Daily Digest — 1 Jun 2026

Markets opened June with heightened tensions across multiple fronts as Iran and the US reported new air strikes around the Strait of Hormuz, pushing oil prices up nearly 3% to $89.91 amid supply concerns from the critical shipping corridor. The escalation comes as geopolitical stress tests institutions globally, with former Fed Chair Jerome Powell warning against central bank politicisation amid ongoing political pressures.

Technology markets diverged sharply as Nvidia unveiled its first PC chip, entering the laptop market through partnerships with Dell, Microsoft, and HP in a major expansion beyond data centres. However, crypto markets retreated with Bitcoin sliding to $73,278 as spot ETF outflows hit records, while XRP dropped to a 15-week low of $1.32.

The US expanded its tech restrictions by clarifying that chip export bans apply to Chinese companies operating outside China, closing potential loopholes as Washington intensifies its semiconductor war. Meanwhile, diplomatic tensions spread to North America as Mexico’s President Sheinbaum accused the US of interference over investigations into Mexican officials.

In the UK, the government faces criticism over plans to use AI for assessing young asylum seekers’ ages, with over 100 charities warning the technology could place children in adult detention facilities.