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Top Overnight News

President Trump asked Prime Minister Benjamin Netanyahu of Israel to pull back from escalating his country’s strikes against Iran during a call on Monday morning, telling the Israeli leader that the United States and Iran were within days of a breakthrough clearing the way for talks on a long-term nuclear deal. NYT

Trump Says Peace Talks on Track After Israel-Iran Clash Ends: BBG

USTR Greer said to be heading to Silicon Valley to promote onshoring this week: Semafor

China’s exports surged last month on demand for AI-related goods as the world’s second-largest economy shook off the impact of energy shortages from the Middle East. Exports expanded 19.4 per cent in May on a year earlier in dollar terms, exceeding expectations. FT

A sharp fall in China’s oil imports is keeping global prices in check despite a supply crunch lasting more than 100 days due to disruptions in the Strait of Hormuz. China’s int’l oil purchases fell to the lowest level in more than 8 years in May. Nikkei

The BoJ will consider maintaining the current pace of bond purchases beyond next fiscal year, sources said, pausing a taper process that would ‌mark a turning point in its quantitative tightening (QT) plan. But the decision could be a close call as the nine-member board is seen as split between those who want to focus on soothing investor nerves and others who see the need to steadily slow purchases to reduce the BOJ's large balance sheet. RTRS

Japanese policymakers said on Tuesday they stood ready to act decisively against excessive yen falls while remaining vigilant to rising bond yields that could hurt the economy, highlighting ‌the dilemma they faced in countering unfavorable market moves. RTRS

German industrial production grew for the first time since war broke out in Iran, fueling hope that Europe’s largest economy is weathering the jump in energy costs. Output increased 0.4% in April from the previous month, driven mainly by construction. BBG

China is preparing to spend around 2 trillion yuan ($295 billion) over the next five years on building data centers across the country, fueling Beijing’s ambition to propel the domestic AI sector and surpass the US in a potentially game-changing technology. BBG

The $31 trillion Treasury market has an unequivocal message for Kevin Warsh’s Fed: Interest rates aren’t high enough. Yields on two-year notes hovered near their highest level in more than a year. BBG (Ed Note: Push Poll Much?)

An index of US small business optimism fell last month to the lowest level since October 2024, erasing almost all of the gains seen since Trump was elected for a second term. BBG

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