Daily US Equity Opening News - AMAT earnings beat offset by broad risk-off mood; FIG earnings beat & raised guidance

DAY AHEAD:

US INDEX FUTURES: ES -1.2%, NQ -1.8%, YM -1.0%, RUT -1.6%
BROKER MOVES: CHRW upgraded at Citi; AOS downgraded at JPM. For the full list, click here.
MAJOR MORNING MOVES RECAP: AMAT, FIG, BOOT, MICC, DXCM, BW, PZZA, CHRW, AOS. For the full list, click here.
US DAILY CONFERENCE CALENDAR: APD. For the full list, click here.
EVENTS: Presidents Trump and Xi will participate in photo session and a working lunch.
DATA: In North America, US industrial production is seen rising 0.3% M/M (prev. -0.5%), and manufacturing output expected to rise 0.2% M/M (prev. -0.1%), while capacity utilization is seen rising to 75.8% (prev. 75.7%). Empire manufacturing is seen easing to 7.3 (prev. 11.0).
CRA: Potential credit rating agency reviews include: Fitch on Germany (AAA); S&P on Italy (BBB+); Morningstar DBRS on Portugal’s (A high); Morningstar DBRS on UK (AA); Scope Ratings on Poland (A).
OPTION EXPIRIES: May 2026 FTSE 100, Euro Stoxx 50, DAX 40, E-mini S&P/Nasdaq/Dow Jones, CAC 40.
ENERGY: Baker Hughes will report weekly rig counts (prev. oil/gas/total 410/129/548).

NEWS:

IRAN

Iran Proposal - The US rejected Iran’s 14-point proposal to end the war, Tehran Times reports citing sources. Iran’s plan proposed a two-stage process: first ending the war on all fronts, then starting nuclear talks if Iran’s conditions were met. The report said the US rejected Tehran’s proposals and reiterated its stance on the nuclear issue. Meanwhile, the Iranian Foreign Minister said "we have received messages from the US saying that they are seeking continued talks" and contradictory messages from the US remain the main issue.
Trump - Trump said he is okay with Iran suspending nuclear programme for 20 years, but there has to be a real commitment. Meanwhile, President Trump told Fox News that resolving the Iran issue was “just a question of time”, and that current Iranian leaders are more reasonable, while warning he will not be much more patient. Trump said Chinese President Xi shares a similar view on ending the war. China’s Foreign Ministry said Presidents Trump and Xi reached a series of new consensuses. It said the Iran war should not continue, China will contribute to Middle East peace, a comprehensive and lasting ceasefire should be reached as soon as possible, and the Iranian nuclear issue should be resolved through dialogue.
Uranium - President Trump said the US objective of recovering highly enriched uranium from Iran was “more for public relations than it is for anything else”. He said the mission could be seen as unnecessary because the US was maintaining round-the-clock surveillance, while reiterating his commitment to removing the nuclear material. The President added that Iran’s enriched uranium could be entombed or bombed again, though he would rather recover it.
Iran - Iranian officials rejected US pressure and criticised Washington’s stance. Foreign Minister Araghchi said Iran would never bow to pressure, Press TV reported. Parliamentary Speaker Ghalibaf warned US escalation near the Strait of Hormuz could trigger a global financial crisis, citing US debt of USD 39tln. Former IRGC commander Jafari said talks require Iran’s preconditions and warned of harder strikes.
US War Powers - The US House narrowly rejected a Democratic-led Iran war powers resolution in a 212-212 vote (and therefore failing, since it required a majority to pass), Reuters reports. Three Republicans (Tom Barrett, Brian Fitzpatrick and Thomas Massie) backed the measure, while one Democrat (Jared Golden) opposed it. Democrats said Congress must authorise hostilities, while Republicans and the White House said Trump acted legally as commander-in-chief.

TECH

Samsung Electronics (SSNLF) - Samsung’ South Korean union will proceed with an 18-day strike from 21st May despite Samsung offering unconditional pay talks, Reuters reports. Shares fell sharply overnight due to the production and delivery concerns. JPMorgan has estimated that a strike could hit operating profit by between KRW 21tln-31tln, and sales by about KRW 4.5tln.
Applied Materials (AMAT) - AMAT shares initially rose over 5% in extended US trading after a Q2 beat and Q3 guidance which topped expectations, however, the stock eventually gave back the gains. It reported Q2 adj. EPS 2.86 (exp. 2.68), Q2 revenue USD 7.91bln (exp. 7.69bln). The CEO cited rapid global AI computing infrastructure build-out and the company’s leadership positions in leading-edge logic, DRAM and advanced packaging as support for sustained multi-year revenue and profit growth. Now expects its semiconductor equipment business to grow more than 30% in FY26. Sees Q3 adj. EPS between 3.16-3.56 (exp. 2.90), with the outlook excluding known completed-acquisition charges of 0.01/shr, and including a normalised tax benefit from share-based compensation of 0.01/shr, plus a net income tax benefit related to intra-entity intangible asset transfers of 0.04/shr; sees Q3 revenue between USD 8.45-9.45bln (exp. 8.15bln).
Nvidia (NVDA) - US President Trump said Nvidia H200 chips did not come up in China talks; talked about possibly working together on AI and AI guardrails.
Microsoft (MSFT) - Pershing Square's (PSH LN) Ackman posts thated they will, in a 13F to be filed today, disclose a new position in Microsoft (MSFT). Began building the Microsoft position in February after MSFT's Q2 results and the "meaningful share price decline" thereafter. "In our view, investors underestimate the resilience of the M365 franchise given its deeply embedded role across enterprises and highly attractive price-value proposition." Believe that Microsoft offers "analogous and compelling long-term value at today's valuation,", similar to the purchases previously of Alphabet (GOOGL), Amazon (AMZN) and Meta (META).
Anthropic - Anthropic has agreed terms for a USD 30bln funding round at a USD 900bln valuation, according to the FT. Dragoneer, Greenoaks, Sequoia Capital and Altimeter Capital are set to co-lead, each likely investing USD 2bln+. The FT also notes that Anthropic’s annualised revenues are expected to cross USD 45bln imminently.
Anthropic, Microsoft (MSFT) - Microsoft plans to remove most Claude Code licences and shift many developers to GitHub Copilot CLI, The Verge reports. The Experiences + Devices team is winding down Claude Code use by 30th June, partly to cut costs. Claude Code had become popular internally, but Microsoft wants Copilot CLI to become its main agentic command-line coding tool.
xAI, Anthropic - Elon Musk’s xAI is launching its first AI coding agent, Grok Build. The tool is in early testing, available only to paying subscribers, and marks xAI’s first move into professional coding. It is designed to complete complex coding tasks from user commands, as xAI seeks to compete with Anthropic’s Claude, Bloomberg said.
OpenAI - OpenAI may raise more capital despite recently completing a USD 122bln private fundraising round, CFO Sarah Friar told Bloomberg. She said future fundraising would depend on demand, revenue growth, cash flow and the gap between needed and affordable computing power. Friar said public markets could eventually offer broader financing options.
Samsung Electronics (005930 KS) - Samsung Electronics's union reportedly said a smaller bonus offered to logic chip business workers would lead to departures.. Samsung exec says demands cannot be justified due to the logic chip business's losses.
Cerebras Systems (CBRS) - Cerebras Systems closed up 68% at USD 311.07 in its Nasdaq debut, valuing the AI chipmaker at ~USD 95bln. It IPOd 30mln shares at USD 185, raising USD 5.55bln.
Figma (FIG) - Shares rose in extended trading after a beat-and-raise. Q1 2026 (USD): Adj. EPS 0.10 (exp. 0.06), Revenue 333.4mln (exp. 316.02mln). Net Dollar Retention Rate rose to 139% (+3ppts Q/Q, and the highest in more than two years), paid customers +54% Y/Y to about 690,000; customers with more than 10,000 in ARR +37% Y/Y to 15,218, customers with more than 100,000 in ARR +48% Y/Y to 1,525. Exec said new Pro team conversions grew more than 150% Y/Y, reflecting continued long-tail adoption of its AI features. Sees Q2 revenue between 348-350mln (exp. 329.5mln); raised FY26 revenue view to between 1.422-1.428bln (exp. 1.37bln; prev. saw 1.366-1.375bln), and raised FY26 operating income to between 125-135mln (prev. saw 100-110mln).
Super Micro Computer (SMCI) - Super Micro named Matthew Thauberger chief revenue officer to lead global revenue across direct, channel, hyperscale and strategic sales for AI and infrastructure offerings. Don Clegg will retire as senior vice-president of worldwide sales.
WEX (WEX) - Wex authorised a new share repurchase programme of up to USD 1bln, plus related transaction expenses and excise taxes. The company also named independent director David Foss as Board Chair, separating the Chair and CEO roles. Melissa Smith remains CEO, President and a Board Member.
Taiwan Data Centres - Premier Cho Jung-tai said Taiwan will require major power users to install generation and energy storage facilities to manage rising electricity demand, according to Central News Asia. Amendments to the Energy Administration Act aim to improve large consumers’ self-sufficiency, reduce grid reliance, strengthen demand-side management and improve efficiency.
Kioxia (KXIAY) - Kioxia plans to list American depositary shares in the US after benefiting from a global memory chip shortage. It sees operating profit of JPY 1.3tln for the quarter ending June, topping analyst estimates, after record earnings of JPY 596.8bln in the March quarter.

CONSUMER DISCRETIONARY

Caesars Entertainment (CZR) - Banks including Morgan Stanley are arranging about USD 5bln of debt financing to support Tilman Fertitta’s pursuit of Caesars Entertainment, FT reports. A deal remains weeks away, with hurdles unresolved. Fertitta’s proposal values Caesars in the low USD 30s/shr, while any transaction enterprise value would exceed USD 30bln.
Papa John’s (PZZA) - Papa John’s largest US franchisee, Nadeem Bajwa, is joining Irth Capital’s buyout bid for the pizza chain, Reuters reports. Bajwa operates nearly 300 Papa John’s locations, around 10% of US stores, and plans a significant investment. Irth’s earlier USD 47/shr, backed by Brookfield Asset Management (BAM), represents a 44% premium to Papa John’s latest close.
Boot Bart (BOOT) Q4 2026 (USD): EPS 1.45 (exp. 1.43), Revenue 538.75mln (exp. 531.88mln); sees Q1 EPS at 1.62-1.71 (exp. 1.93) and Q1 revenue at 574-584mln (exp. 571.86mln). Sees FY27 EPS at 8.21-8.64 (exp. 8.51) and FY27 revenue 2.58-2.62bln (exp. 2.56bln).
LVMH (LVMUY) - LVMH has agreed to sell the Marc Jacobs label to WHP Global, FT reports. Terms were not disclosed. Marc Jacobs, the brand’s founder, will remain creative director of the label.
Toyota Motor (TM) - Toyota has filed to build a new vehicle assembly line at its San Antonio complex in Texas, Reuters reports. The project, named Project Orca, involves about USD 2bln of planned investment, with construction expected by the end of 2026 and production targeted for 2030. Toyota expects USD 1.05bln in property spending, USD 950mln in equipment and sees 2K new jobs.
Stellantis (STLA) - Stellantis and Dongfeng Motor agreed to jointly produce Jeep vehicles in China, deepening their partnership, Bloomberg reports. The Dongfeng Peugeot Citroen Automobile venture is expected to start making two Jeep off-road new-energy vehicles and two Peugeot models in Wuhan from 2027. The vehicles will be sold in China and overseas.
Honda (HMC), Nissan (NSANY) - A Bloomberg article says that Honda and Nissan’s fortunes have shifted since merger plans collapsed last year. Nissan was then under financial pressure, and Honda was seen as a potential rescuer, but talks failed after Nissan resisted Honda’s demands. The article says the reversal may strengthen the case for a renewed tie-up.
Volkswagen (VWAGY) - Volkswagen labour leaders said they will not allow German plant closures, Reuters reports. Works council head Cavallo, IG Metall chief Benner and regional leader Groeger said 2024 restructuring commitments must stand, though they remain open to proposals such as defence partnerships or Chinese collaboration to address under-used plants.
US Foods (USFD) - US Foods named CEO Dave Flitman as Chair of the board. Former chair David Tehle has transitioned to lead as an independent director.
Hyatt Hotels (H) - Hyatt filed a prospectus for the possible sale of up to 8.39mln Class A shares by existing selling stockholders. The shares may be sold from time to time at varying prices, and Hyatt will not receive any proceeds.
Li Auto (LI) - Launched a new Li L9 with deliveries to commence on May 17, 2026; priced at CNY 459.8k-509.8k.

FINANCIALS

Visa (V) - US President Trump urged China President Xi to give Visa wider access to China’s payments market during talks in Beijing, Bloomberg reports. Trump said Visa’s chief was present, and that he asked about allowing Visa use in China, adding that the company had been “blackballed” and that this might change.
Issuance - Strong demand for risky US USD loans is allowing firms to borrow more than planned, Bloomberg reports. Banks increased at least six proposed corporate loans by a combined USD 2.6bln before investor commitment deadlines, reflecting strong appetite in the US leveraged loan market.
HSBC (HSBC) - HSBC has not transferred a planned USD 4bln investment into its own private credit funds and has no current plans to do so, according to the FT citing sources; the pause follows concerns over US private credit and a USD 400mln hit linked to an Apollo-owned (APO) credit fund. HSBC said it remains committed to its private credit offering.
Apollo Global Management (APO) - Apollo’s insurance arm Athene Holding was the FHLB system’s third-largest borrower at the end of March. Athene owed USD 28.2bln in principal advances, up from USD 23.3bln at the end of 2025, when it was the second-largest borrower. Elsewhere, Apollo-backed West Technology is in exclusive talks to sell its remaining operating business, sources cited by Bloomberg said. The possible sale comes as the technology firm negotiates with debt holders amid liquidity pressure.
Blackstone (BX), KKR & Co. (KKR) - Direct lenders including Blackstone and KKR are set to take control of dental business Affordable Care under a restructuring that cuts about 70% of its debt, Bloomberg reports. Lenders will receive shares of a USD 225mln first-lien second-out term loan, USD 200mln in payment-in-kind notes and all pro-forma equity.
Capital One Financial (COF) - April domestic net charge offs 4.94% (prev. 5.66% Y/Y).
JPMorgan (JPM) - April Master Trust Net Charge Off 1.68% (prev. 1.74% M/M).
Synchrony Financial (SYF) April Master Trust Net Charge Off 4.43% (prev. 4.81% M/M); delinquencies 1.63% (prev. 1.55% M/M).
Gemini Space Station (GEMI) Q1 2026 (USD): EPS -0.93 (exp. -1.19), Revenue 50.27mln (exp. 49.24mln). Announced USD 100mln investment.
Nubank (NU) Q1 2026 (USD): Revenue 5.32bln (exp. 5.06bln).

ENERGY

US Gas Tax - The White House is considering suspending the federal gas tax as fuel prices rise during the Iran war, Reuters reports. Officials say Trump needs visible consumer relief, with gasoline averaging above USD 4.50 a gallon and seven states above USD 5.00. The administration has also used sanctions exemptions, shipping waivers and oil stockpile loans. Recently, Senate Majority Leader Thune and House Speaker Mike Johnson have not yet embraced the idea; Thune said he was willing to hear arguments but had not been a fan of past attempts and questioned whether savings would reach consumers; Johnson said lawmakers must assess unintended consequences before taking a position.
Commonwealth LNG - Abu Dhabi-backed Mubadala Energy, CPP Investments, BlackRock (BLK), Ares Management (ARES) and EOC Partners are providing financing for Commonwealth LNG, a USD 13bln Louisiana export plant. Caturus has raised USD 9.75bln for construction. The facility is expected to produce 9.5mln tonnes a year, and has long-term supply deals with Aramco Trading, Glencore (GLNCY), Mercuria and Petronas.
UAE Exports - The UAE will double its crude export capacity that bypasses the Strait of Hormuz by 2027, Bloomberg reports, noting that Adnoc is building a pipeline to Fujairah on the Gulf of Oman, adding to an existing 1.5mln BPD route from desert oil fields to the eastern port.
India Fuel Prices - India’s state-run refiners raised fuel prices for the first time in four years as the Iran war pushed crude prices higher, Bloomberg reports. Diesel and gasoline rose by more than 3%, with diesel at INR 90.67/litre and gasoline at INR 97.77, the highest prices since May 2022.
Pemex - Pemex CEO Victor Rodriguez Padilla is stepping down, Bloomberg reports. Mexican President Sheinbaum said the move was planned and that Pemex’s board must approve Juan Carlos Carpio as the new head of the state oil company, which continues to face a heavy debt load.

INDUSTRIALS

GE Aerospace (GE), Boeing (BA) - US President Trump said Boeing got a promise of more plane purchases while China has agreed to buy GE engines. Trump said China agreed to buy 200 Boeing planes, with a potential commitment of 750 planes; says Boeing planes will have GE Engines. The GE Aerospace chief executive, Larry Culp was seen leaving a meeting at China’s National Development and Reform Commission headquarters in Beijing, Reuters reports. The visit followed Trump’s claim that China agreed to order 200 Boeing (BA) jets. As Boeing’s primary engine supplier, GE Aerospace could benefit; Reuters suggests that the order value was below market expectations, noting that China agreed to buy 200 Boeing jets, below expectations after sources said talks had involved about 500 737 MAX jets and possible widebody follow-on orders.
Boeing (BA), Toyota (TM) - Boeing and Toyota each donated USD 1mln to help fund “The Great American Road Trip”, a video series featuring Transport Secretary Duffy and his family travelling across the US, according to the WSJ.
SpaceX - SpaceX plans to disclose its IPO prospectus as soon as next week after confidentially filing in April, according to CNBC citing sources. The company is targeting an 8th June roadshow, and a possible USD 70bln-75bln listing size, after its merger with xAI, which valued the combined entity at USD 1.25tln.
Trane Technologies (TT) - CEO told CNBC that order rates have been “off the charts”. He said Q1 backlog was USD 10.7bln, up around 30% Y/Y, with fast growth in services and strong data centre demand in the Americas. He described the data centre pipeline as the strongest he has seen.
C.H. Robinson (CHRW) - Upgraded at Citi to 'Buy' from 'Neutral'. The shares have underperformed peers on margin risk from higher truckload spot rates. However, Citi says C.H. Robinson posted better than expected Q1 results with margin improvements. While the Supreme Court Montgomery decision "adds complexity," it benefits scale.
A. O. Smith (AOS) - Downgraded at JPMorgan to 'Underweight' from 'Neutral' with a USD 60 PT (prev. 65). The firm is more cautious on the shares given the company's China and residential exposure. The downgrade reflects A.O. Smith's lowered guidance, its meaningful residential exposure, and a China outlook that has shifted from an anticipated second half of 2026 recovery to a 15% sequential decline in Q2.
Babcock & Wilcox (BW) - Announced a USD 200mln common stock offering - Priced at USD 18.50.
BAE Systems (BAESY) - Awarded a USD 535.6mln US Army contract for self-propelled howitzer systems, vehicles and total package fielding kits.

COMMUNICATIONS

Meta Platforms (META), EssilorLuxottica (ESLOY) - Meta’s Summer Sale cuts Ray-Ban Meta smart glasses to record-low prices, The Verge says. First-generation glasses start at USD 224.25, while second-generation models cost USD 322.25.
Alphabet (GOOG) - Alphabet sold JPY 576.5bln of yen bonds, the largest yen deal on record by a non-Japanese company, Bloomberg reports. The debut yen bond included JPY 200.5bln of 5yr debt priced at 50bps over mid-swaps, alongside six other tranches, as AI and data centre funding competition intensifies.
Netflix (NFLX) - Netflix is building an internal AI animation studio called INKubator to produce short-form animated content, The Verge reports. Job listings describe it as a “GenAI-native animation studio” focused on animated shorts and specials, with possible longer-form expansion later. The unit follows Netflix’s InterPositive acquisition.

MATERIALS

China Steel - Chinese steel mill profitability has risen to its highest since August, according to Mysteel. A weekly survey of 247 plants showed 64% of mills are profitable, only the second time that level has been exceeded since October 2024, though the durability of the improvement remains uncertain.
Gold Reserve (GDRZF) - Gold Reserve has signed an earn-in deal with Richard Warke’s Augusta Capital to advance the Siembra Minera gold project in Venezuela, Bloomberg reports. Augusta can build a 50% stake in Gold Reserve’s interest by spending up to USD 200mln over four years, including at least USD 25mln within the next year.

HEALTHCARE

Abortion Pill - The US Supreme Court allowed abortion pill mifepristone to continue being dispensed by mail while litigation continues, Bloomberg reports. The order paused a federal appeals court decision requiring in-person provider visits. Louisiana is challenging the FDA’s Biden-era decision to permit remote prescriptions for the drug, which was first approved in 2000.
DexCom (DXCM) - Elliott Investment Management has taken a stake in Dexcom and reached a settlement to add two independent directors to the medical device company’s board, Bloomberg reports. Dexcom CEO Jake Leach said the company had been constructively engaged with Elliott for months. The board’s technology committee will also refocus on operations and innovation.

CONSUMER STAPLES

Mangum Ice Cream Company (MICC) - Blackstone and CD&R are among PE firms in the early stages of exploring bids for Magnum Ice Cream Company, according to Reuters, citing two sources familiar. The firms are monitoring Magnum's share price before deciding whether to make a move.

US-CHINA

US-China - President Trump said he had a strong relationship with China President Xi, and wanted US companies to do more business in China. He said he raised trade, intellectual property and corporate access, and that China would open in stages and buy many US farm products. Trump described the visit as successful, saying further talks and a reciprocal Xi visit would follow.
US Oil - A White House official said China was interested in increasing US crude purchases to reduce reliance on the Strait of Hormuz. President Trump added that China President Xi likes the idea buying more US oil.
Soybeans, Corn - Soybean and corn futures rose after USTR Greer said China would make large purchases of US agricultural products. Greer said China would buy more than USD 10bln of American farm goods annually over the next three years, while President Trump said China would look at “a lot of soybeans”.
GE Aerospace (GE) - GE Aerospace chief executive Larry Culp was seen leaving a meeting at China’s National Development and Reform Commission headquarters in Beijing, Reuters reports. The visit followed Trump’s claim that China agreed to order 200 Boeing (BA) jets. As Boeing’s primary engine supplier, GE Aerospace could benefit, though Reuters suggests that the order value was below market expectations.
Visa (V) - US President Trump urged China President Xi to give Visa wider access to China’s payments market during talks in Beijing, Bloomberg reports. Trump said Visa’s chief was present, and that he asked about allowing Visa use in China, adding that the company had been “blackballed” and that this might change.

MACRO

Trump’s Trades - US President Trump disclosed at least USD 220mln in securities-related transactions in Q1 2026, according to NBC. Filings showed purchases linked to Microsoft (MSFT), Meta Platforms (META), Oracle (ORCL), Broadcom (AVGO), Bank of America (BAC), Goldman Sachs (GS), Nvidia (NVDA), Apple (AAPL) and municipal bonds, plus large sales of Microsoft, Amazon (AMZN) and Meta. The filings use broad value ranges and do not specify who placed the trades, the report notes.
Fedspeak - Fed Governor Barr (voter) said cutting bank liquidity rules to shrink the Fed balance sheet would undermine financial stability. He argued that shrinking the balance sheet is the wrong goal and could increase the Fed’s market footprint. Barr said 2023 bank stresses suggest liquidity requirements should rise, not fall. NY Fed’s Williams (voter) said there is no need to raise or lower interest rates now. Monetary policy is in a “good place” despite Middle East war uncertainty, with longer-term inflation expectations stable. Williams said tariff effects on inflation had largely occurred, and stock market strength reflected optimism about productivity growth, partly from AI.
Fed Behind The Curve - Some bond investors think the Fed is behind the curve on inflation as Kevin Warsh takes over as Chair; Yardeni Research notes that 2yr Treasury yields are trading above 4%, above the 3.50-3.75% Federal Funds Target range, which signals policy may be too loose. After April CPI rose 3.8% and wholesale inflation 6%, markets are now pricing no rate cuts this year.
Japan PPI - Japan’s corporate goods prices rose 2.3% M/M in April (prev. 0.8%), the biggest increase since April 2014, and the annual rate was lifted to 4.9% (exp. 3.0%, prev. 2.6%), adding to signs that the Iran war is lifting inflationary pressure, supporting the case for a BoJ rate hike.
Japan Budget - Japanese FinMin Katayama said there is no need for an extra budget for now. She said rising Japanese government bond yields are part of a wider global trend, with US, UK and Japanese bond sell-offs interacting and creating a compounding effect. Elsewhere, Bloomberg reports that foreign investors are increasingly worried Japan may roll back corporate governance reforms that helped attract overseas investment and lift equities to records. The Financial Services Agency is preparing its first Corporate Governance Code revision in five years, while the Ministry of Justice is seeking feedback on proposed Companies Act amendments.
BoK - New BoK board member Kim Jin Ill said inflation concerns have intensified due to higher oil prices from the Iran war. He also flagged unresolved household debt and housing price risks, plus greater capital-flow risks as Korea becomes more integrated with global markets; Bloomberg said it reinforces expectations of a more hawkish central bank stance.

TRADE

Rare Earths - A Pentagon team of former Wall Streeters is working to reduce China’s grip on critical minerals and rare earth magnets, Bloomberg reports. The group aims to create independent supplies after China’s supply cuts last year pressured President Trump during his trade war.