The Overnight News Roundup - June 17

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

Jun 17, 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:

The US is discussing with Iran the possibility of a meeting this week to discuss a diplomatic initiative involving a nuclear deal and an end to the war, which could be a make-or-break moment for whether the US will join the war. (Axios)
Trump sees the massive bunker busters needed to destroy Iran's underground enrichment facility at Fordow — which the U.S. has and Israel does not — as a key point of leverage to get Iran to cut a deal. (Axios)
Trump on AF1 said "I didn't say I was looking for a ceasefire". He said he wants "a real end," with Iran "giving up entirely" on nukes. (CBS)
Trump posted on Truth Social, "Iran should have signed the “deal” I told them to sign. What a shame, and waste of human life. Simply stated, IRAN CAN NOT HAVE A NUCLEAR WEAPON. I said it over and over again! Everyone should immediately evacuate Tehran!". (Truth)
Trump left the G7 summit in Canada a day early without new trade deals, after signing onto a joint statement that calls for peace and stability in the Middle East. (WSJ)
Trump cutting his G7 trip short, in addition to his Truth post telling everyone to evacuate Tehran, led to speculation and reports in Israeli press that the US had joined the war (with oil prices rising during the period), albeit a White House spokesperson denied the reports of the US involvement. (Axios)
Trump posted on Truth, "Publicity seeking President Emmanuel Macron, of France, mistakenly said that I left the G7 Summit, in Canada, to go back to D.C. to work on a “cease fire” between Israel and Iran. Wrong! He has no idea why I am now on my way to Washington, but it certainly has nothing to do with a Cease Fire. Much bigger than that. Whether purposely or not, Emmanuel always gets it wrong. Stay Tuned!" (Truth)
Tanker rates for vessels carrying refined oil products from the Middle East have surged in recent days, as the exchange of fire between Israel and Iran makes hauling fuel through the Strait of Hormuz more risky. (BBG)
The G7 nations expressed support for Israel in a statement issued late on Monday and labeled its rival Iran as a source of instability in the Middle East, with the G7 leaders urging broader de-escalation of hostilities in the region. (RTRS)
A blaze that had been spotted in waters off the UAE and near the entrance to the Strait of Hormuz is not security related, according to a maritime risk management firm active in the area. (BBG)

TRADE:

Japanese PM Ishiba and U.S. President Trump agreed to push ahead with trade talks on Monday, but failed to achieve a breakthrough that would lower or eliminate tariffs that threaten to hobble the Japanese economy, with auto tariffs remaining an issue. (RTRS)
US Commerce officials weighed new export limits on technology to China in case the recent trade talks in London did not go well. Restrictions would have covered semiconductors, potentially disrupting supply chains for smartphones and cars. (WSJ)
Trump signed an agreement on Monday formally lowering some tariffs on imports from Britain as the countries continue working toward a formal trade deal. Tariffs have been eliminated on UK aerospace sector but the UK is still looking to avoid elevated tariffs on steel and aluminum imports. (RTRS)
The EU has refused to hold a flagship economic meeting with Beijing ahead of a leaders’ summit next month because of a lack of progress on numerous trade disputes, according to FT sources. (FT)
One of Australia’s top asset managers, AMP, has frozen new long-term investments in the US, citing mounting uncertainty over President Donald Trump’s policies. (BBG)

MACRO:

A mild hawkish reaction in yen assets was seen after the BoJ stood pat on rates as expected and announced it plans to reduce the amount of bond purchase tapering by JPY 200bln each quarter starting from April 2026, in line with source reports. (Newsquawk)
Yen saw renewed weakness in the post-meeting Ueda presser, where he said the BoJ judged that downside risks are bigger for the economy and prices. (Newsquawk)
Senate Republicans detailed major revisions of the House’s giant tax-and-spending bill, offering more permanent business tax breaks, deeper cuts to Medicaid, slower phaseouts for clean-energy tax credits and a much lower cap on the state and local tax deduction. (WSJ)
'Trump Struggles to Press Deportations Without Damaging the Economy' WSJ article notes the President shifted his strategy after complaints that workplace raids were hurting businesses—but some in his administration still argue for an aggressive approach. (WSJ)
Central banks expect to keep buying more gold this year, and anticipate their holdings of US dollars will fall over the next five years, according to a World Gold Council survey of global monetary authorities. A record 95% of more than 70 central banks expect to increase gold holdings over the next 12 months. (FT)
Citigroup expects Gold to sink back below $3,000 an ounce in the coming quarters as a record-setting run peters out, according calling time on one of the standout rallies in commodities. (BBG)
Izzy Englander’s Millennium Management has been in discussions to sell a minority stake that values the hedge fund colossus at roughly $14 billion, according to Bloomberg sources. (BBG)
Goldman Sachs expects China’s demand for new homes in cities to stay at 75% below its 2017 peak in the coming years due to a shrinking population and expectations of price declines that have been hurting investment interest. (BBG)
Global hedge funds posted their biggest jump in trading volumes across Asian markets in over five years last week, a Goldman Sachs note showed, with Japan, Hong Kong, Taiwan, and India bought whilst onshore China saw short selling. Bullish positions in Asia between June 6 and June 12 hit their highest level since September 2024. (RTRS)
ECB's Lagarde, in an FT op-ed, called on policymakers to seize the moment and increase the euro’s global profile as Donald Trump’s policies undermines confidence in the US dollar. (FT)
UK Chancellor Reeves is exploring reversing a decision to charge UK inheritance tax on the global assets of non-doms. (FT)
Saskatchewan could more than double oil production to as much as 1 million barrels a day if federal regulations were eased, Premier Scott Moe said. (BBG)
South Korea’s efforts to improve corporate governance as well as end a controversial short-selling ban have strengthened the nation’s bid for an upgrade to developed-market status in MSCI Inc.’s indexes. (BBG)
Brazilian President Lula’s efforts to shore up Brazil’s budget are on the brink of another setback after Congress advanced a push to block tax increases on some financial transactions from taking effect. (BBG)

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GEOPOLITICS:

Trump indicated at the G7 summit that he is in no rush to impose tougher sanctions on Russia, dismissing pressure from allied leaders eager to do more to push Moscow to the negotiating table. (BBG)
The US State Department has signed off on the potential sale of military hardware to Australia valued at an estimated $2 billion (A$3.1 billion), including fighter jet spare parts. (BBG)

EQUITIES:

The Senate’s draft tax bill calls for increasing an investment credit for semiconductor manufacturers, a potential boon for chipmakers that the Trump administration is urging to increase the size of their US projects. (BBG)
Amazon Web Services is emerging as a key customer for SK Hynix's High Bandwidth Memory business. Furthermore, AWS plans to launch its self-developed 3rd generation AI chip as early as the end of this year. In response, SK Hynix is understood to be preparing for the timely supply of its HBM3E 12-layer product. (ZDNet)
'OpenAI and Microsoft Tensions Are Reaching a Boiling Point' WSJ article notes OpenAI, growing frustrated with its partner, has discussed making antitrust complaints to regulators. (WSJ)
OpenAI has won a $200 million contract for a pilot program aimed at helping the US Defense Department determine how it could use artificial intelligence for a range of administrative and security tasks. (BBG)
UnitedHealth Group Inc. is cutting commissions for brokers on some Medicare Advantage plans, according to documents reviewed by Bloomberg News, a move that appears designed to discourage agents from selling those plans. (BBG)
Oracle is unveiling a program that it says will help vendors more easily sell technology, including artificial intelligence, to the Department of Defense. (WSJ)
Electric cars are losing their appeal for new drivers in Western nations, even as existing owners report increasing satisfaction with their battery-powered vehicles, according to a survey conducted by Shell Plc. (BBG)
KKR to Acquire Australian Power Provider Zenith Energy. (WSJ)
SoftBank Group Corp. raised around $4.8 billion through a sale of T-Mobile US Inc. shares, a move that helps fund the Japanese company’s grandiose plans for artificial intelligence. (BBG)
Mitsubishi is in talks to acquire assets owned by U.S. natural-gas producer Aethon Energy Management for about $8 billion, according to WSJ sources. (WSJ)