Group 1: Key Economic Events - The "Big Beautiful" tax and spending bill is expected to be voted on by the U.S. Senate before July 4, with a recent update passing with a vote of 51 to 49 [3][4] - China's June PMI data is anticipated, with May's manufacturing PMI showing an increase to 49.5, indicating improved manufacturing sentiment [6] - The U.S. is set to release the June non-farm payroll report, with expectations of an increase of 116,000 jobs, down from 139,000 in the previous month [7][8] Group 2: Legislative Changes and Economic Policies - The updated "Big Beautiful" bill includes changes to state and local tax deductions, raising the cap from $10,000 to $40,000 for five years before reverting back, which has drawn mixed reactions [5] - Adjustments to Medicaid funding and stricter requirements for clean energy tax credits are also part of the bill, potentially impacting major renewable energy developers [5] - The bill aims to avoid an August default by raising the debt ceiling significantly, while also cutting funding for the Consumer Financial Protection Bureau [5] Group 3: International Cooperation and Forums - The BRICS summit is scheduled for July 6-7 in Rio de Janeiro, with Brazil taking over the presidency for 2025 [9][10] - The European Central Bank's central bank forum is taking place from June 30 to July 2, focusing on macroeconomic transformation and policy responses [11][12] Group 4: Oil Production and Market Dynamics - OPEC+ has decided to increase production by 411,000 barrels per day starting in July, with expectations for further increases in August [14][15] - There are concerns regarding OPEC+ unity, particularly between Saudi Arabia and Russia, as they navigate market share and production levels [16] Group 5: Corporate Developments - The Shanghai Stock Exchange is set to review the IPO application of He Yuan Biotechnology, marking the first case under the newly restarted fifth set of standards for the Sci-Tech Innovation Board [20][21] - Microsoft is planning significant layoffs in its Xbox division as part of a broader restructuring effort, marking the fourth major round of layoffs in 18 months [22]