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Oil Rises on Saudi Arabia’s Go-It-Alone July Production Cuts (2 min read)
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Oil prices rose about 5% after Saudi Arabia announced an additional cut of 1 million barrels per day in its July production, aiming to stabilize the market. The OPEC+ met over the weekend and although the outcome was moderately bullish, the impact of the production cut remains unknown given the current uncertain macroeconomic outlook. Some OPEC+ members agreed to maintain current production cuts, with Saudi Arabia the only member to initiate an additional output cut, leaving the kingdom potentially sacrificing further market share.

Morgan Stanley Expects a Shock 16% US Profit Drop to Kill Rally (2 min read)
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Morgan Stanley strategists anticipate US corporate earnings to pull back by 16% this year, which they believe will halt the US equity rally. This is the most bearish prediction recently and contrasts with the bullish forecasts from other Wall Street firms. However, they are optimistic about equities in Japan, Taiwan, and South Korea, and recommend overweight positions in developed-market government bonds and the US dollar. The bank's strategists are also less positive about European and Chinese markets, citing various factors impacting their outlook.

Apple Stock Hits All-Time High (2 min read)
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Shares of Apple jumped another 1.8% early Monday and reached an all-new record high. The stock shifted to bullish this year, surging more than 47% and erasing the 27% loss last year, thanks to its strong Q1 financials from rising revenue in its service segments like the App Store. The rally on Monday also came just hours before revealing its mixed reality headset, one of its most significant new product launches over the last decade. Apple’s market cap is now roughly $2.9 trillion, about $400 billion more than the world’s next most-valuable company, Microsoft.

Airlines expect to make $10 billion this year despite economic slowdown (2 min read)
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The International Air Transport Association (IATA) has more than doubled its profit forecast for the global airline industry in 2023 to $9.8 billion, up from a previous forecast of $4.7 billion. The positive outlook attributes the stronger profitability to cargo revenues, China's reopening, and lower jet fuel prices. Despite economic uncertainties, air travel has rebounded, but profit margins remain thin which made it a challenge to provide sustainable returns to investors. However, IATA expects most carriers to return to pre-pandemic profitability levels this year.

The 5 Best Performing AI ETFs of 2023 (4 min read)
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There are about two dozen AI-focused ETFs on the US exchange and the majority of them have been gaining this year. The current best-performing AI ETF is the Direxion Daily Robotics, Artificial Intelligence, & Automation Index Bull 2X Shares (UBOT), which rallied 75.8%, and the top-performing AI-powered ETF where the portfolio run by AI models is the VanEck Social Sentiment ETF (BUZZ) with a 27.7% gain. This article provides a full list of US-listed AI ETFs ranked by performance year-to-date.

6 Single-Stock ETFs Making Hasty Exit (2 min read)
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Several single-stock ETFs launched by AXS Investments and GraniteShares are set to close within a year due to challenges in the single-stock format. The closures include funds that track Nike and Pfizer stocks. The move highlights the dependence of single-stock ETFs on the underlying stocks, with those tied to volatile stocks like Tesla being more popular than those tied to "boring" stocks. GraniteShares recently filed to open new single-stock ETFs, including ones focused on Apple and Advanced Micro Devices.

That's it for today! You can reply to this email if you have any comments or feedback.

Thanks,
Thomas

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