Daily US Equity Opening News - TSM May revenue rises; SMCI launches $7B equity raise; AMZN expands LTL freight offering

DAY AHEAD:

US INDEX FUTURES: ES -0.4%, NQ -0.7%, YM -0.4%, RUT -0.1%
BROKER MOVES: ILMN upgraded at JPMorgan; NKE downgraded at RBC. For the full list, click here.
MAJOR MORNING MOVES RECAP: Mag-7, SMCI, CBRL, ODFL, NKE, ILMN. For the full list, click here.
US DAILY CONFERENCE CALENDAR: Tech, Consumer, Industrial, Healthcare, Financials and AI conferences. For the full list, click here.
EVENTS: Apple WWDC continues (8-12 June).
DATA: The US monthly budget statement for May is due (exp. USD -270bln, prev. USD 215bln).
CENTRAL BANKS: Bank of Canada is expected to keep rates at 2.25%; there will be a post-meeting press conference with Governor Macklem.
SUPPLY: US auctions USD 39bln of 10yr notes. Germany auctions EUR 5bln of 2036 Bunds.
ENERGY: The DoE’s weekly energy inventories are due; afterhours on Tuesday, API data reportedly showed headline crude stocks posting a larger than expected draw of -9.1mln bbls (exp. -3.4mln), Cushing stocks drew down by -1.1mln bbls; in the products, distillate stocks posted a build of +1.3mln bbls (exp. -0.2mln), while gasoline drew by a larger than expected -1.2mln bbls (exp. -0.6mln).
EARNINGS: Notable US corporates reporting today include: Oracle (ORCL).
PREVIEW - BOC POLICY ANNOUNCEMENT (14:45BST/09:45EDT): The BoC is widely expected to leave its policy rate unchanged at 2.25% for a fifth consecutive meeting as it balances trade uncertainty against lingering inflation risks. The Bank sits at the lower end of its estimated neutral range, providing scope to remain patient while assessing the impact of the upcoming USMCA review, which begins in July, and developments in the Middle East. Markets continue to lean hawkish, pricing around 35bps of tightening by year-end, although economist consensus remains centred on unchanged policy through 2026. Bank of America argues markets are overpricing the prospect of hikes, expecting rates to remain unchanged through year-end and citing Canada's technical recession, labour market softness and uncertainty surrounding USMCA negotiations as factors that raise the bar for tighter policy.

NEWS:

GEOPOLITICS

US-Iran - US Central Command said it completed self-defence strikes on Iranian air defence and radar systems near the Strait of Hormuz after Iran downed a US Army Apache helicopter earlier in the week. President Trump told ABC the US response was strong and necessary, adding both pilots were safe. US President Trump said Iran's military is a complete and total mess; they have been completely defeated; Iran is all talk and no action; They have taken too long to negotiate a deal, now they will have to pay the price. A US official told CNN yesterday that the new strikes were intended as a warning shot at Iran and that the US believed Washington's retaliatory strikes on Tehran wouldn’t upend negotiations to end the war, reports CNN's Treene. Trump added this morning that he is close to ordering new strikes against Iranian power plants and bridges, Fox reports; Iran is taking too long to make the deal; he'll keep going on Iran. The IRGC said it attacked US bases and the Fifth Fleet in Bahrain with drones, warning of harsher responses; reports cited attacks in Bahrain, Kuwait and Jordan. Elsewhere, the US and Iran had reportedly narrowed talks to four nuclear issues before the latest flare-ups, with Trump aides discussing a deal to halt Iran’s nuclear programme for around 15 years, NYT reports; Washington sought no enrichment for 20 years, Iran proposed 10, and US demands included down-blending stockpiles, dismantling Natanz, Fordo and Isfahan, and snap inspections.
N.Korea - The US and Japan reaffirmed commitment to North Korea’s complete denuclearisation and rejected Russia’s claim that the issue was closed. The statement followed talks in Tokyo, after China’s Xi Jinping made no public mention of denuclearisation during a Pyongyang visit, fuelling speculation Beijing may tacitly accept North Korea as a de facto nuclear power.

TECH

US AI Policy - Thomas Lind, head of policy at the Office of the National Cyber Director and adviser to Sean Cairncross, plans to leave government, according to sources cited by Politico. His departure follows other White House tech policy exits.
San Fran Taxes - A San Francisco ballot measure to expand a surcharge on companies where top executive pay exceeds 100x the median local staff salary has failed, securing under 47% of the vote against 53% in opposition, WSJ reports. Proposition D’s defeat was backed by moderate Democrats, including Mayor Daniel Lurie, who argued that higher taxes risk pushing businesses out of the city.
TSMC (TSM) - TSMC reported a +30% Y/Y rise in May revenue to TWD 416.98bln (prev. 410.7bln), with combined April-May sales up approximately 24%; analysts expect a 35% Q2 sales increase.
SK Hynix (HXSCL) - SK Hynix plans a US listing as soon as August, with SEC approval for its ADR application expected during the week of 22nd June, according to sources cited by Reuters. The South Korean memory chipmaker, which confirmed it plans to issue ADRs within 2026 without confirming timing or size, previously indicated the offering could raise as much as USD 14bln.
SoftBank (SFTBY), OpenAI - SoftBank’s talks with potential creditors to raise at least USD 6bln via a margin loan backed by its OpenAI stake have stalled, Bloomberg reports. The company is considering various fundraising options and could still pursue the loan later. SoftBank faces USD 40bln bridge financing repayment in March 2027.
Nvidia (NVDA), OpenAI - OpenAI is in advanced talks to lease a proposed 10GW data centre campus on federal land in Ohio, potentially with Nvidia financial backing, The Information reports. The project could cost at least USD 500bln if fully built out, with OpenAI controlling equipment under a long-term lease. First operations are expected in 2028.
Microsoft (MSFT) - Microsoft is cutting 200-400 Azure cloud roles in Beijing and Shanghai, with jobs ending 6th July, SCMP says. Other China units remain unaffected; some staff may receive relocation offers to Canada. The cuts follow earlier AI researcher relocations to Vancouver and global cloud hiring freezes.
ASML (ASML) - Bloomberg notes that although ASML shares have recently hit record highs, its relative valuation is the lowest in years, as gains lag Applied Materials (AMAT) and Samsung Electronics (SSNLF). The report says investors are concerned about ASML’s pricing approach, whether customers will adopt its high-NA tools quickly after Taiwan Semiconductor Manufacturing Co. (TSM) delayed deployment until after 2029, and whether ASML can expand capacity fast enough to meet demand.
Super Micro (SMCI) - Super Micro announced USD 7.0bln of equity and equity-linked financing to fund components for about USD 39bln of recent AI server orders from over 20 customers. The plan includes USD 5.0bln of public offerings, and up to USD 2.0bln ATM programme.
Nvidia (NVDA), AMD (AMD) - "Anti-Nvidia" data centre startup TensorWave is valued at USD 1.55bln in new funding round, WSJ reports. TensorWave will use fresh USD 350mln to fill more data centres with chips from AMD (AMD), which is also an investor, the report adds.
Micron (MU) - Goldman Sachs raised Micron’s price target to USD 900 (from USD 400) and kept a Neutral rating ahead of its Q3 results. GS expects another strong quarter, citing tight supply-demand through 2027, while noting investor positioning remains very bullish after the share price run-up, and optimism around long-term customer agreements.
Applied Materials (AMAT) - Expanded its manufacturing and R&D footprint in Singapore with a new USD 500mln Tampines Campus, more than doubling its advanced cleanroom capacity in the country. The facility is already in volume production, supports AI-driven semiconductor demand, and is expected to create approximately 1,000 new jobs over the next several years. CEO Gary Dickerson said the company is well-positioned to meet rising semiconductor equipment demand, provided customers continue giving the company roughly eight quarters of lead-time for capacity planning.
Wolfspeed (WOLF) - Filed to sell 24.07mln shares of common stock for holders.
OpenAI, Palo Alto Networks (PANW) - US House Homeland Security Committee held a closed-door roundtable with representatives from OpenAI, Scale AI, Palo Alto Networks and Peraton on Tuesday, Punchbowl reports, citing a source.

COMMUNICATIONS

Alphabet (GOOG) - Some Google Cloud customers in India experienced intermittent network disruption after a fire at a third-party data centre caused an emergency power shutdown, isolating a Delhi point of presence and reducing regional capacity, Reuters reports. Traffic from Delhi, Chennai, Mumbai and nearby regions was affected, with elevated latency and no workaround while restoration efforts continued.
Meta Platforms (META), Reliance Industries (RIGD) - Meta has partnered Reliance for its first AI-enabled data centre in India; Reliance will build a 168MW facility in Jamnagar that Meta will lease with options to scale, Reuters reports.
Paramount Skydance (PSKY), Warner Bros. (WBD)- Australia's competition regulator approved the merger of Paramount Skydance and Warner Bros, subject to a 14-day waiting period expiring on 23rd JuneNew Zealand's Commerce Commission separately confirmed it would not examine the deal further. Paramount Skydance also received merger clearances from competition authorities in Saudi Arabia, Ukraine, Serbia and North Macedonia, and foreign direct investment approvals from Germany, Slovenia, Belgium, Czechia, New Zealand, Italy, France and Romania.
Nintendo (NTDOY) - Nintendo shares fell overnight as much as 8.2% after its Nintendo Direct showcase disappointed investors with few brand-new heavyweight franchise titles. Additionally, concerns persist over Switch 2 software strength, sluggish sales and rising component costs.

FINANCIALS

Fed Stress Tests - The Fed will release results of its annual bank stress test on 24th June, though it stated the outcome will not affect capital requirements this year. The exercise will assess how 32 large banks would withstand a severe global recession involving heightened stress in commercial and residential real estate and corporate debt markets.
US Bank Insurance - The FDIC plans reforms allowing banks to pay lower Deposit Insurance Fund fees, especially if large lenders improve resolution readiness. Chair Travis Hill said small banks could see assessments cut by 2bps, while large banks could qualify through faster data access. The FDIC is also considering nonbank bidders for failed banks and deposit insurance changes.
Citi (C) - Citigroup CFO Luchetti expects markets revenue to rise by a high single-digit to low double-digit percentage (exp. +2%). He also forecast mid-double-digit investment banking fee growth, broadly in line with estimates.
Ares (ARES) - Raised USD 8.5bln for its third Pathfinder fund focused on asset-backed debt, FT reports. The total includes USD 4bln recommitted by investors from an earlier Ares vehicle. The preceding fund raised USD 6.6bln in 2023 and has reported post-fee returns of 16%.
Mastercard (MA), Visa (V) - A US judge granted preliminary approval to Visa and Mastercard’s revised USD 38bln settlement with merchants over credit-card processing fees, Reuters reports. The deal would lower swipe fees by 0.1ppt for five years, cap standard consumer rates at 1.25% for eight years, expand surcharge options, and effectively end the “Honor All Cards” rule.
KKR & Co. (KKR), SK Group - SK Group is partnering with KKR to combine renewable energy assets held by SK Innovation, SK Ecoplant and SK Eternix into a unified platform. Industry sources said KKR is expected to be a key investment partner, as rising demand from artificial intelligence and data centres increases interest in large-scale clean energy projects.
CME Group (CME) - CME Group launched Nasdaq CME Crypto Index futures, which are financially settled at expiration to the Nasdaq CME Crypto Settlement Price Index. The index measures the largest and most actively traded cryptocurrencies.
Robinhood (HOOD) - Robinhood director Meye Malka purchased 250K common shares on 5th June, for a total USD 20.2mln. Separately, CEO and co-founder Vlad Tenev said Robinhood Securities is now approved to serve as an underwriter. Elsewhere, Robinhood reported May funded customers of 27.7mln, and total platform assets of USD 377bln. Net deposits were USD 5.6bln in May (+19% annualised growth rate vs April platform assets), while trailing 12-month net deposits were USD 69.1bln (+27% annual growth rate vs May 2025).
W. R. Berkley (WRB) - Announced the death of founder and Executive Chairman William Berkley, aged 80. Berkley founded the company in 1967 and built it into a Fortune 500 commercial insurance organisation. The board appointed W. Robert Berkley, Jr. as Chairman, effective immediately.
ING Groep (ING) - ING Groep is introducing a four-tier subscription banking model for retail clients across nine markets, including the Netherlands, Germany, Spain, Italy and Australia, Bloomberg reports. Bundled services include investing discounts, insurance cover, streaming and airport-lounge access, as ING seeks more loyalty, personalisation and fee income above EUR 5bln within 2027 revenue above EUR 25bln.
UniCredit (UNCRY), Commerzbank (CRZBY) - UniCredit said market take-up of its Commerzbank buyout offer reached 10.9%, while Commerzbank said no institutional investor had tendered shares.

CONSUMER DISCRETIONARY

Amazon (AMZN) - Announced an expansion of its less than truckload freight offering to all destinations in the US, including third-party warehouses, distribution centers and retail partners. Other LTL carriers, including Old Dominion (ODFL), Saia (SAIA), XPO (XPO) and ArcBest (ARCB), are under pressure in premarket trading following the announcement.
Starbucks (SBUX) - Starbucks is considering options for its Japanese business, including a stake sale or IPO, after selling a majority stake in China operations to Boyu Capital, Bloomberg reports. A Japan stake sale could be valued at JPY 400bln-500bln and attract industry players or private equity firms, though discussions are preliminary and no decision has been made.
General Motors (GM) - General Motors is partnering with Peak Energy Technologies on stationary grid batteries, seeking to tap AI-driven data-centre power demand and repurpose EV investments, Bloomberg reports. The companies will work on sodium-ion batteries. GM is also pursuing bidirectional EV charging and partnerships involving Redwood Materials and LG Energy Solution for storage applications.
Mercedes-Benz (MBG) - Mercedes is set to sign an MoU with Tytan Technologies to protect European critical infrastructure from hostile drones, as part of an attempt to expand into the defence sector.
Casey’s General Stores (CASY) Q4 2026 (USD): EPS 4.37 (exp. 3.31), Revenue 4.57bln (exp. 4.34bln). Inside same-store sales +5.5% Y/Y (+7.4% on a two-year stack basis), with inside margin of 42.4%; total inside gross profit +10.5% to 643.4mln, fuel same-store gallons +1.5%, fuel margin was 46.9c/gallon, and total fuel gross profit +29.1% to 397.4mln. Raised its quarterly dividend +14% to 0.65/shr. Sees FY27 inside same-store sales growth of +2-5%, inside margin above 42%, same-store fuel gallons between -1% and +1%, operating expenses growth of +5-7%, EBITDA rising +8-10%, capex at ~800mln.
Grocery Outlet (GO) - Grocery Outlet appointed Paul Miller as executive VP, chief purchasing and merchandising officer, replacing Matt Delly; it also promoted Ian Ferry to executive VP and CFO, succeeding retiring CFO Chris Miller, who will remain through 26th June to support the transition. GO affirmed FY26 adj. EPS view between 0.45-0.55 (exp. 0.51), FY26 revenue between 4.6-4.72bln (exp. 4.66bln). It also maintained FY26 adj. EBITDA outlook between USD 220-235mln, and comp sales growth between -2% and flat.
Cracker Barrel (CBRL) Q3 2026 (USD): Adj. EPS 0.29 (exp. -0.48), Revenue 797.47mln (exp. 776.69mln). Comparable restaurant sales -2.6% Y/Y, comparable retail sales -1.8%. The CEO said initiatives to improve operations, deepen guest connection and enhance profitability continue to gain traction. sees FY26 revenue between 3.27-3.30bln (exp. 3.25bln), raised FY26 adj. EBITDA view to between 120-125mln (prev. saw 85-100mln), and sees commodity inflation in the low 2% range, hourly wage inflation in the low 2% range, and capex between USD 105-115mln.
Nike (NKE) - Downgraded at RBC to 'Sector Perform' from 'Outperform' with a USD 50 PT (prev. 70). While the company's turnaround under CEO Elliott Hill is making progress, it is "slower and narrower" than expected. The firm said that despite the World Cup and Nike's "ongoing clean up activities," a "lack of growth engines is unlikely to deliver sustained inflection" in sales trends for 2026, leaving little to play for near term. After reducing earnings estimates below consensus, RBC believes the stock's relative valuation is elevated compared to Nike's peer growth prospects.]
Chewy (CHWY) Q1 2026 (USD): Adj. EPS 0.43 (exp. 0.43), Revenue 3.36bln (exp. 3.35bln); sees Q2 adj. EPS 0.36 (exp. 0.40) and Q2 revenue of 3.30-3.33bln (exp. 3.37bln). Sees FY26 net sales at 13.4-13.55bln (exp. 13.66bln).
Rivian Automotive (RIVN) - Said its R2 SUV has arrived, a second-generation lower priced group of EVs following the rollout of the R1S and R1T five years ago.

ENERGY

Devon Energy (DVN) - Following its merger with Coterra Energy, Devon expects 2026 production of 1.38M BOE/day, including 500,000 barrels/day of oil, with capital spending of ~USD 4.9bln. The company plans to return up to 70% of free cash flow to shareholders through its USD 0.32 quarterly dividend and existing USD 8bln share repurchase authorisation, while targeting 460-480 net wells brought online during the year.
El Niño - El Niño has formed across the equatorial Pacific and may intensify into a very strong event later this year, persisting into at least December, according to the Japan Meteorological Agency. Potential impacts include droughts, floods, temperature swings, crop threats, energy strain, a delayed Indian monsoon, disrupted Peruvian fishing, Australian wildfire risks and altered Atlantic hurricane conditions.
China Crude Reserves - China has begun drawing commercial crude reserves to offset supply disruption from the Iran war and near-closure of the Strait of Hormuz, Bloomberg reports. Estimated draws may average about 1mln BPD, the report said.
Alberta Pipelines - Alberta will propose a general corridor by 1st July for a planned 1mln BPD oil pipeline to British Columbia’s northwest coast near Prince Rupert. Minister Rajan Sawhney said the specific route needs Indigenous consultation. Premier Danielle Smith backs the project, while BC Premier David Eby and some First Nations oppose it.

INDUSTRIALS

SpaceX (SPCX) - SpaceX has drawn more than USD 250bln of investor demand for its IPO, against USD 75bln it seeks to raise, with demand at 3.5-4 times the offering size, Reuters reports. Elsewhere, SpaceX aims to launch orbital AI computing demonstrations by late 2027, ahead of possible 2028 deployments, Reuters reports. Meanwhile, FT said active and passive fund managers may need to buy USD 14.2bln of SpaceX stock by 4th July to neutralise benchmark exposure after index methodology changes. Estimated flows are USD 8.5bln on 19th June, USD 1bln on 26th June and USD 4.7bln on 3rd July, excluding many institutional and foreign assets. Meanwhile, Barron's said there are three ways to play the IPO: selling cash-secured puts expiring within a month to buy SpaceX stock at lower prices, buying stock and selling calls 10% higher for expiries within a month or 20% higher for one- to two-month expiries, and using call spreads by buying one call and selling a higher-strike call with the same expiry.
Rockwell Automation (ROK) - Rockwell Automation’s board authorised up to an additional USD 1bln to repurchase common stock. The programme adds to the 2024 authorisation to buy back USD 1bln of common stock, of which about USD 215mln remained.
Boeing (BA) - Unveiled advanced MQ-28 capabilities.
Lockheed Martin (LMT) - Received a USD 153.9mln Navy contract modification to procure long-lead materials, parts and components for 11 F-35 Lightning II aircraft for a Foreign Military Sales customer.
Leonardo (FINMY) - Leonardo’s new CEO Mariani expects European approval for Project Bromo, its satellite venture with Airbus (AIR FP) and Thales (HO FP), by H2 2027. The project aims to strengthen Europe’s space sector against SpaceX (SPCX). He welcomed but cautioned on German GCAP participation, and said the Saudi Arabia Public Investment Fund aerostructures JV talks target an initial agreement this year.
Germany Aviation - The German government will today approve a plan to boost Germany’s aviation competitiveness and strategic sovereignty; the plan reportedly includes EUR 2bln to expand research into sustainable aviation fuels from 2030-39.

HEALTHCARE

Eli Lilly (LLY) - FDA approved Ebglyss as one maintenance dose every eight weeks for adults and children aged 12 and older weighing at least 88 pounds with moderate-to-severe atopic dermatitis. Ebglyss is already approved for once-monthly maintenance dosing, and the new regimen allows as few as six maintenance injections per year.
Johnson & Johnson (JNJ) - CEO said that a cure for certain cancers is a realistic goal to have over the coming decade, WSJ reports.
Sanofi (SNY) - Sanofi has halted a late-stage trial of riliprubart, an experimental treatment for chronic inflammatory demyelinating polyneuropathy, after an independent data-monitoring committee concluded the drug was unlikely to achieve sufficient efficacy. The French drugmaker said it would assess whether to continue other ongoing riliprubart studies. The setback comes shortly after Belen Garijo was appointed chief executive.
Novo Nordisk (NVO) - Heading to court in South Africa on Wednesday to try to halt the sale of unapproved copies of Semaglutide, the key ingredient in its blockbuster weight-loss and Diabetes drugs Wegovy and Ozempic..
Takeda (TAK) - FDA accepted Takeda’s supplemental Biologics License Application for intravenous Entyvio for moderately to severely active ulcerative colitis and Crohn’s disease in paediatric patients aged 2 and older. If approved, it would be the only gut-focused option for these patients. The FDA set a PDUFA goal date in Q1 2027.
Summit Therapeutics (SMMT) - Commenced an underwritten public offering of USD 500mln of common stock, with all shares offered by the company.
Cannabis - Vertanical’s cannabis-derived lower-back pain drug Exilby will launch in Germany and Austria after regulatory clearance and is being fast-tracked in the US for possible approval in 2028 or 2029, Bloomberg reports. Founder Clemens Fischer aims to replace opioids; trials showed no dependence or withdrawal. Vertex Pharmaceuticals’ (VRTX) Journavx is also targeting pain treatment.
Illumina (ILMN) - Upgraded at JPMorgan to 'Overweight' from 'Neutral' with a USD 185 PT (prev. 125). JPMorgan cites Illumina's customer "stickiness" and its favourable recent customer survey for the upgrade. The survey shows that both the company's research and clinical customers expect instrument and consumables spending in 2027 and 2028 to be above Illumina's current organic growth trends and long-term target of high single-digit growth. The customers also indicate the company's next-generation sequencing share is expected to increase in the next two years.

MATERIALS

Northern Star Resources (NESRF) - Northern Star Resources rejected Elliott Investment Management’s proposal to sell smaller assets or pursue a company sale, Bloomberg reports. Chairman Michael Chaney said now was not the right time for a sale, while the company searches for a new CEO. Elliott, which holds a 3-4% stake, had sought a strategic review after guidance cuts and operational issues at Kalgoorlie.
China Zinc - Chinese zinc smelters face a feedstock shortage that has pushed imported concentrate treatment charges to a record low of USD -50/tonne and erased profits, Bloomberg reports. Smelters began cutting output last month and may deepen curbs in July and August. Copper treatment charges also hit USD -97.50/tonne.

REAL ESTATE

Realty Income (O) - Raised its monthly common stock cash dividend to USD 0.2710/shr (from USD 0.2705).

UTILITIES

Solar vs Coal - Solar overtook coal in US power generation in May for the first time, supplying 12.8% of electricity versus coal’s 12.2%, according to Ember.

TRADE

US Tariff Refunds - A US judge urged the Trump administration to drop its appeal of an order to refund USD 166bln in tariffs overturned by the Supreme Court. Customs said about USD 11.4bln remains disputed, while USD 23bln in refunds has been sent to Treasury and USD 480mln more are due this week.
US-Canada - USTR Greer said Canada’s retaliatory tariffs on US products are impeding trade negotiations between the two countries ahead of a 1st July USMCA review. Greer noted that formal talks are underway with Mexico, but Canada’s approach differs.
Thailand-EU - Thailand is accelerating a free-trade agreement with the European Union to diversify amid US tariff uncertainty, Thai Trade Representative said, adding that Thailand wants to reduce reliance on Chinese and US supply chains.

MACRO

China Inflation - China’s CPI rose 1.2% Y/Y (exp. 1.3%), while Core CPI slowed to 1.1% Y/Y (from 1.2%).PPI picked up to 3.9% (exp. 3.8%). Weak demand limited pass-through from higher energy, chip and metals costs, widening the PPI-CPI gap, analysts said.
Japan - Japan’s producer prices +0.9% M/M in May (exp. 0.5%), with annual prices climbing the most in three years (6.3% Y/Y vs exp. 5.5%). Higher petroleum and coal products, electric power, gas and chemicals drove the increase. Economists said import costs are feeding into producer prices, supporting the case for earlier BoJ rate hikes as energy costs pressure margins. Separately, Japan’s 30yr government bond auction drew the weakest demand since June 2025, with bid-to-cover falling to 2.94x (from 3.49). JGB futures declined, while inflation, fiscal policy concerns and expectations of a possible BoJ rate rise this month weighed on sentiment. Most economists expect the BoJ to raise its key rate 25bps to 1% on next week, with another hike to 1.25% by year-end, according to Bloomberg; war-driven oil inflation, Governor Ueda’s price-risk concerns and fears of falling behind the curve have increased hawkish expectations.