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Senate Republicans are moving forward with a plan to mask the $3.8 trillion cost of extending expiring tax cuts in President Donald Trump’s signature economic legislation by using an unprecedented accounting manoeuvre.

GOP senators voted Monday in favour of the plan to count the extension of Trump’s 2017 tax cuts as costing nothing, over objections from Democrats and despite concerns raised by economists about the US debt trajectory.

Republicans argue that using this accounting method, known as “current policy,” would allow them to include more tax cuts in Trump’s “One Big, Beautiful Bill.”

The cost of extending Trump’s first-term tax cuts, according to the Joint Committee on Taxation, totals $3.8 trillion. The other tax provisions in the bill cost nearly $693 billion, and only that smaller figure is considered in the official price tag for the bill.

The US Supreme Court refused to hear American Airlines Group Inc.’s appeal of a lower court ruling that its partnership with JetBlue Airways Corp. violated federal antitrust laws by eliminating competition between the carriers and limiting travelers’ choices for flights.

American turned to the Supreme Court after the 1st US Circuit Court of Appeals in November upheld a district judge’s ruling that the partnership violated federal antitrust laws. The airlines maintained that their Northeast Alliance, focused on Boston and New York, benefited consumers and allowed them to compete more effectively against United Airlines Holdings Inc. and Delta Air Lines Inc.

The US Supreme Court refused to question an Internal Revenue Service summons that forced Coinbase Global Inc. to turn over transaction information for more than 14,000 cryptocurrency customers.

The justices without explanation rejected an appeal from an account holder who said the IRS violated his rights under the Constitution’s Fourth Amendment.

Privacy advocates had hoped the case would put new limits on government searches in the digital age. Coinbase account holder James Harper asked the Supreme Court to revisit a 1976 ruling that said customers don’t have privacy rights in records held by their banks.

Moderna Inc. said its experimental flu shot met its goal in a late-stage trial, clearing the path for its broader strategy of selling combination vaccines.

The shot’s efficacy was 27% higher than a licensed influenza vaccine in adults 50 years and older, the company said in a statement Monday. The trial enrolled more than 40,000 adults across 11 countries.

The results set the stage for Moderna to offer a single shot that protects against Covid and flu. US regulators recently told the company that it needed to produce flu vaccine efficacy data — and not just data on the immune response — delaying a potential approval for a combination shot until next year.

Shares rose as much as 5.8% at the start of normal trading on Monday in New York.

Republican party leaders are rushing to overcome lingering internal fights over President Donald Trump’s massive tax and spending package as Democrats launch attacks to exploit the divisions.

Senate Republicans were still at odds Monday over how much to cut Medicaid and other social safety-net programs and how rapidly to end Biden-era clean energy tax breaks as Democrats gained the chance Monday to force votes on amendments to the package.

Democrats, locked out of power in Washington, are aiming to offer amendments during a marathon voting session to exploit the infighting and make the GOP goal of getting holdouts to back the bill as soon as tonight more difficult.

Stocks rose early Monday as increasing trade hopes among investors positioned Wall Street to close out a stunning month with even more record highs.

The Dow Jones Industrial Average climbed 209 points, or 0.5%. The S&P 500 gained 0.5%, building on the record highs set in the previous session. The Nasdaq Composite advanced 0.55%, also reaching fresh all-time highs.

Monday’s advance follows Canada rescinding its digital service tax in an effort to facilitate trade negotiations with the U.S. That’s after President Donald Trump on Friday said the U.S. was “terminating ALL discussions on Trade with Canada.”

Initial payments on the tax were set to begin Monday and would have applied to companies such as Google, Meta and Amazon.

Cirsa Enterprises, the casino operator backed by Blackstone Inc., is targeting a valuation of €2.5 billion ($3 billion) in its initial public offering, setting the stage for Spain’s second biggest IPO so far this year.

The offering is set to consist of about 30.2 million shares for sale at €15 apiece, which would raise about €453 million, according to a statement on Monday. The deal would be Spain’s second-largest IPO so far this year, according to data compiled by Bloomberg.

The fixed-price share sale comes as European IPOs have had a mixed path to the public market ahead of the summer holiday. German medical technology company Brainlab is set to price its first-time share sale at the bottom end of the range, according to terms on Monday. Gaming technology firm Hacksaw had a tepid debut in Stockholm last week.

The French tally of negative power prices through June has already overtaken last year’s record, as sunny, windy days boost renewable output.

As of Monday morning, Europe’s second-biggest power market had clocked 363 hours of negative prices, surpassing 2024’s record of 356 hours, according to a Bloomberg analysis of EPEX Spot SE data. Neighboring markets like Germany and Spain have also seen record numbers for the season.

Negative prices are becoming a more frequent phenomenon across Europe as solar and wind power flood the network. What is welcome news for many consumers, means lower returns for investors.

Canada has decided not to move forward with a digital services tax as it seeks to revive trade talks with the US, following President Donald Trump’s remarks that negotiations with Canada had been called off.

US Treasury yields declined as investors watched for the Senate’s decision on President Donald Trump’s contentious spending bill. The 10-year yield fell by over 3 basis points to 4.248%, while the 30-year yield dropped more than 4 basis points to 4.805%. Meanwhile, the 2-year yield slipped by over 1 basis point to 3.725%.

The US Federal Reserve probably won’t have a clear enough picture of inflation by July to support an interest rate cut, Atlanta Fed President Raphael Bostic said in an interview with CNBC’s “Squawk Box Europe” on Monday.

Moderna Inc. said its experimental flu shot met its goal in a late-stage trial, clearing the path for its broader strategy of selling combination vaccines.

The shot’s efficacy was 27% higher than a licensed influenza vaccine in adults 50 years and older, the company said in a statement Monday. The trial enrolled more than 40,000 adults across 11 countries.

The results set the stage for Moderna to offer a single shot that protects against Covid and flu. US regulators recently told the company that it needed to produce flu vaccine efficacy data — and not just data on the immune response — delaying a potential approval for a combination shot until next year.

Shares rose as much as 7.4% in premarket trading in New York on Monday.

China’s home sales extended their slump in June, putting further strain on the economy and underscoring the impetus for fresh support measures.

The value of new-home sales from the 100 largest property companies stood at 339 billion yuan ($47.3 billion), the latest preliminary data from China Real Estate Information Corp. on Monday showed. That represents a 23% fall from a year ago, according to Bloomberg calculations. June’s sales follows an 8.6% decline in May. On a monthly basis, however, the latest sales were up 14.7% from May, CRIC said.

China’s housing downturn has dragged on for four years, as the effects of a stimulus blitz last September wear off. Premier Li Qiang this month pledged more action to revive the market, which analysts say is necessary to boost consumption and offset the threat to exports from US tariffs.

Ireland should broaden its tax base to ensure its budget protects long-term fiscal stability, the Central Bank of Ireland warned.

“The need to reduce the risks to the public finances from an excessively narrow tax base has become more immediate, given the reliance on corporate tax receipts from an excessively narrow tax base from a small number of multinational enterprises, which may be more vulnerable in light of geoeconomic fragmentation,” Governor Gabriel Makhlouf wrote in a pre-budget letter to the Irish government.

Ireland’s small, open economy has a strong fiscal position for now, with one of Europe’s few budget surpluses thanks to corporation tax receipts from US corporates such as Apple Inc. and Pfizer Inc. However, US President Donald Trump’s tariff war threatens the Irish economic model based on foreign direct investment, which the government has acknowledged will likely slow growth.

Saudi private equity firm Jadwa Investment has committed $45 million to Saudi fuel and fleet management firm PetroApp, with a view toward taking the company public by 2028.

The funding is part of a $50 million round for PetroApp that also includes Abu Dhabi-based Bunat Ventures, according to a statement. Jadwa is investing through its flagship blind pool fund and said it expects to finalise another deal with a healthcare company before the end of 2025.

Jadwa has completed a number of deals in recent weeks as part of a broader strategy to scale regional businesses and capitalise on public offering momentum. It aims to raise another $104 million for its blind pool fund before year-end and is also said to be looking to divest its stake in Saudi firm UniPharma at a valuation of $267 million.

The European Central Bank tweaked the way it uses monetary policy to steer the economy, suggesting it will more carefully weigh risks to the inflation outlook as well as the tools it uses to deliver its 2% goal.

The ECB confirmed Monday that it will take a symmetric approach to keeping price growth at that level over the medium term, and said it will use an “appropriately forceful or persistent policy response” to large and lasting deviations in either direction.

That’s a shift from its findings four years ago, when policymakers committed to taking “especially forceful or persistent” action to avoid too-low inflation becoming entrenched when the economy is “close to the lower bound.”

Turkey’s bid to buy Eurofighter Typhoon jets has won support from all consortium members, the UK said, raising prospects for a deal previously blocked by Germany.

“We are certain all four consortium partners support this sale,” UK Foreign Secretary David Lammy told Hurriyet Daily News, referring to the UK, Germany, Italy and Spain. His comments were published Monday ahead of a meeting with Turkish Foreign Minister Hakan Fidan in Ankara.

Lammy said Turkey’s role as a European security partner is “more crucial than ever” as governments across the continent ramp up defense spending to counter Russia. Turkey, home to NATO’s second-largest military after the US, is seen as key to regional stability.

Nintendo Co. pulled its products from Amazon.com Inc.’s US site after a disagreement over unauthorised sales, meaning the e-commerce company missed out on the recent debut of Nintendo’s Switch 2 — the biggest game console launch of all time.

The Japanese company stopped selling on Amazon after noticing that third-party merchants were offering games for sale in the US at prices that undercut Nintendo’s advertised rates, according to a person familiar with the situation. Enterprising sellers were buying Nintendo products in bulk in Southeast Asia and exporting them to the US, said the person, who requested anonymity to discuss confidential information.

Nintendo product listings started disappearing from Amazon’s US site last year, gaming news outlets reported at the time. The listings had previously appeared as “Sold by Amazon,” which typically denotes merchandise the online retailer buys directly from brands. Some Nintendo products remained on the site, but they were listed by independent merchants who sell their goods on Amazon’s sprawling online marketplace.

Sight deposits at the Swiss National Bank rose sharply after its reduction of borrowing costs to zero, as foreign banks moved cash to the institution to escape negative interest paid in the money market.

Last week, total sight deposits increased by some 18 billion francs ($23 billion) compared to the previous period, according to data published on Monday. This was due to holdings from foreign banks rising by 22 billion francs, while those of domestic lenders dropped by 4 billion francs.

Banks likely moved their money because the average interest rate in the Swiss money market dropped into negative territory after the SNB cut its policy rate to zero. On Friday, the so-called Saron stood at -0.04%.

Gold rose slightly, supported by a dip in the dollar, as Senate negotiations continued over President Donald Trump’s $4.5 trillion tax package and US trade talks progressed ahead of a July 9 deadline.Bullion rose 0.3% on Monday, following two consecutive weekly declines. Republicans are seeking to convince holdouts to support the tax bill for final passage, with a vote set to spill into Monday. The bill’s cost has been a big problem for fiscal conservatives amid concerns that it will further swell the deficit. Meanwhile, with just 10 days to go until Trump’s country-specific tariffs are set to resume, investors were weighing signs of potential progress following recent comments from top White House advisers that indicated the US is nearing trade agreements with several nations.

President Donald Trump said he has identified a buyer for the US operations of TikTok, the social media app owned by Chinese company ByteDance Ltd., without naming the winning bidder. Completing a sale would be contingent on Beijing and President Xi Jinping’s agreement, Trump added in a pre-taped interview on Fox New’s Sunday Morning Futures with Maria Bartiromo. ByteDance and the Chinese government have long opposed such a deal. “We have a buyer for TikTok, by the way. I think I’ll need probably China approval and I think President Xi will probably do it,” the US president said. “It’s a group of very wealthy people.”

Vestas Wind Systems A/S and Orsted A/S slumped on the first day of trading after the latest version of President Donald Trump’s spending package proposed a more aggressive phase-out of tax incentives for US wind and solar projects.The newly released version of the Senate’s tax and spending package, unveiled late Friday, requires wind and solar projects to be fully operational by the end of 2027 to qualify for clean energy incentives. This represents a significant tightening from the earlier proposal, which only required projects to begin construction by the end of 2025.If it becomes law, the change would significantly raise the stakes for the industry, putting pressure on developers to speed up timelines or risk losing critical federal support. The legislation also includes a new tax on wind and solar projects that fail to meet strict restrictions against the use of Chinese materials.

BlackRock Inc. sees European fixed income benefiting from any investor shift away from the US, signaling caution around unpredictable US policy and ballooning government debt.Foreign investors are stepping back from the US and its “special status” in financial markets could be challenged if the country’s government debt is left unchecked, according to BlackRock’s fixed income outlook. The largest US fixed-income allocators are risk averse and see Europe’s stability as more appealing compared with Asian or emerging markets, the report said.“It’s a backdrop of less predictable policy making in the US compared to the predictable nature of Europe and where it’s going,” said James Turner, co-head of European fundamental fixed income investment at BlackRock. “It has made people assess their allocations between Europe and the US.”

Middle East borrowers are ramping up loans that are being syndicated in Asia Pacific as they look to diversify fundraising beyond global bond and domestic markets.More than $2 billion of Middle East deals targeting Asian bank liquidity have launched in recent weeks, including Saudi Electricity’s $1 billion loan, Banque Saudi Fransi’s $750 million facility and a $500 million financing for Al Ahli Bank of Kuwait. The growing need for Middle East borrowers, primarily those from the Gulf States, to look beyond domestic capital markets comes as many regional economies press ahead with expensive diversification plans, in an environment where low oil prices are seen challenging growth and finances.

South Korea sees the need for trade negotiations with the US to continue past next week’s deadline as Seoul continues to seek exemptions from US tariffs including duties affecting the auto and steel industries. A senior South Korean trade official, who asked not to be identified discussing internal matters, said it was unrealistic to expect negotiations to wrap up before across-the-board tariffs are set to rise on July 9.Many countries will likely have to hash out details of their negotiations past the initial deadline, the official said, adding that it’s also uncertain whether South Korea will be able to secure an extension of the grace period due to what the official called a “fluid situation” in the US.

China’s economy surprised with signs of improvement even as deflationary pressures persisted and employment weakened, throwing fresh doubt over the likelihood of further monetary stimulus by Beijing in the face of higher US tariffs.Factory activity and construction had their strongest month of the second quarter in June, according to China’s official purchasing managers’ indexes released on Monday. The official manufacturing PMI remained in contraction but reached 49.7 from 49.5 in May — exceeding forecasts along with a measure of construction and services.Yet behind the headline figures was a more mixed picture of the world’s second-biggest economy that left the market unsure of if and when policymakers might step up stimulus efforts. Traders dialed back bets on further monetary easing after the data release, with futures on 30-year government bonds falling as much as 0.6% — the most in a month.

Novo Nordisk A/S and Eli Lilly & Co, the pharmaceutical giants dominating the global obesity drug market, now face their first serious rival in China. Suzhou-based Innovent Biologics Inc. secured approval last week for its treatment mazdutide, a turning point in China’s efforts to combat rising obesity and diabetes rates with local innovation. With over 600 million Chinese adults projected to be overweight by 2050, the emergence of a viable local alternative to Novo and Lilly’s blockbuster GLP-1 treatments could make weight loss drugs more accessible in the world’s second-largest economy.China’s nascent weight loss drug market is poised for rapid growth, with analysts estimating it could grow to between $5.6 billion and $11.4 billion a year. While China still accounts for just a fraction of the projected $150 billion global pie, a raft of homegrown treatments and cheaper generics could significantly improve the availability — and affordability — of the medication.

Futures on Wall Street have begun trading from where they left off on Friday.

The Dow futures are up 310 points, whereas the S&P 500 and Nasdaq futures are up 30 points and 140 points respectively in trading in the early hours of Monday.

Both S&P 500 and the Nasdaq ended at record high levels on Friday, with the Dow Jones still 1,250 points away from that landmark.

On the face of it, 2025 looks like a banner year for crypto: Bitcoin hitting a record, an industry-boosting US president whose family is venturing headlong into the sector, and key legislation widely expected to be passed by Congress.

But look beyond the bullish headlines and the rally in Bitcoin, and a vastly different landscape comes into view. Most of the so-called altcoins once touted as competitors to the original cryptoasset are nursing steep declines, with more than $300 billion of market value wiped out so far this year.

The sea of red points to a wider malaise that’s forcing parts of the industry to confront existential questions. Crypto was imagined by early enthusiasts as a universe where a host of coins competed for investor money, offering a diverse set of use cases. But as Bitcoin reigns supreme, that’s giving way to predictions that large swathes of the sector will become a digital wasteland.

UK car manufacturers can export to the US under a 10% tariff starting Monday, a reduction from the 25% rate imposed by Donald Trump on other countries, as the first elements of an economic agreement between the US president and Prime Minister Keir Starmer come into effect.

British aerospace companies like Rolls Royce Holdings plc also saw 10% tariffs on goods including engines and aircraft parts slashed to zero as of 5:01 a.m. London time. However, there still remained no sign of progress toward lowering levies on the UK’s beleaguered steel industry, which remain at 25% despite Britain previously announcing an agreement to reduce them to zero.

“From today, our world-class automotive and aerospace industries will see tariffs slashed, safeguarding key industries that are vital to our economy,” Starmer said in a statement.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.