CNBC Daily Open: Judge orders President Trump to lift press ban

Hello, my name is Anique Bao from Singapore. Welcome to another edition of CNBC’s Daily Open.

Everyone is talking about control today. President Trump’s own judges believe the ban on media outlets goes too far.

Mr. Trump and Mr. Xi showed warmth in front of the cameras even as tensions over chips, tariffs and flotsam of stealth jet parts continued behind the scenes.

With yields simply back to levels no one has seen since before the financial crisis, bond markets are not in favor of cool action.

A federal judge ruled that the Trump administration’s ban imposed last week for what the Justice Department called violations of “professionalism and decency” violated basic due process, and ordered the White House to restore media access to CNN, MS NOW and Politico.

The ban, which three media outlets say violates First Amendment rights, comes as President Trump invites Chinese President Xi Jinping for a high-stakes meeting.

District Judge Tim Kelly said stations should immediately regain access and rejected the Justice Department’s request for at least a two-day delay.

The bond market has had its worst day. The yield on the 10-year U.S. Treasury soared to 5.079%, the highest level since July 2007, while the yield on Japan’s 10-year government bond hit a 30-year high of 3.055% as the decline in U.S. stocks spread to the Pacific.

The damage was done by strong PMI data and Fed Director Michael Barr’s warning that “further tightening will likely be necessary.” The oil mixed, initially dropping, but then reversing and rising.

In the Middle East, Tehran picked a fight with Ottawa. Iran’s Foreign Ministry has accused Canada of remaining silent on President Donald Trump’s threats to destroy Iran after the country supported U.S. operations in the Strait of Hormuz with new sanctions. Prime Minister Mark Carney is walking the line between supporting strikes and calling for diplomacy, but the Iranian government does not support this balancing act.

Softbank just wrote out a very large check. The group issued $11.1 billion in bonds (divided into dollar and euro tranches, paying up to 9.75%), primarily to fund OpenAI stock, which is expected to grow to $64.6 billion. The stock price rose more than 7% on the news.

Mark Zuckerberg is asking people to stop wearing headsets. Meta has announced $1,299 VR Glasses (100g, scheduled for release in spring 2027), along with the Muse Charm, a keychain-sized AI pendant that will be released this holiday season, which Zuckerberg called “the fastest way to talk to your muse.” The point is to wear less strapped to your face and carry more in your pocket.

And an Indian AI company has quietly become a unicorn several times over. Brahma AI has raised $150 million at a $2 billion valuation with backing from “Dune” production company DNEG. Clients include Warner Bros., the NBA, and the Mayo Clinic. Parent company Prime Focus calls this one of two growth engines, along with DNEG’s effects business.

The world is heading “blindly” into the next food crisis as US funding cuts gut the UN’s World Food Program just when it needs tracking capacity most, aid workers warn. The warning does not mean that a crisis is coming, but that no one may be able to foresee it clearly until it has already arrived.

— Anique Bao

Qantas will start selling non-stop tickets from New York to Sydney next year

Qantas plans to start selling seats on its first non-stop flight between New York and Sydney in August next year, with the Australian airline planning another marathon route with special Airbus aircraft, with flights expected to enter service in 2028.

The route will take approximately 18 hours, making it close to the longest flight in the world today. The route currently receiving that designation is Singapore Airlines’ nonstop flight from New York’s John F. Kennedy International Airport to Singapore, which can take more than 19 hours.

But Qantas is set to take home the crown next autumn when it launches direct flights between London Heathrow and Sydney, approximately 20 hours long. Flight time varies depending on direction and time of year.

— Leslie Josephs