The Overnight News Roundup - June 26

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

Jun 26, 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:

China added two precursors to a list of controlled chemicals starting July 20th which are "considered fundamental to resolving the fentanyl issue," raising hopes that the 20% tariffs could be eventually lifted, according to a source familiar with U.S. government thinking speaking to Reuters. (RTRS)
A tax proposal that would enable Trump to retaliate against countries that impose taxes he considers unfair could be removed from the budget bill if an international deal can be struck before it passes, top White House and congressional Republicans said on Wednesday. (RTRS)
Japan's trade negotiator said Japan will continue trade negotiations with the US keeping in mind the date of July 9th, though it will set no deadline for talks. "The 25% auto tariff is not something we can accept," said Akazawa, repeating previous remarks. (RTRS)
Tokyo Gas Co. is in discussions with multiple US LNG suppliers to secure a long-term purchase agreement, as rising energy demand leaves Japan increasingly dependent on the fuel source. (BBG)
EU leaders are to tell the European Commission on Thursday if they want a quick trade deal with the US at the cost of Washington getting better terms, or to escalate the fight in hope of something better. (RTRS)

MACRO:

U.S. Treasury Secretary Bessent extended the department's authority to continue extraordinary cash management measures to keep from breaching the federal debt ceiling by nearly a month, until July 24. (RTRS)
Foreigners divested Japanese stock for the first time in 12 weeks in the week through June 21 on caution over the Israel-Iran conflict and its impact on Japanese oil imports and inflation. (RTRS)
Apartment rents in Tokyo are rising at the fastest pace in 30 years in the latest sign for the Bank of Japan that the nation’s inflation trend is spreading deeper through the economy. (BBG)
A Chinese state planner official said with policy implementation and introduction, "we are confident and capable to minimize the adverse impacts from external shock". (RTRS)
Chinese premier Li Qiang said on Thursday reforms and a shift to a consumption-led model in the world's No. 2 economy will help it continue to be the world's biggest driver of economic growth. (RTRS)
China by next year will overtake Australia as the world's top miner of the battery metal lithium, according to a forecast from consultancy Fastmarkets, and its market prowess is expected to grow through 2035 even as many Chinese producers remain unprofitable. (RTRS)
China’s imports of LNG are poised to decline for an eighth month on a year-on-year basis, according to data from Kpler, as piped and domestically produced supply remain robust. (BBG)
The Shanghai Gold Exchange has expanded outside mainland China for the first time, with the roll out of two new contracts and a bullion vault in Hong Kong. (BBG)
Hong Kong's de facto central bank said on Thursday it bought US$1.2 billion worth of Hong Kong dollars after the local currency hit the weak end of its trading band. (RTRS)
Hong Kong's home prices largely stayed flat in May, government figures showed on Thursday, supported by falling mortgage rates. (RTRS)
German consumer sentiment edged lower for the first time in four months as households opted to boost savings, despite greater optimism surrounding their income prospects. (WSJ)
Brazil’s Congress voted to block President Luiz Inacio Lula da Silva’s proposed tax increases on some financial transactions, dealing a major blow to the government’s efforts to shore up its budget. (BBG)
Taiwan’s dollar rallied to its strongest in three years amid inflows to its stock market and broad-based weakness in the greenback. (BBG)
The Bank of Korea said it’s revamping its liquidity tools as it seeks to boost its ability to respond during periods of financial market stress. (BBG)

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GEOPOLITICAL:

Greenland’s biggest miner Amaroq Minerals Ltd is in talks with several state-backed agencies as Donald Trump’s political spotlight translates into concrete investor interest, the company’s chief executive officer said. (BBG)

EQUITIES:

Micron Technology notched a big leap in sales and earnings for its latest completed quarter amid booming demand for AI-driven memory, whilst also guiding above analyst expectations. Shares initially surged 7% after hours before fading to c. 1%. (RTRS)
Meta CEO Mark Zuckerberg has poached three OpenAI researchers to join his superintelligence efforts, a recruiting coup intended to help steer Meta Platforms out of an AI crisis. (WSJ)
The Defense Department’s proposed $961 billion budget for the fiscal year beginning Oct. 1 includes funding to purchase 24 F-35 fighters, 21 new model F-15 jets and two Virginia-class submarines. (BBG)
Mars Inc.’s $36 billion takeover of snack maker Kellanova was given the green light by the US Federal Trade Commission on the same day European Union regulators opened up a lengthy probe of the deal. (BBG)
Jefferies Financial Group Inc.’s second-quarter earnings declined on a slump in the firm’s investment-banking and capital-markets businesses, with activity muted by economic and geopolitical turmoil. (BBG)
Amazon MGM Studios announced Wednesday that Denis Villeneuve will direct the next James Bond movie. (BBG)
Enbridge Inc. said any new Canadian oil pipeline would require legislative changes, including shortened timelines for approval. (BBG)
Shell said it hasn’t made a approach to BP, denying it was in talks for what would be largest oil deal in a generation. (WSJ)
H&M reported better-than-expected profit, helped by tighter cost control and strong demand for its women’s fashion and sportswear ranges, a sign CEO Daniel Erver’s turnaround strategy is finally progressing. (BBG)