Weekend roundup

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

• 🤖 AMD announced new AI chips, taking on Nvidia and Intel. It comes as Nvidia unveiled its next generation of chips named “Rubin” to succeed a previous model, which was only announced in March.

• 👰 Murdoch Murdoch married his fifth wife in a Californian vineyard. The 93-year-old media mogul married Elena Zhukova, a 67-year-old retired molecular biologist, who he reportedly started dating last summer.

• 🛫 Global airlines raised their profit forecast as travel soars. The International Air Transport Association expected the industry to generate $30.5 billion of profit this year, as a record number of travellers board flights.

Featured weekend story

OPEC+ extends deep oil production cuts into 2025

OPEC and its allies agreed to extend most of their deep oil output cuts well into 2025, as the group of crude-producing countries tries to shore up the market.

Brent has been trading near $80 a barrel amid tepid demand growth, high interest rates, and rising US production – below what many OPEC+ members need to balance their budgets.

The group has been curbing production since late 2022. It’s currently cutting output by 5.86 million barrels per day, about 5.7% of global demand. OPEC+ has now agreed to extend about 40% of those cuts until September and the remaining 60% until the end of next year.

What to watch this week

Stocks kick off the week in a positive mood, boosted in part by positive factory data out of China, Japan, and South Korea.

Indices at 12:00 AM (ET)

Here are your upcoming market events:

• 🇪🇺 ECB rate decision. A cut is all but certain on Thursday, but what comes next? Markets are pricing in two cuts this year, down from three when the ECB last met and at least five at the start of the year.

• 🔧 Jobs data. Friday’s non-farm payroll is expected to show the US labor market held strong in may. Economists see 185,000 jobs added, slightly up from April.

• 🇨🇦 Bank of Canada rate decision. The BoC is also widely expected to cut when it meets on Wednesday. A 25 bps reduction is likely after GDP growth was slower than expected in Q1.

Off-balance sheet items

Here’s what we’re reading this week:

• 👷🏼‍♂️ Loyalty at work no longer pays – and it’s employers who are to blame (Business Insider). Why decades of corporate betrayal have shattered employee loyalty and how companies can rebuild trust with millennials and Gen Z.

• 🦎 The mutant wildlife adapting to New York City (BBC). In the 400 years since New York City’s birth, the local wildlife has adapted to a life of fast food, pollution, and isolation.

• ❓️ How luck and chance shape your life (Greater Good Magazine). A new book shows us how embracing randomness makes for a better life and a better world.

Chart of the week

The bottom line

Aquire new customers and drive revenue by patterning with us.

Balance Sheet is rapidly growing with 1,500+ readers working in the world’s leading organizations. You can learn more about partnering with us here.