The Overnight News Roundup - June 16

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

Jun 16, 2025

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

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IRAN:

Israel and Iran launched fresh attacks on each other's major cities, with exchanges of fire continuing into a third day on Sunday, according to multiple media outlets. (Newsquawk)
Israeli drones on Saturday targeted the South Pars Gas Refinery and the Fajr Jam Gas Refinery. (Tasnim)
US President Trump posted on Sunday: "Iran and Israel should make a deal, and will make a deal, we will have PEACE, soon, between Israel and Iran! Many calls and meetings now taking place." (Truth)
Trump also said on Sunday he hopes there will be a deal between Iran and Israel, but "sometimes you have to fight it out". (Newsquawk)
Trump vetoed an Israeli plan in recent days to kill Iran's Supreme Leader Ayatollah Ali Khamenei, two U.S. officials told Reuters on Sunday. (RTRS)
Trump said on Sunday that it’s possible the US could become involved in the Israel-Iran conflict. (ABC News)
Russian President Putin and US President Trump discussed the escalating crisis between Israel and Iran in a roughly hour-long phone call on Saturday. (BBG)

TRADE:

The renewed US-China trade truce struck in London left a key area of export restrictions tied to national security untouched, specifically US military supplier purchases of rare earth magnets and Chinese purchases of AI chips, an unresolved conflict that threatens a more comprehensive deal, according to Reuters sources. (RTRS)
Taiwan has blacklisted Huawei and SMIC, dealing another major blow to the two companies spearheading China’s efforts to develop cutting-edge AI chip technologies. (BBG)
Japan's top tariff negotiator, Ryosei Akazawa, and US Commerce Secretary Howard Lutnick spoke by phone for 30 minutes on Saturday and explored the possibility of a trade deal, the Japanese government said in a statement. (RTRS)
Japan's Foreign Ministry said PM Ishiba, in a call with Trump, reiterated Japan's views on the US tariff measures. (RTRS)
Trump approved Nippon Steel's $14.9 billion bid for U.S. Steel on Friday, capping a tumultuous 18-month effort by the companies that survived union opposition and two national security reviews. (RTRS)
India has asked state-run miner IREL to suspend a 13-year-old agreement on rare earth exports to Japan and to safeguard supplies for domestic needs, according to Reuters sources, aiming to reduce India's dependence on China. (RTRS)

MACRO:

Trump earned $57.7 million from token sales by the crypto firm he and his sons helped launch last year, according to his required federal financial disclosure forms. (BBG)
California is urging a federal appeals court to maintain a lower court's order limiting the Trump administration's use of National Guard troops in Los Angeles to respond to protests over immigration raids. (BBG)
The BoJ is reportedly weighing a plan to reduce the pace of its JGB purchase tapering by half, cutting quarterly purchases to 200 billion yen starting in April 2026. Set to be discussed at this week's BoJ meeting. (Nikkei)
Public support for Japan’s prime minister is holding up after the government moved to address high rice prices, according to new opinion polls. (BBG)
China's factory output growth hit a six-month low in May, while retail sales picked up steam. (RTRS)
China’s new-home prices fell the most in seven months in May, underscoring why senior government officials are renewing pledges to revive the property market. (BBG)
China's Stats Bureau spokesperson said in order to help the real estate market stop its decline and return to stability more efforts are still needed. (RTRS)
China's top legislature, the NPC Standing Committee, will hold its next meeting June 24-27. (Xinhua)
China’s massive fleet of coal and gas power plants logged the first year-on-year gain in electricity generation for 2025 following blistering heat that baked parts of the country. (BBG)
China churned out a lot less steel in May compared to the previous year as mills responded to the government’s pledge to cut production. (BBG)
ECB's de Guindos said the threat of inflation falling short of the European Central Bank’s 2% target is contained. Said EUR/USD at 1.15 is no big obstacle to the inflation target. (RTRS)
Germany’s economy will return to growth in 2025 after two years of contraction, according to analysts surveyed by Bloomberg who are a little more upbeat on the country’s near-term prospects than other forecasters. (BBG)
The average home value across the UK fell 0.3% in June to £378,240, according to Rightmove data, with sellers in pricey regions offering discounts to offset the impact of increased transaction costs. (BBG)
The RBA is leaning towards publishing unattributed votes from its monetary policy committee only when there is no consensus, with a formal decision on the issue set to be made at the July board meeting. (RTRS)
Singapore’s new private home sales fell to a five-month low in May, as global tariff tensions weighed on demand in the trade-dependent city-state. (BBG)
Kazakhstan has selected Russia’s Rosatom to lead a consortium for the construction of its first nuclear power plant. The China National Nuclear Corp. expected to be lead a group to build a second atomic facility. (BBG)

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GEOPOLITICAL:

US Senator Graham warned that sanctions would be brought to Congress if there was no breakthrough with Russian President Putin, and said he told Trump to alter the strategy with Putin. (RTRS)
Russia said on Sunday an overnight missile and drone barrage struck the large Kremenchuk oil refinery in central Ukraine, which was previously targeted by Kremlin forces in 2022. (BBG)

EQUITIES:

The DoJ is reviewing whether Google’s planned $32 billion acquisition of cybersecurity company Wiz Inc. would illegally limit competition in the marketplace, according to Bloomberg sources. (BBG)
Amazon plans to invest about $13 billion to expand its Australian data center infrastructure, as it seeks to meet the boom in global demand for artificial-intelligence computing. (WSJ)
Boeing predicted airlines will need 43,600 new aircraft over the next 20 years, with markets like China and Southeast Asia leading the push as greater prosperity gives more people the means to travel. (BBG)
Honeywell is open to acquiring more companies in Europe to beef up its portfolio as the region ramps up its defense spending and military capabilities. (BBG)
An experimental weight-loss drug from Eli Lilly & Co., called eloralintide, helped patients lose weight with few side effects in a small study. (BBG)
Sarepta Therapeutics Inc. said a second patient has died of acute liver failure after being treated with its gene therapy for a rare muscle disorder. (BBG)
TSMC’s 2nm yields have hit over 60%, mass production levels, while Samsung struggles at around 40%, making it tougher for Samsung to win clients.
TSMC Arizona has finished its 1st run of chips for Apple, AMD and Nvidia, a milestone for the chip giant.
Nissan Motor CEO Ivan Espinosa said the automaker plans to reduce its stake in French partner Renault. (Nikkei)
Airbus has been sounding out customers appetite for a longer version of its A220-300 jet that would give airlines more seating capacity but at the expense of range. (BBG)
Kering is set to name the CEO of Renault as its next CEO, looking to an Italian manager who’s turned around the French automaker to perform a similar role at the owner of the struggling Gucci fashion label. (BBG)
BT Group CEO Kirkby said that advancements in AI could deepen the job cuts that are already happening at the Co. (FT)
Australia's second-largest gas producer Santos said it intended to support an all-cash $18.7 billion takeover bid from an international consortium led by ADNOC, which wants to grow a global gas business. (RTRS)