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Combusted! - Following 16 hours of negotiations, the European Union has agr= eed to a framework to eliminate carbon emissions from new cars and vans by = 2035, effectively closing the chapter on the internal combustion engine. Ma= ny automakers are already in the process of switching over to cleaner fleet= s, but the industry will now face some pressure to hit the accelerator. The= bloc's proposal was first raised in July 2021, but with the final endorsem= ent in the bag, it will be up to members of the European Parliament to get = the deal over the finish line.Areas of compromise: Environment ministers ex= tended a CO2 exemption granted to so-called "niche" manufacturers - or thos= e producing less than 10K vehicles per year - until the end of 2035. Italy,= home to Ferrari (RACE) and Lamborghini (OTCPK:AUDVF), also gave up demands= for a five-year delay in the EU's plan for carmakers to clean up their fle= et. Meanwhile, alternative technologies like synthetic fuels and plug-in hy= brids may be included in the future if they can achieve the complete elimin= ation of greenhouse gas emissions."This is a big challenge for our automoti= ve industry," announced Agnes Pannier-Runacher, the French Minister of Ener= gy Transition who chaired the meeting. "I have full confidence that the Eur= opean car industry can manage," added Frans Timmermans, Vice President of t= he European Commission. "Our carmakers are among Europe's industrial leader= s and they can continue to be that as they embrace this global shift."Other= EV news: Electric vehicle makers have not emerged unscathed in the recent = supply chain crisis, especially given the rising costs of raw materials lik= e lithium, nickel, cobalt and palladium. The deteriorating environment even= prompted a warning from Tesla (NASDAQ:TSLA) CEO Elon Musk earlier this mon= th, telling top managers he had a "super bad feeling" about the economy and= the company would slash its workforce by about 10%. The latest round of la= yoffs came last night, with Tesla shuttering its office in San Mateo, Calif= ornia, and cutting around 200 employees who were working on Tesla's Autopil= ot driver-assistant system. (73 comments)
3D""
<= /a> Read in Browser
 
Top News
Combusted!
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Following 16 hours of negotiations, the European Uni= on has agreed to a framework to eliminate carbon emissions from new cars an= d vans by 2035, effectively closing the chapter on the internal combustion = engine. Many automakers are already in the process of switching over to cle= aner fleets, but the industry will now face some pressure to hit the accele= rator. The bloc's proposal was first raised in July 2021, but with the final endorseme= nt in the bag, it will be up to members of the European Parliament to get t= he deal over the finish line.

Areas of compromise: Environm= ent ministers extended a CO2 exemption granted to so-called "niche" manufac= turers - or those producing less than 10K vehicles per year - until the end= of 2035. Italy, home to Ferrari (RAC= E) and Lamborghini (OTCPK:AUDVF),= also gave up demands for a five-year delay in the EU's plan for carmakers = to clean up their fleet. Meanwhile, alternative technologies like synthetic= fuels and plug-in hybrids may be included in the future if they can achiev= e the complete elimination of greenhouse gas emissions.

"This is a b= ig challenge for our automotive industry," announced Agnes Pannier-Runacher= , the French Minister of Energy Transition who chaired the meeting. "I have= full confidence that the European car industry can manage," added Frans Ti= mmermans, Vice President of the European Commission. "Our carmakers are amo= ng Europe's industrial leaders and they can continue to be that as they emb= race this global shift."

Other EV news: Electric ve= hicle makers have not emerged unscathed in the recent supply chain crisis, = especially given the rising costs of raw materials like lithium, nickel, co= balt and palladium. The deteriorating environment even prompted a warning f= rom Tesla (NASDAQ:TSLA) CEO Elon M= usk earlier this month, telling top managers he had a "super bad feeling= " about the economy and the company would slash its workforce by about = 10%. The latest round of layoffs came last night, with Tesla shuttering its= office in San Mateo, California, and cutting around 200 employees who were= working on Tesla's Autopilot driver-assistant system. (73 comments)

     
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Economy
Red flags
Heavy selling pressure continues to plague stock markets as more signs cont= inue to point to an economy in trouble. An attempted rally for risk assets = fizzled out on Tuesday after The Conference Board's consumer confidence ind= ex for June fell to 98.7, the lowest level since February 2021. The Nasdaq = Composite concluded the session down 3%, while ten of the 11 S&P sectors finished in the red (energy was th= e sole gainer).

Commentary: In an interview on CNBC, Cathie Wood, CEO of ARK Inves= t, admitted that she got the inflati= on picture wrong and it had pummeled her disruptive technology darlings. = =E2=80=9CWe think we are in a recession... can't believe it's taking more t= han two years [to resolve the supply chain] and Russia's invasion of Ukrain= e of course we couldn't have seen that. We think a big problem out there is= inventories - the increase of which I've never seen this large in my caree= r... and I've been around for 45 years." Wood went on to state that ARK is = still "dedicated completely to disruptive innovation" and has seen signific= ant inflows into its flagship ARK Innovation ETF (ARKK) despite being = down 56% in 2022.

Not helping the situation were comments fr= om Cleveland Fed President Loretta Mester, who is a voting member on the Fe= deral Open Market Committee. If elevated inflation conditions remain the sa= me in July, Mester said she would support another 75 basis point hike to ag= gressively rein in the soaring price pressures. Fed Chair Jerome Powell is = also due to give a speech at the European Central Bank forum at 9 a.m. ET a= fter acknowledging last week that steep rate hikes may tip the economy into= recession.

On the e= conomic calendar: The final estimate for first-quarter GDP will be p= ublished this morning, with consensus forecasts coming in at minus 1.4% and= setting the stage for a potential recession reading next month. Investors = will also get the la= test data on mortgage applications - the leading indicator for home sal= es and housing construction - and corporate profits, which are the lifebloo= d of investment spending in the U.S. (147 comments)
     
Healthcare
Switching it up
A panel of outside advisors to the FDA has voted 19-2 in favor of updating = COVID-19 booster shots to include protection against Omicron. It's a signif= icant decision as it marks the first time the panel has proposed that vacci= ne makers modify their jabs to target a different strain. Alpha, Beta and D= elta have already made their way through the world without any updates to t= he shots, as well as their sub-variants that have caused several big waves = of infections.

Fine print: Much of the FDA panel discussion focused on whether the= Omicron component should target the "original" strain, BA.1, or newer BA.4= and BA.5 sub-variants, but the voting question did not specifically ask th= e members to decide between them. The panel was also not asked about whethe= r future boosters should be bivalent - containing protection against the or= iginal SARS-CoV-2 variant and Omicron - or just provide protection against = the latter. As COVID continues to evolve, the vaccines are said to have bec= ome less effective at defending infection and mild illness, but generally p= rotect against severe disease.

Following the committee's recommenda= tion, the FDA is likely to authorize the vaccine change, meaning a new gene= ration of COVID boosters could be ready by late summer or the early fall. V= accine manufacturers have already developed Omicron-specific vaccines, but = have noted that they tend to generate a lower antibody response against BA.4 and BA.5. If not apparent already, it als= o appears that COVID is on track to need annual or semi-annual boosters lik= e the flu, compared to viruses like polio and measles, which if vaccinated = against as a child, the body will recognize at a much later date.

<= span style=3D"font-weight: bold;" class=3D"b">How have the stocks held up?<= /span> Pfizer (PFE), which was the = first manufacturer to get emergency vaccine approval in the U.S., climbed t= o a high of $61 after the FDA authorized its boosters in November 2021. Sha= res have fallen nearly 20% since the= n to around $50, but are still up more than= 20% from before the pandemic. Even bigger swings have been seen wit= h partner BioNTech (BNTX), which s= urged from $30 before March 2020 to a peak of $464 last summer (shares are = now trading around $140). Rival Moderna (MRNA) has also seen some significant movement, going on a rollerco= aster ride from $25 to nearly $500, before the stock also headed back to th= e $140 level. (52 comments<= /a>)
     
Outlook
NATO expans= ion

Finland and Sweden have taken a major step towards N= ATO membership after Turkey flipped its position to support the countries j= oining the world's most powerful military alliance. President Recep Tayyip = Erdogan had previously voiced concerns over the nations' alleged support of= the Kurdistan Workers' Party, or PKK, which Ankara considers terrorists. H= owever, both Finland and Sweden committed in writing not to provide support= to the group, and would work together on extraditions, terrorist financing= and related issues.

Quote: "For the Nordic Region, for the= Baltic region, this is of particular importance, but this is important for= the whole Alliance," NATO Secretary General Jens Stoltenberg declared. "It= also sends a very clear message to President Putin, that NATO's door is op= en."

Public opinion in Finland and Sweden was strongly against joini= ng NATO until the Russian invasion of Ukraine on Feb. 24, when support for = membership flipped almost overnight. The military buildup could be another = boon for stocks like Lockheed Martin (LMT), which has climbed = 20% YTD on the back of the increases in defense spending. All curren= t 30 NATO nations have agreed to spend at least 2% of their GDPs on defense= by 2025, and while only a third of those members have met the threshold, t= he latest developments should accelerate a drive for achieving their target= s.

Outlook: Once Finland and Sweden join NATO, the = military alliance will expand at Russia's doorstep, with Moscow threatening= to station ballistic and nuclear missiles on its border in response. "He w= anted less NATO. Now President Putin is getting more NATO on his border," S= toltenberg continued at a press conference. Tensions are already high after= NATO member Lithuania barred Russia last week from shipping certain goods = to its Baltic exclave of Kaliningrad, prompting fears of military action th= at could trigger Article 5 of the North Atlantic Treaty.

     
Today's Markets
In Asia, Japan = -0.9%. Hong Kong -1.9%= . China -1.4%. = India -0.3%.
In = Europe, at midday, London -0.7%. Paris -1.4%. Frankfurt -2%.Futures at 6:20, Dow -0.1%. S&P -0.2%<= /span>. Nasdaq -0.3%. = Crude +0.5% to $112.= 28. Gold -0.2% to $181= 8.40. Bitcoin -4.6% to= $20,069.
Ten-year Treasury Yield -4 bps to 3.17%
Today's Economic Calendar
6:= 30 Fed's Mester Speech
7:00 MBA Mortgage Applications
8:30 GDP Q1
8:30 Corporate profits=
9:00 Jerome Powell Speech
10:00 State Street Investor Confidence Index
<= span style=3D"color: #f48120; font-weight: bold;" class=3D"b">10:30 = EIA Petroleum Inventories
11:00 Survey of Business Uncertainty

Companies reporting earnings today =C2=BB
What else is happening...
Final washout? Bitcoin (BTC-USD) battles to hold $20,000 level again.

Exxon (XOM) chief says the cure for high prices w= ill be high prices.

Spir= it Airlines (SAVE) rejec= ts sweetened offer from JetBlue (JBLU).

Disney (DIS) board unanimously extends CEO Chapek for three years.

Airbnb (ABNB) outlines policy to make house party ban perman= ent.

Dealmaking turmoil: Walgreens (WBA) shelves sale of Boots pharmacy.

Altria (MO) watches as Juul pushes to extend stay on FDA= e-cigarette ban.

Google's (GOOGL) Bill Ready takes over CEO post at Pinterest (PINS<= /a>).
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