Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
China Agrees to Buy 20 Million Tons of U.S. Coal 
US 10-Year Treasury Yield at 6% Emerges as New Market Risk Threshold 
Germany’s 2026 Growth Outlook Strengthens on Fiscal Spending 
Fed’s Hammack Says Bond Yield Surge Is Not Driven by Inflation Fears 
Dollar Falls as Oil Eases, Yen Jumps on Intervention Signals 
Wall Street Ends Flat as Oil, Treasury Yields and Fed Jitters Rattle Markets 
Trump, Xi Focus on Trade and AI at White House Summit 
Asian Stocks Fall as Surging Bond Yields Rattle Markets 
Japanese Bank Stocks Surge as Bond Yields Fuel Rate Hike Bets 
UK PM Burnham to Unveil Economic Vision at Labour Conference 
Mexico-US Trade Talks Delayed to October as Tariff Negotiations Continue 
European Stocks Fall as Bond Yields and Geopolitical Risks Weigh 
Soybean Futures Slip as Traders Await Trump-Xi Trade Signals 
Asian Currencies Mixed as Dollar Holds Near Two-Month High 
Fed Unveils Stablecoin Rules Under GENIUS Act 
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Oil prices extended losses on Friday, poised for a second consecutive weekly decline amid growing expectations of an OPEC+ production hike and renewed trade tensions following a court decision on U.S. tariffs. Brent crude slipped 0.48% to $63.84 a barrel, while U.S. West Texas Intermediate (WTI) dropped 0.51% to $60.63. Both benchmarks are down approximately 1.5% this week.
Market sentiment was dampened by the likelihood that OPEC+—the alliance of the Organization of the Petroleum Exporting Countries and allies—could announce another production increase during Saturday’s meeting. Analysts, including Westpac’s Robert Rennie, suggest the upcoming output hike may exceed the 411,000 barrels per day agreed in prior meetings.
Adding to the bearish tone, JPMorgan analysts noted that a growing global oil surplus, estimated at 2.2 million barrels per day, may prompt further price corrections. They forecast crude prices will likely stay within current ranges before slipping into the high $50s by year-end.
In the U.S., legal volatility added uncertainty as a federal appeals court reinstated President Donald Trump’s sweeping tariffs, reversing an earlier block. The initial removal had triggered a 1% drop in oil prices on Thursday. Overall, crude has declined over 10% since Trump’s “Liberation Day” tariff announcement on April 2.
Meanwhile, demand outlook remains mixed. While U.S. oil consumption surged over Memorial Day, supporting short-term demand, recession fears linked to the trade conflict continue to weigh. Washington’s recent move to halt shipments of ethane and butane to China without a license further strained U.S.-China relations. JPMorgan data shows global oil demand is rising at 400,000 barrels per day—250,000 below expectations as of late May—highlighting lingering demand-side concerns.
