Key News:
1, Reports suggest a US-Canada agreement may be reached next week, and US-EU tariff negotiations are progressing in the right direction.
Tariffs:
Reports suggest a US-Canada agreement may be reached next week; the Canadian Prime Minister stated that if negotiations fail, Canada is prepared to take retaliatory measures against the US;
EU trade officials: Negotiations with the US are steadily advancing in the right direction;
UK Prime Minister: Very confident in being able to reduce US tariffs in a very short time;
US Commerce Secretary: Will complete analysis and establish tariff standards for aircraft parts by the end of the month; there will be no mutual elimination of tariffs and barriers with Vietnam.
Mexico will announce measures to address US steel and aluminum tariffs next week.
2, US May 'small non-farm' employment figures far below expectations, services sector contracts for the first time in nearly a year.
Economic Data:
ADP employment numbers for May show an increase of 37,000 jobs, far below the expected 110,000, and previous figures were 62,000.
US ISM Non-Manufacturing Index for May drops to 49.9, marking the first contraction in nearly a year, expected to rise from 51.6 to 52.
3, Trump again calls on Powell to cut rates, revealing that Putin will respond significantly to the attack on Russian airports.
Trump on ADP data: 'Too late, Mr. Chairman' Powell must now cut rates.
Trump: The debt ceiling should be completely eliminated, calling for bipartisan cooperation to achieve this.
Trump spoke with Putin for 75 minutes, revealing that Putin 'strongly' indicated he would respond to the attack on Russian airports, and he also stated that he was unaware of the attack beforehand.
4, US Congressional Budget Office: Trump's tax plan will increase the US deficit by $2.4 trillion over 10 years.
5, Musk continues to criticize Trump's tax plan, publicly calling on fans to contact lawmakers to reject the bill.
Musk posted more than 25 criticisms of the massive spending bill in one day, claiming the bill will bankrupt the US. The Trump-Musk relationship may face its toughest test yet.
Several people who have spoken with Musk indicated that he privately expressed dissatisfaction with the cuts to electric vehicle tax credits in the spending bill.
Former comrades, now enemies; the pursuit of profit makes us see that there are no eternal relationships.
6, Federal Reserve Beige Book: The report released by the Fed on Wednesday shows that the US economy has declined in the past six weeks, hiring has slowed, and consumers and businesses are worried about rising prices related to tariffs.
7, The Bank of Canada maintains the key interest rate, but may cut rates in the future. The Canadian dollar has risen to a new high.
8, Federal Reserve Governor Michelle Bowman was approved by the Senate on Wednesday to serve as Vice Chair for Supervision at the central bank, marking a further shift toward easing financial regulation during Trump’s presidency.
9, Rich diplomacy, closed-door isolation
The Trump administration announced a comprehensive suspension of entry for citizens from 12 countries into the US and restricted foreign student visas at Harvard University! This is the most controversial upgrade to Trump's immigration policy and may trigger a new wave of legal battles!
Today's Focus:
17:00, Eurozone April PPI Monthly Rate
19:30, Challenger Job Cuts in the US for May
20:15, ECB announces interest rate decision
20:30, Initial claims for unemployment benefits in the US for the week ending May 31, US April trade balance
20:45, ECB President Lagarde holds a monetary policy press conference
