• Apple has announced a bunch of new iOS 16 features. Users can now customize the theme colors and layout of their lock screen. Apple is also bringing a share play API to iMessages which means you can watch videos live together. iPhone users can now also edit and undo sent messages in iMessage and also unread them so they can come back on it later. Source(48:40)

  • Analysts cheer Apple’s continued chip developments following WWDC. The tech company unveiled a new MacBook Air and 13-inch MacBook Pro, powered on a newly announced M2 chip. The iPhone maker also shared updates to CarPlay and a move into buy now, pay later. Many analysts also positively viewed Apple’s updates to CarPlay, which would include the ability to control some vehicle functions.

  • Commercial property sales slow as rising interest rates sink deals. Property sales were $39.4 billion in April, which was down 16% compared with the same month a year ago. Hotels, office buildings, senior housing, and industrial properties recorded big drops in sales. Surging interest rates in recent weeks have left many investors with a choice between losing their deposit or paying much more than expected for their mortgage.

  • US, Treasury prohibits investors from buying Russian debt. The updated guidance means US firms can hold or sell Russian debt, but can’t buy it, according to a spokesperson for the Treasury’s Office of Foreign Assets Control. The rules apply to both corporate and sovereign debt as well as equities. The new measures will come as a further blow to funds holding Russian bonds.

  • EU agrees to a universal charging port for mobile phones, tablets, and cameras. The union is going to force smartphone manufacturers like Apple and other electronics makers to equip their devices with a standard USB-C charging port. It means equipment makers will have to comply with the new terms by 2024. The legislation is designed to cut waste and make life easier for consumers to use one charger for multiple devices. Read more here.

  • Brokerage slowdown begins. Quarterly revenue has declined the most at Redfin and Realogy, the least at eXp and Douglas Elliman, and Compass sits right in the middle. For example, the number of transactions per agent at Compass is at record lows, lower than Q1 last year and on par with the early days of the pandemic. The market is softening. Fewer transactions mean less brokerage revenue. Read more here.

  • The majority of aging adults say they’re not moving. Sixty-six percent of U.S. adults aged 55 and older say they expect to age in place, according to a new Freddie Mac survey. That could further exacerbate the housing supply shortage. Baby boomers are veering from traditional patterns of selling later in life and downsizing or moving to assisted living. That could prompt an even more severe housing shortage nationwide.

  • U.S. trade deficit falls 19% to $87.1 billion and comes off a record high. The trade deficit has gyrated from month to month because of shipping disruptions and supply shortages tied to the pandemic, but the trend is up. The U.S. posted a record trade gap last year and is on track to do so again in 2022. The U.S. in April exported more petroleum, natural gas, and other sources of energy.


  • The looming housing shortage is about to get worse. Tens of millions of people have either purchased or refinanced their homes with the lowest interest rates in history. The mortgage cannot be moved to a new house. This will result in people hoarding those houses and will not sell them and will hold on to these properties for as long as possible. This will also result in people focusing on home improvement instead of selling. Source(34:08)

  • World Bank cuts global growth outlook further. The bank warns that several years of above-average inflation and below-average growth lie ahead with potentially destabilizing consequences for low- and middle-income economies.  Even if a global recession is averted, the pain of stagflation could persist for several years -- unless major supply increases are set in motion.

  • Kohl’s enters exclusive talks to be sold. The Wisconsin company said it has entered exclusive talks with retail holding company Franchise Group Inc., confirming an earlier report by The Wall Street Journal. The exclusivity period is to last three weeks, the company said, adding that a deal isn’t guaranteed. Franchise Group, which owns brands including Vitamin Shoppe, had offered around $60 a share for Kohls. Read more here.

  • Oil has to hit $135 a barrel to rebalance the market, says Goldman. Prices will need to average $135 a barrel in the 12 months starting in July for inventories to normalize by the end of next year, as Chinese demand picks up and output from Russia falls, analysts Damien Courvalin and Jeffrey Currie wrote in a June 6 note. That’s $10-a-barrel higher than their first-quarter forecast. Read more here.
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