Good morning. Elon Musk holds a livestream with SpaceX staff ahead of a high-stakes Starship launch today. Wall Street appears set for a post-holiday rebound. And King Charles III sends an (implicit) message to Donald Trump about Canada’s sovereignty. Listen to the day’s top stories.

As Elon Musk pulls away from his political work, he’s turning his attention back to his rocket company, planning an all-hands-style X livestream today to discuss his goal of sending humans to Mars. Soon afterward, SpaceX will launch the ninth scheduled test flight of its behemoth Starship rocket. The stakes are high, as the last two test launches didn’t end well.

Wall Street looks set for a post-holiday rebound, with equity futures rising after Donald Trump extended a deadline until July 9 for implementing aggressive tariffs on the EU. After that reprieve, the bloc is seeking to accelerate trade talks with the US, with people familiar saying it will focus its new strategy on critical sectors.

Western countries are taking a tougher line against Vladimir Putin. Germany gave Ukraine permission to use weapons supplied by its allies to launch strikes deep inside Russia, with no range limits. Over the weekend, Trump said he’s considering more sanctions against Russia, adding that Putin is “killing a lot of people.” The Russian leader “has gone absolutely CRAZY!,” Trump wrote on Truth Social.

Shares in Trump Media jumped premarket on a FT report that it plans to raise $3 billion to buy cryptocurrencies such as Bitcoin, in a bet on the kind of assets being championed by the president. The company—which is majority owned by Trump—has already been pushing the boundaries between business and public office. In other corporate news, US prosecutors demanded that Builder.ai hand over documents, signaling the AI company was facing legal scrutiny before it went bust. And BYD shares slumped after last week’s sweeping EV price cuts.

Trump further escalated his clash with Harvard, threatening to divert billions in grant dollars away from the elite university to give to trade schools. The legal battle between the president and Harvard looks set to continue today with a hearing on whether to extend a temporary pause on Trump’s foreign student ban.

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Deep Dive: King Dollar Under Threat

Stripes of $20 dollar notes at the US Bureau of Engraving and Printing in Washington.  Photographer: Al Drago/Bloomberg

Hedge funds, asset managers and other speculative traders are
continuing to bet against the dollar, which fell to its lowest level since 2023 on Friday. 

• Though the greenback perked up a bit today, it’s down more than 7% since the start of the year as enthusiasm fades for the world’s reserve currency. It’s being undermined by Trump’s tariff threats and fears about a widening US fiscal deficit.
• Ken Rogoff, who has spent years inside institutions that helped shape the dollar-led economic order, warned that the currency’s dominance can no longer be taken for granted.
• Strategists at JPMorgan and Deutsche Bank say the currency will keep falling, with sentiment among options traders the most negative in five years. Here’s what a weaker dollar means for the global economy.

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The Big Take

Mark Zuckerberg at Trump’s inauguration. Photographer: Ricky Carioti/The Washington Post/Getty Images

Mark Zuckerberg loves MAGA—but will MAGA ever love him back? Meta’s CEO has done everything he can to win over Trump, but it’s not yet clear that either he or his company has much to show for it.

Opinion

Does college have a purpose in the age of ChatGPT? The current situation is untenable, Bloomberg’s editors write: Computers grading papers written by computers, students and professors idly observing, and parents paying tens of thousands of dollars a year for the privilege.

Before You Go

King Charles III and Queen Camilla arrive in Ottawa. Photographer: Victoria Jones/Pool/Getty Images

King Charles III arrived in Canada to open a new parliamentary session at the invitation of Prime Minister Mark Carney—and perhaps send a not-so-subtle message to Trump about the country’s sovereignty.

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