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U.S. President Donald Trump speaks to reporters onboard Air Force One en route to the NATO summit in The Hague, Netherlands, June 24, 2025.

Brian Snyder | Reuters

The ceasefire between Israel and Iran appears to be holding. In yesterday’s newsletter, we talked about how a blitzkrieg of missile-led diplomacy seemed to help de-escalate tensions.

The flipside of that strange path to a truce is that missiles are, well, fundamentally weapons. Mere hours after both countries agreed to the ceasefire, Israel said its longtime rival had fired missiles into its borders — an accusation which Tehran denied — and was preparing to “respond forcefully.” Probably with more missiles.

U.S. President Donald Trump — who reportedly brokered the ceasefire with Qatar’s Emir Sheikh Tamim bin Hamad Al Thani — expressed frustration with those developments.

“I’m not happy with them. I’m not happy with Iran either but I’m really unhappy if Israel is going out this morning,” Trump told a reporter pool en route to the NATO summit in the Netherlands.

His admonishments seemed to work. There is now a fragile armistice between the two countries.

Oil prices fell and U.S. stocks jumped.

Reuters uploaded a photo of Israeli residents playing frisbee at the beach on June 24. Flights at Israel’s Ben Gurion Airport are resuming, and Iran’s airspace is partially open, according to flight monitoring firm FlightRadar24, CNBC reported at around 3 a.m. Singapore time.

Three hours after that update, NBC News, citing three people familiar with the matter, reported that an initial assessment from the U.S. Defense Intelligence Agency found the American strikes on Iran’s nuclear sites on Saturday left “core pieces … still intact.”

Trump pushed backed on those accusations Tuesday night, writing that “THE NUCLEAR SITES IN IRAN ARE COMPLETELY DESTROYED!”

And so it goes.

What you need to know today

Israel-Iran ceasefire holds, for now
The fragile ceasefire between Israel and Iran,
announced by Trump on Monday, appears to be holding. Israel on Tuesday said it would honor the ceasefire so long as Iran does the same. Earlier in the day, both countries accused each other of violating the truce, and said they were ready to retaliate, prompting Trump to say he’s “not happy” with them. Stay updated on the Israel-Iran conflict with CNBC’s live blog here.

Markets jump as traders bet on truce
U.S. stocks jumped Tuesday on expectations that the Israel-Iran ceasefire would hold. The S&P 500 gained 1.11% to put it just 0.9% away from its 52-week high. The Dow Jones Industrial Average added 1.19% and the Nasdaq Composite climbed 1.43%. The Nasdaq-100 rose 1.53% to close at an all-time high. Asia-Pacific markets mostly rose Wednesday. China’s CSI 300 advanced 0.63% at 1:50 p.m. Singapore time. Tech stocks, such as NetEase and Tencent, were up on news that Beijing approved a large number of games in June.

Oil pares losses
Oil prices regained some ground during Asia trading hours Wednesday. Both U.S. crude oil and global benchmark Brent rose around 1.5%. On Tuesday stateside, oil prices tumbled roughly 6%. Earlier in the day, Trump said China can keep buying oil from Iran, in what seemed like a sign that the U.S. may soften its pressure campaign against Tehran.

Powell says Fed is ‘well positioned to wait’
At a U.S. congressional hearing Tuesday, Federal Reserve Chair Jerome Powell said the economy was still strong. But he noted that inflation is still above the central bank’s target of 2%, and the Fed has an “obligation” to prevent tariffs from becoming “an ongoing inflation problem.” In combination, those considerations make the Fed “well positioned to wait” before making a decision on interest rates.

Don’t make trade political: Chinese premier
“Globalization will not be reversed,” Chinese Premier Li Qiang said on Wednesday through an official English translation at the World Economic Forum’s annual conference in China, often dubbed “Summer Davos.” Li urged all sides not to turn trade into a political or security issue, and said engaging in the international economy is a way of “reshaping the rules and order.”

[PRO] Not ‘bullish enough’ on rally: HSBC
The S&P 500′s rally off its April lows has brought it back to roughly 1% off its record high in a very short time. It’s an advance that has perplexed many investors, who worry that another pullback is on the horizon. But Max Kettner, chief multi-asset strategist at HSBC, said he worries he’s not “bullish enough” on the current rally.

And finally…

Renminbi notes next to U.S. dollar notes at a Kasikornbank in Bangkok, Thailand, Jan. 26, 2023.

Athit Perawongmetha | Reuters

China doubles down on promoting yuan as confidence in U.S. dollar takes a beating

China is devising more ways for foreign institutions to use the yuan, as international confidence in the U.S. dollar falters.

In a sign of growing resolve in Beijing to lure the world away from the dollar, People’s Bank of China Governor Pan Gongsheng announced plans last week to set up a center for digital yuan internationalization in Shanghai and promote the trading of yuan foreign exchange futures. Beijing has already rolled out a digital version of its currency to replace some cash and coins in circulation.

— Lee Ying Shan and Evelyn Cheng

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First Solar taps quantum dots to supercharge its solar panels

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First Solar taps quantum dots to supercharge its solar panels

Arizona-based First Solar has signed an agreement with quantum dot nanotechnology developer UbiQD (“ubiquity”) to bring quantum dots (QD) into its thin film bifacial solar panels. The multi-year deal could be a big leap forward for boosting solar efficiency.

This supply deal sets UbiQD up to scale to potentially more than 100 metric tons of QD production annually. It’s the next step after a joint R&D project the two companies started in 2023.

The partnership comes at a time when the US is scrambling to keep up with soaring demand from AI, data centers, and manufacturing.

“This is a turning point for the quantum dot industry,” said UbiQD founder and CEO Hunter McDaniel. The Los Alamos, New Mexico-based company says this is the first high-volume QD supply agreement outside of high-end TV displays. UbiQD’s goal? Better solar performance without blowing up costs.

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UbiQD’s core quantum dot tech came out of Los Alamos National Laboratory and MIT. When these tiny dots, just a few nanometers in size, are built into a solar panel’s encapsulant, the dots can more than double the bifacial quantum efficiency of light conversion for specific wavelengths and colors – a big win in a global race for more efficient solar.

Even incremental gains in bifacial performance can mean major energy gains at utility scale, said First Solar CTO Markus Gloeckler. “We’re excited about the potential for quantum dot technology to contribute meaningful gains to the performance of our bifacial modules.” The commercial rollout is set for late 2026.

The announcement follows UbiQD’s $20 million Series B round in April, which will help fund the build of a huge quantum dot factory in New Mexico.

Read more: FERC: Solar + wind made up 96% of new US power generating capacity in first third of 2025


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Mercedes-Benz offers an exclusive first look at the new electric GLC

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Mercedes-Benz offers an exclusive first look at the new electric GLC

Mercedes-Benz is gearing up to unveil the electric version of its best-selling SUV, the GLC, later this year. With its official debut just around the corner, Mercedes revealed a few new details, offering an exclusive first look at the new EV.

Mercedes offers an exclusive look at the new electric GLC

Although we got a sneak peek of the electric SUV in March during winter testing in Northern Sweden, Mercedes is giving us a better idea of what to expect.

“We’re not just introducing a new model – we’re electrifying our top seller,” Mercedes-Benz Group CEO, Ola Källenius, said on Thursday.

Mercedes promises the electric GLC “sets new standards” with a sleek new design, advanced tech, and its new MB.OS operating system.

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The new GLC EV is an upgrade over the current model, offering significantly more space and improved ride quality. Since the wheelbase is 3.1″ longer than the current gas-powered SUV, the electric version has more legroom and headroom for front and rear passengers.

With all the seats folded, the electric SUV offers 61.4 cubic feet of space. The gas-powered model features up to 56.3 cubic feet of cargo space. Plus, you get an extra 4.5 cu ft of space in the trunk (front trunk).

Mercedes-electric-GLC
Mercedes-Benz CEO Ola Källenius with the new GLC EV (Source: Mercedes-Benz)

Källenius said that with Mercedes’ new 800V electric architecture and latest batteries, the electric GLC can regain around 260 km (161 miles) WLTP range in just ten minutes. He added that DC fast charging at over 320 kW is possible.

The GLC 400 4MATIC with EQ Technology will arrive with impressive towing capability of up to 5,291 lbs. In comparison, the Tesla Model Y can only tow up to 3,500 lbs.

Mercedes-Benz CEO Ola Källenius tests a prototype of the new electric GLC (Source: Mercedes-Benz)

Added features, such as ESP trailer stabilization and trailer maneuvering assistant, make it even easier to tow with optimized stability and control.

Källenius also teased the new electric GLC design, calling it the start of a “new era” and “a new face of the brand as the first in a family of upcoming vehicles.”

Mercedes-GLC-EV-first-look
Mercedes GLC EV prototype with EQ Technology testing in Sweden (Source: Mercedes-Benz

The inside is just as impressive, providing a holistic experience. A “majestically floating next generation MBUX Hyperscreen” is optional, providing a spatial experience powered by the new MB.OS supercomputer.

Mercedes will unveil the new electric GLC at the 2025 International Motor Show in Munich on September 7, 2025.

Mercedes-CLA-EV-interior
The new electric Mercedes CLA interior (Source: Mercedes-Benz)

Although official range figures will be revealed at the event, according to Car and Driver, which tested a prototype model, Mercedes said it expects the new GLC to provide a WLTP range of just over 400 miles, or slightly more than 300 miles on the EPA scale, from a 94.5 kWh battery.

Prices will also be announced in due time, but given that the current GLC 350e 4MATIC PHEV starts at $59,900 in the US, you can expect the electric model to be priced slightly higher, at around $65,000.

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Tesla (TSLA) pushes its shareholders annual meeting all the way to November, but why?

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Tesla (TSLA) pushes its shareholders annual meeting all the way to November, but why?

Tesla (TSLA) announced its 2025 annual shareholders meeting at the very last minute, and it pushed it all the way to November, the latest it has ever held the meeting.

Tesla generally holds its annual meeting in the summer and announces it way ahead of time.

Today, the automaker announced that the meeting will be held on November 6:

The board of directors (the “Board”) of Tesla, Inc. (“Tesla”) has designated November 6, 2025 as the date of Tesla’s 2025 annual meeting of shareholders (the “2025 Annual Meeting”).

This is highly unusual for Tesla. Here are the dates of Tesla’s last 5 annual meetings:

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  • 2020: September 22, 2020
  • 2021: October 7, 2021
  • 2022: August 4, 2022
  • 2023: May 16, 2023
  • 2024: June 13, 2024

At those meetings, shareholders vote on several matters, including the reelection of directors and shareholders’ proposals.

Tesla has not released any yet, but they are expected to be in the upcoming proxy statement, which Tesla should release in the coming weeks.

Why does Tesla need more time?

Electrek’s Take

I think Tesla is working on some proposals that are going to take time to put together and then to sell to shareholders – hence why the meeting is set for November.

There are two suspects: a new CEO compensation package for Musk or a merger/acquisition of xAI.

It could also be both, but I think that would be harder to swallow for some shareholders as both initiatives have a clear aim of giving Musk a bigger stake in Tesla.

I think sane investors should not want that, but Tesla shareholders don’t fit in that category. Much of Tesla’s value is attached to Musk’s lies and ridiculous predictions. The value will have to come down to reality at some point, but they are a bunch of gamblers who are enjoying the ride in the meantime.

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