South Korea exports rebound on tech boost but US tariffs hit other sectors

Oil prices dipped slightly as traders anticipate OPEC+ might boost supply soon, coupled with concerns over potential new tariffs. It's a classic case of market jitters—more supply could ease prices, but trade tensions might throw a wrench in the works.

Standard Chartered Bank is in hot water over accusations that it played a part in the massive 1MDB financial scandal. A lawsuit claims the bank should cough up $2.7 billion for allegedly helping move dirty money tied to the fraud—a scheme that siphoned billions from Malaysia’s state fund and involved high-profile figures, including former Malaysian leader Najib Razak.

Elon Musk is threatening to retaliate against lawmakers who support a spending bill backed by former President Donald Trump, signaling a deepening rift between the billionaire and certain political figures. While Musk didn’t specify what "punishment" might entail, his influence—both financially and through platforms like X (formerly Twitter)—could sway political dynamics.

The UK housing market took a hit in June with falling prices, while the London stock market had its strongest first half of the year since 2021—a mixed bag for the economy. Meanwhile, Bank of England governor Andrew Bailey cautioned that the UK, like other nations, is navigating economic "headwinds." He acknowledged Chancellor Rachel Reeves' clear fiscal plan but stressed the need for flexibility in managing the country's finances.

Factories across Asia are still struggling under the weight of potential U.S. tariffs, even though there’s been a slight easing in some economic pressures. While there’s been modest relief—like lower input costs or temporary trade reprieves—the looming threat of tariffs is keeping manufacturers on edge, disrupting supply chains and complicating business planning.