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UK.

Good morning from the Financial Times. Today is Tuesday, July 1st, and this is your FT News briefing.

Middle East oil giants tap the brakes on their buying binge, and U.S. stocks are back to beating

out European equities. Plus, the Buy Now Pay Later startup, Clarna is getting a makeover.

I'm Sonia Hudson, and here's the news you need to start your day.

Two of the Middle East biggest state-owned oil companies are pulling back on investments. Saudi

Aramco and Abu Dhabi Oil Company, or Adnok, have plowed tens of billions of dollars into acquiring

businesses in recent years. But now, lower oil prices are starting to bite, and the two giants

are slowing down that buying spree.

Benchmark crude has fallen below $80 a barrel since January.

An analysts expect that oversupply in the market will push prices down even more.

One energy banker said that Adnock and Sadia Ramco have been told to focus more on dividends and less on growth.

It's been a roller coaster year for U.S. stocks.

The S&P 500 tanked back in April right after U.S. President Donald Trump announced his so-called

Liberation Day tariffs. So everyone turned their attention to European stocks. But the U.S.

Index has boomed since then. It's recovered all of its losses. Meanwhile, the dollar has seen its worst start to the year in decades.

So what gives? My colleague Ian Smith is here to shed some light. Hi, Ian. Hi, Anu. So give me a quick

...