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Top Stories
Trump-Putin Call: No Immediate Peace, Ukraine Tensions Persist
Trump had a 75-minute call with Putin, discussing Ukraine's drone attacks on Russia, Iran's nuclear deal, and other international issues. While the conversation was "good," Trump stated it won't lead to immediate peace. Putin vowed to respond to Ukraine's attacks.
US Private Sector Hiring Slumps in May, ADP Data Shows Weakest Job Growth in Over a Year
ADP reports US private sector job growth slowed significantly in May, with only 37,000 jobs added versus 115,000 expected. This marks the lowest hiring level since March 2023, raising concerns about economic uncertainty and potential impacts of trade wars.
South Korea's New President Lee Vows Economic Revival and Diplomatic Pragmatism
South Korea's new President Lee Jae-myung takes office, pledging to revive the economy, pursue pragmatic diplomacy, and strengthen cooperation with the US and Japan. He aims to open communication with North Korea and establish peace on the Korean Peninsula.
Trump Dives into Crypto: Plans Branded Wallet and Trading App for Supporters
Former President Trump is reportedly set to launch a branded cryptocurrency wallet and trading app, urging supporters to invest in his memecoin and other digital assets. This move marks Trump's foray into the crypto world, potentially leveraging his political influence in the digital currency space.
Other News
Geopolitics Events
Trump and Putin's 75-Minute Call Addresses Ukraine Conflict, Iran Nuclear Issue, but Yields No Immediate Peace Prospects
President Donald Trump recently had a lengthy phone call with Russian President Vladimir Putin, lasting approximately 75 minutes. The conversation covered several critical topics, including the ongoing conflict between Russia and Ukraine, recent Ukrainian drone strikes on Russian airfields, and the Iranian nuclear issue. Trump described the call as "good" but emphasized that it would not lead to immediate peace in the region. According to Trump, Putin stated he would have to respond to Ukraine's recent attacks, indicating a potential escalation in tensions. The two leaders also discussed Iran's nuclear program, with Trump expressing concern that Iran is "slow-walking" its decision on a nuclear deal. Putin reportedly agreed to participate in discussions with Iran, which Trump believes could be helpful in resolving the issue. The call also touched on other international matters, including the conflict between India and Pakistan. While both leaders affirmed their readiness to maintain constant contact, Trump stressed the need for a definitive answer from Iran soon regarding its nuclear ambitions. The Kremlin confirmed the call took place, with Putin's aide Ushakov providing additional details on the topics discussed and the leaders' agreement to continue high-level contacts on Ukraine through various channels.
Trump Demands Rate Cut from "Unbelievable" Powell After Weak Jobs Report Shocks Markets
Former President Donald Trump has renewed his calls for Federal Reserve Chair Jerome Powell to lower interest rates following the release of weak ADP employment data. The private sector jobs report showed the slowest growth in over two years, prompting Trump to label Powell as "unbelievable" and insist it's "too late" but he "must now lower the rate." Trump's comments, made on his Truth Social platform, highlight the ongoing pressure on the Fed to adjust monetary policy amid signs of labor market weakness. He also pointed out that Europe has lowered rates nine times, suggesting the U.S. is lagging behind. This latest outburst from Trump comes as the Fed continues to maintain its stance of being in "no hurry" to cut rates, despite growing concerns about economic indicators and potential impacts of trade tensions.
Trump Praises Xi Personally, But Calls Him "Extremely Hard" to Deal With in Trade Talks
President Trump has expressed mixed feelings about China's President Xi Jinping in a recent statement. While affirming his personal fondness for Xi, Trump emphasized the Chinese leader's tough negotiation style, describing him as "very tough" and "extremely hard to make a deal with." This comment highlights the ongoing challenges in U.S.-China trade relations and suggests potential difficulties in reaching a trade agreement. Trump's remarks underscore the complex dynamics at play in the high-stakes negotiations between the world's two largest economies.
CBO: GOP Tax Plan to Add $2.4 Trillion to US Debt, Sparking Fiscal Concerns
The Congressional Budget Office projects that the House GOP tax bill will increase the US debt by $2.4 trillion through 2034. This nonpartisan analysis raises concerns about long-term fiscal sustainability and the impact on federal deficits.
China Eyes Massive Airbus Order, Potentially Snubbing Boeing
China is contemplating a significant order of approximately 300 Airbus jets, potentially dealing a blow to Boeing. This move could represent a major shift in China's aviation market preferences.
Trump Urges Scrapping Debt Limit to Avert Economic Disaster
Former President Trump calls for the complete elimination of the debt limit, arguing it's too dangerous to be wielded by politicians. He warns that its misuse could lead to catastrophic economic consequences, not just for the United States but potentially for the global economy. Trump emphasizes the need to prevent such a devastating scenario.
Taiwan and US Defy China's Silence, Commemorate Tiananmen Square Crackdown on 36th Anniversary
On the 36th anniversary of the Tiananmen Square crackdown, Taiwan's president and the US Secretary of State defied China's silence by commemorating the event. They vowed to uphold democratic values and condemned Beijing's censorship of the 1989 incident that killed hundreds, possibly thousands, of pro-democracy protesters. Taiwan's president emphasized the ongoing threat of authoritarianism and the importance of remembering history. Both leaders stressed the need for international cooperation in defending democracy and freedom, with Taiwan positioning itself at the forefront of this global effort. China continues to censor and avoid official commemoration of the event, maintaining silence over this dark chapter in its history.
US Denies Air Cover for European Forces in Post-War Ukraine
The US reportedly declines to provide air support for European forces in post-conflict Ukraine, potentially impacting regional security dynamics and NATO's strategic planning.
NATO Chief Rutte: U.S. Commitment Firm, Allies Must Boost Defense Spending
NATO's Rutte affirms U.S. commitment to NATO's mutual defense pact, but emphasizes the expectation for increased defense spending from Europe and Canada. Ukraine is invited to the NATO summit in The Hague, while there are no current plans for U.S. troop withdrawal from Europe.
Elon Musk Rallies Public to "Kill" Trump's Tax Bill, Warning of Potential Bankruptcy for America
Elon Musk has launched a public campaign against Donald Trump's proposed tax bill, urging Americans to contact their representatives and demand they "kill the bill." Musk argues that the legislation is a "disgusting abomination" that would "bankrupt America," escalating his criticism of the former president's signature tax plan.
China Seeks French Support to Ease EU Trade Tensions Amid US Rift
China's Commerce Minister met with France's Trade Minister, urging France to help resolve trade disputes between China and the EU. Beijing emphasized the importance of dialogue in addressing bilateral trade issues, seeking to strengthen ties with Europe amid ongoing tensions with the US.
Zelenskiy Proposes Ceasefire, Seeks Putin Meeting Amid Ongoing Ukraine-Russia Conflict
Ukrainian President Zelenskiy has proposed a ceasefire until a leaders' meeting with Russia can be arranged. He expressed readiness to meet Putin even without a ceasefire and dismissed Russian demands as an ultimatum. A prisoner of war exchange is planned for the weekend, following limited progress in Istanbul peace talks. Meanwhile, Germany's defense minister announced efforts to secure more air defense systems for Ukraine.
Putin Doubts Ukraine Peace Talks, Cites Recent Attacks as Obstacle
Putin expresses skepticism about potential summit with Ukraine and ceasefire, citing recent attacks. He accuses Ukraine of "terrorist" railway blasts, undermining peace efforts amid ongoing conflict.
U.S. Downgrades Ukraine's Drone Strike Impact, Citing Fewer Russian Planes Hit
U.S. officials assess that Ukraine's recent drone attack destroyed up to 20 Russian warplanes, fewer than Kyiv's estimates. The strike, targeting nuclear-capable bombers, is deemed significant but may complicate peace talks. The attack highlights escalating tensions in the ongoing conflict.
Macro Events
Bank of Canada Holds Rates Steady as U.S. Job Market Shows Signs of Cooling
The Bank of Canada is expected to maintain interest rates at 2.75% amid mixed economic signals. While core inflation remains high and Q1 GDP exceeded forecasts, rising unemployment and weak consumption may lead to future rate cuts. Meanwhile, the U.S. job market shows signs of slowing, with ADP reporting only 37,000 private-sector jobs added in May, far below the expected 115,000. This marks the lowest hiring level since March 2023 and suggests a potential halt in job market growth. The disappointing ADP figures have raised concerns about the impact of trade wars on employment, with markets now closely watching Friday's BLS report for further insights. Globally, economic uncertainties persist, with ongoing trade tensions and varied economic indicators across different countries.
Eurozone Economic Growth Stalls as Services Sector Stumbles, UK and Italy Show Resilience
The Eurozone's economic landscape in May 2025 showed mixed signals, with the composite PMI edging up to 50.2, surpassing forecasts. However, the services sector dipped below 50 for the first time since November, indicating contraction. Italy stood out with a robust services PMI of 53.2 and improved business expectations. The UK saw a rebound in services to 50.9 as U.S. tariff concerns eased. Germany's services sector hit a 30-month low at 47.1, dragging down the country's broader economic outlook. France's services PMI improved to 48.9, but business confidence plummeted to a five-year low.
Trump Demands Rate Cut from "Unbelievable" Powell After Weak Jobs Report Shocks Markets
Former President Donald Trump has renewed his calls for Federal Reserve Chair Jerome Powell to lower interest rates following the release of weak ADP employment data. The private sector jobs report showed the slowest growth in over two years, prompting Trump to label Powell as "unbelievable" and insist it's "too late" but he "must now lower the rate." Trump's comments, made on his Truth Social platform, highlight the ongoing pressure on the Fed to adjust monetary policy amid signs of labor market weakness. He also pointed out that Europe has lowered rates nine times, suggesting the U.S. is lagging behind. This latest outburst from Trump comes as the Fed continues to maintain its stance of being in "no hurry" to cut rates, despite growing concerns about economic indicators and potential impacts of trade tensions.
US Services Sector Expands, Brazil's Contracts in May PMI Data
US services PMI rises to 53.7 in May, beating expectations. Composite PMI also increases to 53. Meanwhile, Brazil's services and composite PMIs show slight changes but remain below 50, indicating contraction.
CBO: Trump's Tariffs Could Slash $2.8 Trillion from Deficit, but May Hamper Economic Growth
The Congressional Budget Office (CBO) projects that President Trump's tariffs, if maintained for a decade, could reduce U.S. budget deficits by $2.8 trillion. This estimate accounts for potential economic impacts. The CBO, a nonpartisan entity, shared these findings in a letter to Democrats. However, the report also warns that the tariffs may lead to a decrease in overall U.S. economic output.
CBO: Trump Tariffs to Slash Deficit by $2.8T, but at Cost of Economic Growth
The Congressional Budget Office (CBO) projects that President Trump's tariffs, if maintained for a decade, could reduce U.S. budget deficits by $2.8 trillion. However, this comes with economic trade-offs. The CBO anticipates a decrease in economic output, a 0.6% hit to GDP, and a 0.9% increase in inflation by 2026. Despite potential court challenges, the tariffs are expected to have a significant fiscal impact, outweighing the deficit increase from Trump's tax and spending bill.
Fed's Beige Book Shows Slight Economic Decline and Mixed Outlook Across Districts
The Federal Reserve's Beige Book reveals a slight decline in economic activity across most districts, with mixed outlooks. Six districts reported declines, three saw no change, and three experienced slight growth. Price increases were moderate, but expectations of faster cost and price rises were widespread. The report, prepared by the St. Louis Fed, highlights the varied economic landscape across the country.
Fed Removes Wells Fargo's Asset Cap, Signaling End to Growth Restrictions
The Federal Reserve has lifted Wells Fargo's $2 trillion asset cap, imposed in 2018 due to a fake-accounts scandal. This decision allows the bank to grow again, marking a significant milestone. CEO Charles Scharf welcomed the news, and Wells Fargo's stock rose in response.
Sweden and India Lead Services Sector Growth as APAC PMIs Show Mixed Results
Sweden's services PMI rose to 50.8 in May, surpassing expectations. Across APAC, PMIs showed mixed results, with notable growth in India's services sector at 58.8. Despite a slight dip from April, India's services PMI remained strong, driven by export orders and record hiring. Japan's services PMI also improved to 51.0. These figures indicate economic resilience in various regions, though rising costs may pose challenges for central banks.
Trump's 50% Steel and Aluminum Tariffs Implemented, Raising Price Concerns
Trump's 50% tariffs on steel and aluminum imports have taken effect, potentially impacting prices of various products. The move aims to protect domestic industries but may shift trade patterns and increase costs for consumers.
Housing Market Uncertainty Persists Amid Interest Rate Decision and Stagnant Listings
The housing market remains uncertain as the Bank of Canada's interest rate decision looms. Active home listings have stagnated in key states, with North Dakota, New York, and West Virginia experiencing weak gains or declines. Supply tightness persists in these markets. Meanwhile, real estate stocks like Alexandria Real Estate and IRSA are attracting investor attention as potential refuges. The US home purchase applications gauge has declined to a five-week low, reflecting ongoing challenges in the housing sector.
U.S. Services Sector Shrinks Unexpectedly as Tariff Pressures Mount
U.S. services sector activity unexpectedly contracted in May, with the ISM services PMI falling to 49.9, signaling the first contraction in nearly a year. This decline, coupled with reduced hiring, suggests mounting economic pressure from tariffs. New orders dropped significantly, while input prices surged to a 1.5-year high. The data points to increasing uncertainty and inflation concerns for businesses, raising stagflation worries amid supply bottlenecks and tariff-driven cost increases.
US Services PMI Surprises, Trade War Impacts Linger: Markets Await Key Events
US services PMI unexpectedly rose to 53.7 in May, surpassing forecasts of 52.3. However, new orders contracted to 46.4, below expectations. The trade war between the US and China continues to impact markets, with Apple and Alibaba's AI rollout in China delayed. Markets remain cautiously optimistic but with reduced liquidity as key events approach.
Canadian Services Sector Shows Signs of Improvement in May
Canada's services PMI rose to 45.6 in May, a 3-month high, indicating slower contraction. Business optimism improved despite ongoing challenges, with jobs and price pressures showing signs of recovery.
US to Impose Aircraft Tariffs by Month-End, Says Commerce Secretary Lutnick
Commerce Secretary Howard Lutnick announced plans to set aircraft tariffs by month-end, following completion of a 232 analysis on aircraft parts. This decision will impact the aviation industry and international trade relations.
Canada Weighs Options, Including Counter-Tariffs, in Response to U.S. Trade Measures
Canada's Industry Minister is carefully considering various responses to recent U.S. tariffs, indicating that more time is needed to evaluate options. The minister emphasized that additional counter-tariffs remain a possibility, highlighting the ongoing trade tensions between the two nations and Canada's commitment to protecting its economic interests.
Technology Events
Amazon Bets Big on AI: $10 Billion Investment in North Carolina to Fuel Cloud and AI Innovation
Amazon is making a massive $10 billion investment in North Carolina to expand its cloud computing infrastructure and advance AI innovation. This ambitious project will create at least 500 new jobs and significantly boost Amazon Web Services' capacity to meet the surging demand for generative AI. The investment is part of Amazon's larger $100 billion capital expenditure plan for the year, highlighting the tech giant's commitment to AI development. This move brings Amazon's total investment in North Carolina to $22 billion since 2010, further solidifying the state's position as a tech hub.
Reddit Sues AI Firm Anthropic Over Alleged Unauthorized Data Use
Reddit is taking legal action against AI startup Anthropic, alleging unauthorized use of user data and breach of contract. The lawsuit claims Anthropic exploited Reddit's content without proper licensing, raising concerns about data rights and AI training practices.
NVIDIA's Blackwell Superchips Power Record-Breaking AI Performance in Latest MLPerf Results
CoreWeave, NVIDIA, and IBM have set new benchmarks in AI performance with record-breaking MLPerf results using NVIDIA's GB200 Grace Blackwell superchips. This achievement showcases significant advancements in AI training efficiency, with Blackwell chips demonstrating the ability to train large language models like Meta's 405B Llama over twice as fast as previous generations. The results highlight the growing demand for AI acceleration in data centers and NVIDIA's continued dominance in the AI hardware market.
U.S. Revises CHIPS Act Grants, Pushes for Domestic AI Dominance
Commerce Secretary Lutnick announces renegotiation of CHIPS Act grants, citing "overly generous" awards. He emphasizes keeping over 50% of global AI compute capacity in the U.S., aiming to reduce costs while maintaining technological leadership.
Microsoft's Free AI Cybersecurity Initiative Shields European Governments
Microsoft launches a free AI-powered cybersecurity program for European governments to combat rising state-backed cyber threats, aiming to enhance intelligence-sharing and protect critical infrastructure.
Microsoft Reshuffles Leadership: LinkedIn CEO to Lead Office and AI Initiatives
LinkedIn CEO Ryan Roslansky will oversee Microsoft Office and AI Copilot teams while retaining his current role. This executive reshuffle aims to accelerate AI integration across Microsoft's products, aligning key divisions under Windows chief Rajesh Jha.
Meta Courts Hollywood Giants for Exclusive Content on New Premium VR Headset
Meta Platforms is reportedly in talks with major entertainment companies like Disney and A24 to fund exclusive content for its upcoming premium virtual-reality headset. Codenamed "Loma," the device is set to launch in 2026 with a price tag under $1,000. This strategic move aims to compete with Apple's Vision Pro by offering immersive experiences in the VR space.
OpenAI Hits 3M Business Users, Expands Workplace Offerings
OpenAI reaches milestone of 3 million paying business users and introduces new workplace features, signaling growth in AI adoption for professional applications.
Tesla's China Sales Slump 15% in May, BYD Surges Ahead in Competitive EV Market
Tesla's China-made EV sales dropped 15% year-over-year in May, delivering 61,662 vehicles. Despite a slight monthly increase, Tesla lagged behind competitor BYD, which saw a 14.1% rise in sales. The overall Chinese NEV market grew 38% annually, highlighting Tesla's challenges in this key market amid fierce competition.
Oil And Gas Events
EIA Report Shows Surprising Crude Inventory Drop, but Fuel Stock Builds Muddy Oil Market Outlook
The latest EIA report reveals a significant drop in US crude oil inventories, surpassing market expectations. Crude stocks fell by 4.304 million barrels, compared to the forecasted 3.128 million barrel decrease. This unexpected decline suggests a bullish trend for crude prices. However, the report also showed substantial increases in gasoline and distillate inventories, which could potentially offset the positive impact on oil prices. Gasoline stocks rose by 5.219 million barrels, while distillate inventories increased by 4.230 million barrels, both exceeding predictions. Refinery utilization rates climbed by 3.2%, indicating increased production activity. The conflicting data presents a mixed picture for the oil market, with crude inventories supporting higher prices while growing fuel stocks may exert downward pressure. Traders are now weighing these factors against broader geopolitical tensions and OPEC's supply decisions.
Saudi Arabia Tweaks Global Oil Prices Amid OPEC+ Output Boost
Saudi Arabia adjusts oil prices for July, cutting rates for Asian buyers while raising them for Europe and the US. This move follows OPEC+'s decision to continue increasing output. Aramco set the Arab Light crude OSP to Asia at +$1.2/bbl vs Oman/Dubai average, to NW Europe at +$3.25/bbl vs ICE Brent, and to the US at +$3.5/bbl vs ASCI.
Russian Oil Revenue Plummets Amid Global Price Slump and OPEC+ Production Hike
Russian oil revenue has fallen to a two-year low as global crude prices decline, impacting the country's state budget. Banks are revising their 2025 oil price forecasts below $60 per barrel, citing increased OPEC+ production and flat demand growth. Oil prices are currently caught between conflicting factors, including geopolitical tensions, OPEC+'s supply surge, and Canada's wildfires affecting production. The market is also closely watching China's control of critical mineral exports. Despite these challenges, crude oil futures have rallied, with OPEC+ plans offsetting Canadian supply disruptions. The oil market remains in a delicate balance as various economic indicators and global events continue to influence prices.
TotalEnergies Expands Presence in Brazil's Offshore Oil Sector
TotalEnergies increases its stake in Brazil's Lapa offshore oil field through an asset swap with Shell, strengthening its position in the country's energy sector. This move aligns with the company's expansion strategy in South America.
Saudis Push for Bigger OPEC+ Output Hikes to Boost Market Share
Saudi Arabia seeks larger OPEC+ production increases to gain market share, potentially impacting global oil supply and prices.
Fixed Income And Interest Rates Events
Treasury Yields Plummet on Weak Economic Data, Fueling Rate Cut Speculation
Treasury yields tumbled to their lowest levels since May, driven by weak economic data, particularly in the labor and service sectors. This has strengthened expectations for potential rate cuts by the Fed. Meanwhile, stocks struggled to maintain small gains as investors weighed the impact of soft economic indicators and ongoing U.S.-China trade talks against cautious optimism in the markets.
Bond Market Buzzes as Stocks Waver on Employment Data; Equity Risk Premium Nears Historic Lows
The bond market sees significant activity with ZF Friedrichshafen's EUR benchmark 5-year senior bond attracting over €4bn in orders. S&P 500 futures erase gains after disappointing ADP employment data, causing Treasury yields to rise. The equity risk premium approaches 23-year lows, though stocks remain more attractive than Treasuries. Municipal bond funds release Q1 2025 commentaries.
BOJ Mulls Easing Bond Tapering Pace, Ueda Confirms Review
The Bank of Japan is reportedly considering slowing the pace of bond tapering next year. Governor Ueda confirmed plans to review taper strategies at the upcoming policy meeting, taking market participants' opinions into account.
Housing Market Uncertainty Persists Amid Interest Rate Decision and Stagnant Listings
The housing market remains uncertain as the Bank of Canada's interest rate decision looms. Active home listings have stagnated in key states, with North Dakota, New York, and West Virginia experiencing weak gains or declines. Supply tightness persists in these markets. Meanwhile, real estate stocks like Alexandria Real Estate and IRSA are attracting investor attention as potential refuges. The US home purchase applications gauge has declined to a five-week low, reflecting ongoing challenges in the housing sector.
Earnings Events
Dollar Tree's Mixed Signals: Strong Q1, but Q2 Profit Warning Spooks Investors
Dollar Tree reported strong Q1 earnings, beating expectations and raising annual profit forecasts. However, the company warned of a potential significant drop in Q2 profits, causing shares to decline.
CrowdStrike Stock Plunges on Weak Forecast, Outage Aftermath Despite Strong Q1 Performance
CrowdStrike's shares tumbled after its Q2 revenue forecast fell short of expectations, impacted by lingering effects from customer incentives following a 2024 outage. Despite solid Q1 results and a 43% year-to-date surge, the cybersecurity firm's outlook and rich valuation are weighing on investor sentiment, leading to mixed analyst reactions.
Crypto Events
JPMorgan Embraces Crypto ETFs with New Financing Options, Defying CEO's Skepticism
JPMorgan is set to introduce financing options allowing clients to borrow against their crypto ETF holdings, including Bitcoin and Ethereum trackers. This move signals growing institutional trust in regulated crypto products, despite CEO Jamie Dimon's anti-crypto stance.
Crypto Market Divergence: Bitcoin Stalls, Ethereum Rises, and XRP Teeters on Breakout Edge
Bitcoin's price stagnates despite reclaiming ground, while Ethereum leads capital rotation. XRP shows mixed signals at $2.25, with a potential breakout brewing. Key Bitcoin holders increase sharply, but ETF sees $1.2B exit in 3 days. The Bitcoin 2025 Conference highlights mainstream adoption, as the crypto market experiences diverse trends.
Bitcoin 2025 Conference Highlights Mainstream Adoption as Price Hovers at $105,000
The Bitcoin 2025 Conference showcased the cryptocurrency's mainstream adoption, with its price hovering around $105,000. Despite fluctuations, key BTC holders increased significantly. BTCPay Server emerged as crucial for Bitcoin commerce. Dogecoin showed bullish signals, while Trump and Powell's actions impacted the market. Ethereum consolidated against BTC, with altseason hopes rising. Bitcoin ETFs saw significant outflows, and Kraken experienced a massive BTC transaction.
Interest Rate Shifts and Market Volatility: From Clorox to Bitcoin, Financial Landscape in Flux
Interest rates are a hot topic in financial news today. Clorox needs lower rates to be attractive, while HELOC and high-yield savings rates are trending down. The Bank of Japan is considering slowing bond tapering, impacting global markets. BlackRock notes a term premium in US bonds, and MicroStrategy's Bitcoin strategy remains high-risk, high-reward. ZIM Integrated Shipping offers a 17% yield, and Lord Abbett's High Income Municipal Bond Fund released its Q1 2025 commentary. The MOVE index reveals a close link between stock and bond market anxiety.
Trump's Truth Social Ventures into Crypto, Files for Bitcoin ETF
Trump's social media company, Truth Social, is making waves in the crypto market by filing for a spot Bitcoin ETF. This bold move signals the firm's expansion into digital assets, despite mixed reactions and potential family confusion over crypto ventures.
XRP Price Consolidates at $2.25 Amid Mixed Signals and Bullish Predictions
XRP's price is consolidating around $2.25, with mixed signals from technical indicators. Analysts are debating potential breakouts and long-term price targets of $3, $5, and $10. Meanwhile, Ripple has denied rumors of an $11 billion Circle acquisition. Increased XRP activity suggests a possible rally, but long-term resistance remains a challenge.
Treasury Yields Climb as Bitcoin Bet Looms Large for MicroStrategy
U.S. 30-year Treasury yields are nearing 5% again, with BlackRock noting an emerging term premium in bonds. Meanwhile, MicroStrategy's Bitcoin strategy presents high risk and potential reward, with varying 2030 NAV projections. High-yield savings accounts offer up to 4.3% APY.
Bitcoin ETFs Bounce Back with $375M Inflow, Signaling Renewed Institutional Confidence
Bitcoin ETFs rebounded with a $375 million inflow on June 3, ending a three-day losing streak. ARK Invest's ARKB led with $139.9 million, followed by Fidelity's FBTC at $136.8 million. Ethereum ETFs also continued their positive streak for the 12th consecutive day, adding 42,010 ETH worth $110 million. This resurgence in institutional interest signals renewed confidence in the crypto market, potentially building bullish momentum.
Corporate Actions Events
Mexico Set to Greenlight Nippon Steel's $14.9B U.S. Steel Takeover
Mexico's antitrust regulator Cofece is poised to renew approval for Nippon Steel's $14.9 billion acquisition of U.S. Steel. This reauthorization, expected as soon as Thursday, clears a crucial hurdle for the cross-border merger after the previous approval expired, keeping the deal on track.
Chart Industries and Flowserve to Unite in $19 Billion Merger
Chart Industries and Flowserve are set to merge in a $19 billion all-stock deal, creating a combined entity worth approximately $19 billion. The announcement is expected soon.
Circle's IPO Poised for Success: Demand Surges 25x Above Available Shares
Circle's IPO is expected to price above the marketed range due to overwhelming demand, with orders exceeding 25 times the available shares. This stablecoin issuer's upsized deal has generated significant investor interest, reflecting strong market enthusiasm for the offering.
Rivian Secures $1.25B in Green Bonds to Refinance 2026 Notes
Rivian Automotive has priced a $1.25 billion green bond offering. The proceeds will be used to refinance outstanding senior secured notes due in 2026, demonstrating the company's commitment to sustainable financing.
Metals Events
Wildfires Force Hudbay Minerals to Halt Manitoba Operations
Hudbay Minerals suspends operations in Northern Manitoba due to ongoing wildfires, impacting their Snow Lake mining activities.
Mexico Threatens Measured Response to U.S. Steel Tariffs, Seeks Agreement by Next Week
Mexico's President Sheinbaum has condemned the U.S. announcement to raise steel and aluminum tariffs as "unfair." The Mexican government is threatening to introduce countermeasures if no agreement is reached by next week. However, Sheinbaum emphasized that Mexico's response won't be "an eye for an eye." Ongoing talks aim to defend Mexican jobs without mirroring U.S. retaliation, but Mexico doesn't rule out imposing tariffs on U.S. steel. The situation is escalating trade pressure between the two nations.
Trump's 50% Steel and Aluminum Tariffs Implemented, Raising Price Concerns
Trump's 50% tariffs on steel and aluminum imports have taken effect, potentially impacting prices of various products. The move aims to protect domestic industries but may shift trade patterns and increase costs for consumers.
Real Estate Events
Housing Market Uncertainty Persists Amid Interest Rate Decision and Stagnant Listings
The housing market remains uncertain as the Bank of Canada's interest rate decision looms. Active home listings have stagnated in key states, with North Dakota, New York, and West Virginia experiencing weak gains or declines. Supply tightness persists in these markets. Meanwhile, real estate stocks like Alexandria Real Estate and IRSA are attracting investor attention as potential refuges. The US home purchase applications gauge has declined to a five-week low, reflecting ongoing challenges in the housing sector.
Blackstone Snaps Up UK's Warehouse REIT in £470M Deal, Signaling Continued Interest in Undervalued British Assets
Blackstone has acquired UK's Warehouse REIT for £470 million ($635.35 million), following a revised bid due to asset valuation concerns. This deal reflects a trend of U.S. firms targeting undervalued UK assets amid a weak economic environment.
Mortgage Applications Plunge Despite Rate Dip
US mortgage applications fell 3.9% last week, despite a slight decrease in 30-year mortgage rates to 6.92% from 6.98%. The decline was more significant than the previous week's 1.2% drop.
Analyst Ratings Events
Needham Downgrades Apple to Hold, Citing Valuation and Competition Worries
Needham downgrades Apple stock to Hold from Buy, citing earnings risks, increased competition, and valuation concerns.
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