Market news
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Xi and Kim Reach Consensus, Pledge Stronger Ties
Chinese President Xi Jinping and North Korean leader Kim Jong Un reached an important consensus during talks, with Xi calling his visit to North Korea a success. Both sides pledged to strengthen strategic ties and work to safeguard regional and global peace, per KCNA.
Supertanker Orders Surge to Record High, Exceeding 2008 Peak
The number of supertankers on order globally has hit a record 262, a more than 1,000% increase from two years ago, surpassing the 2008 record that later led to a market crash in shipping rates.
US Launches Strikes on Iran in Retaliation for Downed Helicopter
The United States has launched a second round of military strikes on Iran, targeting air defense and radar systems, according to US officials cited by Axios.
Iran Warns US to Leave Region, Threatens Response to Attacks
Iranian Foreign Minister Abbas Araghchi warned the United States to leave the region or face consequences, stating that Iran's armed forces will not ignore any attack or threat.
Gold Slumps Below $4,250 on US-Iran Tensions, Rate Hike Expectations
Gold (XAU/USD) fell to around $4,235 in early Asia on Wednesday, the lowest since March 23, pressured by renewed US-Iran tensions and rising bets on a US interest rate hike ahead of CPI data.
GBP/USD Rally Fades After Touching 200-Day EMA
Sterling briefly rallied on Tuesday, pushing GBP/USD above 1.3400 before retreating as resistance at the 200-day EMA held.
AI Stocks Rally Fails, Signaling Deeper Selloff Risk
Tuesday's attempted recovery in AI-related equities fizzled, confirming that Monday's bounce was a dead-cat rally and raising fears of further downside.
AI Boom Drives Magnificent 7 Revenue Per Employee Surge, Small Caps Slump
Revenue per employee for the Magnificent 7 has soared 20% since early 2023 to ~$270,000, while Russell 2000 companies have seen a 14% decline to $122,000, highlighting a stark productivity gap.
Australian Dollar Tests Six-Week Low as Trump Rattles Markets
The Aussie dollar slipped 0.25% against the greenback on Tuesday, hitting a six-week low of 0.7027, as market sentiment soured after Trump threatened retaliation against Iran over a downed helicopter in the Strait of Hormuz.
US consumer financial sentiment hits highest since January 2023
In May, 43.6% of Americans said they are financially worse off than a year ago, the highest since January 2023. The share expecting to be worse off in the next year also rose sharply.
Rising Inflation Could Drive Real Yields Lower, Boosting Gold
Despite rising nominal rates, accelerating price inflation may reduce real interest rates, creating a bullish environment for gold and silver.
USD/CHF Eyes 0.80 as Inverse Head-and-Shoulders Breakout Holds
USD/CHF advanced to near nine-week highs of 0.7991, with the inverse head-and-shoulders pattern targeting the 0.8000 level as risk aversion boosts the Greenback.
California American Water Reaches Partial Rate Case Settlement, $24M Additional Revenue Seen in 2027
California American Water announced a partial rate case settlement that would generate $24 million in additional annualized revenue by 2027 and increase customer assistance discounts to 50% in Central California, pending CPUC approval.
US Dollar Holds Steady Near 99.90 Ahead of CPI Data Amid Middle East Tensions
The US Dollar Index (DXY) is trading cautiously near the 99.90 level as traders await Wednesday's CPI report. Geopolitical risks from the Middle East conflict are also supporting the greenback.
AI Stock Valuations Questioned as SpaceX, OpenAI IPOs Loom
Investors are growing skeptical of AI stock valuations after recent gains, with upcoming IPOs from SpaceX and OpenAI expected to add significant equity supply. Renewed volatility in semiconductor stocks adds to the uncertainty.
Wall Street Rotates From Tech Into Broader Sectors Amid Growth Hopes
Investors shifted out of major technology stocks into a wider range of sectors tied to improving economic growth. Chipmakers and AI shares fell, but gains across most S&P 500 companies limited overall market losses.
China rare earth export controls send prices soaring
China's export licensing requirements imposed in April 2025 have driven sharp price increases in yttrium, terbium, and dysprosium, with yttrium rising 14,000%.
Crude Oil Unfazed by Trump's Threat of Response to Iran Helicopter Downing
President Trump announced that the US military concluded Iran shot down an Apache helicopter over the Strait of Hormuz, vowing a US response. However, crude oil prices showed little reaction to the escalation.
Gold Tumbles Below $4,250 as Trump Vows Response to Helicopter Strike
Gold (XAU/USD) plunged nearly 2% on Tuesday after US President Donald Trump vowed retaliation for Iran's downing of a US helicopter near the Strait of Hormuz. The metal trades below $4,250, down 1.93% on the day.
Silver (XAG/USD) Tumbles Over 3.5% as Bears Target $60
Silver (XAG/USD) fell more than 3.5% on Tuesday to around $65.50, its lowest since March, as selling pressure intensifies amid Middle East war headlines. Bears now target $60.
Iran FM Warns Foreign Forces to Leave, Rejects Hormuz as International Waters
Iran's Foreign Minister Abbas Araghchi warned foreign forces near Iranian territory to leave, saying the best way to reduce risk is their departure. He added that Iran prefers diplomacy but is capable of other languages, and rejected the Strait of Hormuz as international waters.
S&P 500 single-stock volatility hits highest since March 2025 amid index calm
The average 3-month implied volatility of S&P 500 single stocks has surged to ~40, the highest since the March-April 2025 sell-off, while the index's implied volatility remains near 15, signaling growing divergence and hidden stress beneath the surface.
US Dollar Index Rebounds as Middle East Hopes Fade, Inflation Data Ahead
The US Dollar Index recovered from earlier losses on Tuesday as optimism over a potential US-Iran peace deal faded, with traders now focusing on upcoming US inflation data.
US and Iran Close to Breakthrough on 15-Year Nuclear Freeze: NYT
According to a New York Times report citing US officials and diplomats, the US and Iran are nearing an agreement to freeze Iran's nuclear program for 15 years, addressing four key nuclear themes.