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New Fed Chair Kevin Warsh to testify before House Financial Services Committee on July 14 at 10 a.m. ET — his first congressional appearance. Senate hearing expected July 15. DOJ probe into ex-Chair Powell ruled improper and paused. #fed #Financial

Wind Financial Morning Post: June 23, 2026 Market Brief World Economic Forum’s 2026 Summer Davos begins today, with Chinese Premier Li Qiang to attend the opening ceremony. China’s Ministry of Commerce, National Development and Reform Commission, and Ministry of Finance unveil 15 new measures to stabilize and enhance foreign investment, with finance and pharmaceuticals as key open sectors. China’s Ministry of Commerce adds 10 U.S. entities to export control list, citing national security concerns. China’s June LPR rates remain unchanged: 3% for one-year and 3.5% for five-year-plus, marking 13 consecutive months without adjustment; policy easing expected in second half of year. A-share markets surge on high volume; ChiNext Index hits new record high, led by financial sector rally. U.S.-Iran talks in Switzerland yield five key agreements, including temporary easing of oil sanctions. Iran’s Parliament Speaker says Hormuz Strait will be managed under Iran-established mechanisms. UK Prime Minister Starmer resigns as Labour leader, triggering leadership contest amid fiscal and debt concerns. Former Federal Reserve Chair Alan Greenspan dies at age 100. SpaceX launches inaugural investment-grade bond offering; shares plunge over 16%. Top Stories From June 23 to 25, the 17th World Economic Forum Annual Meeting of the New Champions (2026 Summer Davos) will be held in Dalian, under the theme "Scaling Innovation." The event will feature in-depth discussions on growth, technology, employment, energy, and the future of the global economy, including a special forum on interpreting China's "15th Five-Year Plan." Premier Li Qiang will attend from June 23 to 24, delivering a keynote address at the opening ceremony, meeting with foreign guests, and holding talks with business leaders. China's Ministry of Commerce announced it has added 10 U.S. entities, including Axiom, to its export control list in response to the U.S. government's designation of so-called "Chinese military enterprises." The move prohibits any organization or individual worldwide from transferring or supplying Chinese-origin dual-use items to these entities. The Ministry of Finance simultaneously issued a notice banning the procurement of products from 46 U.S. companies in government procurement activities. Following the signing of a memorandum of understanding, the first round of U.S.-Iran talks in Switzerland yielded five key outcomes: ensuring open access to the Strait of Hormuz, laying groundwork for final agreement negotiations, ending hostilities in Lebanon, permitting Iranian oil sales, and unfreezing Iranian assets. U.S. Vice President Vance said the talks laid the foundation for a final deal. The U.S. Treasury issued a general license temporarily relaxing sanctions on Iranian oil exports for 60 days. U.S. Vice President Vance said approximately 15 million barrels of oil have moved through the Strait of Hormuz, and mechanisms will be established to ensure its continued openness. Iranian delegation head and Parliament Speaker Karim Khalebi stated that management of the Strait will not revert to pre-war conditions. Under international law, the Strait will be managed by Iran according to its own mechanisms. Over 400 vessels are reportedly anchored off the eastern approaches to the Strait, awaiting full reopening. Former Federal Reserve Chair Alan Greenspan died at age 100. Greenspan was the second-longest-serving Fed chair in history, overseeing monetary policy through major crises including the 1987 stock market crash, the Asian financial crisis, and the dot-com bubble. His tenure coincided with a decade-long U.S. economic expansion. However, his legacy has been increasingly questioned since the 2008 financial crisis and subsequent deep recession. China Macro & Policy Standing Committee member of the Political Bureau of the CPC Central Committee and Premier Li Qiang, while in Dalian, Liaoning, emphasized the need to pursue intelligent, green, and integrated development, strengthen original and leading technological breakthroughs, reinforce industrial foundation reconstruction, vigorously develop high-end equipment manufacturing, and accelerate the building of a modern industrial system to inject new momentum into high-quality development. China's Ministry of Commerce, National Development and Reform Commission, and Ministry of Finance jointly released the "Action Plan for Stabilizing and Enhancing Foreign Investment," introducing 15 new measures to expand market access, improve investment convenience, and optimize foreign investment management. Services sector liberalization is a priority, with finance and pharmaceuticals targeted. The plan supports foreign institutions in using risk management tools including government bond futures and permits foreign firms to legally provide fund investment advisory services. China's Ministry of Commerce data shows that from January to May, China's actual foreign investment amounted to 327.29 billion yuan, down 8.6% year-on-year. In May alone, actual foreign investment rose 5.9% year-on-year. Ministry of Finance data shows that national fiscal revenue reached 10.05 trillion yuan in the first five months, up 4% year-on-year, with accelerated growth. Tax revenue totaled 8.26 trillion yuan, up 4.4%. Securities transaction stamp tax reached 126.2 billion yuan, up 88.8%. Fiscal expenditure totaled 11.39 trillion yuan, up 0.8%. China's June Loan Prime Rate (LPR) remained unchanged: one-year LPR at 3% and five-year-plus LPR at 3.5%, matching May levels. Since the 10-basis-point cut in May 2025, LPR has remained unchanged for 13 consecutive months. Experts say the pause reflects a strong start to the macroeconomic recovery in the first quarter, with policy easing likely in the second half. National Bureau of Statistics data shows that in May, the unemployment rate for urban labor aged 16–24 (excluding students) was 15.6%, for those aged 25–29 it was 7.2%, and for those aged 30–59 it was 4.1%. China Equities Markets A-shares surged on high volume Monday, with the ChiNext Index hitting a new record high. Financial stocks led gains, while nonferrous metals and chemical sectors saw multiple limit-up closes; diamond cultivation concepts rallied. Biopharma, robotics, and commercial aerospace stocks weakened. At close, the SSE Index rose 1.78% to 4,163.1, the Shenzhen Component Index gained 2.13%, the ChiNext Index advanced 2.52%, and the Wind All China Index rose 1.9%. Market turnover hit 3.76 trillion yuan, the second-highest in history. Hang Seng Index closed down 0.65% at 23,768.52. Hang Seng Tech Index fell 1.19%, and Hang Seng China Enterprises Index declined 0.77%. Consumer stocks led losses, while CPO, large model concepts, and Chinese brokerages surged. ZhiPu rose 15%, market cap surpassing 1 trillion Hong Kong dollars. Net selling by mainland investors via Stock Connect totaled 5.82 billion Hong Kong dollars; Changfei Fiber Optic Cable was the most sold, while JianTao Group was the most bought. Hong Kong Exchanges and Clearing announced revisions to its client margin requirements. The adjustments will be implemented in two phases: the first reducing client initial and maintenance margins from 1.33 times to 1.2 times the clearing house margin, followed by a further reduction to 1.1 times. Banxia Investment's Li Bei explicitly warned of risks in the AI sector, stating that conditions for a bubble burst are already in place, and urged investors considering a shift into AI to proceed with extreme caution. She reaffirmed her bullish view on low-valued domestic demand sectors including real estate, consumer goods, and construction materials, arguing that current market pessimism is laying the groundwork for structural opportunities over the next two years. China Industry News In response to media reports on formamide in infant diapers, the State Administration for Market Regulation, Ministry of Industry and Information Technology, National Health Commission, and National Disease Control and Prevention Bureau have formed a joint investigation team to verify the issue and handle it in accordance with law. The Ministry of Agriculture and Rural Affairs and National Development and Reform Commission held a meeting on comprehensive regulation of pig production capacity, urging large-scale pig farming enterprises to lead in reducing production, strictly controlling secondary breeding, culling weak piglets, and lowering average slaughter weight. Key producing provinces must promptly revise and implement provincial capacity regulation plans and continue substantive capacity reduction. The world's first CAR-T cell therapy for solid tumors has been approved for market launch in China. Kexi Pharmaceutical's domestically developed CAR-T product "Kailimei" (Shuruiji Aolunsa Injection) received approval from the National Medical Products Administration for treating gastric cancer after failure of second-line or higher therapies. The National Financial Regulatory Administration, together with the People's Bank of China and the China Securities Regulatory Commission, convened the fourth meeting of financial consumer and investor protection liaison officers, urging coordinated efforts to regulate financial product marketing, require clear disclosure of comprehensive financing costs for personal loans, and conduct special governance of personal financial data. According to data from the China Cultural and Tourism Data Center, domestic tourism during the Dragon Boat Festival holiday totaled 124 million trips, up 4.4% year-on-year, with total spending reaching 44.456 billion yuan, up 4%. In June, the real estate market in key cities continued its recovery. According to Centaline Research, 88,000 second-hand residential units were traded across 20 key cities from June 1 to 20, up 10.9% year-on-year. Fintech The Bank of England released its regulatory framework for systemically important stablecoins, planning to allow compliant stablecoin operations in the UK starting in 2027. The central bank abandoned previous proposals for individual and corporate holding limits, instead imposing a 40 billion-pound issuance cap per stablecoin. The maximum proportion of interest-bearing assets in reserves has been raised from 60% to 70%. Corporate News & Updates Alibaba's management recently participated in a team-building activity planting rice in Hangzhou, with founder Jack Ma and executives Wu Yongming, Shao Xiaofeng, Jiang Fan, Wu Zeming, Jiang Fang, and Zhou Jingren in attendance. Ant Group Chairman Jing Xian Dong and CEO Han Xinyi also joined. NVIDIA published a blog detailing the full liquid cooling technology used in its Vera Rubin platform. The platform is the world's first AI computing system to achieve 100% liquid cooling, prompting cloud service providers and data center operators to accelerate liquid cooling transitions. NVIDIA announced the launch of HaloS, a safety software system derived from autonomous driving technology, enabling humanoid robots with real-time environmental perception and active reasoning—breaking the conventional "stop or slow down upon detecting humans" logic. NVIDIA also established a dedicated testing lab to accelerate commercial safety certification. Micron Technology announced a strategic partnership with Anthropic covering joint design of AI memory and storage architecture, supply agreements, and full internal deployment of Anthropic's Claude large model at Micron. Micron will also make a strategic investment in Anthropic's H-round financing. SpaceX has launched its inaugural investment-grade bond offering, targeting at least $20 billion in proceeds to repay a comparable bridge loan. SpaceX signed a compute agreement with open-source AI startup Reflection AI, with potential total value of around $6.3 billion. According to a new SEC filing, Elon Musk has exercised all rights under his 2018 Tesla CEO compensation package, receiving 304 million shares, with a paper gain of approximately $116 billion (7.8 trillion yuan). The exercise marks the conclusion of a six-year dispute over the compensation plan. The operator of the "Qianfan" low-Earth-orbit satellite constellation, Yuanxin Satellite, has launched a new funding round, seeking to raise capital for no more than 20% equity. No more than three new investors will be accepted, with total investment pledges of at least 5 billion yuan. Global Macro & Policy U.S. President Trump signed two executive orders aimed at accelerating advanced quantum computer development and mitigating associated security risks. One order directs federal agencies, including the Department of Energy, to collaborate with private industry and academia to deploy a quantum computer for scientific research by 2028. Iran has released the funeral schedule for its late Supreme Leader. The Civil Aviation Organization announced flight restrictions at domestic airports from July 4 to 9 during the farewell, funeral, and burial ceremonies of former Supreme Leader Ali Khamenei. Iran's cooperation and interaction with the International Atomic Energy Agency will continue under existing mechanisms, in accordance with Iranian parliamentary laws and decisions by the Supreme National Security Council. During the 18-hour negotiations in Switzerland, Iran did not discuss nuclear issues or make any new commitments. UK Prime Minister Starmer announced he will step down as Labour Party leader but will remain as prime minister until a successor is chosen. By convention, the new Labour leader will assume the premiership. Notably, U.S. President Trump preemptively announced Starmer's resignation before the speech. Markets are concerned about any potential increase in bond issuance to address the UK's deepening debt crisis. Amid the Federal Reserve's unexpectedly hawkish pivot and Wall Street's withdrawal of dovish expectations, Citigroup maintains a contrary view. Citigroup believes the Fed's next move will be a cut, not a hike, with a base case of a 25-basis-point cut in October, followed by two additional 25-basis-point cuts in December and January. Its key rationale: a sharp drop in oil prices is eliminating upside inflation risks. European Central Bank President Lagarde said that despite Middle East conflict impacts, the ECB currently has no need for stronger measures, as inflation is expected to return to target over the medium term. Several ECB officials warned that inflationary pressures are spreading across broader economic sectors. South Korean customs data shows that exports for the first 20 days of June reached $61.99 billion, up 60.4% year-on-year—a new record. Demand for AI chips continues to surge, driving semiconductor exports up 188.4% and computer-related product exports up 293.3%. Israeli Prime Minister Netanyahu reaffirmed that Israeli forces operating in southern Lebanon have "no restrictions" in eliminating security threats and insisted that Israeli troops will maintain a long-term presence in the so-called "security zone." Global Equity Markets U.S. major indices closed mixed: Dow Jones Industrial Average rose 0.29% to 51,712.71; S&P 500 fell 0.37% to 7,472.79; Nasdaq Composite dropped 1.32% to 26,166.60. Caterpillar rose over 3%, Amgen up more than 2%, leading the Dow. Wind US Magnificent Seven Index fell 2.33%, with Google down over 5% and Amazon down over 4%. SpaceX plunged over 16%, erasing $400 billion in market value and closing below its IPO day close. Nasdaq China Golden Dragon Index fell 1.35%; Pony.ai dropped over 5%, Atdo down over 4%. European major indices closed mixed: Germany's DAX rose 0.62% to 25,139.69; France's CAC 40 fell 0.25% to 8,400.11; UK's FTSE 100 rose 0.72% to 10,437.85. U.S.-Iran interim peace deal lifted risk appetite in UK and German markets, but French stocks were weighed by energy stock declines. Japan's Nikkei 225 closed up 1.55% at 72,353.96; South Korea's KOSPI rose 0.69% to 9,114.55, both hitting new highs. SK Hynix surged 5.6%, surpassing Samsung Electronics as South Korea's most valuable stock—the first time in 25 years and seven months. India's SENSEX 30 rose 0.38% to 77,094.07. AI-driven rallies in Samsung Electronics and SK Hynix have caused explosive growth in single-stock leveraged ETFs tracking them. South Korea's financial regulators expressed "deep regret" over launching such ETFs and are considering targeted stabilization measures to curb potential market disruption from retail investors flooding into high-risk products. Bonds China's interbank bond market traded weakly, with most key government bond yields rising. Treasury futures closed higher, with the 30-year contract up 0.15%. The People's Bank of China conducted 476.5 billion yuan in reverse repurchase operations, net withdrawing 341.5 billion yuan. Market liquidity remained tight, with D001 weighted average rate slightly higher. According to China Securities Journal, the offshore "dim sum bond" market has issued over 800 billion yuan in 2026, far exceeding the same period last year. Experts attribute the expansion to rising attractiveness of RMB assets, improved offshore RMB liquidity, and financing cost advantages from U.S.-China interest rate divergence. Future growth will be supported by increased overseas expansion by Chinese firms, rising offshore demand for RMB financing, and the development of offshore benchmark yield curves. U.S. Treasury yields rose across the curve: 2-year yield up 5.31 bps to 4.226%; 3-year yield up 5.36 bps to 4.246%; 5-year yield up 5.86 bps to 4.287%; 10-year yield up 5.55 bps to 4.509%; 30-year yield up 4.97 bps to 4.948%. Commodities U.S. crude oil futures fell 3.21% to $74.08 per barrel; Brent crude fell 2.8% to $77.81. Progress in U.S.-Iran talks and the U.S. decision to temporarily lift sanctions on Iranian crude for 60 days allowed Iran to re-enter global markets. Iran has already exported over 30 million barrels to Asia in the past week, with daily exports at multi-year highs. Combined with U.S. strategic petroleum reserve releases and rising throughput through the Strait of Hormuz, market supply expectations have significantly eased, eroding geopolitical premiums and driving oil prices lower. Precious metals futures rose broadly: COMEX gold futures gained 0.88% to $4,209.70 per ounce; COMEX silver futures rose 0.42% to $65.19 per ounce. Hawkish Fed signals and rising geopolitical tensions boosted safe-haven demand, supporting prices. London Metal Exchange prices were mixed: LME zinc rose 1.28% to $3,602 per tonne; LME nickel up 0.74% to $17,710; LME copper up 0.56% to $13,671; LME lead up 0.56% to $1,965; LME tin fell 0.11% to $53,235; LME aluminum down 1.07% to $3,360. FX & Currency Markets On Monday, the onshore CNY/USD rate closed at 6.7763 at 16:30, down 140 basis points from the previous close; night session ended at 6.7773. The PBOC mid-rate was set at 6.8150, down 20 basis points. At New York close, the U.S. dollar index rose 0.25% to 101.00. Most non-U.S. currencies fell: EUR/USD down 0.35% to 1.1428; GBP/USD up 0.11% to 1.3251; AUD/USD down 0.17% to 0.7001; USD/JPY up 0.19% to 161.6110; USD/CAD up 0.05% to 1.4159; USD/CHF up 0.18% to 0.8086; offshore CNY/USD rose 68 bps to 6.7778. Last week, the CFETS RMB index stood at 101.77, up 0.28% week-on-week; the BIS basket RMB index at 109.48, up 0.18%; the SDR basket RMB index at 96.62, up 0.22%, the highest since March 2023. A South Korean government official said the country will extend its foreign exchange stabilization tax exemption by three months, until end-September, to help banks secure U.S. dollar funding and ensure stable liquidity in the domestic foreign exchange market. Key Economic Events 07:00 EST, Jun 22: Australia S&P Global June Manufacturing/Services/Composite PMI Flash 08:30 EST, Jun 22: Japan June Manufacturing/Services/Composite PMI Flash 13:00 EST, Jun 22: India June Manufacturing/Services/Composite PMI Flash 13:00 EST, Jun 22: Singapore May CPI 14:45 EST, Jun 22: France INSEE June Manufacturing/Business Confidence Index 15:15 EST, Jun 22: France June Manufacturing/Services/Composite PMI Flash 15:30 EST, Jun 22: Germany June Manufacturing/Services/Composite PMI Flash 16:00 EST, Jun 22: Eurozone June Manufacturing/Services/Composite PMI Flash 16:30 EST, Jun 22: Hong Kong SAR, China May Composite CPI 16:30 EST, Jun 22: UK June Manufacturing/Services/Composite PMI Flash 18:00 EST, Jun 22: UK June CBI Industrial Order Expectations 20:15 EST, Jun 22: US ADP Employment Change for the week ended Jun 6 20:55 EST, Jun 22: US Weekly Redbook Commercial Retail Sales 21:45 EST, Jun 22: US S&P Global June Manufacturing/Services/Composite PMI Flash 22:00 EST, Jun 22: US June Richmond Fed Manufacturing Index 01:00 EST, Jun 23: US 2-Year Treasury Note Auction 04:30 EST, Jun 23: US Weekly API Crude Oil Inventory 09:20 EST, Jun 22: 449 billion yuan of reverse repos mature on the open market of the People's Bank of China 15:00 EST, Jun 22: The State Council Information Office will hold a press conference on expanding automobile consumption through the whole industrial chain 16:30 EST, Jun 22: Chief Economist of the European Central Bank Philip Lane delivers a speech at the European Parliament 21:00 EST, Jun 22: Governor of the Bank of Canada Tiff Macklem delivers a speech 21:35 EST, Jun 22: Vice President of the European Central Bank Luis de Guindos delivers a speech 21:55 EST, Jun 22: Bank of England Monetary Policy Committee member Jonathan Haskel delivers a speech (TBD): The 17th Summer Davos Forum will be held in Dalian from June 23 to 25, 2026 (TBD): MSCI will announce the results of its annual market classification review, South Korea is expected to be added to the developed market watchlist (TBD): 2026 Amazon Web Services China Summit will be held from June 23 to 24, 2026 (TBD): TSS 2026 TrendForce Semiconductor Industry Executive Forum will be held on June 23, 2026 (TBD): 2026 China Electric Power Enterprise Digitalization Conference & AI Empowering New Power System Construction Innovation Forum will be held from June 23 to 25, 2026 (TBD): [IPO] Xingyuan Material H-share and Huajian Future-B are officially listed on the Hong Kong Stock Exchange 01:30 ST, Jun 23: Bank of England Monetary Policy Committee member Swati Dhingra delivers a speech

Korea’s 50-60 age group leads retail stock ownership with 3.33M investors and 34.4% of shares; FSS chief warns on leveraged ETF risks and launches probe into SpaceX IPO allocation failure. #Korea #stockalert #InvestorWarning

US-Iran Geneva talks produce Lebanon ceasefire mechanism, Hormuz hotline, and 60-day oil sanctions relief; Iran to join Lebanon security setup while three working groups prepare next phase. #IranWar #Geneva #Hormuz

Stock private funds raise positions to 81.55% — a 9-week high — as A-share indices keep climbing. #stockalert #China

The Nikkei 225 climbed 1% during the session, setting a fresh record high. BOJ Deputy Governor Ryozo Himeno noted that monetary policy impacts the economy with a lag and reaffirmed expectations for sustained accommodative conditions. #stocknews #MarketTrends

Wind Financial Morning Post: June 22, 2026 Market Brief The week’s market focus centers on U.S.-Iran negotiations in Switzerland, with the Summer Davos Forum set to open. Iranian negotiators say a draft exemption for Iranian oil sanctions has been finalized. U.S. diplomats report progress in talks on navigation through the Strait of Hormuz. Britain faces a political shakeup as Prime Minister Starmer may announce his resignation. China’s Ministry of Transport forecasts over 652.78 million trips across regions during the Dragon Boat Festival holiday. A surge in land prices has pushed floor prices for residential plots in Beijing, Shanghai, and Shenzhen above 100,000 yuan per square meter. Listed companies are ramping up share buybacks and insider purchases, with over 11 billion yuan in pledged buyback funds set to enter A-shares. OpenAI has unveiled a long-term vision: every individual will have a personalized AGI assistant. Top Stories Major global events loom this week. Domestically, the June LPR rate will be announced on June 22; the 2026 Summer Davos Forum will be held in Dalian from June 23 to 25; the 2026 Shanghai Mobile World Congress opens on June 24; and China’s National Bureau of Statistics will release May industrial profits data. Internationally, progress in U.S.-Iran talks remains under intense scrutiny; U.S. May PCE price index and Q1 GDP final figures will be released; MSCI will announce its annual review, with South Korea potentially added to the developed markets watchlist; Nvidia’s shareholder meeting is scheduled; OpenAI’s GPT-5.6 models are expected to debut; and SK Hynix’s U.S. listing may be approved. Additionally, Micron Technology and others will release earnings. On June 21 local time, the first round of U.S.-Iran negotiations in Switzerland concluded. According to Iranian sources, after 80 minutes of talks under the mediation of Pakistan and Qatar, the meeting was temporarily suspended for internal consultations. No discussion of Iran’s nuclear program took place during this round. The focus centered on implementing Article 13 of the memorandum of understanding, with priority given to issues related to Lebanon. A member of Iran’s negotiating team revealed that a draft exemption for Iranian oil sanctions has been finalized and will be issued shortly. Administrative procedures for unfreezing Iran’s frozen assets are underway with participation from the Qatari delegation. Reports indicate Iran’s negotiating team left the venue in protest over Trump’s threatening remarks. However, U.S. diplomats stated Iran’s delegation remains in Switzerland and negotiations continue, with intensive discussions ongoing on all elements of the nuclear agreement. Progress has been made on the issue of navigation through the Strait of Hormuz. Previously, U.S. President Trump posted on the social platform “Truth Social” that Iran must immediately halt its “proxy” activities in Lebanon, or face U.S. military action. China Macro & Policy China’s Ministry of Transport data shows that total interregional passenger volume during the three-day Dragon Boat Festival holiday (June 19–21, 2026) is estimated at 652.78 million trips, averaging 217.6 million per day, flat year-over-year. On June 21 alone, interregional passenger volume is projected at 220.2 million, up 9.4% from the previous day and 1.1% year-over-year. China’s Ministry of Commerce data shows the holiday consumption market remained stable, with adequate supply and steady prices for essential goods. In the first two days of the holiday, foot traffic and revenue at 78 key pedestrian streets and commercial districts rose 4.0% and 3.5% year-over-year, respectively. Trade-in programs for consumer goods have also driven sales growth. As of June 20, 2026, trade-in initiatives have benefited 136 million people and spurred sales exceeding 1 trillion yuan. On June 21, the 2026 APEC Business Leaders Forum was successfully held in Beijing. Ren Hongbin, Chairman of the China Council for the Promotion of International Trade and Chair of the 2026 APEC Business Leaders Summit, stated that Asia-Pacific business leaders must work together to uphold the multilateral trading system centered on the WTO, promote regional trade and investment liberalization, and deepen Asia-Pacific economic integration. China Equities Markets CITIC Securities said the AI-driven market rally this year has been fueled by massive infrastructure investment, resembling the 2006–07 bull market driven by capital-intensive industries rather than the dot-com bubble. Higher interest rates are unlikely to impact AI-related cyclical stocks unless they directly affect end-demand, commercialization assumptions, or capital expenditure growth. Globally, the initial impact of rate hikes is being felt most acutely in sectors with weaker demand growth, reinforcing a K-shaped divergence between AI and non-AI sectors. Fund managers’ portfolio adjustments since the second quarter are becoming clearer, with divergent strategies emerging in pharmaceuticals, technology manufacturing, and consumer transportation. Significant differences exist in pharmaceuticals: traditional generic drugmakers are being sold off, while innovative drugs and active pharmaceutical ingredient-related stocks are being bought. Huaxia Fund’s Zhong Shuai has increased positions in packaging and testing firms; E Fund’s Qi He has added grid equipment stocks. E Fund’s Zhang Kun has reduced holdings in Huitai Medical and entered Guangshen Railway’s top ten shareholders. As the SSE Index hovers around 4,100 points, A-share companies are launching a new round of market-stabilizing measures through share purchases and buybacks. Wind data shows that since June, 27 companies have disclosed shareholder purchase plans. More than 160 companies have announced buyback plans, with cumulative buyback amounts exceeding 11 billion yuan based on the lower limit and potentially surpassing 20 billion yuan based on the upper limit. Many firms have demonstrated strong execution. Two new stocks will be offered this week. China Resources New Energy will open subscription on June 22, raising approximately 24.5 billion yuan — surpassing Joyson Electronics to become the largest IPO on the Shenzhen Stock Exchange. Yikun Electric will also begin subscription on the same day on the Beijing Stock Exchange. China Industry News A new wave of land price increases is sweeping through core cities. Floor prices for residential land in Beijing, Shanghai, and Shenzhen have all surpassed 100,000 yuan per square meter, with Shanghai’s highest land price exceeding 200,000 yuan per square meter last year. According to Centaline, in May, the total planned construction area of residential land sold in 300 cities fell 27.1% year-over-year, but average premiums rose to 9.5% due to strong demand for prime plots. In first-tier cities, land sales volume and proceeds rose 58% and 33% year-over-year, respectively, making them the most active segment of the land market. According to online platform data, as of 9 p.m. on June 21, the 2026 Dragon Boat Festival box office reached 392 million yuan, with 10.59 million tickets sold and 1.44 million screenings — setting a new record for the highest number of screenings in Chinese box office history. Toy Story 5 led the holiday box office. Prices for ferrophosphorus and lithium iron phosphate have surged this year, doubling from last year’s levels, yet demand remains robust. Strong exports of new energy vehicles and energy storage products are driving sustained demand growth, a key factor behind the price rise. Rising upstream raw material costs are another major contributor. Public REITs in China have reached their five-year anniversary as of June 21. To date, 86 REITs have been listed nationwide with a total fundraising amount of 245 billion yuan, including 59 on the Shanghai Stock Exchange with 176 billion yuan raised. With the official launch of the first batch of commercial real estate REITs, the market now encompasses diversified asset classes including highways, industrial parks, energy, affordable housing, and commercial real estate. The Guangxi Bureau of National Financial Regulation has issued multiple approvals permitting Guangxi Rural Commercial United Bank to acquire stakes in six rural credit institutions through subscription and transfer. Analysts note that Guangxi’s “upstream participation in downstream” reform is accelerating, signaling that provincial institutions are reshaping the governance structure of the regional rural credit system through equity linkages. Fintech The wave of AI infrastructure investment is reshaping global capital markets, but hidden debt risks cannot be ignored. Goldman Sachs forecasts that hyperscale cloud companies will spend $5.3 trillion on capital expenditures between 2025 and 2030. Morgan Stanley estimates that data center construction alone will require $2.9 trillion by 2028, much of it debt-financed. Meanwhile, corporate clients are beginning to rein in spending: Uber and Walmart have restricted AI usage, shifting pricing models from subscriptions to per-token billing, sharply increasing cost pressures. Corporate News & Updates OpenAI has unveiled a new long-term vision to bring advanced artificial intelligence to billions worldwide. The next phase of OpenAI’s development will focus on creating personalized AGI assistants to help individuals manage daily tasks, work, learning, and exploration. OpenAI will launch its next-generation flagship model, GPT-5.6, expected to deliver transformative improvements in coding, agent workflows, and 3D generation, while offering lower pricing to directly challenge competitors. The GPT-5.6 series will include mini, standard, and Pro versions, with the most likely release window between June 22 and 28. A supplier to Apple has begun small-batch deliveries for its first foldable iPhone. According to internal targets received by the supplier, the device is slated for release in September. A source at an Apple supplier confirmed that the target timeline is for the first foldable iPhone to launch in fall 2026. Apple has not publicly confirmed the release date. Tesla has formally applied to register the trademark “Amazing Abundance,” signaling its deepening commitment to its long-term vision centered on artificial intelligence, humanoid robotics, and autonomous driving systems, with automation aimed at significantly reducing production costs. Global Macro & Policy Pakistan’s Foreign Minister Bilawal Bhutto Zardari, participating in a quadrilateral meeting with Egypt, Turkey, and Saudi Arabia, stated that within a 60-day period, Iran will not block vessels transiting the Strait of Hormuz, and no tolls or service fees will be imposed on passage through the strait. UK Prime Minister Starmer is preparing to announce his departure timeline. After consultations with cabinet members, advisors, and unions, Starmer believes he can no longer continue in office. Senior Labour figures suggest he may issue a formal statement as early as June 22. Transport Secretary Heidemann urged Starmer on June 19 to set a clear timetable for his exit. The Bank of Korea is concerned that massive bonuses at chip factories could trigger unexpected inflation. If wage hikes at semiconductor firms spread to other sectors, they could exert upward pressure on overall wages and intensify inflationary pressures through both supply and demand channels. South Korea’s May inflation rate reached 3.1%, the highest since early 2024. The central bank forecasts full-year inflation at 2.7%, significantly above its 2% target, making the July or September policy meetings potential windows for rate hikes. Naka Matsuzawa, Chief Macro Strategist at Nomura Securities, believes the Fed’s June policy meeting will, in hindsight, be seen as a “once-in-a-decade turning point” — the start of a credit cycle inflection and the end of the AI boom. In his macro strategy weekly report, Matsuzawa noted that markets currently overestimate near-term Fed tightening risks but severely underestimate the risks of a longer-term tightening path. Sources say Russia is considering channeling accumulated rouble surpluses from its rouble-rupee bilateral trade agreement with India into Indian infrastructure projects. Moscow plans to deploy these excess roubles into high-growth sectors including ports, biotechnology, and agriculture, as well as India’s special economic zones — aiming for long-term returns while hedging against Western sanctions. Sweden’s largest power company, Vattenfall, announced it has selected Rolls-Royce to build three small modular reactors in southwestern Sweden, marking the country’s first nuclear reactor construction in over 40 years. Sweden and other Nordic nations are experiencing a resurgence in nuclear development amid energy supply disruptions, seeking stable and clean power sources. Global Equity Markets Encouraged by the U.S.-Iran memorandum of understanding and prospects for conflict de-escalation, U.S. equities rose last week, with major indices hitting new highs driven by tech stocks, though volatility persisted. Federal funds futures pricing shows a 70% probability of a rate hike by October. This week’s earnings report from Micron Technology may determine the near-term direction of the tech sector. Bonds Charles Hare, Chairman of the Policy and Resources Committee at the City of London Corporation, said current Sino-British financial cooperation focuses on green finance and offshore yuan. Through the China-UK Economic and Financial Dialogue, both sides have established working groups on green finance and yuan, jointly advancing green bonds and voluntary carbon market standards. He expressed hope that future cooperation will deepen liquidity in yuan markets and expand green financial products. Commodities Guinea’s President Mamadi Doumbouya has banned the export of raw gold to promote domestic processing and economic development. Speaking to local miners and gold buyers, Doumbouya stated that all gold must be processed within Guinea and raw ore will no longer be permitted to leave the country. Global copper traders await the U.S. Department of Commerce’s review report, which will be pivotal in determining Trump’s final tariff decision. Morgan Stanley analysts estimate a 43% probability of a 15% tariff on refined copper taking effect in January. Given copper’s irreplaceable role in AI infrastructure, most analysts and traders remain broadly optimistic about copper’s long-term outlook. Key Economic Events 08:00 EDT, Jun 22: Canada National Economic Confidence Index through Jun 19 08:30 EDT, Jun 22: Canada CPI for May 10:00 EDT, Jun 22: Eurozone Consumer Confidence Index preliminary for June 21:20 EDT, Jun 21: The People's Bank of China has CNY 818 billion in 7-day reverse repos maturing 05:00 EDT, Jun 22: ECB policymaker Kocherlakota to speak 08:30 EDT, Jun 22: ECB President Lagarde to speak at the European Parliament SK Hynix plans to list in the U.S., and the U.S. SEC may approve as early as the week of Jun 22 "Digital-Smart Sichuan" industrial chain international cooperation exchange conference to be held on Jun 22 The 4th Chain Expo to be held from Jun 22 to 26 Roundtable on cooperation of the Land-Sea New Channel International Chamber of Commerce to be held on Jun 22

SK Hynix’s delivery of 12-layer HBM4E samples to major clients marks an important step in high-bandwidth memory competition. #TechStocks

US-Iran 14-point memo offers Iran heavy sanctions relief, oil export access, billions in frozen assets, and $300B financing; nuclear details deferred. Trump pushes multi-point deals like 20-pt Gaza plan and failed 28-pt Ukraine effort. #IranWar‌ #OilMarkets

Wind Financial Morning Post: June 18, 2026 Market Brief The State Council issued the "15th Five-Year Plan for Implementing the Employment-First Strategy." The Lujiazui Forum unveiled new policy incentives, with several major financial measures announced. The nearly $5 trillion exchange-traded fund market welcomed a major innovation, as the Shanghai and Shenzhen stock exchanges released guidelines for active ETFs. Shanghai launched the construction of an offshore financial system, with six banks approved to pilot offshore renminbi foreign exchange trading. The Federal Reserve held rates steady but signaled a hawkish stance, significantly raising the risk of rate hikes this year. Walsh overhauled the Federal Reserve's interest rate statement in his debut, downplaying the importance of forward guidance. Iran released the text of the U.S.-Iran memorandum of understanding. Trump: The U.S.-Iran memorandum of understanding is not a final agreement; if Iran fails to comply, military strikes will be resumed. Global stock markets diverged on Wednesday, with semiconductor stocks rallying while crude oil and gold fell sharply. A wave of abnormal stock price fluctuations prompted over 70 A-share listed companies to issue risk warnings. Top Stories The 2026 Lujiazui Forum will open on June 17 in Shanghai, with a concentrated rollout of financial reforms and opening measures. The People's Bank of China (PBOC) introduced policies to improve short-term interest rate regulation, establish a repurchase facility for foreign central banks, and pilot offshore RMB foreign exchange trading in the Shanghai Free Trade Zone. The National Financial Regulatory Administration will focus on mitigating systemic risks and eliminating regulatory blind spots. The China Securities Regulatory Commission (CSRC) will expand the scope of its fifth listing standard to include artificial intelligence, launch actively managed ETFs, support eligible Hong Kong-listed companies to list on the mainland, accelerate research on RMB foreign exchange futures, and support Hong Kong's upcoming launch of five-year RMB government bond futures. The State Administration of Foreign Exchange will comprehensively reform cross-border policies for foreign direct investment, further simplify exchange controls for outbound direct investment and external debt, and issue new quotas for Qualified Domestic Institutional Investors. The Federal Reserve's June FOMC meeting held the federal funds rate steady at 3.50%-3.75%, with a unanimous 12-0 vote. The statement's most significant change was the complete removal of forward guidance and any language suggesting potential easing, with the text significantly shortened—marking a shift to a fully data-dependent policy framework. Economic projections showed the 2026 GDP growth forecast revised down to 2.2%, while core PCE inflation was raised to approximately 3.3%. The dot plot turned markedly hawkish, with the median rate projection for end-2026 rising to 3.8%; nine officials forecast at least one rate hike this year, while only one anticipated a cut. New Fed Chair Wash did not submit a personal dot plot. Markets interpreted the move as the end of the easing cycle, with significantly elevated odds of a rate hike this year. New Fed Chair Wash, in his first quarterly press conference, adjusted the Fed's communication framework by downplaying the weight of the dot plot and cautioning markets against overinterpreting individual officials' rate projections; he did not submit his own forecast. Wash stated that current high inflation is structurally supported by energy, tariffs, and housing—not temporary shocks—and that price stability remains the primary policy objective. He did not lock in a fixed rate path, emphasizing that rate decisions at every meeting remain bidirectional and that the Fed would not cut rates solely to boost growth. In the long term, AI-driven productivity gains may alleviate inflationary pressures after 2027, serving as the key precondition for future rate cuts. His overall tone was hawkish, further dampening market expectations for near-term rate cuts and pushing up the implied probability of year-end rate hikes. The United States and Iran have signed a memorandum of understanding, which has taken effect. Iran has published the text of the interim agreement, with both sides pledging non-interference in each other's internal affairs and committing to negotiate a final, extendable agreement within 60 days. Iran pledged not to develop nuclear weapons, maintain the current scale of its nuclear program, and dispose of its enriched uranium stockpile under International Atomic Energy Agency supervision. The U.S. agreed not to impose new sanctions or increase military presence during the negotiation period, to lift maritime blockades within 30 days, immediately resume Iranian crude exports, and unfreeze its overseas assets, with mechanisms for fund usage to be negotiated later. Shipping in the Strait of Hormuz will resume immediately, with Iran jointly managing the waterway with Oman to ensure commercial vessel safety, waiving tolls temporarily and clearing navigational hazards. Both sides also agreed to develop an economic reconstruction program for Iran worth at least $300 billion, with details to be incorporated into the final agreement, potentially marking the largest diplomatic and economic breakthrough between the two nations in decades. U.S. President Trump said the U.S.-Iran memorandum of understanding is likely to be signed soon, possibly on June 18 or 19. He emphasized that the memorandum is not a final agreement and warned that if the U.S. is dissatisfied with its implementation or if Iran "behaves improperly," the United States will resume military strikes. Regarding the $300 billion Iranian reconstruction fund, Trump said he would not prevent other countries from investing in Iran, but the U.S. would not invest. Trump also denied that the agreement includes "immediate lifting of sanctions" against Iran. China Macro & Policy The State Council issued the "14th Five-Year Plan for Implementing the Employment-Priority Strategy," outlining the strategic direction, key objectives, major tasks, and policy measures for promoting high-quality and full employment during the 15th Five-Year Plan period. The plan deploys nine key tasks, including reinforcing the employment-priority orientation in macroeconomic policy. China's Foreign Minister Wang Yi spoke by phone with Iran's Foreign Minister Alireza Alaghzadeh, who briefed him on the first-phase U.S.-Iran memorandum of understanding. Wang expressed China's welcome for the agreement and emphasized that the navigation issue in the Strait of Hormuz should be properly addressed to respond to international concerns. China supports Iran in improving relations with regional countries and exploring a joint framework for regional security architecture. The "Shanghai International Financial Center Development Action Plan for Offshore Finance" was released, supporting pilot initiatives for offshore finance in the Pudong New Area. The initial pilot businesses include offshore trade finance services, offshore bonds issued by free trade zone entities, offshore reinsurance, treasury operations by financial centers, offshore RMB foreign exchange trading, and financial services for non-resident individuals. The PBOC has authorized Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and CITIC Bank to conduct offshore RMB foreign exchange trading via the China Foreign Exchange Trade System. The U.S. Department of Commerce has deferred listing several Chinese firms—including DeepSeek and a major chip manufacturer—on its entity list to avoid escalating tensions with China. Chinese Foreign Ministry spokesperson Lin Jian stated that China firmly opposes the U.S. abuse of national security concepts and the use of entity lists and export controls to suppress Chinese enterprises. The U.S. should cease politicizing, instrumentalizing, and weaponizing trade and technology issues. China Equities Markets CSRC Chairman Wu Qing delivered a keynote speech at the 2026 Lujiazui Forum, vowing to severely investigate and punish fraudulent practices under the guise of technology, including hype-driven speculation, market manipulation, and insider trading. The CSRC will issue guidelines to regulate the development of artificial intelligence in capital markets and crack down on illegal activities such as AI-driven stock recommendations, rumor-spreading, and unlawful trading. It will support compliant cross-border investment activities while enforcing strict penalties against cross-border violations. A-share markets rose modestly, with the SSE Index closing up 0.4% at 4,108.08, the Shenzhen Component Index up 1.31%, the ChiNext Index up 1.56%, the Star 50 Index surging 4.69%, and the Wind All China Index up 0.87%. Trading volume reached 3.11 trillion yuan. Semiconductor supply chain stocks surged again, with PCB and glass substrate concepts hitting multiple limit-up closures; state-owned enterprises and lithium battery electrolyte sectors also strengthened. Consumer goods and coal stocks continued to underperform. The Hang Seng Index closed down 0.74% at 24,312.16, the Hang Seng Tech Index rose 0.22%, and the Hang Seng China Enterprises Index fell 1.17%. Semiconductor and large model stocks led gains, while automotive, consumer, and real estate stocks declined. Net selling by the Southbound Flow totaled 3.22 billion Hong Kong dollars; Alibaba and Tencent Holdings were heavily sold off, while China Jinmao Laminate Board received net buying of nearly 3.9 billion Hong Kong dollars. The nearly $500 billion ETF market is undergoing a landmark innovation. The Shanghai and Shenzhen stock exchanges released guidelines for actively managed ETFs, setting regulatory thresholds on institutional qualifications, personnel standards, investment operations, disclosure, and risk controls. Industry insiders indicate the application channel for the first batch of pilot products is expected to open soon, with major fund houses already designing schemes and debugging systems in anticipation. The Shanghai Stock Exchange issued two reforms for the STAR Market, providing detailed rules for artificial intelligence large model companies to qualify under the fifth listing standard, while also supporting "hard tech" enterprises in quantum technology, biomanufacturing, hydrogen and nuclear fusion energy, brain-computer interfaces, embodied intelligence, and 6G to list on the STAR Market. On the evening of June 17, 72 A-share companies issued announcements warning of abnormal stock price fluctuations or market risks. Several firms addressed market hype surrounding storage chips, PCBs, glass substrates, MLCCs, optical fibers, and electronic fabrics, cautioning investors on potential overvaluation. The Asset Management Association of China released data showing that as of the end of May, the total net asset value of domestic public mutual funds reached 3.948 trillion yuan, up by approximately 122.8 billion yuan month-over-month—a new record high. The total scale of private funds stood at 23.53 trillion yuan as of the same date. The securities industry's commission rates continue to decline. Data from the Shanghai Securities Industry Association showed that in May, the average A-share commission rate in Shanghai (excluding high-frequency quantitative trading) fell to 1.73 basis points, down 3.4% month-over-month, hitting a new historical low. Amid rising trading volumes and falling prices, the commission price war has approached cost thresholds. China Industry News Foreign Minister Wang Yi said China is accelerating the establishment of a World Organization for Artificial Intelligence Cooperation and welcomes global participation to promote beneficial AI development. China will host the 2026 World Artificial Intelligence Conference and the High-Level Meeting on Global AI Governance in Shanghai in July, where over 300 AI products will make their global debut. The State Administration for Market Regulation released a draft of "Ten Norms for Subsidy Practices by Food Delivery Platforms," stipulating that platforms must not use long-term, large-scale subsidies to exclude or restrict market competition or disrupt market order; must not compel merchants to participate in subsidy programs or bear subsidy costs; and must not sell below cost. Domestic refined oil prices will be adjusted at 24:00 on June 18. According to models from Zhuangchuang Information, gasoline and diesel prices are expected to fall by 475 yuan per ton, equivalent to reductions of 0.37 yuan per liter for 92-octane gasoline, 0.39 yuan per liter for 95-octane gasoline, and 0.4 yuan per liter for 0# diesel. The State Drug Control Office decided to include 16 substances—including tilidine and difluoroethylimidate—under control to prevent and curb abuse, effective July 1. Illegally manufactured tilidine has been widely added to "uplifting e-cigarettes," primarily abused by teenagers and highly addictive. Fintech Wang Xin, director of the PBOC Research Bureau, said at the 2026 Lujiazui Forum that new payment tools should be explored cautiously and prudently, with close monitoring of stablecoins' impact on the international monetary system and cross-border payments. European Central Bank President Lagarde warned that the greatest risk of the AI revolution is not the technology itself, but its potential to amplify financial system vulnerabilities and trigger a new financial crisis. She called for a globally coordinated AI regulatory framework to prevent systemic risks from technological abuse. Corporate News & Updates Industry sources said ByteDance is negotiating with TianShu Intelligence to purchase at least 50,000 AI chips, primarily for inference work. If finalized, TianShu Intelligence would become ByteDance's third GPU supplier after Huawei and Cambricon. Apple is developing the second-generation iPhone Air, scheduled for release in spring 2027. The prototype adds a rear ultra-wide camera and focuses on improving battery life. The upgraded iPhone Air will feature a custom A20 Pro chip, with imaging and battery life identified as the two core upgrade areas. Apple CEO Tim Cook said the company plans to raise product prices to offset soaring memory and storage chip costs. Microsoft is considering integrating a fine-tuned version of the Chinese open-source model DeepSeek V4 into its enterprise AI tool Copilot Cowork as a lower-cost alternative to OpenAI and Anthropic models. Microsoft expects to finalize and announce its decision within weeks. BOE's 8.6-generation AMOLED production line has officially begun mass production. As China's first and the world's second to achieve mass production at this generation, the line has an investment of 63 billion yuan and a monthly capacity of 320,000 glass substrates. BMW Group significantly lowered its full-year 2026 guidance, reducing its automotive EBIT margin target from 4%-6% to 1%-3%, revising its full-year vehicle delivery forecast from "flat year-over-year" to a slight decline, and expecting a pre-tax profit drop exceeding 15%—far worse than its earlier forecast of a mild decline. According to data from the enterprise spending platform Ramp, Anthropic's share of enterprise AI subscription services rose to 41% in May, up 2.5 percentage points from the previous month, surpassing OpenAI's 39.5% for the first time. Global Macro & Policy "Fed Whisperer" Nick Timiraos commented that the Fed's latest dot plot showed a clear hawkish tilt. Of 18 officials, nine expect at least one rate hike this year, with six anticipating multiple hikes. Only one official forecasts a rate cut. Meanwhile, the Fed's policy statement was comprehensively revised, with text length notably reduced. Overall, the communication framework has changed significantly, and market expectations for the rate path may be reset. U.S. retail sales rose 0.9% month-over-month in May, far exceeding the 0.5% forecast and marking the fourth consecutive month of growth. Year-over-year growth reached 6.9%, the strongest since January 2023. Gas station sales rose 3.4% month-over-month and surged 26.5% year-over-year. The National Association of Realtors (NAR) reported that the existing-home sales index rose 3.8% month-over-month in May, marking the fourth consecutive monthly increase and the largest monthly gain since September 2024. UK inflation in May held steady at 2.8% year-over-year, with a monthly increase of 0.2%, both below expectations, supporting the Bank of England's wait-and-see stance. Markets expect the Bank of England to hold rates at 3.75% on Thursday. Japan's imports rose 12.5% year-over-year in May, the highest since January 2025; exports grew 17%, the fastest pace since November 2022, with semiconductor exports increasing 61.2%. Global Equity Markets U.S. major indices closed lower: the Dow Jones Industrial Average fell 0.98% to 51,492.55; the S&P 500 dropped 1.21% to 7,420.10; the Nasdaq Composite slid 1.34% to 26,021.66. Salesforce fell over 4%, Microsoft dropped more than 3%, leading losses on the Dow. The Wind US Magnificent Seven Index declined 2.4%, with Meta falling over 5% and Microsoft down more than 3%. SpaceX fell nearly 5%. The CSI China Dragon Index dropped 1.14%; Canadian Solar fell over 4%; Ke Holdings declined over 3%. Tech stocks led losses as Treasury yields surged. Several Fed officials signaled possible rate hikes to curb inflation, increasing investor uncertainty over monetary policy. European indices closed mixed: Germany's DAX rose 0.10% to 24,934.67; France's CAC 40 fell 0.20% to 8,430.79; the UK's FTSE 100 gained 0.14% to 10,508.61. Optimism from the U.S.-Iran MOU continued to support European risk appetite, but energy stocks declined due to falling oil prices, with overall market activity remaining cautious. Japan's Nikkei 225 Index closed up 0.72% at 69,902.25, extending its winning streak to five consecutive sessions and hitting a new record high. South Korea's KOSPI rose 1.58% to 8,864.24, also posting five straight gains and nearing its all-time high. India's S&P BSE SENSEX climbed 0.45% to 77,155.62. According to data from the Korea Securities Depository, on June 12, the day of SpaceX's listing, Korean retail investors net purchased $795.93 million (approximately 1.215 trillion won) of SpaceX stock—the largest single-day overseas stock purchase by Korean retail investors on record. Bonds The PBOC established a repurchase facility for foreign central banks, allowing foreign central banks, international financial institutions, and sovereign wealth funds to obtain RMB liquidity by pledging high-grade Chinese government bonds as collateral, facilitating RMB liquidity management and asset allocation for overseas institutional investors. The PBOC optimized its overnight repo and reverse repo tools, adjusting operation hours to 15:00–15:30 on business days, with rates set at 25 basis points below and above the 7-day reverse repo rate, respectively. Operations will be triggered when overnight interbank rates (DR001) persistently fall below or rise above these thresholds, based on primary dealer demand. Main interest rates in China's interbank bond market declined, with short- and medium-term maturities performing strongly, while the 30-year bond showed relative weakness. Treasury futures contracts rose collectively, with the 30-year contract up 0.23%. The PBOC conducted 420.3 billion yuan in reverse repos, net injecting 261.3 billion yuan, easing liquidity pressures in the interbank market. The People's Bank of China will issue 40 billion yuan in central bank bills in Hong Kong on June 22, with a six-month maturity. U.S. Treasury yields rose across most maturities: the 2-year yield climbed 13.90 basis points to 4.184%; the 3-year yield rose 12.34 basis points to 4.212%; the 5-year yield increased 10.08 basis points to 4.262%; the 10-year yield rose 5.34 basis points to 4.489%; the 30-year yield dipped 1.40 basis points to 4.929%. Commodities U.S. crude oil futures fell 0.35% to $75.01 per barrel; Brent crude dropped 0.38% to $78.66 per barrel. Rising expectations of a U.S.-Iran peace deal, the imminent resumption of Iranian crude exports, and the reopening of the Strait of Hormuz have increased global supply expectations. Iraq has restarted production at the West Qurna-2 field, while the International Energy Agency (IEA) lowered its oil demand forecast, warning of future oversupply and pressuring prices. International precious metals futures declined broadly: COMEX gold fell 1.79% to $4,276.30 per ounce; COMEX silver dropped 2.93% to $67.96 per ounce. The Fed's fourth consecutive pause on rate hikes, combined with a shift to a neutral-hawkish stance, coupled with reduced geopolitical risk premiums from easing U.S.-Iran tensions, left insufficient fundamental support to offset bearish pressure. Base metals on the LME rose across the board: LME zinc gained 1.19% to $3,611.50 per ton; LME aluminum rose 1.06% to $3,424.50 per ton; LME tin climbed 0.68% to $55,500 per ton; LME nickel rose 0.49% to $18,085 per ton; LME copper increased 0.44% to $13,835 per ton; LME lead rose 0.15% to $1,985 per ton. The London Metal Exchange (LME) stated that over the past year, no Russian-origin cobalt or copper has been delivered into any LME-certified warehouse within the European Union. The International Energy Agency (IEA) released its latest monthly report, forecasting global oil demand to decrease by 1.1 million barrels per day in 2026, revising down from its prior estimate of 420,000 barrels per day. Global oil supply is expected to decline by 3.9 million barrels per day this year, but increase by 8 million barrels per day in 2027. Next year, global oil demand is projected to rise by 2 million barrels per day, suggesting a potential supply surplus. FX & Currency Markets On Wednesday, the onshore RMB against the U.S. dollar closed at 6.7569, up 5 basis points from the previous close, with the overnight session ending at 6.7630. The PBOC's official mid-rate was set at 6.8096, up 12 basis points from the previous day. At New York close, the U.S. Dollar Index rose 0.87% to 100.38, with most non-U.S. currencies declining. The euro fell 0.91% to 1.1502 against the dollar; the pound dropped 0.97% to 1.3297; the Australian dollar declined 0.74% to 0.7014; the dollar rose 0.11% to 160.6445 against the yen; the dollar gained 0.76% to 1.4101 against the Canadian dollar; the dollar climbed 0.84% to 0.7998 against the Swiss franc; the offshore RMB fell 190 basis points to 6.7760 against the dollar. Key Economic Events 02:00 EDT, Jun 18: Switzerland May Trade Balance 02:00 EDT, Jun 18: UK May Unemployment Rate 04:00 EDT, Jun 18: Italy Q1 Unemployment Rate 04:00 EDT, Jun 18: Euro Area April Seasonally Adjusted Current Account 05:00 EDT, Jun 18: Euro Area April Construction Output 08:30 EDT, Jun 18: Canada May Industrial Products Price Index 08:30 EDT, Jun 18: US Weekly Initial Jobless Claims 08:30 EDT, Jun 18: US June Philadelphia Fed Manufacturing Index 10:00 EDT, Jun 18: US May Conference Board Leading Indicators 10:30 EDT, Jun 18: US Weekly EIA Natural Gas Inventories 01:00 EDT, Jun 19: US Weekly Oil Drilling Rig Count through Jun 19 04:30 EDT, Jun 19: Weekly Foreign Central Bank Holdings of US Treasuries 05:00 EDT, Jun 19: Korea May PPI 21:20 EDT, Jun 17: The People's Bank of China has CNY 188.5 billion in reverse repurchase agreements maturing 02:30 EDT, Jun 18: Bangko Sentral ng Pilipinas announces interest rate decision 03:00 EDT, Jun 18: ECB Governing Council member Koechel speaks 03:20 EDT, Jun 18: Bank of Indonesia announces interest rate decision 03:30 EDT, Jun 18: Swiss National Bank announces interest rate decision 04:00 EDT, Jun 18: SNB President Schlegel holds press conference 04:00 EDT, Jun 18: Norges Bank announces interest rate decision 07:00 EDT, Jun 18: Bank of England announces interest rate decision and meeting minutes 07:00 EDT, Jun 18: National Bank of Ukraine announces interest rate decision 08:15 EDT, Jun 18: ECB Chief Economist Lane participates in a session titled "Monetary Policy Making in an Uncertain Environment" The first four commercial real estate REITs will be officially listed on Jun 18 Domestic refined oil prices will open a new adjustment window CAAM will host the "2026 International Automotive and Supply Chain Expo (Hong Kong)" from Jun 18 to 22 Due to the Dragon Boat Festival holiday, commodity futures markets will not conduct night trading

Messi hits 16 World Cup goals to tie Klose at No. 1, plays 200th Argentina match and sixth tournament. Signed jersey auctions at CNY 25k on Dewu but attracts zero bidders. #WorldCup #FootballCommunity

GOLDMAN CUTS OIL OUTLOOK: Sees Persian Gulf exports back to pre-war levels by end-July. Lowers 2026Q4 Brent to $80 (from $90), 2027 avg to $75 (from $80); WTI 2026Q4 $75, 2027 $70. Stronger demand to support resilience despite surpluses.

Brent falls >1% to $78.10/bbl (new low since Mar 3); WTI slips >1% to $74.46/bbl (low since Mar 4). #EnergyMarkets

Wall Street mostly forecasts rate hold this week. Hold camp dominates (Moody’s, JPM, Nomura); dovish voices eye 2027 cuts (Goldman, Citi); hawks flag hike risks (Capital Economics, PGIM). Focus on guidance shift and signals. #fed #rate

Major Asian markets including A-shares, Hong Kong, and China's Taiwan stocks will observe a holiday closure on Friday, June 19, for Dragon Boat Festival. US equities will also shut for Juneteenth. US after-hours sessions are cancelled from 8:00 AM to 4:00 PM Beijing time that day. #market #stock

Qatar redirects LNG tankers to Ras Laffan as Hormuz Strait nears reopening post US-Iran deal. First empty vessels sent since February war — clear sign of ramped-up export plans. #Qatar #LNG #hormuz_strait

Ship-tracking data from Tanker Trackers shows that a third Iranian National Iranian Tanker Company (NITC) oil tanker has departed the blockade area, loaded with 1 million barrels of crude. #oil #EnergyMarkets

South Korea regulator urges investors to avoid high-risk/excessive leverage bets; will ramp up risk monitoring as volatility rises. #STOCK #Korea

Reagan National Airport closing noon July 4 (and hours on July 3) for U.S. 250th celebrations; hundreds of flights canceled, reopens early July 5. United: No passenger impact. #Airport #flight

Wind Financial Morning Post: June 17, 2026 Market Brief National Statistics Bureau responds to multiple hot-button issues as May economic data is released National Development and Reform Commission holds private enterprise symposium on the "Six Networks" initiative China's housing market continues to recover, with 16 cities recording month-over-month price gains in new homes US President Trump says Iran-US agreement negotiations will enter second phase, with Hormuz Strait to fully reopen before June 19 Fed's new chair Walsh prepares for first appearance, as markets await interest rate guidance Bank of Japan raises rates by 25 basis points, returning to 1% for the first time in 31 years Global equities diverge as Dow Jones hits new high, while crude oil prices plunge Apple unveils 2027 product roadmap: camera-equipped earbuds and 20th anniversary iPhone set for launch SpaceX shares rise for third straight day, market cap surpasses Amazon to enter top five global firms DeepSeek secures its first funding round, with founder Liang Wenfeng personally investing approximately 20 billion yuan Top Stories China releases May economic data. In May, national industrial output above designated size rose 4.5% year-over-year, and the service production index increased 4.4%, both accelerating from April levels, with high-tech manufacturing output surging 15.1%. Social consumer goods retail sales fell 0.6% year-over-year. From January to May, fixed asset investment declined 4.1%, and real estate development investment dropped 16.2%; new home sales revenue fell 13.5%, with residential sales down 14.1%. The State Council Information Office held a press conference on June 16, during which the National Statistics Bureau addressed key issues including growth momentum and new consumption metrics. The bureau stated that China's economy remained broadly stable in May, with clear signs of structural improvement. For the first time, the indicator for total social consumption of goods and services was published, offering a more comprehensive view of consumption. Data showed a 2.8% year-over-year increase in this metric from January to May. Regarding the decline in commodity retail sales, the bureau attributed it to a high base effect from last year and disruptions from heatwaves and heavy rainfall in some regions. May housing price data for 70 major cities shows signs of stabilization. The National Statistics Bureau reported that 16 cities recorded month-over-month price increases in new residential properties, up two from April. In first-tier cities, new home prices rose 0.2% month-over-month for the fourth consecutive month; secondhand home prices climbed 0.4% month-over-month for the third consecutive month. Year-over-year price declines in first-tier cities narrowed further. However, second- and third-tier cities continued to see month-over-month price declines. At 1:00 a.m. Beijing time on June 18, Fed's new chair Walsh will preside over his first Federal Open Market Committee (FOMC) meeting and hold his first press conference. Markets expect the Fed to hold rates steady, with focus on inflation language, interest rate path guidance, whether to eliminate the dot plot, potential restart of balance sheet reduction, and how Powell will vote. US President Trump said the Hormuz Strait will be fully reopened before June 19, and negotiations between the US and Iran will rapidly advance to the second phase. Trump stated Russia should reach an agreement with Ukraine and that US sanctions on Russian oil may soon be restored. Iran's Deputy Foreign Minister Lavanchi said the US has partially lifted its blockade. US media reported that Iran will be able to export oil immediately after signing the US-Iran agreement. Iran's Foreign Minister Alaghehzi revealed that Iran and U.S. delegations will meet in Switzerland on June 19. The two sides' leaders will first sign a memorandum of understanding, followed by the first round of follow-up negotiations. The specific location in Switzerland will be announced separately. China Macro & Policy The 23rd meeting of the Standing Committee of the 14th National People's Congress will be held in Beijing from June 23 to 26. The meeting will review draft amendments to the Bidding and Tendering Law, the Financial Law, and the People's Bank of China Law submitted by the State Council. National Development and Reform Commission (NDRC) Director Zheng Gajie chaired a private enterprise symposium on the coordinated development of the "Six Networks." Zheng stated that the NDRC will strengthen planning and construction of the "Six Networks," enhance inter-network coordination, and deploy government funds and new policy-based financial tools to generate more tangible output. China's Foreign Minister Wang Yi spoke by phone with Pakistan's Deputy Prime Minister and Foreign Minister Dar. Wang congratulated Pakistan on facilitating the first-stage memorandum between Iran and the US, noting that the second-stage negotiations will be more challenging. China stands ready to work with Pakistan to continue promoting peace talks and contribute to lasting stability and development in the Middle East. Data from the State Administration of Taxation shows that from January to May, revenue from industrial enterprises nationwide rose 6.8% year-over-year. Sales revenue in integrated circuits, optoelectronic devices, and semiconductor device manufacturing increased 57.7%, 32.6%, and 24.4% respectively. Sales revenue in robotics and intelligent vehicle equipment manufacturing rose 27.7% and 46.3% respectively. China Equities Markets A-share markets showed divergence: the SSE Index edged down 0.11% to 4,091.89, while the Shenzhen Component Index rose 0.93% and the ChiNext Index gained 1.72%. The Wind All China Index climbed 0.67% on trading volume of 3.09 trillion yuan. PCB-related stocks surged with multiple price limits; lithium battery, fiber optic, supercapacitor, optical communication, and storage chip stocks strengthened. Port and shipping sectors opened lower and continued to decline; coal stocks remained under pressure. Hong Kong markets retreated sharply: the Hang Seng Index fell 1.4% to 24,493.95; the Hang Seng Tech Index dropped 2.24%; the Hang Seng China Enterprises Index slid 1.62%. Resource, tech, and property stocks led losses, while mainland brokerages outperformed. Net inflows via the Southbound Channel reached nearly 3.5 billion Hong Kong dollars. Jian Tao Jicengban and Jian Tao Group were heavily bought, while Tencent and Alibaba saw over 1.6 billion Hong Kong dollars in net selling. As of June 16, Southbound funds have net inflowed over 3 billion Hong Kong dollars year-to-date. In the past month, information technology, industrials, and financials attracted the most Southbound inflows. Analysts expect Southbound funds to remain the largest source of incremental capital in Hong Kong this year, with projected net inflows of 310 to 440 billion Hong Kong dollars. Short-term market recovery is anticipated, with significant upside potential in the Hang Seng Tech Index. Reports indicate that Xiaohongshu has hired Goldman Sachs and China International Capital Corporation to prepare for a potential Hong Kong IPO as early as this year. Sources say Xiaohongshu's private secondary market valuation reached $50 billion by the end of last year. China Industry News The Ministry of Human Resources and Social Security, the Ministry of Natural Resources, the National Development and Reform Commission, and the Ministry of Transport jointly issued a notice to support marine economic development and promote employment and entrepreneurship. The plan includes cultivating modern fisheries and expanding marine pharmaceuticals and biotechnology industries. The State Administration for Market Regulation held a press conference announcing comprehensive measures to address internet advertising governance, "ghost restaurants," "618" e-commerce promotions, "phantom scales" in markets, and severe illegal失信list management. In response to issues uncovered during a June 15 crackdown on "ghost restaurants," the Shenzhen Market Supervision Administration summoned executives from Meituan, Taobao Flash Purchase, and JD Waimai, demanding they assume primary responsibility by strictly prohibiting unlicensed, forged, or borrowed licenses and cross-store subcontracting. The Ministry of Transport and seven other departments jointly released a multi-modal transport improvement plan, targeting major ports, key inland logistics hubs, large logistics parks, industrial clusters, and China-Europe (Asia) freight train hubs to accelerate upgrades and construction of key freight nodes. IDC data shows global server market revenue reached $122.6 billion in Q1 2026, up 30.4% year-over-year. Dell accounted for 16.5% of the market, with a staggering 244.1% year-over-year growth, securing its position as the largest server OEM. Fintech The Digital Currency International Operations Center signed direct participant service agreements with 26 financial institutions. The platform's services will cover Hong Kong, Macau, Singapore, Laos, Thailand, the UAE, Qatar, and Brazil. An AI version of Alipay, named "Abao," has been launched, allowing users to access over 10,000 services with a single command. The AI only serves as a navigation tool; all financial transactions require explicit user confirmation. The new version is currently in invitation-only testing and will be rolled out gradually. WeChat Pay is testing an AI payment feature with Tencent's WorkBuddy, planning to launch an "AI-specific card" in WeChat Wallet as early as this week. The card's spending limit is determined by user-funded deposits, and AI-initiated payments require password verification. Corporate News & Updates Well-known Apple analyst Mark Gurman said Apple plans to launch AirPods with built-in cameras in the second half of 2027. Apple aims to release these new AirPods alongside its next-generation foldable iPhone and a special 20th anniversary iPhone model. All three products are reportedly in advanced development stages. SpaceX's first acquisition since going public has been announced: it will acquire Anysphere, the developer of AI coding assistant Cursor, for $60 billion. The transaction is expected to close in Q3 2026 and will be executed entirely through stock issuance, with Anysphere shareholders receiving SpaceX Class A common shares. DeepSeek has largely finalized its first funding round, with investors including founder Liang Wenfeng, Guozhi Investment, Tencent, NetEase, JD.com, and IDG Capital. The total fundraising amount is approximately 51 billion yuan, with a post-money valuation nearing 400 billion yuan. Liang personally contributed about 20 billion yuan, while Tencent invested approximately 10 billion yuan. Industry insiders say Samsung Electronics will hold a global strategy meeting this week to discuss key business plans for the second half of the year. Its chip division meeting is scheduled for Thursday. Reports indicate Samsung has secured its first chip manufacturing order from Neuralink, Elon Musk's brain-computer interface firm. Reports suggest Apple's first foldable iPhone Ultra has been delayed from its original fall 2026 launch to early 2027 due to hinge design and PCB process challenges. However, Apple supply chain sources responded: "False." Yum! Brands announced it will sell its Pizza Hut business for $2.7 billion. Yum China will pay $1.2 billion in cash to acquire full ownership of Pizza Hut in mainland China, transitioning from exclusive franchisee to brand owner. Private equity firm LongRange will acquire Pizza Hut operations outside mainland China. Global Macro & Policy Israeli Air Force Commander Omri Tishler confirmed that Israel had planned a large-scale airstrike on hundreds of targets in Iran's interior on June 8, but the operation was canceled one hour before launch after US President Trump urged Israeli Prime Minister Netanyahu not to escalate conflict with Iran. The European Parliament voted to approve legislation related to the EU-US trade agreement. The text will now be submitted to the European Council for final approval. US President Trump previously threatened to impose steep tariffs on EU exports if the agreement is not implemented by July 4. European Central Bank Chief Economist Lane warned that inflationary pressures from Middle East conflicts have not yet fully permeated the economy, and the ECB must prepare for sustained inflation above target levels. Markets and economists widely expect at least one more ECB rate hike this year. The Bank of Japan raised its policy rate by 25 basis points to 1%, the highest level in 31 years. The central bank also decided to suspend further tapering of its bond-buying program starting April 2027, maintaining monthly government bond purchases at around 2 trillion yen. Deputy Governor Shinichi Uchida emphasized the need to remain vigilant on inflation risks and signaled that further hikes remain possible depending on economic and price conditions. The Reserve Bank of Australia held its benchmark rate steady at 4.35%, marking its first pause after three consecutive hikes. The RBA stressed that inflation remains too high and reiterated its readiness to raise rates again if needed to fulfill its mandate of price stability and full employment. US import price index rose 1.9% month-over-month in May, matching April's revised figure. However, import prices rose 6.7% year-over-year, the largest gain in nearly four years. Increases in plastic raw materials, computer equipment, and international air transport costs were the primary drivers. US new home starts plunged 15.4% month-over-month in May, annualizing at 1.18 million units—the lowest level since May 2020. Building permits also declined slightly by 0.7%, annualizing at 1.41 million units. Global Equity Markets US major indices closed mixed: the Dow Jones Industrial Average rose 0.64% to 51,999.67, setting a new record high; the S&P 500 fell 0.57% to 7,511.35; the Nasdaq Composite dropped 1.15% to 26,376.34. JPMorgan Chase rose over 3%, Visa climbed nearly 3%, leading the Dow. The Wind US Magnificent Seven Index declined 0.37%, with Nvidia down over 2% and Tesla off more than 1%. SpaceX gained 4.77%, closing at a $2.65 trillion market cap, surpassing Amazon to become the world's fifth-largest publicly traded company. The Nasdaq China Golden Dragon Index fell 2.5%, with Hesaitech down over 8% and Boss Zhipin off more than 7%. European major indices closed slightly higher: Germany's DAX rose 0.07% to 24,910.41; France's CAC 40 gained 0.75% to 8,447.27; the UK's FTSE 100 advanced 0.61% to 10,494.21. The temporary Iran-US agreement to reopen the Hormuz Strait lifted risk sentiment, while falling oil prices eased inflation concerns. Asia-Pacific indices closed higher: Japan's Nikkei 225 rose 0.13% to 69,404.50, setting a new closing record and briefly surpassing 70,000 intraday. South Korea's KOSPI climbed 2.11% to 8,726.60. India's S&P BSE SENSEX gained 0.71% to 76,808.48. Reports suggest SK Hynsis plans to unveil a shareholder return program of up to 100 trillion won ($66.4 billion) after its US listing, encompassing share buybacks and dividends. SK Hynsis stated it has not discussed the specific scale of the proposed return. Goldman Sachs' global M&A advisory volume has surpassed $1 trillion this year, reaching that milestone nearly a month ahead of its 2021 peak, with the runner-up trailing by over $300 billion. Regulatory easing, abundant financing, and AI-driven industry transformation have significantly boosted corporate M&A appetite. Goldman Sachs remains optimistic about M&A prospects. Bonds China's interbank bond market saw heightened activity, with major interest rate yields generally declining. Five- and seven-year government bond yields, and five- and ten-year policy bank bond yields all fell by more than 2 basis points. Treasury futures closed higher, with the 30-year contract up 0.22%. The People's Bank of China conducted 449.5 billion yuan in reverse repurchase operations, injecting 296.5 billion yuan net liquidity, but funding conditions remained tight as tax payments approached. The Ministry of Finance successfully issued 15 billion yuan in offshore RMB sovereign bonds in Hong Kong, with a subscription multiple of 3.86x. The issuance included 4.5 billion yuan of two-year bonds at 1.29%, 4.5 billion yuan of three-year bonds at 1.33%, 3.5 billion yuan of five-year bonds at 1.49%, and 2.5 billion yuan of ten-year bonds at 1.80%. Approved by the State Council, the Ministry of Finance will issue euro-denominated sovereign bonds in Luxembourg next week, with a size not exceeding 5 billion euros. China Central Depository & Clearing Co. plans to further reduce settlement fees for market makers, lowering the discount on bond trading settlement fees from 80% to 75% for transactions executed via market making. The incentive will be effective from July 1, 2026, to December 31, 2028. US Treasury yields declined across the curve: the 2-year yield fell 0.84 basis points to 4.054%; the 3-year yield dropped 1.41 basis points to 4.094%; the 5-year yield fell 2.82 basis points to 4.162%; the 10-year yield declined 3.36 basis points to 4.439%; the 30-year yield fell 3.81 basis points to 4.942%. Commodities Precious metals futures closed mixed: COMEX gold rose 0.03% to $4,353.00 per ounce; COMEX silver fell 0.08% to $70.12 per ounce. Persistent global central bank buying expectations and eased geopolitical tensions provided support, offsetting uncertainty from divergent Fed policy signals. US crude oil futures fell 5.11% to $76.62 per barrel; Brent crude dropped 4.61% to $79.34 per barrel. The US-Iran memorandum of understanding and confirmation of the Hormuz Strait's reopening signaled immediate Iranian oil exports, causing a sharp retreat in risk premiums. Market expectations of a surge in supply led to profit-taking, with major banks lowering oil price forecasts and driving prices lower. Most base metals on the LME rose: LME lead gained 0.63% to $1,982.50/ton; LME copper rose 0.52% to $13,816.50/ton; LME aluminum climbed 0.34% to $3,391.00/ton; LME nickel advanced 0.25% to $17,955.00/ton; LME tin fell 0.49% to $55,030.00/ton; LME zinc declined 0.79% to $3,561.50/ton. The World Gold Council's 2026 Global Central Bank Gold Reserves Survey showed that 89% of reserve managers expect global central bank gold holdings to increase over the next 12 months. 84% of respondents believe gold's share in global reserves will rise over the next five years, up from 76% last year. FX & Currency Markets On Tuesday, the onshore CNY/USD rate closed at 6.7574, down 2 basis points from the previous close; the offshore rate closed at 6.7575. The PBOC's central parity rate was set at 6.8108, a 20-basis-point depreciation from the prior day. At New York close, the US Dollar Index fell 0.11% to 99.56. Most non-US currencies rose: EUR/USD gained 0.16% to 1.1608; GBP/USD rose 0.11% to 1.3427; AUD/USD fell 0.05% to 0.7067; USD/JPY edged up 0.07% to 160.4650; USD/CAD rose 0.03% to 1.3995; USD/CHF fell 0.19% to 0.7932; offshore CNY/USD rose 26 basis points to 6.7570. Key Economic Events 02:00 EDT, Jun 17: UK CPI for May 02:00 EDT, Jun 17: UK Retail Price Index for May 04:30 EDT, Jun 17: UK DCLG House Price Index for April 05:00 EDT, Jun 17: Eurozone Final CPI for May 07:00 EDT, Jun 17: US MBA 30-year fixed mortgage rate for last week 08:30 EDT, Jun 17: US Retail Sales for May 10:00 EDT, Jun 17: US Business Inventories for April 10:00 EDT, Jun 17: US Existing Home Sales Index for May 10:30 EDT, Jun 17: US EIA Crude Oil Inventories for last week 21:20 EDT, Jun 16: The People's Bank of China has CNY 159 billion in reverse repurchase agreements maturing 22:00 EDT, Jun 16: State Council Taiwan Affairs Office holds a press conference 03:00 EDT, Jun 17: ECB Executive Board Member Chiappori participates in the Salzburg Global Finance Forum 03:30 EDT, Jun 17: Sveriges Riksbank announces interest rate decision 04:00 EDT, Jun 17: IEA publishes monthly oil market report 06:50 EDT, Jun 17: ECB President Lagarde participates in a summit on the impact of AI 09:00 EDT, Jun 17: ECB Governing Council member Slapnik delivers a speech 2026 Lujiazui Forum will be held from June 17 to 18 2026 AI Smart Glasses Ecosystem Conference will be held on June 17 VivaTech 2026, Europe's largest technology event, opens Amazon plans to execute the Leo Europe 3 launch mission [IPO] SENASIC officially lists on the Hong Kong Stock Exchange; Jihechang is available for subscription on the Beijing Stock Exchange today 02:00 EDT, Jun 18: FOMC announces interest rate decision and economic projections 02:30 EDT, Jun 18: Fed Chair Walsh holds a monetary policy press conference 05:30 EDT, Jun 18: Central Bank of Brazil announces interest rate decision