BMW confirms the BMW iX5 will be its first battery-electric vehicle assembled in the U.S., with production due to start at end-2026. BMW Group plans to Assemble at least six BEV models in the U.S. by 2030.

Domestic News 1. The China Securities Regulatory Commission (CSRC) convened a meeting to promote the coordinated work of central and local governments in the comprehensive system for preventing and punishing financial fraud in the capital market. 2. The Ministry of Finance reported that from January to May, the total operating revenue of state-owned and state-controlled enterprises nationwide decreased by 0.7% year-on-year, while total profits increased by 3.5% year-on-year. 3. Eight departments issued a notice on the "Implementation Opinions on Promoting the High-Quality Development of the Industrial Internet," aiming to build 50,000 industrial 5G private networks by 2030. 4. The Ministry of Commerce announced a preliminary ruling on the anti-dumping investigation of pea starch originating from Canada: dumping exists. International News 1. Federal Reserve's Hamack stated that the job market is nearing full employment and the growth outlook is good. Inflation remains too high, and the Fed may need to consider raising interest rates. 2. SK Hynix has submitted its Nasdaq listing application. 3. The US Supreme Court overturned President Trump's restrictions on birthright citizenship. 4. OpenAI found an optimization solution that can halve inference costs. 5. US JOLTs job openings in May totaled 7.594 million, below the expected 7.3 million and the revised previous figure of 7.585 million (originally 7.618 million). 6. Data shows that the UAE's oil exports hit a record high after leaving OPEC. 7. In the four weeks ending June 28, Russia's average daily crude oil exports rose to 4.13 million barrels. This is the highest level since the outbreak of the Russia-Ukraine conflict in 2022. 8. EU: New regulations aimed at protecting the EU steel industry will take effect on July 1. 9. Abu Dhabi National Oil Company proposed a new oil pricing system to better reflect broader market conditions. 10. Japan's Ministry of Finance stated that Japan's foreign exchange market intervention was zero from April 28 to May 27. 11. Middle East Situation ① Three different shipping routes have emerged in the Strait of Hormuz. ② Oman has reportedly proposed a toll scheme for the Strait of Hormuz; whether it will be mandatory is controversial. ③ Iranian Foreign Ministry Spokesperson Baghae: Dialogue with mediator Qatar on implementing the interim agreement between Iran and the United States may be held in Doha on Wednesday, with topics including the release of unfrozen assets. ④ Qatari Foreign Ministry Spokesperson: There are currently no plans for a high-level meeting between the US and Iran. ⑤ Iranian Foreign Ministry Spokesperson Baghae: Iran is determined to uphold its rights to manage the Strait of Hormuz.

CIBC Capital Markets economist Andrew Grantham says stronger-than-expected April data point to Canada Q2 GDP of about 2.5% annualized. Industry GDP rose 0.5% MoM in April and Statistics Canada’s preliminary estimate shows May GDP +0.1% MoM. Grantham said a 2.5% Q2 pace would exceed the Bank of Canada’s 1.5% projection but would not, on an output-gap basis, fully offset Q1’s 0.1% annualized contraction. CIBC retains its call for the Bank of Canada to keep the policy rate unchanged this year.