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June 2025

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European markets open: Stoxx 600 flat ahead of US non-farm payrolls; trade tensions persist

4 Mins Read

European stock markets exhibited a muted and cautious start to Friday’s trading session, with the pan-European Stoxx 600 index hovering near flat territory.

Investors appeared reluctant to place significant bets ahead of the release of crucial US jobs data, while persistent trade tensions and a high-profile spat between US President Donald Trump and Elon Musk added to the uncertain market atmosphere.

As of 8:17 a.m. London time, the Stoxx Europe 600 index was up a mere 0.02%, reflecting a general holding pattern after three consecutive positive sessions.

Earlier readings around 0709 GMT also showed the pan-European STOXX 600 holding its ground at 551.9 points.

Despite the day’s tentative mood, the benchmark index remained on track for a second consecutive weekly gain, provided the current momentum holds.

Performance across national bourses was mixed.

The UK’s FTSE 100 led the way with a modest 0.15% rise, supported by an advance in oil and gas stocks amid higher crude prices.

However, mainland European markets showed more weakness, with Germany’s DAX and France’s CAC 40 down by 0.2% and 0.1%, respectively.

US jobs data and trade jitters dominate investor focus

The primary focus for global investors on Friday is the monthly US non-farm payrolls report.

This key economic indicator is expected to heavily influence market sentiment and help investors gauge how the Federal Reserve might navigate the current uncertain trade environment and its potential impact on monetary policy.

Economists are anticipating a contraction in US jobs from the previous month.

Adding to the cautious sentiment are ongoing trade tensions.

US President Donald Trump escalated these concerns earlier this week by announcing a doubling of tariffs on steel and aluminum imports.

Following this, the Trump administration reportedly requested countries to submit their best trade offers by Wednesday, but markets have yet to see any concrete outcomes from these demands, leaving a cloud of uncertainty.

In a separate but related development, President Trump spoke with his Chinese counterpart Xi Jinping on Thursday.

Trump described the 90-minute call as “very good” and “almost entirely” focused on trade, though specific details or breakthroughs were not immediately forthcoming.

ECB signals easing cycle nearing end; Trump-Musk feud rattles tech

The European Central Bank’s (ECB) anticipated interest rate cut on Thursday, while delivered as expected, was somewhat overshadowed by signals from ECB President Christine Lagarde that the central bank is approaching the end of its current easing cycle.

This guidance prompted investors to scale back their expectations for further significant rate cuts, contributing to a more measured market reaction.

Regional stocks had ended Thursday’s session higher following the ECB’s widely anticipated move to trim interest rates.

Adding another layer of intrigue and potential volatility, the public dispute between US President Donald Trump and Elon Musk, the world’s richest person, escalated overnight.

What began with Musk publicly criticizing Trump’s spending bill has devolved into a “full-on row,” with the president threatening to withdraw billions of dollars’ worth of government contracts from Musk’s companies, including Tesla and SpaceX.

Musk, in turn, reportedly claimed Trump would not have secured a second term without his campaign input and stated that SpaceX would immediately decommission its Dragon spacecraft due to Trump’s threats to cut funding.

The fallout from this feud was significant, with Tesla reportedly seeing $152 billion wiped off its market capitalization – the biggest hit to its valuation ever.

In specific stock movements, shares of sportswear retailers Adidas and Puma slipped nearly 1% and 1.5%, respectively.

This decline followed a move by US peer Lululemon Athletica, which cut its annual profit forecast, raising concerns about the broader athletic apparel sector.

The post European markets open: Stoxx 600 flat ahead of US non-farm payrolls; trade tensions persist appeared first on Invezz

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In World news

Should You Invest in Silver Bullion?

5 Mins Read

Investing in silver bullion has pros and cons, and what’s right for one investor may not work for another.

Interest in the silver market tends to flourish whenever the silver price increases, with investors beginning to wonder if silver is a good investment and it is the right time to add physical silver to their investment portfolios.

While silver can be volatile, the precious metal is also seen as a safe-haven asset, similar to its sister metal gold. Safe-haven investments can offer protection in times of uncertainty, and with tensions running high, they could be a good choice for those looking to preserve their wealth in difficult times.

With those factors in mind, let’s look at the pros and cons of buying silver bullion.

What are the pros of investing in silver bullion?

Silver can offer protection

Silver bullion is often considered a good safe-haven asset. As mentioned, investors often flock to precious metals in times of turmoil, politically and economically. For example, physical silver and gold have both performed strongly in recent years against a background of geopolitical instability and high inflation.

Silver bullion is a tangible asset

While cash, mining stocks, bonds and other financial products are accepted forms of wealth, they are essentially still digital promissory notes. For that reason, they are all vulnerable to depreciation due to actions like printing money. A troy ounce of silver bullion, on the other hand, is a finite tangible asset. That means that, although it is vulnerable to market fluctuations like other commodities, physical silver isn’t likely to completely crash because of its inherent and real value. Market participants can buy bullion in different forms, such as silver coins or silver jewelry, or they can buy silver bullion bars.

Silver’s cheaper and more flexible than gold

Compared to gold bullion, silver is significantly cheaper, which makes it more accessible for investors looking for an affordable entrance to the precious metals market. This can make it easier for investors to build up a portfolio over time.

Another benefit is that investors who need to convert their precious metals to currency will have an easier time selling a portion of their silver portfolio than those looking to sell part of their gold. Just as a US$100 bill can be a challenge to break at the store, divvying up an ounce of gold bullion can be a challenge. As a result, silver bullion is more practical and versatile, particularly for everyday investors who need flexibility in their investments.

Silver offers higher returns than gold

Silver tends to move in tandem with gold: when the price of gold rises, so too does the price of silver. Because the white metal is currently worth around 1/100th the price of gold, buying silver bullion is affordable and stands to see a much bigger percentage gain if the silver price goes up. In fact, silver has outperformed the gold price in bull markets. It’s possible for an investor to hedge their bets with silver bullion in their investment portfolio.

History is on silver’s side

Silver and gold have been used as legal tender for thousands of years, and that lineage lends them a sense of stability. Many buyers find comfort in knowing that silver has been recognized for its value throughout a great deal of mankind’s history, and so there’s an expectation that it will endure while a fiat currency may fall to the wayside. When individuals invest in physical silver, there is a reassurance that the metal has value that will continue to persist. Additionally, its increasing use as an industrial metal in the energy transition has improved the metals fundamentals even further.

What are the cons of investing in silver bullion?

Danger of theft

Unlike most other investments, such as stocks, holding silver bullion can leave investors vulnerable to theft. And of course, the more physical assets, including silver jewelry, that reside within your home, the more at risk you are for losing significantly if a burglary takes place. It’s possible to secure your assets from looting by using a safety deposit box in a bank or a safe box in your home, but this will incur additional costs.

Weaker return on investment

Silver may not perform as well as other investments, such as real estate or even other metals. Mining stocks, especially silver stocks that pay dividends, may also be a better option than silver bullion for some investors. Royalty and streaming companies are another option for those interested in investing in silver, as are exchange-traded funds and silver futures.

High silver demand leads to higher premiums

When investors try to buy any bullion product, such as an American silver ounce coin known as a silver eagle, they quickly find out that the physical silver price is generally higher than the silver spot price due to premiums used by sellers. What’s more, if demand is high, premiums can go up fast, making the purchase of physical silver bullion more expensive and a less attractive investment.

Bullion lacks quick liquidity

Silver bullion coins are not legal tender, meaning they can’t be used for every day purchases. Since the metal is usually used as an investment, this isn’t often an issue. However, it does mean that if silver needs to be sold in a hurry to cover expenses, investors will need to find a buyer. If you can’t access a bullion dealer and are in a jam, pawn shops and jewelers are an option, but they won’t necessarily pay well.

How to add physical silver to your portfolio?

How to buy silver digitally?

Larisa Sprott: Gold, Silver Early in Cycle, Smart Money Buying Now

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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In Business

Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

3 Mins Read

Use of low-cost e-commerce giants Temu and Shein has slowed significantly in the key U.S. market amid President Donald Trump’s tariffs on Chinese imports and the closure of the de minimis loophole, new data shows.

Temu’s U.S. daily active users (DAUs) dropped 52% in May versus March, before Trump’s tariffs were announced, while those at rival Shein were down 25%, according to data shared with CNBC by market intelligence firm Sensor Tower.

DAUs is a measure of the number of people who visit or interact with a platform every 24 hours. Monthly active users (MAUs), a measure of user engagement over a 30-day period, was also down at Temu (30%) and Shein (12%) in May versus March.

The declines were also reflected in both platforms’ Apple App Store rankings. Temu averaged a rank of 132 in May 2025, down from an average top 3 ranking a year ago, while Shein averaged a rank of 60 last month versus a top 10 ranking the year prior, the data showed.

Neither Temu nor Shein immediately responded to CNBC’s request for comment.

The user drop off comes as both Temu and Shein have pulled back on U.S. advertising spend over recent months since the Trump administration’s tariff announcements.

Trump in April announced sweeping tariffs on Chinese imports, including the end of the “de minimis” tariff exemption on May 2, which allowed companies to ship low-cost goods worth less than $800 to the U.S. tariff-free.

In May, Temu’s U.S. ad spend fell 95% year-on-year while Shein’s was down 70%.

“Temu and Shein’s decline in US ad spend was also noticeable in April, as spend decreased by 40% and 65% YoY, respectively,” Seema Shah, vice president of research and insights at Sensor Tower, said in emailed comments to CNBC.

Both Temu and Shein also altered their logistics models in the wake of tariffs, shifting away from a drop shipping model, which allowed them to send items directly from Chinese suppliers to U.S. consumers, and instead, particularly in Temu’s case, building up a network of U.S. warehouses.

Rui Ma, founder and analyst at Tech Buzz China, said such moves were also likely to have impacted the companies’ ad spend strategy and customer acquisition patterns.

“All these additional costs and regulatory hurdles are clearly hurting Chinese platforms’ U.S. growth prospects,” she wrote in emailed comments.

Tech Buzz China research from March showed that a 50% tariff would be the point at which Temu would lose most of its price advantages and find it difficult to operate. The tariff on former de minimis imports currently stands at 54%, having been lowered from 120% amid a 90-day tariff truce between the U.S. and China.

Last week, Temu’s parent company PDD Holdings reported first-quarter earnings below estimates and pointed to tariffs as a significant pressure on sellers.

Temu’s popularity has nevertheless picked up outside the U.S., with non-U.S. users rising to account for 90% of the platform’s 405 million global MAUs in the second quarter, according to HSBC.

Writing in a note last week, HSBC analysts said that was “supported by growth in Europe, Latin America, and South America.” They added that the swiftest of that growth occurred in “less affluent markets.”

“Many (Chinese platforms) are now actively redirecting their efforts toward other markets such as Europe,” Ma said.

This post appeared first on NBC NEWS

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In Politics

‘Gone too far’: GOP lawmakers rally around Trump after Musk raises Epstein allegations

4 Mins Read
NEWYou can now listen to Fox News articles!

House GOP lawmakers are accusing Elon Musk of going ‘too far’ after he suggested President Donald Trump was ‘in the Epstein files.’

‘Hopefully we never have to answer questions about tweets like that from Elon again,’ said Rep. Pat Fallon, R-Texas, calling Musk’s comments ‘not helpful.’

‘Elon crossed the line today,’ Rep. Chip Roy, R-Texas, told Fox News Digital,

Musk referenced late pedophile Jeffrey Epstein in relation to Trump Thursday as part of a larger tirade against the president and Republican leaders over their budget reconciliation bill.

The tech billionaire accused Republicans of adding to the national debt — currently nearing $37 trillion — with legislation they’ve called Trump’s ‘big, beautiful bill.’

‘Time to drop the really big bomb. [Trump] is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!’ Musk wrote on X. ‘Mark this post for the future. The truth will come out.’

Rep. Troy Nehls, R-Texas, said Musk had ‘gone too far.’

‘There’s just no need for this,’ Nehls said. ‘Those conversations should be taking place behind closed doors.’

Some Republicans argued that any damning information about Trump and Epstein would have already been revealed if it existed.

‘What I would say is, if Joe Biden had Donald Trump in the Epstein logs, there’s no question it would have come out during the campaign,’ Rep. Randy Fine, R-Fla., told Fox News Digital. ‘So, I don’t know what’s prompting it. I think it’s all unfortunate.’

Rep. Tim Burchett, R-Tenn., questioned why Musk would let his young son, nicknamed ‘X,’ around Trump if he believed he was closely associated with a pedophile.

‘The Biden administration would have put it out. There’s nobody that Democrats hate more than Donald J. Trump, and he’s handing them their lunch every day. So, I don’t put much faith into it,’ Burchett said.

‘Why would he let his kid hang out with the president if that was true? That just doesn’t make any sense. And now he’s calling for his impeachment. I mean, it’s just going off to the deep end.’

Rep. Anna Paulina Luna, R-Fla.,  who is leading a task force on declassifying federal investigations, including Epstein’s, told reporters she did not think Musk’s suggestion held water.

‘Speaking to Jeffrey Epstein, I will be very specific that I do believe that if President Trump was in the Epstein files, they would have released it during the primary, and they didn’t,’ Luna said.

‘So, the fact is, is that I do not believe that President Trump is in the Epstein files, the way that it’s being implied, but either which way, this is why we continue to push for transparency.’

Rep. Ralph Norman, R-S.C., however, stood apart in his answer in calling for more transparency into the Epstein files.

‘Facts will bear out whatever they will,’ Norman said. ‘The Epstein files are bound to come out, and let it come out. We ought to see it. America has a right to know, just like they do with the John F. Kennedy files, the Bobby Kennedy files.’

White House press secretary Karoline Leavitt attributed Musk’s tirade to Trump’s bill, which is focused on working- and middle-class tax relief and not benefiting Musk and his companies enough.

‘This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted. The President is focused on passing this historic piece of legislation and making our country great again,’ Leavitt said.

Sen. Pete Ricketts, R-Neb., told Fox News Digital, ‘I could not tell you what Elon Musk’s motivations are, but I can tell you what we’re going to do, which is avoid a $4 trillion tax increase on the American people.

And while it’s well-known the two men were acquainted, a source familiar with the matter pointed out that Trump had kicked Epstein out of his Palm Beach Golf Club.

Trump had permanently banned Epstein from Mar-a-Lago for hitting on a teenage daughter of a club member, according to a book, ‘The Grifter’s Club.’ 

‘The administration itself released Epstein files with the President’s name included. This is not a new surprise Elon is uncovering. Everyone already knew this,’ the source said. ‘If Elon truly thought the President was more deeply involved with Epstein, why did he hang out with him for six months and say he ‘loves him as much as a straight man can love a straight man?”

Fox News Digital has also reached out to Musk for comment via his office at Tesla.

This post appeared first on FOX NEWS

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In Stocks

India’s energy transition accelerates as coal declines and renewables surge

4 Mins Read

In May, India witnessed its most significant drop in coal-fired electricity production in half a decade. 

This decline coincided with the first decrease in total power demand since August and a record surge in renewable energy output, according to a Reuters analysis, which quoted official data.

Federal power grid regulator, Grid India’s data indicates a substantial drop in natural gas-fired power generation, the largest in almost three years. 

This decline is attributed to increased electricity production from cleaner sources such as hydro and nuclear power.

India, a major player in the global energy market as the second-largest coal importer and fourth-largest LNG purchaser, is experiencing a decrease in fossil fuel demand for electricity production. 

This reduction coincides with a period of significant price volatility and pressure on benchmark fossil fuel prices.

Source: Reuters

Decline in fossil fuel demand

Indian coal trader I-Energy said in a note:

Demand from the power sector – typically strong during peak season – remained limited.

Additionally, economic headwinds have weighed on non-power industries.

Asian spot LNG prices have decreased by over 15% this year. 

Simultaneously, thermal coal benchmark prices have plummeted to their lowest levels in over four years.

These declines are attributed to reduced demand from China and India, the largest global coal importers.

Grid India’s data analysis reveals a significant 9.5% year-over-year drop in India’s coal-generated power during May, totaling 113.3 billion kilowatt-hours (kWh). 

This decline in coal-generated power represents the most substantial annual decrease since June 2020’s nationwide COVID-19 lockdown.

India sees a historic drop in coal power generation in May as renewable energy reaches record highsThe world’s third-largest greenhouse gas emitter may see a significant reduction in emissions due to a prolonged decrease in fossil fuel demand for power generation. 

This shift comes after the country increased its coal dependence to fuel post-pandemic economic recovery.

To justify its extensive use of coal, India has consistently emphasised its lower emissions per person when compared to more affluent countries.

Cutting reliance

Driven by ample coal reserves and diminished electricity demand growth, Chinese and Indian utilities have further decreased their reliance on coal and LNG imports this year.

Due to surging temperatures and elevated power demand, India had allowed the operation of gas-fired power plants throughout 2024.

Moody’s ICRA vice president, Prashant Vashisth, stated that due to reduced power demand and elevated gas-fired power costs rendering it less competitive against alternatives like solar, utilities are expected to decrease their purchase volumes this year.

May saw a 5.3% year-on-year decrease in total electricity generation, reaching 160.4 billion kWh. 

Peak demand also declined by approximately 8% compared to the previous year, registering at 231 GW.

Government officials attributed this reduction primarily to milder temperatures.

In May 2024, a heatwave drove peak electricity demand to 250 GW, reflecting the highest electricity requirement during that period.

Renewable energy surge

Also, May saw renewable energy production reach an unprecedented 24.7 billion kWh, marking a 17.2% year-over-year increase.

This growth elevated renewables’ contribution to the total power supply to 15.4%, the highest percentage recorded since 2018.

Source: Reuters

India’s electricity generation saw coal’s contribution decrease to 70.7% this May, Grid India reports. T

his is a drop from 74.0% the previous year and marks the smallest proportion of coal-generated power since June 2022.

Hydropower production saw a significant increase, rising 8.3% to 14.5 billion kWh.

This surge elevated hydropower’s contribution to total power generation to 9.0%, up from 7.9% in May 2024, as indicated by the data.

In May, natural gas-fired power generation experienced a significant drop, plummeting 46.5% compared to the previous year. 

This resulted in an output of only 2.78 billion kWh, representing the largest annual decrease since October 2022.

The post India’s energy transition accelerates as coal declines and renewables surge appeared first on Invezz

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In World news

Victoria Gold-Silver Exploration Update

3 Mins Read

Infinity Lithium Corporation Limited (‘Infinity’, or ‘the Company’) is pleased to announce that it has engaged a drilling contractor and has committed to testing the exciting CST (Comstock) gold-silver prospect (the CST Prospect) within the Cobungra Project (EL 7073) in July. Cobungra is located within the Lachlan Fold Belt in NE Victoria and was recently acquired by Infinity from Highland Resources Limited (ASX announcement 31 March 2025) as part of the Company’s transition to a focus on precious metals in Australia.

KEY POINTS

  • Drilling contractor contracted, drilling set to commence early July.
  • Exploration will test high priority CST Prospect (gold-silver) at Cobungra.
  • Undrilled geophysical target with coincident high-grade gold rock chip samples.
  • Gold focus in Australia the immediate priority to enhance company value going forward.

Infinity has moved quickly to commit to drill testing its recently acquired gold-silver-copper Projects and expand its holding of high-grade gold exploration ground within the Victorian portion of the rich Lachlan Fold Belt (Figure 1).

CST Prospect, Cobungra Project

The CST Prospect is located along strike (approx. 2,000m) from the previously drilled (5 holes) Forsyth Prospect also located within EL7073 which returned high-grade gold and silver intercepts including 5.35m @ 4.7g/t gold (Au), 334 g/t silver (ag) from 143m (ASX release dated 31 March 2025). Gold and silver mineralisation at both the Forsyth and CST Prospects is interpreted to be related to the Ensay Shear which is a laterally continuous structure running NW-SE through the tenement. Along strike, approx. 5km to the SE, is the proximal to the +300,000 oz Au Cassilis gold deposit (319,500 oz Au deposit JORC 2012, ABA Resources https://www.abaresources.com.au/portfolio.php). The Company believes that the strike of the Ensay Shear is a prospective exploration horizon.

The CST Prospect (Comstock) is an obvious and exciting initial drilling priority as Infinity targets precious metals in Australia. The CST Prospect presents an excellent drill target based on some historic gold-silver workings with a programme of rock chip sampling and geophysical surveying (I.P) 2013-2014 identifying coincident anomalies. These will be drilled in a small, first-pass drill campaign (approximately 6 holes for 800m). The CST Prospect has never been drilled and this is a first pass drilling campaign designed to identify further priority targets and areas of geological interest.

There are at least seven quartz vein-type gold (silver) lodes distributed in the CST Prospect Mineral Occurrence, with traced length of 20m~80m and width of 0.1m~2.0m. These lodes are nearly parallel, strike NNE and dip to SEE at a dip angle of 65°~80° (Figure 2). These lodes are interpreted to be ‘tension gashes’ running oblique within the dominant NW-SE striking Ensay Shear.

Refer to ASX release 31 March 2025 “Infinity Acquires Gold Projects”. Infinity is not aware of any new information that materially affects the information included in this announcement

Click here for the full ASX Release

This post appeared first on investingnews.com

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In Business

Nationwide coordinated retail crime crackdown results in hundreds of arrests, authorities say

4 Mins Read

A nationwide coordinated crackdown on retail crime — what authorities are calling the first of its kind — led to hundreds of arrests in 28 states last week.

The blitz, led by Illinois’ Cook County regional organized crime task force, involved more than 100 jurisdictions and over 30 retailers including Home Depot, Macy’s, Target, Ulta Beauty, Walgreens, Kroger and Meijer.

“When you give specific focus to a crime, it reverberates,” Cook County Sheriff Tom Dart told CNBC. “When they see it is being prosecuted and taken seriously, it deters conduct. They don’t want to get caught.”

Organized retail crime — a type of shoplifting where groups of thieves work together in targeted operations to turn stolen goods into cash — has grown in scale and scope in recent years. CNBC previously reported on the extensive law enforcement efforts to take down retail crime organizations.

While aggregate numbers for retail theft are difficult to quantify, retailers reported 93% more shoplifting incidents on average in 2023 compared with 2019, according to a survey conducted by the National Retail Federation. Those surveyed also reported a 90% increase in the associated dollar losses over that same time period.

Some critics point to a lack of enforcement and felony thresholds for allowing criminals to continue committing theft. It’s something Cook County State’s Attorney Eileen O’Neill Burke has been focused on since taking office in December.

On her first day in office, O’Neill Burke said prosecutors would pursue felony retail theft charges in accordance with state law, when the value of the goods exceeds $300 or when the suspect already has a felony shoplifting conviction.

Before her taking office, retail theft felonies were charged only if the value of the stolen goods was $1,000 or more or if the suspect had 10 or more prior convictions.

Since Dec. 1, the Cook County State’s Attorney’s Office has filed charges in 1,450 felony retail theft cases, the office said.

The goals of the coordinated operation, O’Neill Burke told CNBC, is “to have one day where we focus and concentrate on [retail theft] and we share intelligence about it — about what we learned about the network, so that gives us more tools on how to take this network down.”

It was the coordination between law enforcement and prosecuting attorneys that got a number of the involved retailers to participate in the blitz.

“Collaboration is key to making a meaningful impact,” Ulta Beauty Senior Vice President of Loss Prevention Dan Petrousek told CNBC. “That’s why we were proud to participate in the National ORC Blitz alongside dedicated law enforcement and prosecutorial partners.”

Ulta Beauty had teams participating across nine states in last week’s operation, providing law enforcement with information on incidents of retail crime.

“Organized retail crime remains one of the most significant challenges in our industry,” said Marty Maloney, Walgreens director of media relations. “In this most recent operation we worked closely with law enforcement partners across nearly 20 cities and at over 40 locations to help curb this trend.”

A representative for Home Depot told CNBC that while overall theft is down, investigated incidents of organized retail crime are still up double digits year over year.

Now that the operation has concluded, the group is pulling together each jurisdictions’ observations and sharing data to continue to help crack down on retail theft.

Other participating retailers reached for comment by CNBC, including Macy’s, T.J. Maxx and Target, said they’re committed to partnering with law enforcement and pushing for stronger laws to combat retail crime.

California Highway Patrol arrests retail crime suspect in Long Beach, CA.Courtesy: California Highway Patrol.

This post appeared first on NBC NEWS

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In Politics

Elon Musk posts ‘Kill Bill’ meme in latest push to nix Trump’s ‘big, beautiful bill’

2 Mins Read
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Less than a week after leaving his position as head of the White House’s Department of Government Efficiency, Elon Musk is calling on Americans to urge their senators and representatives to ‘kill’ the ‘big, beautiful’ budget bill backed by President Donald Trump.

Musk has grown increasingly critical of Trump’s ‘big, beautiful bill,’ claiming that if passed, it would increase the U.S. budget deficit by $5 billion.

On Wednesday afternoon, Musk posted an image of the 2003 Uma Thurman movie ‘Kill Bill,’ appearing to reference his call to nix the Trump-backed bill.

‘We need a new bill that doesn’t grow the deficit,’ Musk said on X. 

In another post, Musk urged: ‘Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL.’ 

Musk said Tuesday afternoon that he ‘just can’t stand it anymore.’

‘This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,’ he said. ‘Shame on those who voted for it: you know you did wrong. You know it.’

Musk previously criticized the bill during an interview with CBS, noting he was ‘disappointed’ in the spending bill because ‘it undermines’ all the work his DOGE team was doing.

The bill passed the House in late May, ahead of Memorial Day, largely along party lines. However, two Republicans did vote against the measure, citing insufficient spending cuts and a rising national debt. GOP Kentucky Sen. Rand Paul has also signaled he likely will not vote in favor of the bill in its current form, citing a debt ceiling increase that is a red line for him. 

Trump has lashed out at Paul and others for opposing the bill, but so far he has taken a more measured approach to Musk’s criticism.

‘Look, the president already knows where Elon Musk stood on this bill,’ White House press secretary Karoline Leavitt said during a Tuesday afternoon briefing when asked about Musk’s most recent criticism.

‘It doesn’t change the president’s opinion. This is one big, beautiful bill, and he’s sticking to it,’ she said. 

Fox News Digital’s Alec Schemmel contributed to this report.

This post appeared first on FOX NEWS

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In Stocks

Rolls-Royce share price nears 1,000p as a new catalyst emerges

3 Mins Read

The Rolls-Royce share price continued its strong surge this week as it reached a new all-time high. It soared to 900p, up by over 2,518% from its lowest point during the pandemic, as it became one of the biggest British companies globally. This trend means that it may soon hit 1,000p as we have predicted several times.

China as a big catalyst for Rolls-Royce share price

Our last article on Rolls-Royce Holdings identified China as a potential catalyst for the stock. In that article, we noted that Comac, China’s aircraft manufacturer, may turn to the company for engines as tensions with the US rise. 

A likely scenario is where the Trump administration will ban General Electric and other American companies from supplying engines and parts to Comac. The goal will to enable Boeing maintain a market share in the aviation industry.

The challenge, however, is that Rolls-Royce Holdings manufactures engines for wide-body aircraft. It has no presence in the narrow-body sector after it abandoned the business a few years ago.

Rolls-Royce has hinted that it will want to return to the narrow-body industry in the future. However, building a new engine from scratch may be a big challenge and take over 6 years to complete.

China Airbus orders

China is a big catalyst for the Rolls-Royce share price as its airlines focus on buying Airbus planes. Indeed, no major airline has made a big Boeing order in the past few years. 

Now, Bloomberg is reporting that China is considering a big bid for Airbus planes, a deal that may be announced next month when EU leaders visit Beijing to celebrate long-term ties. The platform reported that the orders could be between 200 and 500.

Bloomberg notes that the potential orders will be spread between wide-body and narrow-body planes. Rolls-Royce Holdings engines power most of Airbus’ wide-body engines, making it a big beneficiary of such a deal. 

However, Rolls-Royce gains in this order will take time to materialize because of Airbus’ backlog, which stands at over 8,000 planes. This means that any orders could be delivered in the next decade. 

Civil aviation is an important market for Rolls-Royce Holdings, a company that sells engines and then takes long-term service contracts. This division accounts for over 50% of its total revenue. 

Rolls-Royce is also benefiting from the other two divisions: power and defence. Its power business is benefiting from the ongoing AI boom, while the defence business is a top beneficiary as European and American governments boost their defense spending.

At the same time, the management has focused on making Rolls-Royce a leaner and more profitable company. Indeed, it achieved its mid-term targets in 2024, two years ahead of schedule.

Rolls-Royce share price analysis

RR stock chart by TradingView

The daily chart shows that the RR share price has been in a strong uptrend in the past few years as the company’s growth resumed. It recently moved above the key resistance level at 810p, invalidating the double-top pattern that was forming. A double-top is one of the most bearish patterns in technical analysis. 

The stock remains above the 50-day and 100-day Exponential Moving Average (EMA), a sign that bulls are in control. Also, the Relative Strength Index (RSI) and the MACD indicator have all pointed upwards.

Therefore, the Rolls-Royce share price will likely continue soaring, with the next point to watch being at 1,000p. The bullish outlook will only become invalid if the stock drops below the support at 850p. 

The post Rolls-Royce share price nears 1,000p as a new catalyst emerges appeared first on Invezz

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