeks.

The Bundibugyo outbreak has spread across 18 health zones in DRC's Ituri and into Uganda, with 635 cases and 127 deaths as of June 9. The WHO declared a PHEIC on May 17; with no approved vaccine and a 30-50% fatality rate, response gaps are exposed.

US measles reached 2,030 cases by June 4, near the highest since 1991, with 30 large outbreaks across Florida, Pennsylvania and Virginia as MMR coverage slipped to 92.5%. CIDRAP calls a fall loss of elimination status highly likely.

At ADA 2026, the triple agonist retatrutide cut baseline A1C of 7.9% by up to 2.0 points, reduced sleep-apnea events 60.6% and knee-osteoarthritis pain 73.1%, proving broad comorbidity benefit and shifting Lilly's obesity pipeline.

The plant-derived nicotine-receptor partial agonist cytisinicline faces a June 20 PDUFA date; approval would mark the first new smoking-cessation drug since varenicline in 2006. ORCA-2 and -3 showed higher quit rates, and the FDA granted priority review.

Brent fell 4.2% to $89.15 on June 11 after Trump said the Iran deal documents were being finalized for signing in Europe within days, with VP Vance to lead the ceremony. Markets are pricing in a Hormuz reopening.

By early June, daily transits through the Strait of Hormuz fell to single digits, a 90%-plus collapse from the pre-blockade average. CNN spotlighted the structural supply-chain damage, with weeks expected before any reopening.

Seven core OPEC+ states agreed on June 7 to lift July output by 188,000 barrels a day, shared by Saudi Arabia and Russia. With Hormuz shut, real delivery hinges on a reopening, limiting the market impact.

JKM spot was $18.89 on June 9, 25% below the $25.30 crisis high. Japanese heat and Chinese demand lifted June Asian LNG imports to a five-month high of 21.83M tons, but deal hopes capped further gains.

Documents obtained by Axios put the deal on three pillars — a Hormuz reopening during a 60-day truce, liberalized Iranian crude exports, and the start of nuclear-program talks. A breakdown risks Brent rebounding into the high $90s.

Mexico won the June 11 opener at Mexico City's Estadio Azteca on goals from Quinones and Jimenez; South Africa finished with nine men after two red cards. A ceremony with Shakira, Burna Boy and J Balvin drew a global live audience.

After 6.4M views within three days of its June 5 release and the top non-English TV spot, 'Teach You a Lesson' rose to No. 3 across all global TV by June 10. Its teacher-student power story has resonated abroad as the next breakout.

Director Yeon Sang-ho's 'Colony,' starring Jun Ji-hyun, passed 4.8 million admissions by June 10 and has held No. 1 for over 16 days. A 5 million milestone this weekend looks assured — 2026's first for a Korean film as summer blockbusters loom.

BOYNEXTDOOR's first full album 'HOME,' out June 8, held the daily album chart for two straight days toward a fourth straight million-seller. Title track 'VIRAL' hit No. 5 on Melon's Top 100, with several B-sides also in the top 20.

Shakira returned to a World Cup stage 16 years after 'Waka Waka,' joined by Burna Boy, J Balvin and other Latin and African stars, turning the Azteca ceremony into a standalone music event that Billboard quickly spotlighted.

Succeeding Veronique Nichanian's 38-year tenure, Wales Bonner unveils her first Hermes menswear collection on June 27 during Paris Men's Fashion Week (June 23-28). As the first Black woman to lead menswear at a major European house, the choice rewrites luxury's diversity story.

Zegna-controlled (92%) Thom Browne shows SS27 at Palazzo Serbelloni on June 22, its first entry to Milan Men's Fashion Week. The New York brand's move dovetails with CNMI's platform push and fuels debate over future show calendars.

After 30 years at McQueen, Sarah Burton shows her first Givenchy menswear at Paris Men's Fashion Week on June 25. How she carries the tailoring language from three womenswear seasons into menswear is seen as a test of the house's identity reset.

After five years at Alaia under the Prada Group, Belgian designer Pieter Mulier formally starts at Versace on July 1. His acclaimed, commercially expansive Alaia run raises both hope and doubt over how he will reread Versace's sexuality codes.

The 10 finalists faced first judging in New York on June 10, including Terrence Zhou (Bad Binch TONGTONG) and Zane Li (Lii) among diverse backgrounds. The winner gets $300,000, with the final result on October 20.

The NEC launched a fact-finding committee of six outside experts on June 10 to review ballot printing and allocation. Experts stress that constant oversight by party monitors and police makes rigging impossible — and that a flawed process is not fraud.

American Morse Tan drew a police travel-ban request for spreading falsehoods about President Lee Jae-myung after re-entering Korea. A court rejected his stay bid on June 4 citing public interest — his 'the White House is watching' threat swayed nothing.

On the June 3 ballot-shortage day, one far-right channel topped Korea's superchat ranking with 5.6M won, and the next day the top five raked in about 19M won total. Another channel faces investigation over roughly 30M won earned from false videos.

NEC requests to remove deepfake posts reached 10,319, more than 25 times the 388 of the 2024 general election and already near the last presidential race's full total. Enforcement against false propaganda reached 921 people.

Online claims that several districts' tallies matched to the last digit spread widely, but statisticians call it a plausible coincidence given sample sizes and rounding, firmly rejecting the conspiratorial read. The NEC has posted fact-checks too.