Over the quarter of a century I’ve spent observing British politics, Nigel Farage has been a constant presence. I’ve made umpteen trips to his constituency of Clacton both before he became MP and later when he campaigned there. I even spent three days making a documentary about him, observing Farage up close in the Strasbourg parliament (including, true to form, him downing a G&T before lunch). You could not fully explain what’s happened to the UK in the last 25 years without mentioning the Reform UK leader. Throughout that time, his superpower has been an uncanny ability to bend British politics to his will. But perhaps not this time. Farage and his team thought they were setting the terms of debate (just as they always have) with yesterday’s by-election gambit. The idea appeared to be that they would pre-empt an investigation into what Farage should have declared about his finances by going straight to the people of Clacton. But 24 hours later, it is clear that British politics has refused to play ball. The result: the 62-year-old politician looks exposed and vulnerable. Rosa Prince thinks it may be the beginning of the end for him . First, Farage doesn’t appear to have considered that this by-election would just pause the parliamentary probe, not end it—meaning there could be a second by-election if he’s found to have breached the rules. Second, he didn’t seem to anticipate the other parties sitting out the vote. This leaves Farage facing Count Binface . Even Farage will not be able to claim this as a mandate-supplying triumph over the establishment. The third danger for Farage is the by-election simply provides more publicity for the allegations against him: the undeclared £5 million gift from a Thai-based crypto-billionaire and the accommodation, again undeclared, from a man convicted of fraud in the US. These stories are hardly modest “man of the people” stuff — and they have cut-through the noise. Both Kemi Badenoch and Andy Burnham will be mightily relieved ...

Apple's New Broadcom Deal Could Strengthen Revenue Visibility for Years

FOMC Minutes Preview: Scrutiny For Hawkish Bias Today's FOMC minutes will be scrutinized for further insight into policymakers' appetite for additional rate hikes and the thinking behind the Committee's hawkish shift at last month's meeting . The minutes are an account of the June 17th meeting and therefore will not reflect subsequent developments, including the softer-than-expected June nonfarm payrolls report or Chair Warsh's appearance at the ECB's Sintra Forum. Nonetheless, as Newsquawk writes in its FOMC Minutes preview, the June meeting, Warsh's first as Fed Chair, marked a significant shift under his leadership. The Committee unanimously overhauled the policy statement, removing all forward guidance and placing greater emphasis on its commitment to price stability . While the statement changes were unanimous among voting members, it will be interesting to see whether non voting participants also supported the removal of forward guidance and the stronger inflation-focused language. On forward guidance, Waller spoke about the tool on July 6th - after the FOMC. He noted that it can speed the impact of monetary policy, calling it a valuable tool . However, it can be a hindrance if it is too strong or rigid, and also problematic when policy makers expect different economic outcomes all with a significant probability of occurring, adding in some cases, it is best not to use it at all. We will be looking to see the views among the whole FOMC around the use of forward guidance. Anecdotally, Rabobank wrote that " Fed's Waller has joined new Chair Warsh in wanting to shake up Fed communications to do so less: ahead of the FOMC minutes today, one wonders if they could just be a truncated, "We talked about stuff," leaving analysts to... well, analyze, rather than being spoon-fed." Traders will also be watching for any discussion surrounding the broader policy reviews announced by Warsh . During the FOMC press conference, he revealed plans to establish five task forces co...

格隆汇7月9日｜美国总统特朗普：我们将给予企业最长2年的时间在美国建厂；如果不这样做，它们将面临最高250%的关税。

TennesseePhotographer/iStock Editorial via Getty Images A few months ago, in April, I briefly entertained the possibility of upgrading J&J Snack Foods ( JJSF ) from a ‘hold’ to a ‘buy.’ I remained optimistic about cost-cutting initiatives that the company was working on. The goal that management had set forth was to cut annual expenses by $20 million. Add on top of this investments being made in growth areas such as Dippin’ Dots, and there were reasons to be bullish. Unfortunately, there were other issues as well. The company was continuing to see sales softness. And that, combined with weakness on the bottom line, justified maintaining it as a ‘hold’ candidate. Since then, we have unfortunately seen the share price drop 6.3%. That's far worse than the 8.4% increase that the S&P 500 experienced over the same window of time. Looking at the data today, I definitely understand why some investors might be outright bearish. But I'm not ready to take that stance just yet. Management has succeeded recently in improving certain bottom-line results. On top of this, the stock is incredibly cheap. This might not be the case relative to other similar firms. In that case, I would argue that it's closer to being fairly valued or might be a bit pricey. But on an absolute basis, it definitely does not look expensive to me. This combination of good things and bad things justifies maintaining it as a ‘hold’ in my book. I wish shares were tastier As a self-declared foodie, I always love being able to be bullish about food-oriented businesses, especially ones that have goods as tasty as what J&J Snack Foods provides. For context, the company produces and sells snack foods. It also distributes frozen beverages. Examples of its offerings include soft pretzels, frozen novelties, bakery products, and churros. Management even says that they believe they are the largest producer of soft pretzels in the U.S. On top of this, it makes available to customers donuts, cookies, funnel cakes, and mo...

Source: Bloomberg, 4:52

A secret inquiry by MI5's watchdog found the service knew an agent it defended in court was "obsessed" with violence, the BBC revealed on Tuesday.

We would like to hear from people who have struggled to cancel their contracts or subscriptions with Virgin Media - or any other company The UK telecoms watchdog has discovered that Virgin Media “likely mishandled” millions of phone calls between the start of 2022 and autumn 2024, which prevented broadband, landline and pay TV customers from cancelling their contracts . The company has been fined £28m by Ofcom after it discovered evidence of call-dropping tactics, unnecessary call transfers and putting customers on hold for “no reason”. Continue reading...

Photology1971/iStock Editorial via Getty Images Investment thesis Tencent ( TCEHY ) just paid €1.16bn for 26.32% of Ubisoft's three biggest franchises, valuing Ubisoft's retained stake at ~€3.2bn, yet the whole company trades at only ~€900m. Even after haircutting that stake, writing off the rest of the business, and covering the debt, the parts are worth far more than today's price. Business overview Ubisoft ( UBSFY; UBSFF ) is a French video game developer, known for franchises such as Assassin's Creed (the 8th best-selling game of all time), Far Cry, the Tom Clancy line (Rainbow Six, The Division, Ghost Recon), Watch Dogs, Just Dance, and more. The $860m market cap company recently (November 2025) carved its three biggest franchises - Assassin's Creed, Far Cry, and Rainbow Six - into a subsidiary in which Tencent invested €1.16 billion for a 26.32% economic interest. The €1.6b is being used to deleverage the company. On top of that, in January 2026 the CEO announced a sweeping restructuring (which caused the stock to drop 33% on the day): A split into five creative houses Discontinued 7 games and delayed 6—€800m in writedowns Slashed jobs and closed 2 studios Ubisoft website Industry Ubisoft’s performance is a pattern recognizable among all peers as the industry itself is structurally challenged, mainly due to the rise of AI and the fears surrounding it. When Google released Project Genie, a tool that generates interactive environments from a prompt or image, Unity ( U ) slumped 24.2%, Roblox ( RBLX ) was down 13.2%, and Take-Two ( TTWO ) was down 7.9%. AAA development is the most labor-intensive activity in the industry, so budgets routinely run into the hundreds of millions, and production cycles stretch multiple years. The efficiency of AI in all these aspects could potentially replace every stage of AAA production. The only moat left at the disposal of such companies seems to be creativity and intellectual property, at least for now. Stock Performance: Unity,...

【有線新聞】高級組銀牌籃球賽，康仁福建贏漢友19分。 白衫福建的張偉康射入三分，交出並列最高12分。首節互有領先，黃裕杰轉身射入，同樣有12分進帳，漢友有3分優勢。福建隨即連取6分，反先16比13，進入第二節打出17比10，拉開雙位數分差。福建最多拋離28分，結果贏72比53晉級，會對香港東方。

Palantir stock’s 25% rally is in jeopardy as shares slide MSN

The round, led by Radical Ventures, values the two-year old startup at $1 billion.

Apple will manufacture over 15 billion US-made chips and invest $1.5 billion in Broadcom's Colorado facility.

mbbirdy/E+ via Getty Images Wall Street traded lower on Wednesday after President Donald Trump declared the fragile U.S.-Iran truce officially over following renewed strikes. The blue-chip Dow ( DJI ) was -1.5%, the benchmark S&P 500 ( SP500 ) was -0.8%, and the tech-focused Nasdaq Composite ( COMP:IND ) was -0.8%. Now, here are four news stories that broke overnight to watch out for: U.S.-Iran hostilities resume: President Donald Trump declared the tentative ceasefire with Iran over and warned the U.S. would "probably" launch another round of strikes against the country on Wednesday, with the possibility of reinstating a naval blockade targeting Iranian shipping. Speaking at the NATO summit in Ankara, Trump said "We hit them very hard last night" and signaled potential escalation beyond maritime restrictions, raising the prospect of strikes on infrastructure including desalination and power plants. Global government bond yields spike: Renewed Middle East tensions lifted oil prices and pushed government bond yields sharply higher across major economies as investors reassessed the outlook for inflation and interest rates. The U.S. 10-year Treasury yield rose to 4.58%, Germany's 10-year Bund climbed to 3.07%, and the U.K.'s 10-year gilt advanced to 4.96%. Japan's 10-year yield held near 2.87%, its highest level in decades, while yields in Australia, Canada, India, Brazil, and Russia also moved higher. Apple and Broadcom expand chip deal: Apple ( AAPL ) announced a multiyear commitment with Broadcom ( AVGO ) expected to exceed $30 billion that will lead to the production of over 15 billion U.S.-made chips and support hundreds of American jobs. The partnership, Apple's largest American Manufacturing Program commitment to date, will enable Broadcom to expand and modernize its manufacturing facilities in Fort Collins, Colorado, with a $1.5 billion capital expenditure investment. Alibaba surges on AI growth: Shares of Alibaba Group ( BABA ) jumped about 10% in premarket tr...

日内瓦“全球治理之友小组”7日在日内瓦国际会展中心举办“AI向善普惠发展研讨会”。中国工业和信息化部部长李乐成在研讨会上介绍中国人工智能（AI）发展成就并表示，人工智能全球治理呼唤更强有力的国际协作，各方应深化创新合作，加强协同共治，充分释放智能红利，共创美好智能时代。中国常驻联合国日内瓦办事处和瑞士其他国际组织代表贾桂德表示，人工智能向善普惠发展，关键是坚持以人为本、开放合作、多边主义，中方愿同各方一道推动人工智能朝着有益、安全、公平方向发展，为完善全球治理作出更大贡献。与会各方强调应加强团结合作，推动人工智能向善发展、普惠各方、造福人类，认为“全球治理之友小组”在首届人工智能治理全球对话和人工智能造福人类全球峰会期间举办研讨会，为人工智能全球治理作出积极贡献。（央视新闻）

Meta Platforms is several years away from providing neocloud services, while neocloud pure plays are rapidly expanding their gigawatt pipelines.

Key PointsMeta Platforms intends to have tens of gigawatts of compute capacity available in a decade, which will help support its neocloud ambitions.

Can Meta Platforms Become a Neocloud? Don't Hold Your Breath. Yahoo Finance

mohd izzuan/iStock via Getty Images Groundhog Day “The whole world, unfortunately, has become somewhat of a casino.” –President Donald Trump July 1, 2026 Dear Fellow Shareholders, On March 16, 2026, six weeks to the day after Punxsutawney Phil saw his shadow, President Trump told reporters he thought the Iran conflict would have caused the stock market to “ go down much more, if you want to know the truth .” He also predicted the war would be over soon. The S&P 500 climbed 1% that day off the post-war lows, with headlines citing geopolitical relief. This sequence of unconfirmed diplomatic progress stoking market gains replayed ad infinitum, in a time loop reminiscent of Bill Murray’s 1993 role as Phil Connors, an aptly named TV weatherman covering Groundhog Day on site in Pennsylvania. Undoubtedly, War On -> War Off -> Market Up was the major story of the quarter, but it’s essentially a continuation of a pattern of Pollyannaish investors responding to cues from Washington. Wikipedia writes of Murray’s character: “ Realizing that there are no consequences for his actions , Phil begins to spend his loops indulging in binge eating, one-night stands, and robbery, using his growing knowledge of the day's events and the town's residents to manipulate circumstances to his advantage .” Sound familiar? We’d wager that the proportion of investors who weigh consequences before making investment decisions is near an all-time low, since they have been emboldened by the Fed put, fiscal profligacy, and market jawboning from on high. Defending the mid-June Memorandum of Understanding between the U.S. and Iran, the President remarked, “ There’s nothing so smart as the market, and the market loves it beyond anything that I’ve actually seen .” Loves it, or loves the casino? When Wall Street wakes up to its alarm each morning, the day’s unfolding scene may have grown predictable, but unlike the frozen-in-time movie, stock prices are starting higher than the day before, more often than ...

这位科斯拉风投创始人、知名风险投资人表示，外界批评 OpenAI 估值过高，他对此毫不在意 作者：贡詹・班纳吉 维诺德・科斯拉称自己从不会感到焦虑。 这位身家亿万的风投大佬、科斯拉风投创始人，在加州门洛帕克接受《华尔街曰报》最新一期财经访谈。他分享了自己押注高潜力项目的投资思路、人工智能将如何重塑下一代创业者所处的经济格局，以及自己始终从容淡定的秘诀。 以下为访谈核心摘要，均为科斯拉原话，内容经过精简编辑： 关于期权价值型投资 我常把自己的投资模式称作期权价值投资。这笔投资如果最终失败，你最多亏掉全部本金；但一旦项目跑通，回报能翻五倍、十倍、百倍…… 我甚至希望 OpenAI 能带来千倍乃至更高回报。 不是所有人都要照搬我的投资方式，但如果一个人志存高远、想要做成大事，就必须承担风险。如果一件事轻而易举，早就有人做成了。 关于提高资本利得税 我认为现行税收体系存在严重缺陷，放到人工智能行业来看问题尤为突出。未来大部分新增价值都会流向资本方，而非普通劳动者。我认为一项根本性改革值得探讨：统一资本利得税与普通收入所得税税率，二者不再设置差别。 关于压力 说实话，人总会心生疑虑，永远无法百分百确定自己的选择是否正确，但我从不会因此止步不前。我从来感受不到压力，甚至不懂压力是什么滋味。 责任编辑：郭明煜

Forget swimming pools. If you really want to show you’re one of the ultra-rich, you need your own snow room. You can even put one on your yacht Name: Snow rooms. Age: About 10 years old. Continue reading...

德国政府将提供高达115亿欧元（约合131亿美元）的国家担保，以支持造船商迈尔造船厂（Meyer Werft GmbH）与瑞士邮轮运营商地中海邮轮（MSC Cruises）之间的邮轮建造合同。据知情人士透露，德国联邦议院预算委员会周三在一次闭门会议上决定，联邦政府应提供包含利息在内的上述担保。

Floriana/iStock via Getty Images What a difficult hold Pagaya Technologies Ltd. ( PGY ) has been so far, right? The stock has a 52-week range from $10.40 to $44.99 . And it just simply perfectly describes how volatile PGY actually is. Now, the stock has rebounded since my latest coverage . As I've pointed out, it was surely an ugly price action. But, structurally, I personally didn't see significant long-term concerns. Quite the opposite, I argued that its bull thesis remains very much intact despite poor price action. And the stock has surged 32% since my previous piece. And has outperformed the benchmark versus its 7% increase. PGY: Stock Surged 32% Since My Latest Piece (Seeking Alpha) So, has anything changed? To be frank, not really. I am still in the camp that there could be more upside for Pagaya. I still view the company as an undervalued fintech. And that it's still an outstanding revenue growth story, in my opinion. On top of this, I view multiple catalysts developing favorably here for Pagaya. And that's something that makes me maintain my rating here as a Strong Buy. Here's why. A Miss On Revenue Estimate Doesn't Cloud Its Outlook Yes, I don't think that a miss on revenue estimates versus what the market has anticipated clouds its long-term outlook here. If anything, Pagaya posted a 10% revenue growth on a year-over-year basis in Q1 2026. And that's still a solid performance in my opinion. I also love to see bottom-line growth here. And it has increased from $0.69 in diluted EPS Q1 2025 to $0.73 in the very recent quarter. And while it hasn't been an ideal performer over the past years. Structurally, I don't think that there are a lot of significant concerns. PGY: Historical Earnings (Seeking Alpha) Now, I'd love to have a deeper look at its most recent Q1 2026 quarter. And later on I will share what I personally will be looking for in the upcoming quarter here. PGY: Financial Highlights (Pagaya Investor Relations) Quite frankly, I am happy to see PGY's ...

Source: Bloomberg, 0:00

在特朗普表示与伊朗达成的临时停火已经结束后，国际油价突破每桶80美元，地缘政治风险溢价重新回归市场，投资者担心原油供应再次中断。 布伦特原油期货一度上涨约8%，逼近逾两周来最高水平。美国西得克萨斯中质原油（WTI）期货也大涨至每桶75.50美元左右。 特朗普警告称，随着美国政府考虑进一步打击伊朗，包括可能“接管”伊朗主要石油出口枢纽哈尔克岛，油价恐将进一步上涨。 成品油价格周三也延续涨势。在俄罗斯宣布禁止柴油出口后，柴油价格一度飙升14%。 交易员还关注美国能源信息管理局（EIA）周三公布的库存数据。数据显示，美国商业原油库存自4月以来首次增加，但仍处于约四年来最低水平，市场因此预计，如果紧张局势再次升级，美国作为全球“最后供应方”的角色恐难长期维持。 9月交割的布伦特原油结算价上涨8.58%，至每桶80.52美元； 8月交割的WTI原油上涨7.91%，至每桶76.01美元。 责任编辑：丁文武

The International Olympic Committee decision effectively overturns a decade-long ban on Russian athletes from international sport imposed due to a state-sponsored doping scandal and Russia's full-scale invasion of Ukraine. (Image credit: Pavel Bednyakov)

MikeMareen President Donald Trump said Ukraine will be allowed to license technology to produce Patriot missile interceptors, which have become a key part of its arsenal in its ongoing war with Russia. “We’re going to be giving a license to you,” Trump said during a meeting with Ukrainian President Volodymyr Zelenskyy at the NATO summit in Turkey on Wednesday, according to Bloomberg . “We’ll show them how to do it," Trump continued, adding, “I think they can produce them pretty quickly…they have a great ability to produce weapons.” Zelenskyy responded that he thought the move was a "great idea," emphasizing that his country urgently needs the equipment. Patriot missile interceptors are currently made by U.S.-based RTX ( RTX ) and Lockheed Martin ( LMT ). The weapons have become increasingly in short supply amid ongoing conflicts in Ukraine and the Middle East. More on Lockheed Martin, RTX Corporation Lockheed Martin: A Great Entry Point In The Defence Industry (Rating Upgrade) RTX Corporation: The Valuation Expects More Growth RTX: Own A Piece Of Global Multipolar Peace Trump says NATO allies 'have not treated us right,' renews push for Greenland at NATO summit Lockheed Martin wins two U.S. defense contracts worth over $607M

CNBC’s Jim Cramer has spent much of 2026 warning that the stock market’s biggest short-term risk lies in the ever building IPO pipeline. His concern boils down to a simple analysis pulled from a recent social post: “We have to be careful.” The immediate trigger is SK Hynix’s roughly $28 billion American Depositary Receipts (ADR) ... Wall Street Insider Says SK Hynix IPO Could Overwhelm the Market. Here’s the Risk Beyond Memory Stocks.

Key PointsWith AI set to disrupt every industry, Gardner argues most investors should own at least fifty stocks and tilt toward cautious, long-term positions in today's richly priced market.

The dollar index (DXY00 ) is up by +0.09% today. The dollar is supported by today’s equity market slump, which has boosted liquidity demand for the currency. Also, higher crude oil prices today have pushed up inflation expectations and could persuade the Fed to keep monetary policy tight, a supportive...