Industry sources say TSMC, Samsung and SK Hynix are buying up electronic-grade hydrofluoric acid (HF). Since the start of the year, Middle East geopolitical tensions have pushed up sulfur, sulfuric acid and anhydrous HF prices, lifting electronic-grade HF costs; some suppliers have raised prices roughly 20–30% year-to-date.

US Apr S&P/Case-Shiller 20-City unadjusted home price index +1.1% YoY vs. +0.9% est; prior revised from +0.83% to +0.9%.

China International Capital Co says gold has likely priced in excessive Fed rate-hike expectations and could see some giveback this year. The macro team argues persistent labor and consumption pressures, plus rising financing demand from the US AI-driven economy, make a materially hawkish Fed unlikely; policy may be “hawkish in name but dovish in practice.” Using a model that infers rate expectations from gold, the note estimates the current ~$4,000/oz gold price implies pricing for roughly 3–4 further hikes, above what interest-rate futures currently show. If falling oil prices feed through to US near-term inflation, the market’s pricing of hikes could be revised lower, creating short-term buying/covering opportunities in the futures market.