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The Australian Taxation Office faces a $49.8 billion shortfall as uncollectable small business debts rise.

Rep. Greg Stanton says the Trump administration needs a stronger diplomatic strategy to reopen the Strait of Hormuz and negotiate a more accountable agreement with Iran, warning the conflict has increased economic and geopolitical risks. He also defends closer ties with Canada, Mexico and other US allies as essential to competing with China, while condemning settler violence in the West Bank following an incident involving Rep. Ro Khanna.

Martha Gimbel, executive director and cofounder of the Budget Lab at Yale University, says artificial intelligence is unlikely to offset the economic challenges of an aging population, arguing the US is confronting two major transitions at the same time rather than one solving the other. She says AI could improve productivity in some areas, particularly by helping caregivers with physically demanding tasks, but questions whether consumers will embrace automation in roles where human interaction remains essential.

Former US ambassador to NATO Kurt Volker says the NATO summit reinforces alliance unity, strengthens support for Ukraine and sends a tougher message to Russian President Vladimir Putin, while praising President Donald Trump's more constructive engagement with President Volodymyr Zelensky. Volker says Ukraine's battlefield innovation and sustained pressure on Russia are shifting the conflict's momentum, though he warns Putin remains committed to the war and is unlikely to negotiate without greater leverage.

Bloomberg Intelligence senior commodities strategist Mike McGlone says oil markets are largely accepting US assurances that the Strait of Hormuz remains open, with expanding Western Hemisphere supply and alternative export routes limiting the long-term impact of Gulf disruptions on crude prices. He says gasoline and diesel prices remain elevated because refining margins have widened, but expects crude oil prices to trend lower over time as global supply grows and demand softens.

Chief of Naval Operations Adm. Daryl Caudle says NATO's naval alliances remain strong as the US shifts more responsibility to allies while focusing on capabilities only the US Navy can provide. He says the Navy is accelerating autonomous systems, preparing for growing competition in the Arctic and protecting global sea lanes as critical priorities for US national security.

Bloomberg Intelligence analyst Herman Chan says major US banks are poised to report strong earnings, driven by trading, investment banking and resilient lending, with investors focused on consumer health, credit quality, net interest margins and AI-related financing activity. Investopedia editor Caleb Silver says Netflix is expanding beyond streaming into advertising and short-form content as investors look for signs the company can sustain growth and define its next phase.

Bloomberg's Michael McKee says Federal Reserve Chair Kevin Walsh is likely to use his first Humphrey-Hawkins testimony to emphasize price stability while avoiding firm guidance on future policy moves as lawmakers press him on inflation, the balance sheet and his newly created policy task forces. McKee says investors will also focus on fresh inflation data and whether rising energy prices alter expectations that the Fed holds rates steady or resumes tightening later this year.

Bloomberg technology editor Olivia Solon says Phoebe Gates' shopping startup, Phia, appears to overwrite affiliate tracking cookies, potentially redirecting sales commissions from publishers and influencers without users intentionally engaging with the service. She says Phia has acknowledged and fixed the issue, while questions remain over whether the behavior was intentional and what legal or financial consequences could follow for its affiliate partnerships.

The $360 billion dollar women's health market is made of several categories that are often overlooked one of which is menopause. The condition has gone largely unnoticed by pharma and biotech firms, employers, and investors, despite affecting half the world's population and contributing to major losses in productivity. That is starting to change as celebrities like Naomi Watts, startups such as Stripes and Midi Health, and investors including Amboy Street Ventures turn women's midlife health into a fast-growing market. The shift has accelerated alongside the FDA's rollback of long-standing warnings on hormone replacement therapy. But as the category grows, so does the challenge for women trying to distinguish evidence-based care from unproven wellness products and marketing hype.

Bloomberg's Abeer Abu Omar and ABC News' Shannon Kingston say renewed attacks in and around the Strait of Hormuz have undermined fragile diplomatic efforts, with Gulf allies pressing to revive negotiations as shipping and regional security remain under threat. They say technical talks continue to face resistance from hardline factions in Iran, while Sen. Lindsey Graham's death leaves a significant void for US foreign policy and bipartisan support for Ukraine.

Bloomberg Congressional reporter Erik Wasson says Sen. Lindsey Graham leaves a significant void in the Republican Party as a leading advocate of an interventionist foreign policy, defense spending and a strong US role abroad. Wasson says Graham evolved into a key ally of President Donald Trump, helping advance the administration's judicial agenda while remaining an influential voice on national security, with attention now turning to who could succeed him in the Senate.