Key News
1. According to Iranian state television, three foreign oil tankers attempting to pass through the Strait of Hormuz "without authorization" were forced to turn back after warnings from the Iranian Revolutionary Guard Navy. This followed Iran's Deputy Foreign Minister's statement that any framework for passage through the strait must be coordinated with Iran, otherwise designated routes would be suspended.
2. A survey released by the European Central Bank on Friday showed that eurozone consumers lowered their inflation expectations for the next year in May, while long-term expectations remained stable. This suggests that the ECB is not facing pressure to raise interest rates again quickly.
3. A Reuters poll: The median survey indicates that the Federal Reserve will keep the federal funds rate in the range of 3.50% to 3.75% until the end of 2027 (while a survey in early June indicated a rate cut).
4. Israeli Defense Minister: If Iran attacks Israel, it will be "making the biggest mistake."
Stock News
1. According to the Financial Times: SpaceX (SPCX.O) plans to bring Starlink mobility services to the US mass consumer market. 2. Honda Motor Co. recorded a massive net loss of 423.9 billion yen in fiscal year 2025, accompanying a shift in its pure electric vehicle strategy, marking its first annual loss since its listing. It expects to return to profitability in fiscal year 2026, achieving a profit of 260 billion yen.
3. Sanofi (SNY.O) is under investigation by EU regulators for allegedly illegally disparaging a competitor's flu vaccine to boost its own profits.
4. On Semiconductor (ON.O) has agreed to acquire Synaptics (SYNA.O) in an all-stock transaction valuing the latter at approximately $6.2 billion.
5. Apple (AAPL.O) may release a base model of its M6 chip this year, but unlike previous years, it will skip the higher-end M6 chip and jump directly to the M7 chip.
6. Stellar (STLA.N) is considering acquiring Magneti Marelli's suspension assets in Italy, while Nippon Balance is acquiring Magneti Marelli's cockpit systems assets in Japan; negotiations are hampered by complex bankruptcy reorganization proceedings.
