SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
US Stock Futures Rise as US-Iran Ceasefire Hopes Boost Market Sentiment 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Gold Price Falls as Fed Rate Hike Fears and U.S.-Iran Tensions Weigh on Bullion 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
Economic pessimism has set in – but there are reasons for Australians to be hopeful 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
Asian Stocks React to Cooling Rally and Stimulus Talks
Asian stock markets showed little movement on Thursday, following a rally sparked by Donald Trump’s 2024 U.S. election victory, as attention shifted to stimulus measures in China and the upcoming U.S. Federal Reserve meeting.
Chinese Markets and NPC Focus
Chinese stocks saw modest gains, with the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes both up 0.4%, while Hong Kong’s Hang Seng index rose nearly 1%. Investors remained focused on the National People’s Congress (NPC) meeting, which began earlier this week, expecting an announcement on additional fiscal stimulus to support the economy. Chinese markets had initially been wary of Trump’s proposed 60% trade tariff on imports from China, but Beijing’s response, including a congratulatory message to Trump and a phone call with President Xi Jinping, helped stabilize sentiment.
Japan and Regional Market Movements
In Japan, the Nikkei 225 index fell 0.3%, reversing some of the 2.6% gain from the previous session, while the TOPIX index gained 0.8%. The yen weakened against the dollar, contributing to gains in export-focused stocks like Toyota, despite a disappointing earnings report. Broader regional markets moved in a narrow range, as initial optimism from Trump’s election win faded.
Australian and South Korean Markets
Australia’s ASX 200 dropped 0.2%, reflecting a weak trade balance due to low demand from China. South Korea’s KOSPI also fell 0.2%, and Indian markets are expected to open flat after a sharp rebound earlier this week.
