Russia and China condemn Israel's actions that violate the UN Charter: the result of a telephone conversation between Putin and Xi Jinping. The two countries have the same position: both leaders are confident that the resolution of the situation in the Middle East cannot be achieved by force, but only by political and diplomatic methods.
Microsoft will lay off thousands of employees amid investments in AI. WSJ reports that the company is planning several thousand layoffs. They will affect sales teams and other departments. The planned staff reduction is taking place against the background of growing investments in AI – in May, about 6 thousand software developers were already laid off.
Platinum has peaked in more than 10 years amid increased demand and supply shortages. Spot prices rose by more than 2%, reaching $1,350.17 per ounce. Since the beginning of the year, the value of platinum has increased by more than 45% due to a shortage of supply and active replenishment of stocks by jewelry manufacturers. There is also a growing interest from Asian buyers, especially from China and India. Tensions in the Middle East are further stimulating purchases of platinum as a safe asset.
The Central Bank of Norway lowered the rate for the first time in 5 years – from 4.5% to 4.25% per annum. This decision by the central bank came as a surprise to analysts and caused a drop in the national currency and government bond yields. The dollar rose by 1.5% against the Norwegian krone, the euro – by 0.9%. At the same time, the yield on ten–year government securities decreased by 10 basis points to 3.95% per annum, which is the lowest since May 12. Norges Bank has kept the rate at its highest level in 15 years since December 2023.
Euro-based stablecoins may start competing with the US dollar by 2028. Experts predict that the weakening of the dollar, which has reached a three-year low, creates opportunities for strengthening the euro as a reserve currency. Currently, the market is dominated by 56 stablecoins pegged to the dollar, against 12 pegged to the euro. And when this gap narrows, more euro-based stablecoins will appear.
