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 order kept nearly 16 GW of imported-coal capacity available during expected summer demand and evening peak tightness after hydropower output fell 16.3% in FY2023/24. Authorities had also projected a 14 GW June night-time shortfall, and extended the related emergency clause through Oct. 31, 2024.
Parliamentary questions filed on April 10 asked whether the Dutch government is engaging Washington and other partners over the proposed MATCH Act, which could extend U.S. export controls to allied suppliers, including ASML's immersion-DUV exports and servicing in China. ASML said its 2026 guidance range reflects uncertainty around export-control discussions.
Reuters reported Venezuela is preparing a creditor update in the coming weeks that will put total obligations at about $240 billion, above prior market estimates. The figure reflects a broader set of claims than defaulted bonds. A macro framework due with an early July sustainability plan would estimate GDP near $100 billion and debt above 200% of output.
Qatar’s prime minister said LNG operations should return to normal within a few weeks, while damaged Ras Laffan facilities remain on a separate repair timeline. QatarEnergy said force majeure on some long-term supply contracts will be lifted only after it determines operating conditions are safe, following March 18-19 attacks that damaged two LNG trains.
On Aug. 25, 2014, the euro traded near $1.319 after touching about $1.3185, its lowest level since September 2013, as Mario Draghi said the ECB could use all available tools if euro area inflation weakened further. Brent moved toward $102, German Ifo business climate fell for a fourth straight month, major euro zone stock indexes gained and Spanish, Italian and Portuguese bond yields declined.
SpaceX disclosed terms for a five-part senior unsecured notes sale totaling $25 billion, with coupons ranging from 5.35% to 6.65% and maturities from 2031 to 2056. The company said proceeds will repay its bridge loan, cover related fees and expenses, and support general corporate purposes, with closing expected June 26, 2026.
Alibaba sued the U.S. government in federal court in San Jose after the Defense Department added it to the June 8 Section 1260H list of 188 entities. The company seeks removal, while the Pentagon cited affiliations with SASAC and MIIT; procurement restrictions tied to listed companies begin June 30.
MSCI said Indonesia will stay in the Emerging Markets category while it assesses implementation of reforms on shareholder disclosure, investor classification, concentrated ownership monitoring and a higher free-float threshold, with a November 2026 checkpoint for possible reclassification consultation. South Korea remained in Emerging Markets as offshore won convertibility and extended-hours onshore FX liquidity issues persist.
Bloomberg reported on June 23 that TDR Capital-backed EG Group has made a confidential submission for a U.S. initial public offering. The company is considering a deal of about $1 billion at a valuation near $9 billion, with timing discussed as soon as July, though terms remain unsettled.
SEGRO said it received an unsolicited proposal from Prologis on June 16 offering 0.084 new Prologis shares for each SEGRO share, implying 925 pence a share and about £12.6 billion based on June 23 market inputs. The board rejected the approach, and Prologis must clarify its intentions by July 22.
Permanent representatives approved the move without discussion, with formal Council adoption expected June 8. Pax Silica is presented as coordination on supply chains spanning critical minerals, semiconductor design and manufacturing, compute, energy, logistics and data centers. The Commission said the arrangement complements G7 workstreams and does not alter EU decision-making.
The June 24 summary of opinions from the Bank of Japan’s June 15-16 meeting showed several members backing further policy-rate increases after the June 16 move to about 1.0%. Members cited underlying inflation approaching 2%, accommodative financial conditions, and views that the policy rate still sits below a neutral level.
KNDS said it is seeking admission for its ordinary shares on Euronext Paris and the Frankfurt Stock Exchange. Reports said about 20% of the company is planned to be sold to the market, with France and Germany each holding 40% after Germany acquires a stake from Wegmann, implying a valuation of about €15 billion to €18 billion.
Reuters, citing the Financial Times, said German officials plan to discontinue the six-ship F126 programme after delays and project issues and instead procure eight smaller MEKO A-200 frigates from Thyssenkrupp Marine Systems. Rheinmetall had been positioned to assume the prime-contractor role, while the Defence Ministry and company had not commented at publication.
The U.S. Treasury's June 22 General License X permits transactions needed to produce, sell, deliver and offload Iranian-origin crude, petrochemical and petroleum products until Aug. 21, including maritime services, dealings involving blocked vessels and U.S. dollar payments. The authorization also allows related U.S. imports, while excluding Cuba, North Korea, Crimea and certain Ukraine regions.
Apollo Debt Solutions, a roughly $26 billion private credit fund, said withdrawal requests reached 16.8% of shares for the quarter, up from 11.2% previously, prompting it to apply its 5% redemption limit. The filing indicated about $700 million of gross outflows, $300 million of inflows and net outflows near 3% of NAV year to date.
