Overnight and early morning, global financial media spotlighted pivotal developments across markets. U.S. President Donald Trump announced a trade agreement with Indonesia, slashing tariffs to 19% on Indonesian goods while exempting American exports. "They pay 19%, we pay nothing," Trump declared at the White House, emphasizing full access to Indonesia's market. This follows his tariff ultimatums to multiple partners, including Iraq and the Philippines, pressing for deals before August 1 hikes; Indonesia, once threatened with 32% duties, became the first to secure concessions after negotiations.

Canadian Prime Minister Mark Carney suggested U.S. tariffs are unlikely to vanish, anticipating intensified talks despite scant signs of a tariff-elimination pact from Washington. "Global commerce dynamics have shifted," Carney stated ahead of a cabinet meeting in Ottawa, stressing a focus on bolstering Canada's economy. Earlier in June, his government vowed to hike defense spending and scrap a digital services tax targeting U.S. tech giants, meeting Trump's demands while aiming for a broader trade accord by July 21.

Meta Platforms Inc. confronts fresh EU antitrust scrutiny, with its 200 million euro ($232 million) fine failing to align Facebook and Instagram with stringent digital rules. The European Commission warned Meta that its "pay or consent" model—charging users for ad-free access—requires adjustments, potentially leading to formal notices and recurring penalties if unresolved. This marks Meta's second clash under the Digital Markets Act after an April penalty.

Market upheaval fueled a windfall for Wall Street giants, whose quarterly results blew past expectations. JPMorgan Chase's equities division notched its best-ever second quarter, while Citigroup's trading arm achieved its strongest performance in five years, both outshining analyst predictions. Investment banking also outperformed despite volatility fears. "In this new order, volatility is normal, not exceptional," Citigroup CEO Jane Fraser remarked during an earnings call. "We'll capitalize on it."

JPMorgan Chase CEO Jamie Dimon signaled the private credit market frenzy might have peaked, downplaying acquisition interest in the sector. "It's probably topping out—maybe, I'm not sure," Dimon said on the bank's Q2 call. When asked about buying a private credit firm, he added, "It's not a priority; we can build it ourselves, but we'd consider it for the right people and price."

Boston Fed President Susan Collins advocated patience on rate cuts, citing robust economic fundamentals that may cushion tariff impacts. "Solid overall conditions allow the Fed time to carefully evaluate incoming data," Collins told the National Association for Business Economics. "Maintaining 'active patience' with policy remains appropriate now."