Bloomberg — 2026-07-06#

Lead Story#

SK Hynix kicked off the formal marketing process for its $28 billion US listing, aiming to capitalize on surging investor demand for AI memory chips. Concurrently, Samsung Electronics reported a massive 19-fold surge in quarterly profit, soaring past elevated expectations due to skyrocketing demand from AI data centers. These developments underscore the sustained momentum of the AI-driven tech rally and its profound impact on global equities as companies race to build out necessary infrastructure.

Markets & Economics#

• Saudi Arabia Slashes Oil Prices (Bloomberg): Saudi Arabia cut the price of its main crude grade for Asian customers in August by the most in at least 26 years. The aggressive discount comes as the kingdom seeks to remain competitive amid rising global supply and a recovering flow of oil through the Strait of Hormuz.
• Goldman Cuts Yen Forecast to 165 (Bloomberg): Goldman Sachs Group Inc. downgraded its yen forecast to 165 per dollar in 12 months, citing historic undervaluation and persistent US-Japan interest rate differentials. Mirroring this bearish outlook, hedge funds have turned the most negative on the Japanese currency since 2007.
• US Service Sector Cools (Bloomberg): The US service sector expanded at a slightly slower pace in June as the ISM index fell 0.5 points to 54, though companies boosted payrolls as cost pressures eased.
• Israel Cuts Interest Rates (Bloomberg): Israel’s central bank cut interest rates for the second consecutive meeting to its lowest level since late 2022. Policymakers cited a strong shekel, moderate inflation expectations, and an enduring ceasefire in the Middle East.

Business & Industries#

• Broadcom and Apple Extend Custom Chip Pact (Bloomberg): Broadcom agreed to a multi-year deal through 2031 to provide custom ASIC chips for Apple, cementing a relationship that is mutually beneficial for future generations of products.
• Solstice Acquires Element Solutions in $14.5 Billion Deal (Bloomberg): Honeywell spinoff Solstice Advanced Materials will acquire Element Solutions in a cash-and-stock deal valued at about $14.5 billion. The merger creates a massive new market leader in the specialty chemicals sector.
• Vertex Acquires Crinetics for $10 Billion (Bloomberg): Vertex Pharmaceuticals agreed to purchase Crinetics Pharmaceuticals in a $10 billion cash deal. The acquisition aims to expand Vertex’s focus into endocrinology, incorporating new medicines for acromegaly and hormone disorders.
• EasyJet Accepts £5 Billion Takeover Bid (Bloomberg): Budget carrier EasyJet has agreed in principle to a takeover offer of more than £5 billion from Castlelake. The private investment firm swooped in following the airline’s struggles with soaring jet fuel prices and suppressed demand stemming from the Iran war.

Policy & World#

• Trump and Zelenskyy to Meet at NATO Summit (Bloomberg): US President Donald Trump will meet Ukrainian President Volodymyr Zelenskyy at the NATO summit in Ankara, Turkey, while pushing alliance members to spend more on defense. The summit takes place just after a massive Russian air attack on Kyiv killed 11 people.
• Trump Rings Opening Bell for ‘Trump Accounts’ (Bloomberg): President Trump rang the stock market opening bell from the Oval Office to celebrate the launch of Trump Accounts, a tax-advantaged investment vehicle for American children. The government is contributing $1,000 to the accounts of children born between 2025 and 2028.
• FIFA Clears US Striker After Trump Intervention (Bloomberg): FIFA controversially overturned a red-card suspension for US soccer star Folarin Balogun after a personal appeal from President Trump. The unprecedented reversal sparked outrage in Belgium ahead of their World Cup match against Team USA.
• Canada Chooses Germany for Submarine Fleet (Bloomberg): Prime Minister Mark Carney selected a bid led by Germany’s Thyssenkrupp Marine Systems to build a new fleet of submarines for the Canadian Navy. The multi-billion-dollar deal comes as Canada seeks to defend the melting Arctic against growing geopolitical threats.

Opinion & Analysis#

• Andy Burnham’s Impossible Promise (Bloomberg): Bloomberg Opinion highlights the challenges facing the UK’s likely next prime minister, Andy Burnham, arguing that his ambitious growth pledges overlook the entrenched inefficiencies of the British state machinery and postcode-level bureaucracy.
• Spain Outgrows South Korea (Bloomberg): A Bloomberg Opinion piece points out that Spain has quietly achieved phenomenal economic growth, vaulting past South Korea into the $2 trillion GDP club despite the latter’s dominance in the booming AI industry.