Cover Story
Issue 01The stock reversed part of its early Nasdaq rally after opening at $150 following a $135 IPO that raised about $75 billion and implied a $1.77 trillion valuation. Reports said the drop exceeded 16%, while weakness also spread to listed space companies and related ETFs during the pullback.
The Bank of England’s June 22 policy statement and draft code would replace user holding limits with a temporary £40 billion cap for each systemic stablecoin product, revise reserve composition to 70% short-term UK government debt and 30% Bank deposits, and require full redemption requests to be completed within 24 hours.
The stock reversed part of its early Nasdaq rally after opening at $150 following a $135 IPO that raised about $75 billion and implied a $1.77 trillion valuation. Reports said the drop exceeded 16%, while weakness also spread to listed space companies and related ETFs during the pullback.
Avis Budget said it signed a settlement and release agreement with Pentwater Capital Management and affiliates in a pending action seeking recovery of alleged short-swing profits under Section 16(b). The agreement provides for a $650 million cash payment to Avis, subject to court approval and other customary closing conditions.
The China Resources Power unit set its Shenzhen main-board offer at RMB10.11 a share, implying base proceeds of RMB21.3 billion and as much as RMB24.5 billion if the overallotment is exercised. Filings showed retail bids of about RMB6.4 trillion and a final public tranche of 930.7 million shares.
Energy Fuels said it agreed to buy Vacuumschmelze from Ara Partners for about $1.9 billion in equity value, paying $718 million in cash and issuing 65.853 million shares, with additional preferred-share protection tied to closing price. The deal includes assumed net debt of about $140 million and is targeted to close in early 2027, subject to approvals.
IEA and Reuters reported North Sea Dated and Forties weakened in mid-June as flows through the Strait of Hormuz rose to about 12-12.5 million barrels a day and markets priced partial Gulf export recovery after a US-Iran interim deal. Dated Brent fell to about $77-$82 a barrel, while 2026 demand forecasts were cut.
Russian crude shipments from Primorsk, Ust-Luga and Novorossiysk averaged about 2.35-2.4 million bpd in early May, close to export system limits. Meanwhile, U.S. sanctions relief through Aug. 21 has enabled additional Iranian cargoes, with 20 million barrels departing Chabahar and floating storage rising, increasing competition for Asian buyers.
August attacks damaged refineries including Ryazan, Saratov and Volgograd while harvest-season demand and maintenance reduced available supply. Wholesale A-92 rose to about 53.5 rubles a liter in the week of Aug. 18, close to retail at 59.5, as authorities redirected flows, used reserves and maintained price controls.
S&P Global’s August flash PMI showed the composite output index at 55.4, up from 55.1, as manufacturing returned to expansion with the factory PMI at 53.3 from 49.8 and output at a more than three-year high. Services stayed in expansion at 55.4, while hiring and selling prices also increased.
The draft law, now before the National People's Congress Standing Committee, would create a foundational framework for the financial sector, place all financial activities under unified supervision, require approval for institutions and products, formalize risk-resolution tools, and state that the renminbi includes both physical and digital forms.
Brent oil posted an unusually sharp one-day drop of 4.8% to $84.36 on June 15, 2026, falling from $88.64 just three days earlier.
The 2-year U.S. Treasury yield hit a 12-month high of 4.20% on June 17, 2026, rising from 4.19% in February 2025.
Alliance governance arrangements between Renault and Nissan require Renault to avoid using its shareholding to influence Nissan board appointments in certain cases. Under the current alliance structure, Nissan shares held by a French trust are voted neutrally, and the trust must abstain on shareholder proposals that Nissan’s board does not support.
The Bank of England published the assumptions and mechanics for its private markets exploratory scenario, a five-year hypothetical stress exercise covering private credit and related markets. The framework models a severe global supply shock and recession, with higher rates, wider credit spreads, weaker refinancing conditions, equity declines, redemption pressure and rising corporate defaults.
Ireland said it aims to secure an EU agreement on the capital markets package by the end of 2026 during its rotating presidency, while maintaining that expanded centralized supervision by ESMA is not necessary. The package is part of the EU Savings and Investments Union and includes market integration and supervision reforms proposed by the European Commission.
Shipping companies remained cautious over the Strait of Hormuz despite a ceasefire, as oil tankers and merchant vessels continued transiting while Iran and the United States gave conflicting accounts of passage conditions. Traffic has improved from wartime lows, but route restrictions, security alerts and port congestion remain unresolved.
