BigBreakingWire

Tesla caps employee AI tool spending at $200/week starting July 6; excess needs manager approval. Spending on Musk-owned XAI's Grok is exempt. Grok has low uptake; most staff use ANTHROPIC's Claude. Several other US tech firms have similar AI spending controls.

$TSLA $SPCX

$BTC - RBI Backs Tough Crypto Curbs, Ban Still Under Consideration

Top RBI officials have urged a parliamentary panel to keep banks and regulated financial institutions completely insulated from crypto assets and privately issued stablecoins, supporting a prohibition-leaning approach.

The Parliamentary Standing Committee on Finance is expected to submit its report on virtual digital assets soon after holding its seventh meeting on the issue.

#BitcoinFallsOver50%FromOctoberHigh

🇯🇵 Japan says it stands ready to act against excessive FX volatility; officials decline to comment on specific yen levels as markets watch for possible BOJ rate hike and intervention.

Citi: Brent crude could fall to $60 per barrel by the end of the year as risks around the Strait of Hormuz ease.

Analyst Francesco Martoccia said oil market fundamentals are returning to normal, with shipping activity recovering and the spot crude market weakening.

The bank also noted that global oil inventory draws have been much smaller than expected, reducing concerns over supply shortages.

Citi expects some near-term volatility as shipping routes normalize, insurance costs adjust and logistics improve, but says rising vessel traffic suggests commercial operators now see the disruption risk as manageable.

The Korea Printed Circuit Board and Semiconductor Packaging Association (KPCA) says Samsung and SK Hynix pushed substrate suppliers to cut prices. They asked vendors to reverse the 3%–4% average increase agreed in Q1. The chipmakers cited easing pressure on raw materials like gold and copper. They said H2 pricing should return to pre-hike levels.

KPCA says Samsung and SK Hynix are pressing substrate suppliers to lower quotes. They want to roll back the average 3–4% price rise agreed in Q1. Both firms cite eased volatility in raw materials like gold and copper. They say H2 supplier prices should revert to pre-increase levels.

🇰🇷 BREAKING: SK Hynix plunges nearly 15% after Meta's AI cloud plans spark overcapacity fears. Asian chip stocks tumble, erasing about $290B in market value from SK Hynix and Samsung ahead of SK Hynix's planned Nasdaq ADR listing.

🔴 Japan's Nikkei 225 closed July 2 (Thursday) down 1,741.81 points (-2.47%) at 68,733.15. South Korea's KOSPI closed July 2 (Thursday) down 610.98 points (-7.36%) at 7,692.43.

🚨 Global equity fundraising hits $729.4B in H1 2026, led by record SpaceX IPO

Global equity issuance reached $729.4B in H1 2026, the second-highest first-half total on record.

SpaceX raised about $86B in the largest IPO ever, debuting on Nasdaq at a valuation above $2T.

Tech equity deals totalled a record ~$302B in H1 2026.

Global M&A value jumped 30% YoY to $2.6T, supported by a lighter regulatory environment.

$SPCX

🇰🇷 South Korea says current economic conditions differ from the 1997 Asian financial crisis, with USD liquidity remaining ample. Authorities are weighing measures to boost overnight FX market liquidity, while saying USD/KRW levels do not reflect economic fundamentals and confirming close coordination with Japan on foreign-exchange policy.

TD Securities says a joint US-Japan currency intervention to support the yen now looks increasingly likely.

The firm noted Japan's top currency official, MIMURA, repeatedly mentioned the US in a Wednesday interview, suggesting Tokyo is seeking Washington's backing for coordinated action.

According to TD Securities, a joint intervention would have a much bigger impact than Japan acting alone, with USD/JPY potentially falling by well over the typical 5-yen move seen in past interventions.

The firm also believes MIMURA's comments were a warning to currency traders against pushing USD/JPY beyond the 163 level.

🚨 FT: OpenAI is discussing selling a 5% stake to the Trump administration; the company is valued at around $852 billion.

OpenAI is reportedly seeking administration support to overcome political and regulatory hurdles.

CEO Sam Altman has argued public ownership is the best way to share AI gains and proposed the idea in early talks.

The proposal could extend to other U.S. AI firms, while OpenAI and Anthropic have delayed advanced model releases amid U.S. government review.

🚨 OCBC Slashes Brent Oil Price Forecasts Through Q2 2027

OCBC Group Research cut its Brent crude forecasts through Q2 2027 after oil shipments and tanker traffic through the Strait of Hormuz rebounded following the US–Iran memorandum of understanding.

The bank said expectations of supply normalization have pushed oil prices back toward pre-conflict levels, reviving concerns of a potential global supply glut.

Revised Brent forecasts: Q3 2026 $75/bbl (from $85), Q4 2026 $75 (from $80), Q1 2027 $73 (from $75), Q2 2027 $71 (from $75).

🚨 Strait of Hormuz oil flows have surpassed 10 million bpd as shipments rebound after the U.S.-Iran agreement.

Iran has exported 50 million barrels in the past two weeks, earning an estimated $3.5 billion.

Tehran plans to impose transit fees after the 60-day free-passage period ends in mid-August; the U.S. has rejected the proposal.

The recovery signals easing supply risks and reduced leverage over the key global oil chokepoint.

🚨 Foreign investors dump record $137.4B from Asian equities in H1 2026

Reuters: Net outflows hit $137.36 billion, the fastest six-month exodus since records began in 2010.

BlackRock downgraded emerging-market equities to neutral, citing AI concentration risks in South Korea and Taiwan.

JPMorgan and Goldman Sachs raised financing costs for hedge fund positions in SK Hynix and Samsung Electronics.

South Korea and Taiwan were hit hardest as AI-driven chip gains prompted global funds to cut concentrated positions.

🚨 Major Korean Banks Ramp Up FX Trading Ahead of 24-Hour KRW Market

South Korea's biggest banks are expanding FX trading teams, boosting Seoul–London operations, and upgrading systems ahead of the launch of a near-24-hour KRW foreign exchange trading regime on July 6, aimed at improving won liquidity and accelerating the internationalization of Korea's financial markets.

Trump: Micron has announced a historic $250 million investment in TRUMP ACCOUNTS - the biggest corporate investment of its kind. My policies are working, and working BIG.

$MU

⚡ NOMURA SAYS CHIP RALLY HAS MORE ROOM TO RUN

Nomura says it's too early to call a peak in chip stocks.

Expects sector momentum to continue through 2027.

Says hyperscalers are unlikely to slow AI data-center spending.

Calls recent chip-stock pullback "healthy."

Warns markets have yet to fully price future risks and potential supply shortages.

🚨 BYD Set to Retake Global EV Sales Crown

Chinese EV giant BYD delivered 557,090 fully electric vehicles in Q2, putting it on track to reclaim the title of the world's largest EV maker.

Meanwhile, Tesla is expected to report around 396,500 Q2 deliveries next week.

BYD continues to expand aggressively overseas while ramping up investments in self-driving technology and next-generation battery development.

$TSLA

🚨 Goldman Sachs flags South Korea's leveraged ETF frenzy as risk to global markets

• Goldman Sachs says surging leveraged ETF demand from South Korea has pushed equity funding costs to unusual mid-year highs, straining dealer balance sheets.

• Single-stock leveraged ETFs linked to Samsung and SK Hynix have surged from $3 billion to about $91 billion, with 92% of holdings owned by retail investors.

• Goldman says South Korea's "insatiable" appetite for leveraged products has driven S&P 500 financing costs to their highest level since late 2024.