The last 24 hours of news across every topic — markets, crypto, geopolitics, and tech, AI-curated by PiQ Markets

The United States and Iran have reached a framework agreement to end a three-month conflict and reopen the Strait of Hormuz. The deal, mediated by Pakistan and Qatar, includes a 60-day ceasefire and initiates talks on sanctions relief and Iran's nuclear program. President Trump announced the agreement, which could see Iranian oil tankers resume exports and global markets rally on optimism. However, concerns remain regarding the deal's specific terms, with some analysts deeming claims premature and shipping firms awaiting concrete safety guarantees before resuming transit through the vital waterway.

SpaceX has achieved a record-breaking initial public offering, raising over $85 billion and making Elon Musk the world's first trillionaire. Following its IPO, the company's shares surged dramatically, pushing its market capitalization to nearly $3 trillion and briefly surpassing tech giants like Amazon and Microsoft. In a significant expansion into artificial intelligence, SpaceX announced plans to acquire the AI coding firm Anysphere, operator of Cursor, for $60 billion in an all-stock deal. This flurry of activity has also fueled a trading frenzy in options and ETFs, with new investment products emerging to capitalize on the hype.

The artificial intelligence boom is driving significant growth and investment across the global tech sector, particularly in semiconductor manufacturing and data center infrastructure. Asian chipmakers like TSMC and SK Hynix are seeing valuations soar due to unprecedented demand for AI chips, with Nvidia relying heavily on their supply chains. Companies such as Samsung Foundry are gaining momentum, securing deals with major clients like Nvidia and Tesla. In China, startups like Enflame Technology and SiliconFlow are raising substantial funds for AI chip development and inference infrastructure, signaling a push for self-reliance. Meanwhile, the demand is also fueling rapid development of data center power plants in the U.S., often with reduced public scrutiny, and driving investments in advanced networking and memory solutions.

A fragile quiet has settled over Lebanon following a US-Iran truce, though residents doubt its longevity amid ongoing Israeli ceasefire violations. Iran's parliament warns of a 'crushing response' to any MOU violation, while demanding Israel's withdrawal from Lebanon as part of a broader regional ceasefire. President Trump plans to submit a new Iran deal to Congress, citing Lebanon war costs and criticizing Israel's tactics. Meanwhile, oil prices have fallen to a three-month low on anticipation of an Iran deal that would increase global supply, though China cautions that future US-Iran talks will be difficult.

The U.S. is experiencing a significant economic slowdown, with inflation hitting a three-year high of 4.2% in May, largely driven by a 23.5% surge in energy prices. This has led to increased costs for gasoline, airfares, and fuel, impacting summer travel and general affordability. The ongoing conflict with Iran is a major contributor to these rising prices, disrupting global supply chains for oil and fertilizer, which in turn affects crop yields and food prices. While President Trump downplays the economic strain, calling it "peanuts," Republican leaders are urging him to de-escalate the Iran conflict and address domestic affordability concerns. The Senate narrowly blocked a resolution to end U.S. military action in Iran, highlighting divisions on the path forward.

G7 leaders are pledging increased support for Ukraine, including air defense and long-range systems, and are set to strengthen sanctions on Russia's war economy, particularly its energy sector. President Donald Trump indicated the U.S. may reinstate oil sanctions on Russia, which were previously suspended to stabilize global energy prices. Ukrainian President Volodymyr Zelenskyy discussed obtaining licenses for Patriot air defense system production with President Trump, who reportedly responded positively. Former Ukrainian Prime Minister Arseniy Yatsenyuk stated that U.S. support is crucial for Ukraine to pressure Russia into diplomacy.

Primary elections are underway across Georgia, Oklahoma, and Washington D.C. on June 16, 2026, with several key races drawing national attention. In Georgia, businessman Rick Jackson secured the GOP nomination for governor, defeating Trump-backed Burt Jones. Meanwhile, Trump-endorsed Mike Collins won the Republican Senate primary runoff. Oklahoma is seeing contests for an open House seat and a gubernatorial race, with early results projected for a runoff in the 1st Congressional District. Washington D.C. voters are using ranked-choice voting for their mayoral primary, with Janeese Lewis George leading early returns.

Markets are reacting to several key developments, including anticipated Federal Reserve signals on inflation and interest rates under new Chair Kevin Warsh. Fund managers express concern over crowded semiconductor stock trades, leading to a pullback in the SOX index. Meanwhile, investor interest in emerging markets private credit is growing, with 42% of institutional investors planning to increase allocations. Japanese manufacturers' sentiment has improved for a second month, buoyed by chip demand, though caution remains regarding geopolitical risks. Additionally, hedge funds are increasingly seen as beneficial participants in sovereign debt markets, and some, like DE Shaw, are closing strategies to new investments due to high demand.

Several tech companies are investing heavily in the future of computing beyond smartphones, focusing on AI-powered wearables and augmented reality. Qualcomm is launching new AI platforms for wearables and powering Microsoft's updated Surface devices. Snap is releasing new AR glasses at $2,195, positioning them as the next computing platform, while also facing activist pressure. LG Electronics is pivoting towards services, B2B, and AI robotics. Plaud aims for $500 million in annual sales with its new AI agent wearable, and Apple is reportedly planning AI-focused AirPods for late 2027. Despite these efforts, Qualcomm's stock is impacted by smartphone market challenges.

The UK is moving forward with a ban on social media access for individuals under 16, a policy championed by Prime Minister Keir Starmer to protect children from harmful content and addictive algorithms. This move, drawing parallels to Australia's regulations, aims to enhance child safety online. However, the proposal faces significant criticism from tech giants like Meta and Google, who warn of unintended consequences such as pushing teens to less regulated platforms and creating surveillance risks. Disability activists also express concern that the ban could isolate disabled children who rely on these platforms for social connection and support. The policy's enforcement mechanisms and scope remain subjects of debate, with potential for international friction, particularly with President Trump.

Senate Democrats are proposing to expand Medicare's drug price negotiation capabilities, potentially incorporating international pricing. Meanwhile, the National Institutes of Health (NIH) is establishing a new office to reduce animal testing in research. In parallel, European officials are examining the impact of President Donald Trump's drug pricing policies on the EU, fearing negative consequences for European drug markets. Separately, a measure to repeal a Trump immigration rule failed to advance in Congress, and a Senate Finance Committee markup of a tax bill is stalled over an amendment concerning President Trump's IRS audit immunity.

G7 leaders convened in France, pledging accelerated military aid and enhanced sanctions against Russia to pressure its war economy, particularly targeting oil and gas. European leaders, including French President Emmanuel Macron and Ukrainian President Volodymyr Zelenskyy, urged Donald Trump to host peace talks with Russia. UK Prime Minister Keir Starmer announced a £1.3 billion investment in energy and AI. Canada imposed sanctions on 162 Russian targets. South Korean President Lee Jae Myung also attended, focusing on global economic imbalances and AI. Italian Prime Minister Giorgia Meloni met with Trump amid disputes over Pope Leo XIV and the war on Iran. Informal conversations among leaders were also captured.

China announced measures to promote the yuan's global use and manage domestic liquidity. The central bank governor detailed plans for offshore yuan transactions and a new tool for overseas institutions, aiming to reduce dollar dependence. Regulators also pledged to prevent systemic financial risks.

Over 73,000 Palestinians have died in Gaza since October 2023, with more than 173,200 wounded, as Israeli military operations continue amidst stalled ceasefire talks. Rights groups are urging a halt to military AI use, citing Gaza as a dangerous precedent for civilian casualties and accountability issues. In the West Bank, Israeli forces wounded a 15-year-old girl during a raid. Meanwhile, an Israeli strike in central Gaza killed two brothers, and Israeli forces expanded control in Gaza City, displacing residents. An Israeli rights group condemned the government's seizure of planning powers at a Hebron holy site, and Israel's Supreme Court rejected an appeal to release a detained Gaza doctor.

The U.S. has delayed adding China's AI startup DeepSeek, memory chipmaker CXMT, and over 100 other firms flagged as national security risks to a trade blacklist. This decision comes as the Trump administration seeks to avoid escalating tensions with Beijing.

President Donald Trump's administration is navigating complex international trade relations, with upcoming talks on the USMCA trade deal facing uncertainty due to Trump's doubts. Simultaneously, a federal judge is set to rule on a deal to end a criminal case against Turkish lender Halkbank for allegedly helping Iran evade sanctions. In Latin America, China's trade has surged, though the U.S. remains the top market. Elsewhere, a European Parliament trade committee chair is delaying a transatlantic trade deal, Cargill is exploring new biodiesel production methods due to U.S. tariffs, and Cuba is considering economic reforms under U.S. sanctions pressure.

Russia launched a large-scale drone and missile assault across Ukraine on June 16, killing at least three civilians and injuring 68, with a passenger bus in Kherson among the targets. In eastern and southeastern Ukraine, Russian attacks in Sloviansk and Zaporizhzhia killed four people and damaged buildings. Meanwhile, Ukraine struck the Moscow Oil Refinery, halting operations and causing a fire, which President Zelensky described as a 'just response' to Russian attacks. Separately, a Ukrainian Su-24 bomber crashed in Khmelnytskyi Oblast, killing its two crew members, while a defense partnership was announced between Ukrainian Armor and AviaNera Technologies for missile and drone engines.

The cryptocurrency market shows mixed performance as major events unfold globally. Bitcoin experienced a rebound, reaching approximately $88,000, following the Bank of Japan's decision to end its ultra-cheap money era with a rate hike to around 1%, the highest in over 30 years. This move, aimed at combating inflation risks, was interpreted by traders as supportive for risk assets, despite initial expectations of a market selloff. Meanwhile, altcoins like Uniswap and Hyperliquid have shown significant gains, with Hyperliquid reaching record highs and attracting institutional interest, even as the broader crypto market faced a downturn. Investors are also awaiting the Federal Reserve's rate decision, with a backdrop of falling oil prices and a bond rally improving the macro environment for risk assets. However, some assets, including Uniswap and Bitcoin, also experienced declines, with the CoinDesk 20 Index trading lower.

South Korea is navigating a dynamic economic landscape, with its cosmetics industry experiencing a second global boom driven by indie brands and advanced manufacturing, expanding exports to the U.S. and Europe. Concurrently, the Bank of Korea Governor pledged proactive measures to curb persistent inflation, influenced by global energy markets and domestic recovery. In other developments, the government plans to ease civilian border restrictions by shifting the Civilian Control Line an average of 6 km from the Military Demarcation Line to allow wider access and development. Seoul stocks opened lower, reflecting Wall Street's tech declines, while the finance minister announced a review of tax incentives for young SME workers outside the Seoul metropolitan area. Additionally, K-beauty trends and concerns over GLP-1 medication side effects are fueling interest in scalp care.

Germany and Poland are deepening defense ties with a new agreement focused on Baltic security, military mobility, and cybersecurity, signaling a united front amid rising tensions with Russia and questions about US commitment. This comes as European defense spending hits a post-Cold War high, with Poland leading at 4.48% of GDP. In parallel, Poland is seeking significant Taiwanese investment, including a partnership with Foxconn for electric vehicle and semiconductor production, aiming to reengineer its $1 trillion economy. Germany is also exploring initiatives like an offshore wind platform to counter China's dominance in renewables.