Bloomberg — 2026-07-05#

Lead Story#

Global oil prices are sliding as the energy market breathes a collective sigh of relief over Middle Eastern supply. Despite recent disruptions and fears surrounding the US-Iran war, crude flows along the Omani coast of the Strait of Hormuz are persisting, while major OPEC+ members have preliminarily agreed to a modest 188,000 barrel-a-day production hike for August. These twin developments are helping to ease market jitters while fanning fresh concerns about a potential supply glut as more crude hits the market.

Markets & Economics#

• Carry Traders Shift Away From Dollar for Emerging-Market Bets: Investors are increasingly abandoning the surging US dollar to fund their developing-world bets, turning instead to currencies like the euro and Australian dollar.
• Korean Won Edges Higher on First Day of 24-Hour Trading: South Korea’s currency ticked upward against the dollar in a milestone session as the won commenced its first-ever round-the-clock trading operations.
• Trump’s War Means Higher Global Interest Rates for Years to Come: While the recent US conflict with Iran has concluded, the macroeconomic and inflationary repercussions are expected to alter global monetary policy and keep interest rates elevated for the foreseeable future.
• Chile’s Economy Rebounding in June, Quiroz Tells La Tercera: Finance Minister Jorge Quiroz declared that the nation’s economy reached a crucial turning point last month and is poised to mount a robust recovery in the second half of the year.

Business & Industries#

• SK Hynix Seeks Access to AI Investors in $29 Billion US Listing: The South Korean memory chipmaker is targeting a massive US IPO to compete in the hottest corner of the global stock market, potentially marking the largest-ever first-time share sale by a foreign firm.
• EasyJet Agrees to Castlelake’s £5.2 Billion Takeover Offer: The British airline has accepted in principle a fifth all-cash takeover bid from Castlelake LP at £6.90 per share, valuing the carrier at £5.2 billion.
• Alibaba Gets Reprieve From Lobbying Ban Tied To Pentagon’s Curbs: A federal judge granted the Chinese e-commerce giant a temporary injunction against a law that forced all its lobbyists to drop the firm, setting up a major test of Washington’s power to restrict foreign corporate activity.
• Millennial Samsung Union Leader’s $26 Billion Bonus Victory Turns to Bitterness: A new generation of tech workers is finding itself fiercely divided over the AI boom, as a massive, freshly negotiated union bonus sparked internal resentment rather than workforce unity .

Policy & World#

• Trump Heads to NATO Summit to Meet Zelenskyy, Face Wary Allies: President Donald Trump is traveling to Turkey for a tension-filled NATO meeting where he will sit down with Ukraine’s Volodymyr Zelenskyy and confront allies deeply concerned about European defense spending and the recent Iran conflict.
• Australia to Sign Fiji Security Pact, Finalize India Uranium Export Deal: During a series of diplomatic meetings this week, Canberra is poised to solidify its regional influence by inking a new security agreement with Fiji and authorizing uranium exports to India.
• AI Poses Biggest Security Challenge of Decade, UK’s Cooper Warns: Britain’s foreign secretary is urging the international community to urgently develop global guardrails to contain the emergent threats posed by artificial intelligence.

Opinion & Analysis#

• Michael Burry Is Right About Memory Chipmakers: The Big Short investor has a point in pushing back against the prevailing narrative that memory chipmakers have entered a permanent supercycle, warning that the market may be severely getting ahead of itself .
• America’s Battlefield Dominance Is Under Serious Threat: While the US Army plans to procure 340,000 drones annually by 2027, this pales in comparison to Ukraine’s 4 million, exposing fatal vulnerabilities in Washington’s high-cost, low-volume military strategy .
• Who’s Really Keeping Fossil Fuels Alive? Taxpayers: Bloomberg Opinion challenges the notion that private-sector realism is propping up the oil and gas industry, arguing instead that massive government subsidies are what truly stall the green transition .