🚀 World Bank slashes global economic forecast

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The World Bank slashed its 2025 global growth forecast to 2.3%, the slowest pace since 2008 outside of recessions, citing heightened trade tensions as the key drag. The U.S. outlook was cut sharply to 1.4%, and euro area growth to just 0.7%. The Bank blamed escalating tariff disputes, particularly those initiated by President Trump, for upending long-standing trade norms and threatening economic stability. However, it also noted that global growth could rebound slightly if major economies strike new deals and halve current tariffs, as negotiations continue between the U.S., China, and the EU.

2. IBM unveiled an ambitious roadmap to build a fault-tolerant quantum computer called Quantum Starling by 2029, setting the stage for a global race in quantum supremacy. Central to its plan is the upcoming Quantum Nighthawk processor, which debuts later this year and will eventually triple its gate capacity to 15,000 by 2028. The roadmap outlines annual milestones—including chips named Loon, Kookaburra, and Cockatoo—culminating in a large-scale system at IBM’s Poughkeepsie Lab. As rivals Google, Microsoft, and Amazon roll out their own next-gen quantum chips, IBM is betting big on long-term scalability and error correction to push quantum computing from theory into real-world utility.

3. Apple’s WWDC fell short on AI buzz but delivered the most significant software design overhaul in over a decade. The tech giant unveiled “Liquid Glass,” a new visual language that will be featured across iPhones, Macs, and Vision Pro devices, characterized by translucent, fluid UI elements. While the aesthetic shift was praised for polish, Wall Street was unimpressed with Apple’s modest AI updates, many of which were already offered by rivals. Siri’s revamped AI, demoed initially last year, is still delayed, though Apple teased upgrades like real-time call translation and deeper ChatGPT integration. In a branding pivot, Apple also renamed iOS to match calendar years, ushering in iOS 26 this fall.

   Headlines

   1. There are growing concerns, especially in Asia, that EV manufacturers may face financial difficulties as prices continue to decline.

   2. Snap will be launching new AR glasses in 2026.

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