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.
U.S. jet fuel production rose above 2 million bpd in April and net exports climbed to record levels as Europe and other buyers replaced lost Persian Gulf supply. The IEA said higher refinery output, stronger Atlantic Basin shipments and increased imports have eased near-term jet fuel shortages.
The EU regulation phases in importer disclosure from May 2025, equivalent methane monitoring and verification requirements from January 2027, methane-intensity reporting from August 2028 and an intensity threshold from 2030. U.S. and Qatari stakeholders have said unresolved equivalence standards and LNG traceability requirements could limit compliant volumes entering Europe.
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.
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.
Vessel traffic through the Strait of Hormuz remained near pre-conflict levels, with 67 ships passing in the past 24 hours, according to AP. Reports said more than 17 million barrels of oil moved through the waterway over the weekend, while Iranian crude exports rose as tanker transits continued.
Cuba has approved an emergency package of 176 economic measures across 23 sectors that expands scope for private enterprise, allows foreign companies to invest directly in the private sector, reduces most price controls, and gives municipalities and state firms greater authority to partner with private businesses and cooperatives.
Labour politician Andy Burnham won the Makerfield by-election in northwest England with nearly 55% of 45,510 votes cast, finishing more than 9,000 votes ahead of Reform UK candidate Rob Kenyon. The result returns Burnham to Parliament after nearly a decade and follows his tenure as mayor of Greater Manchester.
Oil prices declined after the United States and Iran signed an agreement described by AP and Axios as ending the conflict, waiving U.S.-backed sanctions and calling for the Strait of Hormuz to reopen. Traders assessed the prospect of increased Iranian crude exports and reduced disruption to regional supply flows.
CME Group said Terry Duffy will step down as chief executive and become executive chairman on March 1, 2027, with President and CFO Lynne Fitzpatrick appointed CEO. The board approved the transition on June 16, 2026, and the company said it will begin a search for a new chief financial officer.
