•Insurers including Chubb Ltd. and Travelers Cos. are suing Truist Financial Corp.'s banking arm to avoid covering a $240 million settlement related to overdraft fees.
•The insurers claim the settlement does not qualify as covered damages under their policies and that earlier policy periods should have applied.
•An OMFIF survey shows central banks expect gold to trade between $5,000 and $6,000 in 12 months, with increasing commitment to gold as a strategic asset.
•BlackRock, Coinbase, Ripple, Mastercard and over a dozen financial firms have partnered to launch OUSD, a new stablecoin that distributes reserve earnings to participating institutions through a shared governance model.
•A Michigan judge issued a ruling on Monday blocking Kalshi from allowing residents to place financial bets on sporting events, after the state's attorney general accused it of violating gaming law.
•The Bank for International Settlements warned against getting swept up in the AI frenzy, suggesting it may be a bubble, as investors appear increasingly reluctant to second-guess it.
•Cal-Maine Foods announced it reached an agreement to resolve claims from the U.S. Department of Justice and 17 states' attorneys general after a 15-month investigation.
•Jefferies reiterated a Buy rating on Broadcom (NASDAQ: AVGO) with a $550 price target, citing improved 2028 visibility, TPU roadmap, and broadening ASIC customer base.
•Jefferies projects 2028 EPS between $30 and $40, suggesting a P/E ratio of approximately 10x.
•The European Union has launched an antitrust investigation into Align Technology, the maker of Invisalign, over its sales strategy for iTero scanners.
•Antitrust authorities said egg producers manipulated the market to keep prices high and agreed to donate over 50 million eggs to settle the investigation.
•Lemonade renewed its reinsurance program effective July 1, 2026, expecting to cede approximately 18% of premium to reinsurers, down from the previous level.
•Tanker traffic at the Strait of Hormuz rose over the past 24 hours for the first time since two attacks on commercial vessels last week.
•A total of 24 commodity vessels, including tankers, LNG and LPG carriers and bulk carriers, transited the Strait of Hormuz on Monday, according to Kpler ship-tracking data.
•Total traffic at Hormuz remains 90% lower than normal levels.
•Spot gold rose to $4,048/oz after the June Consumer Confidence Index came in at 91.2, below the 94.2 consensus but above the downwardly revised 90.6 from May.
•China's purchasing managers' index rose slightly above pessimistic expectations, but it does not indicate a major turnaround in June and a second-quarter slowdown remains likely.
•Sluggish domestic demand in China could potentially prompt additional policy support, with markets focusing on the July Politburo meeting.
•Switzerland announced it will ease recognition of US standards for cars and medical devices as part of a push for a trade agreement with the United States.
