Wolf Money(world market review 9-15 Jun 2025)
Market Summary 9-15 Jun 2025
*USA*
+ US inflation rose 0.1% MoM in May, putting annual inflation rate at 2.4%; core CPI at 0.1% and 2.8% respectively
± Fed is likely to maintain its ‘wait-and-see’ approach on interest rates next week as tariff risks outweigh inflation data
+ Fed seen on track to start cutting rates by Sept due cooler-than-expected US inflation in May
± US year-ahead inflation expectations fell sharply to 5.1% in Jun, lowest in 3 mths vs 6.6% in May
+ US Uni of Michigan’s Consumer Sentiment Index jumped 15.9% to 60.5 in Jun, improved for the first time in 6 mths
-US posted US$316bn budget deficit for May, down 9% or US$31bn YoY
± US Treasury sells US$39.7bn in 10-year notes at 4.431%
+ US producer price index for final demand rebounded 0.1% in May after a revised 0.2% decline in Apr
± US jobless benefits held steady at seasonally adjusted 248,000 at higher level
+ US mortgage application up by 12.5% in wk ending Jun 6
-Trump signalled a possible hike in auto tariffs, saying it could push automakers to invest more in US
-Trump expands 50% tariffs to appliances, including dishwashers, washing machines, refrigerators starting Jun 23
+ US, China officials agreed on a framework to put their trade truce back on track and resolve China’s export restrictions on rare-earths
+ Trump says US deal with China is done, will Beijing to supply magnets and rare earths, US to allow students
+ Boeing airplane orders rise to highest level since 2023 ahead of Paris Air Show
+ Boeing resumed China deliveries with 787-9 jet to Juneyao Airlines
+ Trump approved Nippon Steel’s US$14.9bn purchase of US Steel
-US economy could soon ‘deteriorate’: Jamie Dimon
+ Microsoft-backed AI lab Mistral is launching its first reasoning model in challenge to OpenAI
+ Tesla robotaxi rides in Austin ‘tentatively’ set to begin Jun 22: Musk
+ Musk’s Neuralink raised US$649m in latest equity sales
+ Nvidia CEO says this is the decade of robotics and autonomous vehicles
+ Meta to invest US$14bn in Scale AI, hiring its co-founder Alexandr Wang to better execute on its Ai ambitions
+ BlackRock aims to grow revenue from reported US$20bn in 2024 to US$35bn
+ OpenAi said to be in funding talks with Saudi, Indian investors
*SOUTH AMERICA/OTHER*
+ Argentina inflation rose 1.5% MoM in May, marking the lowest monthly inflation rate since May 2020
+ Gold climbed above US$3400
*CHINA*
± China’s exports expanded 4.8% YoY in value terms in May, slowing from 12.4% and 8.1% jump in Mar and Apr respectively
± China’s consumer price index dipped 0.1% YoY in May, extended decline for 4th mth
+ Chinese banks extended ¥620bn in new yuan loans in May, up from ¥280bn in Apr
+ China’s trade surplus rose to US$103.22bn in May, up from US$96.18bn in Apr
-China’s May shipments to US plunged 34.4% YoY to US$28.8bn, steepest decline since pandemic in Feb 2020
-China’s 240-hrs transit visa-free policy extended to 55 countries
+ China ready to strengthen cooperation with ECB, including on reforming the Int’l monetary system: Li Qiang
+ China is requiring Western firms to submit “sensitive business information” to obtain approval for exporting rare earths
+ Chinese rare earths magnet producer JL MAG said it had obtained export licences for rare earths products including magnets, motor rotors and components to US, Europe and SEA
+ Chinese car giants promised to pay suppliers within 60 days after govt vowed to protect smaller enterprises caught in economic uncertainties and fierce domestic competition
-Chinese state media calls for crackdown on ‘zero-mileage used cars’
+ China to eliminate tariffs for African Nations in new trade pact
+ Xpeng revealed advanced processors for autonomous vehicles, saying it will “rival” Nvidia’s products
+ Huawei will capitalise on its position and back China if US continues to lift AI semiconductor restrictions on Beijing
-China extended investigation into imported pork from EU by 6 mths amid tariff talks
+ Shein and Temu are pivoting to Europe in face of US tariffs
+ Pop Mart diversifies into jewellery with new concept store
+ HK’s growth projected to moderate at 1.9% in 2025, inflation expected to remain at 1.8%
-Taiwan imposed technology export controls on Huawei, SMIC
*EUROPE*
-ECB: Gold has overtaken the euro to become world’s 2nd largest reserve asset by market value
+ Eurozone’s trade surplus came in at €9.9bn in Apr, down from €37.3bn in Mar
-Eurozone’s industrial production fell by 2.4% MoM in Apr, EU down 1.8%, up 0.8% and 0.6% YoY respectively
-EU frozen out of Arctic opportunities by Russia sanctions: FT
+ Europe AI computing capacity up 10 times in 2 years: Nvidia CEO
+ Coinbase poised to get green light from Luxembourg and Gemini set to get licence from Malta: sources
+ German economy expected to grow this year following 2 consecutive years of contraction: economists
-UK’s GDP shrank by a larger-than-expected 0.3% in Apr from Mar, biggest monthly drop since Oct 2023
-UK’s trade deficit widens by £4.9 billion in 3 mths to April of the current year to £11.5bn
-British goods exports to US suffered record fall in Apr after new tariffs; trade deficit to its widest in >3 yrs, hit by US tariffs
+ AstraZeneca n Chinese bio firm CSPC signed US$5.2bn drug deal
+ France’s Macron calls on Europe and Asia to unite as US-China tensions flare
+ French President Macron laid ambition out for France to be able to manufacture semiconductors in range of 2 to 10 nanometers
-Israel strikes Iran’s nuclear sites and kills top generals, Iranian retaliates shortly
*ASIA*
-Japan’s industrial production index observed a monthly decrease of 1.1% at 101 in Apr
-Japan’s business sentiment worsened in Apr-Jun for the first time in 5 quarters
± Japan’s 10-year govt bond yield fell toward 1.4%, lowest level in nearly 5 weeks
-Indian Air plane bound for London crashed into a residential area shortly takeoff, killing 241 ppl on board
+ India’s inflation eased to 2.82% in May at 6 years low
+ Dubai’s Emirates airline is looking to hire 5000 new cabin crew globally this yr amid expansion drive
-Indonesia retail sales shrank by 0.3% YoY in Apr, first annual decline since Apr 2024
+ Indonesia aims to seal EU free trade agreement in 2026
-Vietnam to hike tax on alcoholic drinks to 90% by 2031 from current 65%
± PM Anwar: now not the time to reintroduce GST
+ Malaysia retail sales up by 4.7% YoY in Apr, easing from 6.6% in previous mth, lowest reading since Jan 2024
+ Sg-Indonesia sign 3 MOUs for energy trade, decarbonisation, sustainability collaboration
+ Sg 11 new sites for private residential projects have been made available under the govt land sales programme, 2 EC parcels also on offer
+ DBS has become the first Singapore-listed company to surpass market capitalisation of US$100bn
± Sg sees more employers planning to hire, but also expecting to see a reduction in their workforce in Q3: ManpowerGroup
-Sg-based budget airline Jetstar Asia, is ceasing operations at Changi Airport, citing due to rising costs and competition
*I'll be away for almost 3 weeks, so NO Market reports during this period*
Contribution by Derek@valueinvestments chat group. Thank you.
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