⛽ Where Do Oil Prices Go From Here?

Good morning. US stock futures rose in Monday morning trading as stock market indexes tried to build on recent momentum.

🛢️ OPEC+ extends production cuts

📝 Our report: OPEC+ extended its production cuts to prop up the wobbly oil market but penciled in a date to start pumping more later this year. The agreement reached in Saudi Arabia exceeds market expectations in some ways, extending so-called “voluntary” cuts from key members including Saudi Arabia and Russia well into next year.

 🔑 Key points:

• The new agreement aims to keep supporting crude prices while also easing the production restraints against which some members, such as the United Arab Emirates, have chafed.

• Crude prices have recently been in decline amid a fragile economic outlook in top consumer China and doubts about the pace of interest-rate reductions in major industrialized economies.

• The curbs will continue in full in the third quarter then be gradually phased out over the following 12 months, according to a statement from the Saudi Energy Ministry.

💡 So what: OPEC+ sticking to its decision to extend oil output cuts has several implications. It is likely to maintain higher oil prices, which can benefit oil-exporting countries by boosting their revenues. Conversely, it may lead to increased fuel costs for consumers and businesses, potentially fueling inflation and economic strain in oil-importing countries. The move could also impact global energy markets by encouraging investment in alternative energy sources and affecting geopolitical dynamics as countries navigate the balance between energy supply and demand.

Monday - No Major Economic News

Tuesday - No Major Economic News

Wednesday - US Trade Deficit

Thursday - No Major Economic News

Friday - Consumer Credit, US Unemployment Rate

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🧶 Fast fashion firm looks to London for IPO

WHAT: Online fashion giant Shein is getting ready to file a prospectus with Britain's Financial Conduct Authority for a potential London float, eyeing a valuation around £50 billion ($63.7 billion), according to reports from Sky News. Shein, valued at $66 billion in a fundraising last year, started engaging with the London-based teams of its financial and legal advisors to explore a listing on the London Stock Exchange early this year, sources told Reuters in May.

WHY: The fast-fashion company stepped up preparations for its London listing after its attempt to float itself in New York faced regulatory hurdles and pushback from U.S. lawmakers.

✈️ Airline facing strike risk as negotiations stall

WHAT: A union for American Airlines flight attendants urged workers to gear up for a strike after contract talks with the airline hit turbulence and failed to land an agreement. The Association of Professional Flight Attendants (APFA) said it believes that the National Mediation Board (NMB) which is overseeing the negotiations will bring the parties together for a "last ditch" effort in the next two weeks.

WHY: Lawmakers in the U.S. have urged the NMB to take steps to help about 80,000 flight attendants reach contract deals. Flight attendants at United Airlines, Alaska Air group, American Airlines and Frontier are among employees at more than a dozen airlines still working to reach new contract deals.

🤖 Tech giant sets timeline for next-gen AI chips

WHAT: Nvidia CEO Jensen Huang revealed that the company's next-gen AI chip platform, named Rubin, will make its grand debut in 2026. The Rubin family of chips will include new graphics (GPU) and central processors (CPU) as well as networking chips, Huang said at National Taiwan University in Taipei as part of the Computex trade show.

WHY: Dominating roughly 80% of the market for AI chips, Nvidia stands in a unique position as both the largest enabler as well as beneficiary of surging AI development.

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