CNBC Daily Open: Elon Musk, founder of companies and political parties
What does the world's richest man do? He starts a political party.
Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named "American Party."
Few details have been revealed, but Musk said the party will focus on "just 2 or 3 Senate seats and 8 to 10 House districts," and will have legislative discussions "with both parties" — referring to the U.S. Democratic and Republican Parties.
It might be easier to realize Musk's dream of colonizing Mars than to bridge the political aisle in the U.S. government today.
To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.
Folks, here's direct democracy — and the powerful post-separation motivation — in action.Trump confirms tariffs will kick in Aug. 1. While that's another extension, tariffs could "boomerang" back to April levels for countries without deals. Separately, Trump announced on Sunday an additional 10% tariff on countries that align themselves with the BRICS bloc.
U.S. stock futures slipped early Monday stateside. Investors were concerned by another prickly tariff announcement. Asia-Pacific markets mostly fell on the news during Monday trading hours. South Korea's Kospi was one of the few to eke out a gain.
OPEC+ members to increase oil output. Eight members of the alliance agreed on Saturday to hike their collective crude production by 548,000 barrels per day, around 100,000 more than expected.
Elon Musk forms a new political party. On Saturday, the world's richest man said he has formed a new U.S. political party named the "American Party." In response, Trump derided Musk for going "off the rails" late Sunday stateside.
[PRO] European banks might not keep up their momentum. Despite outperforming almost all other sectors in the European markets — thanks to investment banking gains and an increase in deal-making — analysts caution bank stocks might have little upside in the second half.
Private credit's trillion-dollar boom is fueling warnings of a hidden financial contagion
Once a niche player catering to middle-market borrowers — or companies that fall between small businesses and large corporations, which are typically underserved by traditional banks — private credit has grown into a $1.7 trillion industry. It is now a key financing engine behind private equity deals, asset-based finance, and even retail investor portfolios.
Some caution that the boom, if left unchecked, could morph into the next source of systemic risk.
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