Hassett, director of the White House National Economic Council, said AI companies are earning outsized profits.

Evonik will extend its Evonik Custom efficiency programme and plans to cut about 3,200 positions worldwide, roughly 2,150 of them in Germany. The measures are scheduled to start in 2027 and run through end-2029. On June 22 Evonik confirmed non-Germany cuts total about 1,050, including China, but gave no country-level breakdown. The programme, launched in October 2023 with an initial target to remove about 2,800 roles by end-2026, was said by the company in May to be on track to meet its cost-reduction goals.

WTI crude oil fell more than 2% intraday, now $75.70/bbl.