Flagship

Iran retaliates in symbolic Qatar attack

Iran fired missiles at a US military base in Qatar on Monday in retaliation for American strikes on its nuclear facilities, but Tehran’s attack was largely seen as symbolic — and possibly de-escalatory. Iran gave Qatar advance notice of the incoming missiles, all but one of which were intercepted, resulting in no casualties or damage at Al Udeid Air Base. “The calibrated and telegraphed response,” one analyst said, signaled Iran may be looking for an off-ramp to the conflict, and that this could be the extent of its retaliation. US President Donald Trump thanked Iran for the “early notice” and called for an end to hostilities. Israel has indicated it could cease its military campaign against Iran in the coming days.

Oil prices fall after Iran strikes

US stocks rose and oil prices fell Monday as Iran’s restrained response to Washington’s attack suggested that widespread economic disruption is unlikely. Traders had feared the conflict could balloon and disrupt crude shipments in the region, with oil prices rising since Israel began attacking Iran. But investors seem optimistic that Tehran’s largely symbolic strikes on a US military base in Qatar signal a de-escalation, The New York Times reported. “Only in 2025: Energy markets are relieved that the world’s ninth-largest oil producer fired ballistic missiles at the world’s second-largest exporter of liquefied natural gas,” The Economist’s Middle East correspondent wrote.

Economists downscale tariff fears

Wall Street economists are walking back their most drastic predictions for tariffs’ hit to the US economy. “Has Trump outsmarted everyone on tariffs?” Apollo’s chief economist asked this weekend, speculating that the 90-day pause on tariffs could turn into a one-year moratorium that pushes other countries to reduce their own trade barriers and domestic subsidies. “This would seem like a victory for the world and yet would produce $400 billion of annual revenue for US taxpayers,” he wrote. Goldman Sachs, meanwhile, raised its estimates for US economic growth and reduced its odds of a recession, though it warned that hard data is catching up with gloomy sentiment and declared it “too early to sound the all-clear on tariff-driven price hikes.”

Chinese firms delist from US exchanges

China’s biggest public companies are falling out of love with Wall Street, and rekindling their affair with Hong Kong. While a US stock market listing once marked the pinnacle of success for a Chinese firm, the New York Stock Exchange hasn’t hosted a new Chinese listing since May 2024, The Wall Street Journal reported, as economic tensions between the superpowers and stricter regulations weighed on the private sector. More than 80 Chinese firms have delisted from US exchanges in the last five years. Many mainland firms are instead listing in Hong Kong, which is poised to once again become the top destination for IPOs, ending a five-year cold streak despite a drop in foreign investment, Nikkei Asia wrote.

Global lessons in NYC mayor’s race

The popularity of a democratic socialist candidate in the New York City mayor’s race may signal a coming surge of left-wing populism. New polling shows Zohran Mamdani, a 33-year-old state lawmaker, locked in a tight contest with former Gov. Andrew Cuomo ahead of Tuesday’s Democratic primary. The ascendance of Mamdani — whose economic platform includes free bus services and a rent freeze — could offer lessons to a Western left reeling from the rise of far-right actors, a Guardian columnist argued. The second wave of populism following US President Donald Trump’s anti-establishment agenda, Eurasia Group’s Ian Bremmer noted, is “coming from the left,” especially educated and progressive white-collar workers whose jobs, along with their children’s futures, are threatened by artificial intelligence.

NY to build new nuclear plant

New York will build a nuclear plant to power up to 1 million homes, Gov. Kathy Hochul said Monday, in a reversal of the state’s posture toward the sector. The plant will be the country’s first new facility of its kind built in more than 15 years. The announcement comes four years after the state closed a nuclear power station following pressure from then-Gov. Andrew Cuomo over its proximity to residents. New York’s embrace follows other states as well as companies who are turning to nuclear to meet soaring electricity demand, as President Donald Trump aims to boost the industry and overhaul regulation with an eye to helping US tech giants power artificial intelligence data centers.

China hits solar capacity record

China shattered its own record for solar installations for a single month, adding 93 gigawatts of capacity in May. That’s more than any other nation managed in the entirety of 2024, as well as China’s December record of 71 gigawatts. The rush was ahead of a new government policy removing price protections for solar projects, which had all but guaranteed profits for new outfits when they come online. June figures are expected to be much lower, OilPrice.com reported, and paradoxically the high May figures may presage bad news for solar manufacturers, already struggling with price wars and overcapacity. China’s huge outlay on solar is causing large bottlenecks in its energy grid, which is unable to meet the new demand.

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Extreme US heat hits soccer tourney

Extreme heat in the US is rankling soccer players and fans during the opening matches of the Club World Cup this week. Temperatures could reach 100°F (37°C) in several host cities for the tournament, which features some of the world’s most popular teams. Clubs are increasingly concerned, The Athletic reported, especially since many of the games start in the middle of the day. The sport’s governing body FIFA is under heightened scrutiny, with the tournament seen as a warmup for the men’s World Cup next year in North America. The weather, along with high ticket prices and absent stars, has made the Club World Cup something of a dud, ESPN wrote.

Pill may be as effective as Ozempic

A new anti-obesity pill appears to be as effective as Ozempic in reducing weight, a trial suggested. GLP-1 weight loss drugs are enormously popular: Semaglutide, better known as Ozempic or Wegovy, is the second-biggest selling drug in the world, making its manufacturer Europe’s most valuable firm. But they require injecting, which makes them inconvenient and unpleasant for some patients; an oral form of semaglutide is available but less effective. Eli Lilly, which makes Ozempic’s key rival Zepbound, is developing an ingestible drug, orforglipron. Phase III trial data found that patients lost on average 7.9% of their body weight in the trial period, comparable to existing drugs, and it was also effective in lowering blood sugar in diabetics.

Powerful camera captures night sky

The world’s most powerful digital camera revealed its first photos of the night sky. The Vera C. Rubin telescope is high up in Chile’s Andes mountains, where it is “very high, very dry, and very dark,” the BBC wrote, perfect for watching the stars. Its huge 3.2-gigapixel camera gives it an unrivaled ability to see deep into the cosmos. But it will also hunt for nearer objects, including asteroids — it is powerful enough to detect even small, dark objects millions of miles away — and, perhaps, a new neighbor. Strange patterns in the movement of distant bodies orbiting the Sun have hinted at the existence of a hypothetical Planet Nine: Rubin should be capable of confirming or dispelling the theory.

June 24:

• NATO summit begins in The Hague.
• The World Economic Forum’s annual summer meeting begins in Tianjin.
• Amazon founder Jeff Bezos’ wedding party kicks off in Venice.

A new exhibition at Hong Kong’s M+ museum uses empty aquariums as a metaphor for life and memory. Inspired by recollections of his father’s seafood restaurant, as well as time spent on Hong Kong’s Goldfish Street — a roughly thousand-foot stretch of aquariums and fish shops — Trevor Yeung’s Courtyard of Detachments aims to “preserve a moment suspended in time.” The fishless tanks, which emit white noise and are bathed in the violet lighting of 1980s Hong Kong, encourage visitors to reflect on the fragmentary nature of time and memory: “I hope you discover a part of yourself here, and maybe even some solace,” Yeung told Tatler Asia. “It’s about moving on.”

Lisa Murkowski has at least thought about caucusing with Democrats in the Senate — simply, as she put it, “because people have asked” about it, Semafor’s Burgess Everett reported.

“Do I feel that within my Republican conference, I always feel like I’m right here in my political home? No,” Murkowski told Everett. “But having said that, it is not [accurate] that I allow a label to define me. And I think maybe this is what causes some frustration with people.”