Weekend roundup

Here’s what you missed while you were living your best life:

• 🤑 Norway’s sovereign wealth fund said it would vote against Elon Musk’s $56 billion Tesla pay package. The question is going to a shareholder vote, and the fund is Tesla’s eighth-biggest investor.

• 🇯🇵 Japan’s GDP fell less than first reported. Government data showed things went better than initially thought in Q1, pushing Japanese equities higher.

• 🛫 Elliott reportedly took a nearly $2 billion stake in Southwest Airlines. The activist investor plans to push for changes aimed at reversing the airline’s underperformance, according to the Wall Street Journal.

Featured weekend story

Microsoft unveiled all-digital Xbox consoles at Games Showcase

Microsoft attempted to breathe new life into the Xbox on Sunday, unveiling a new all-digital version of its Series X and S consoles. The devices won’t include a disc drive, but are otherwise identical to existing versions, offering the same performance for games that have already been released.

The Games Showcase event comes at an important time for Microsoft as the gaming industry faces a downturn and publishers see weaker sales, layoffs, and studio closures. The new consoles could help boost sales of the Xbox, which competes with Sony’s PlayStation 5.

Microsoft also unveiled the next instalments of the Doom and Call of Duty franchises, and offered a sneak peek at the newest Gears of War title, ending a five-year wait for one of Xbox’s most popular series.

What to watch this week

European stocks followed Asia lower this morning amid political uncertainty. French President Emmanuel Macron called a snap vote after a crushing defeat to the far-right in the European Parliament election.

Indices at 12:00 AM (ET)

Here are your upcoming market events:

• 🏛️ Fed decision. Rates are expected to stay on hold on Wednesday. But it’s all eyes on the ‘dot plot’ – given some stubborn data readings, it could show two cuts planned this year instead of three.

• 🇺🇸 US inflation. The final data point for the Fed’s consideration drops on Tuesday. May CPI is expected to rise by 0.2% MoM and 3.4% YoY.

• 🔮 Oracle earnings. The software company publishes its Q4 earnings on Tuesday. The stock is already up some 14% this year.

Off-balance sheet items

Here’s what we’re reading this week:

• 🕵🏼‍♀️ Inside the biggest FBI sting operation in history (WIRED). When a drug kingpin named Microsoft tried to seize control of an encrypted phone company for criminals, he was playing right into its real owners’ hands.

• ☕️ Why are we so obsessed with morning routines? (Vox). From meditation and cold plunging to coffee and cigarettes, morning routines show us what we value.

• 🌴 11 common survival mistakes that can get you killed (Outdoor Life). These simple mistakes can lead to catastrophic scenarios. Here’s how to avoid them.

Chart of the week

The bottom line

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