The Overnight News Roundup - June 13

Your Daily Edge: Overnight Headlines for Traders, Analysts, and Market Observers

Jun 13, 2025

PiQ and Zack Eiseman provide you with a consolidated roundup of the overnight news that matters most to markets.

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TRADE:

Chinese engineers are transporting hard drives with AI training data to Malaysia to bypass U.S. chip restrictions. The US is considering measures to prevent Chinese access to AI chips via overseas locations such as Malaysia. (WSJ)
Japan will remain steadfast in its request for a review of U.S. tariffs and would not accept a partial agreement, Tokyo's chief tariff negotiator Ryosei Akazawa said. (RTRS)
Japan’s trade negotiator Akazawa expects a trade deal with the US to spare Tokyo from higher auto tariffs, even if Trump decides to increase them against other nations. (BBG)
Japanese Finance Minister Kato said he had not specifically discussed Japan's $1 trillion-plus holdings of U.S. Treasury securities during past meetings with U.S. Treasury Secretary Bessent. (RTRS)

MACRO:

House Republicans narrowly passed a $9.4 billion rescissions package that includes cuts to foreign aid as well as the entity that funds National Public Radio and the Public Broadcasting Service. (WSJ)
A federal judge ruled President Trump illegally federalized the California National Guard during L.A. protests. Judge ordered the Guard be returned to California Gov. Gavin Newsom, as Trump bypassed process for federal control. (WSJ)
BoJ officials see prices rising a little stronger than they expected earlier in the year, a factor that may open the door to discussions over whether to raise interest rates if global trade tensions ease, according to Bloomberg sources. (BBG)
Japan's upcoming upper house election is set for July 20, as PM Ishiba decided not to extend the current parliamentary session. (Asahi)
UK employers scaled back hiring further in May in the wake of the sharp tax increases imposed by the Labour government and US President Donald Trump’s trade war, according to an REC and KPMG survey. (BBG)
Taiwan’s dollar rallied to the strongest level in three years on global stock inflows, exporters’ sales of the greenback and easing trade tensions. (BBG)
South Korean President Lee Jae-myung will meet the heads of the country’s biggest conglomerates Friday, as he seeks to jumpstart a flagging economy. (BBG)
Peru held interest rates unchanged as the central bank gauges whether US tariff policy will jeopardize its combination of the fastest growth and the lowest inflation among Latin America’s major economies. (BBG)

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GEOPOLITICS:

Risk off with bids in oil and gold after Israel launched a series of strikes against Iran on Friday morning, targeting nuclear and missile facilities and killing the nation’s top three generals. 200 warplanes participated with hundreds of bombs dropped, marking the biggest attack on Tehran since the Iran-Iraq war decades ago. (NYT)
Israel also struck Iran’s air defenses, long-range missile facilities, weapons depots, laboratories and the homes and headquarters of senior officials, according to Israeli defense officials. (NYT)
Israel described the strikes as a pre-emptive step to keep Iran from acquiring nuclear weapons. (NYT)
Israeli PM Netanyahu said the military operation would last “as many days as it takes.” An Israeli ambassador later said it would take days, not months. (WSJ/RTRS)
Iran has already launched more than 100 drones toward Israel in the past few hours in its first wave of response. However, those drones are being intercepted in airspace currently. (Newswires)
Iran’s foreign ministry has said the attack could not have happened without “coordination and authorization” from the US. (Newswires)
Iran has informed the IAEA that there has been no increase in radiation levels at the Natanz nuclear site, and that the Bushehr nuclear power plant has not been targeted, Rafael Grossi, the organization’s chief, said in a statement. (NYT)
Iran announces on state television it will not participate in nuclear negotiations with the US on Sunday and until further notice. (Newswires)

EQUITIES:

Investigation into the Air India Boeing 787-8 crash is reportedly focusing on whether a loss or reduction in engine (GE) thrust occurred, and if that factored into the incident, via WSJ citing sources. (WSJ)
Adobe raised its full-year results forecast, helped by continued demand for its AI-powered software tools that generate images and video content. (RTRS)
Kenvue is exploring a sale of some of its skin-care and beauty brands, Reuters sources reported. (RTRS)