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Good afternoon. Here's what you should know today, June 4: | |
- Another oil-production cut is on the table at the OPEC+ meeting
- This stock-market rally is fragile
- Manchester City has a chance to make history next weekend
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 | | Ukrainian President Volodymyr Zelensky says deliveries of Western weapons systems need to be faster—and in greater numbers. JUSTYNA MIELNIKIEWICZ/MAPS FOR THE WALL STREET JOURNAL | | |
1. Ukraine's Zelensky says he is ready to launch a counteroffensive. | |
| "We strongly believe that we will succeed," the Ukrainian president told The Wall Street Journal. He warned, however, that the push could take some time and come at a heavy cost. In a wide-ranging, hourlong interview, Zelensky said he feared U.S. elections next year could bring a less-supportive administration to power and called on the North Atlantic Treaty Organization to offer a clear path to membership for Kyiv. While Ukraine girds for what could be one of the war's most consequential phases as it aims to retake territory occupied by Russia, President Biden is preparing to receive U.K. Prime Minister Rishi Sunak at the White House later this week, with Ukraine high on the agenda. | |
| 🎥 Ukraine's Volodymyr Zelensky Sits Down With the WSJ's Editor in Chief (Watch) A Month of Russian Missile Attacks Leaves Kyiv Residents on Edge (Read) | |
2. Bearish bets against the S&P 500 are surging. | |
| Hedge funds and other speculative investors have built up a big bet that the S&P 500 will decline, marking their most bearish positioning since 2007. The S&P 500 is up 12% this year, but it would be negative without the contribution of seven tech companies. That potentially leaves the index vulnerable to a steep pullback if even one or two big companies misstep. In coming days, investors will get a fresh look at U.S. service-sector activity with the Monday release of the Institute for Supply Management index for May, along with insight into the April trade deficit on Wednesday. | |
| Why the U.S. Remains Far From Recession (Read) | |
3. Tensions are running high as OPEC members and allies deliberate on their oil output plan. | |
| Saudi Arabia, the de facto leader of the cartel, demanded smaller African producers cut their quotas ahead of a contentious meeting currently under way, even as it was in talks with the United Arab Emirates to allow it to produce more, according to people familiar with the matter. A production cut of up to 1 million barrels a day is on the table as the Organization of the Petroleum Exporting Countries and its Russia-led allies, known as OPEC+, huddle together in Vienna to decide on a production plan, delegates said. If approved, the output cut would be the third by members of OPEC+ since October. | |
| Saudi Oil Minister Takes Combative Stance With Wall Street Speculators (Read) | |
4. The Republican 2024 field is about to get even more crowded. | |
| Eight prospective and declared presidential candidates courted voters at the "Roast & Ride" fundraiser in Iowa on Saturday. The GOP field is about to grow larger, with former New Jersey Gov. Chris Christie, former Vice President Mike Pence and North Dakota Gov. Doug Burgum all planing campaign announcements this week. Former President Donald Trump, who skipped the event, stands to benefit from a large field if more candidates splinter the vote that opposes him winning the party's nomination. | |
| Biden Leans on Deal-Making Skills to Avoid Crises as Poll Numbers Remain Stalled (Read) | |
5. Apple is holding its annual Worldwide Developers Conference this week. | |
| The biggest news at this year's WWDC is likely to be Apple's long-awaited mixed-reality headset, which will combine virtual reality and augmented reality into one device. This would be Apple's first major hardware project since the Apple Watch, but it probably won't ship until the fall. Columnist Nicole Nguyen hopes Apple will roll out a number of features such as work and personal profiles, notification snoozing and a simpler call screen. | |
| 🎥 Does Apple Copy Ideas From App and Accessory Makers? (Watch) | |
6. Manchester City is closing in on historic trophy sweep. | |
| With yet another dominant performance, City dispatched Manchester United 2-1 on Saturday to win the FA Cup and claim its second major title of the season. Next Saturday, the English soccer team will face Inter Milan in the Champions League final in Istanbul—and get a chance to complete the first treble in the club's history. | |
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🗨 Follow coverage of detained WSJ reporter Evan Gershkovich | |
| The WSJ's Evan Gershkovich is being wrongfully detained in Russia after he was arrested while on a reporting trip and accused of espionage—a charge the Journal and the U.S. government vehemently deny. Follow the latest coverage, sign up for an email alert, and learn how you can use social media to support Evan. | |
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