U.S. manufacturing output showed minimal growth in May, signaling continued fragility in the industrial sector despite solid gains in motor vehicle and aircraft production. According to the latest report from the Federal Reserve, factory output rose by just 0.1% month-over-month, missing market expectations, as trade-related uncertainties and elevated input costs weighed on broader manufacturing performance.
Deutsche Telekom AG $DTEGY has entered into a strategic alliance with Nvidia Corporation $NVDA to build a dedicated artificial intelligence (AI) cloud infrastructure for European manufacturers. The announcement signals a pivotal move toward strengthening the European Union’s position in the global AI race, aiming to bridge the technological gap with the U.S. and China. The new platform, powered by 10,000 Nvidia GPUs, will be hosted in Telekom’s data centers in Germany and is scheduled to become operational by 2026.
The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against RAMS Financial Group, the mortgage brokerage subsidiary of Westpac Banking Corporation $WBC.AX, Australia’s second-largest lender. The regulatory body alleges that RAMS used falsified payslips from non-existent employers to secure mortgage approvals. This misconduct reportedly occurred between June 2019 and April 2023. RAMS Financial Group was shut down by Westpac in 2023 amid growing regulatory scrutiny.
The Indian Rupee (INR) experienced a modest depreciation on Tuesday, influenced by increased demand for the US dollar (USD) toward the end of the month. This demand primarily originated from local companies and foreign banks operating in India, likely on behalf of their clients. Concurrently, Indian equity markets mirrored a regional downturn, with core stock indices reflecting losses alongside declines in broader Asian markets.
Moderna, Inc. $MRNA, a leading biotech firm and key player in the mRNA vaccine market, announced on Friday the submission of its updated COVID-19 vaccine candidate to the U.S. Food and Drug Administration (FDA). This vaccine, branded Spikevax, targets emerging variants, specifically the LP.8.1 subvariant of the JN.1 lineage, which now accounts for approximately 70% of COVID-19 cases in the United States. The update follows FDA guidance to adapt vaccine formulations to current dominant strains, aiming to enhance immunity in a shifting viral landscape.
China, the world’s largest importer of liquefied natural gas (LNG), has notably dialed back its purchases in 2024, driven by rising domestic gas production, expanded pipeline deliveries, and softer weather conditions. According to customs data, China imported just 20 million metric tons of LNG in the first four months of the year, significantly down from nearly 29 million metric tons during the same period in 2023.
Shopify Inc. $SHOP, a leading e-commerce infrastructure provider based in Canada, has launched an integrated generative AI feature aimed at simplifying and accelerating the online store creation process for its merchants. The new AI Store Builder allows users to input descriptive keywords, which the system uses to generate full store layouts—complete with product imagery and customized text—within seconds.
On Wednesday, investors urged Porsche CEO Oliver Blume, who simultaneously heads parent company Volkswagen $VWAGY, to relinquish one of his executive positions. This demand follows Porsche’s downward revision of its profit outlook for 2025 amid a challenging macroeconomic environment. The luxury automaker’s performance has been significantly affected by a steep 42% decline in Chinese sales during the first quarter, complications from U.S. tariffs, and a slower-than-expected transition to electric vehicles (EVs).
On Tuesday, shares of Australian enterprise software provider TechnologyOne $TNE.AX hit an all-time high after the company reported first-half earnings that surpassed market expectations. The cloud-based software firm announced pre-tax profits of AUD 81.9 million (USD 52.77 million) for the six months ended March 31, outperforming the consensus estimate of AUD 77 million compiled by Visible Alpha.
Capital One Financial Corp. $COF, one of the United States' largest consumer banks, is now the subject of a high-profile lawsuit filed by New York Attorney General Letitia James. The lawsuit, brought before a Manhattan federal court, accuses the bank of deceptive practices tied to its flagship 360 savings accounts. Specifically, the complaint alleges that Capital One lured depositors with promises of top-tier interest rates—only to quietly freeze rates at significantly lower levels despite a broader national uptick in returns.
China's semiconductor industry is witnessing the emergence of a powerful new player. SiCarrier, a chip equipment manufacturer closely aligned with Huawei Technologies, is seeking to raise $2.8 billion in its first funding round. The move marks a significant shift in the country’s efforts to build a self-sufficient semiconductor ecosystem amid intensifying global tech competition and export controls.
In a bold step to diversify its operations and align with the global shift toward cleaner energy solutions, Exxaro Resources $EXX.JO, a leading South African coal mining company, has announced the acquisition of manganese mines in South Africa. This deal, valued at 11.67 billion South African rand (ZAR), marks a significant transition for the company, as it pivots towards essential minerals needed for the green energy transition. The acquisition, which includes stakes and rights to manganese assets owned by Ntsimbintle Holdings and OM Holdings, signals Exxaro’s strategic focus on diversifying into metals critical for future technologies, such as battery production and renewable energy.
