FT News Briefing Rise of the neobank
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Jul 1, 2025 Middle Eastern oil companies are scaling back their acquisition efforts as crude prices dip, sparking conversations about the impact on U.S. stock markets. Meanwhile, a comeback on Wall Street raises questions about investor confidence compared to European stocks. Notably, the U.S. has lifted sanctions on Syria, realigning geopolitical dynamics. Additionally, Klarna is pivoting from a buy now, pay later model to a neobank, navigating challenges from rising interest rates and competition in the fintech sector.
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Middle East Oil Giants Slow Acquisitions
- Saudi Aramco and Adnoc are cutting back on acquisitions due to falling crude prices.
- The focus is shifting from growth to increasing dividend payouts because of expected oil oversupply.
U.S. Stocks Rebound Over Europe
- U.S. stocks rebounded strongly after early year trade war fears pushed investors to Europe.
- Stronger U.S. tech earnings and hope for rate cuts revived Wall Street while European stocks lag.
Dollar Weak Despite Stock Rise
- Despite stocks rising, the U.S. dollar is weakening due to expected Federal Reserve rate cuts and fiscal concerns.
- Rising government debt and policy uncertainty weigh on the dollar even as equities gain.