Oil Plunges 5% as Trump Pauses Iran Attack; SpaceX Shares Lose 500 Billion Dollars

MacroGeopoliticsDigital Finance Impact 4
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Summary · why it matters

West Texas Intermediate crude for September delivery settled at 80.34 dollars a barrel, down 4.33 dollars or 5.1 percent, and North Sea Brent crude for October delivery settled at 83.77 dollars a barrel, down 4.16 dollars or 4.73 percent, after President Donald Trump paused the attack on Iran to pave the way for a deal, while Iran denied any negotiations were taking place. The US ISM manufacturing purchasing managers' index for July rose to 55.6, beating expectations and marking the strongest reading since May 2022, while the S&P Global PMI held steady at 53.9. A group of 25 states led by the Democratic Party sued the Trump administration over tariffs on imports from 60 countries. Japan spent around 34 billion dollars to intervene in the yen on Friday, with the United States joining in support and ready to act further if needed. South Korea's short-term debt issuance in the first half rose 19 percent to 282.8 trillion won, while India is considering extending tax benefits to foreign companies that supply machinery to electronics manufacturers. SpaceX shares have lost over 500 billion dollars in market value since they began trading on June 12 and have fallen more than 50 percent from their peak. The CEO of Hugging Face expects Chinese AI models to catch up with the United States by the end of 2026 or 2027. Palantir shares surged 12 percent after second-quarter revenue came in at 1.94 billion dollars, beating expectations.

Impact on stocks 2

Space Economy▼ · 1 stocks
Defense & Geopolitical Fragmentation▲ · 1 stocks

Off-coverage companies 1

Hugging FacePrivate± Mixed
Technologyrelevance

CEO comments on Chinese AI models catching up, but no direct impact on Hugging Face.

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