On Asia, US Budget Bill & Q2 Earnings

Asian economies dodged a Strait of Hormuz closure after the US bombed Iran’s three major nuke sites on Saturday, June 21. Most of the oil and gas passing through the Strait—which Iran won’t be closing in retaliation for the US airstrikes—is bound for China, India, Japan, and South Korea. The close call was a wake-up call to strengthen their economies with structural reforms, William reports. … Also: Melissa compares and contrasts the Senate and House versions of Trump’s “One Big Beautiful Bill,” pointing out their best and worst aspects. … And: Joe shares industry analysts’ Q2 growth expectations for S&P 500 companies—which suggest a ninth straight quarter of y/y earnings growth.