The Overnight News Roundup - June 27

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

Jun 27, 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:

US President Trump said on Thursday the US signed an agreement with China on Wednesday related to trade but he did not specify what he was talking about. (RTRS)
FBN's Lawrence, citing a White House source, said the two sides signed paperwork finalizing what the two sides agreed upon in London last week, speeding up rare earth exports, and this is not a comprehensive trade deal. (FBN)
The U.S. and other countries reached an agreement to exempt U.S.-based companies from some corporate taxes that were part of a 2021 international minimum-tax agreement, Treasury Secretary Scott Bessent said Thursday. (WSJ)
US Commerce Secretary Lutnick said the White House has imminent plans to reach agreements with a set of 10 major trading partners. (BBG)
The EU is considering lowering tariffs on a range of U.S. imports in a bid to clinch a speedy trade deal with President Trump, according to WSJ sources. (WSJ)
European Commission President von der Leyen said the EU had received the "latest U.S. document" for further negotiations on tariffs. "All options remain on the table," she told reporters following a EU summit in Brussels. (RTRS)
Japan will take additional action to ease the impact of US tariffs on the auto sector as needed and “without hesitation,” its economy minister said. Said he looks forward to an agreement that is beneficial for both. (BBG)
Thai Finance Minister Pichai Chunhavajira will visit the US next week for tariff negotiations in an attempt to clinch a trade deal ahead of Washington’s deadline on July 9. (BBG)
Japan has decided to impose 95.2% anti-dumping duties on graphite electrodes from China for five years starting next month, the finance ministry said on Friday, solidifying a provisional measure it implemented in March. (RTRS)
Taiwan's finance ministry said on Friday it would impose anti-dumping duties on Chinese-made beer and hot-rolled steel for four months starting on July 3, citing substantial damage to Taiwan's industry. (RTRS)

MACRO:

Several of Republicans’ largest proposed spending reductions can’t be done as written in the fast-track budget process they are using to advance their megabill, the Senate parliamentarian determined, dealing a setback to the GOP’s hopes of passing their plans quickly. (WSJ)
Fed's Kashkari said recent U.S. inflation data has been "quite positive" but some of the inflationary effect of tariffs may just be delayed. "We still need to get a better assessment of what impact tariffs are going to have on the economy," he said. "We just don't know yet." (RTRS)
House Republicans aim to get the Senate’s landmark stablecoin legislation — known as the Genius Act — to President Donald Trump’s desk for signature as soon as the week of July 7, according to Bloomberg sources. (BBG)
Core consumer inflation in Japan's capital slowed sharply in June (3.1% vs prev. 3.6%; exp. 3.3%) due to temporary cuts to utility bills but stayed well above the central bank's 2% target. (RTRS)
Japanese Finance Minister Kato said the ministry will continue cautious consideration of possibility of buybacks of previously issued bonds. (RTRS)
Individual investors in Japan are boosting their purchases of government bonds at the fastest pace in 18 years as a rise in yields enhances the asset’s appeal for households weathering the impact of persistent inflation. (BBG)
Japan’s once conservative pension funds are putting more of their cash in alternative assets to push up returns. (BBG)
China’s industrial profit declined in May from a year earlier, reversing gains seen in the prior month, as weak demand and U.S. trade tariffs weighed on profitability. (WSJ)
Reuters poll showed China's factory activity likely shrank for a third straight month in June, as manufacturers await a more durable deal in a fragile trade truce with the U.S. to revive shipments to the world's top consumer market. (RTRS)
China's total gold imports via Hong Kong fell 1.5% in May from April, Hong Kong Census and Statistics Department data showed on Friday. Note China also imports gold via Shanghai and Beijing. (RTRS)
FX traders are focusing on euro call options, with volumes betting on a break of $1.20 climbing over the past week, signaling fresh funds are piling into bullish euro strategies. (BBG)
ECB's Knot, when asked about market expectations of one more 25bps cut by the end of the year, Knot said that possibility was “difficult for me to exclude”, via FT. (FT via Newsquawk)
The BoE is facing growing calls to scale back its bond-selling programme later this year, as investors warn it risks pushing up borrowing costs further and adding to pressure on a weakening UK economy. (FT)
Britain's statistics office will split its leadership and invest more money as part of a push to fix problems with its economic data that have hampered the Bank of England and exasperated private economists. (RTRS)
UK vehicle production collapsed in May to the lowest level since 1949 after US President Donald Trump’s tariff war forced Aston Martin and other British carmakers to halt their shipments to the US. (FT)
Thailand’s central bank is ready to tackle excessive baht volatility by managing any moves “unhinged” from its fundamentals, a deputy governor said, amid calls from local businesses to temper the currency’s rally to help exports and tourism. (BBG)
Taiwanese investors are unloading their holdings in US-focused exchange-traded bond funds at the quickest pace since the onset of the Covid pandemic. (BBG)
Inflows into foreign-traded Turkish ETFs, funds that serve as barometers of international interest in the country’s equities, are showing signs of renewed interest in a stock market that has missed this year’s emerging-market rally. (BBG)
Mexico's banking regulator said it will temporarily step in to manage three financial institutions, CIBanco, Intercam Banco and Vector Casa de Bolsa sanctioned by the U.S. for alleged involvement in money laundering linked to organized crime. (RTRS)
Moody’s Ratings and S&P Global Ratings downgraded Colombia’s credit, citing the worsening debt burden and the decision to suspend the fiscal rule that curbed government borrowing. (BBG)
Argentina’s Cordoba Province tapped fixed-income investors Thursday in the country’s first international debt sale by a local government since President Javier Milei took office in late 2023. (BBG)
Kazakhstan expects to sign an intergovernmental agreement with Russia on the construction of Kazakhstan's first nuclear power plant by the end of this year. (TASS)

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GEOPOLITICAL:

Iran denied that nuclear talks with the US are scheduled to resume, diminishing prospects for diplomacy after President Donald Trump suggested a deal could come as early as next week. (BBG)
Indian Defence Minister Rajnath Singh told his Chinese counterpart that the two countries should seek a "permanent solution" to their decades-old border dispute, India's defence ministry said on Friday. (RTRS)

EQUITIES:

Nike said it expects the decline in its sales and margins to slow in the current quarter as it continues to clear aged inventory and crank up marketing as its turnaround strategy progresses. Nike also said it would cut its reliance on production in China for the U.S. market to mitigate the impact from U.S. tariffs. (WSJ/RTRS)
Walgreens Boots Alliance saw sales increase and losses narrow in its latest quarter, a potential harbinger of coming improvements as the company prepares to go private. (WSJ)
Alphabet Inc. has plucked its new cloud finance chief from Oracle Corp., deepening a potential rivalry in the industry. (BBG)
A new sport-utility vehicle launched by Xiaomi has drawn a rush of first-day orders, signaling the arrival of what analysts say might be a “Tesla killer.” (WSJ)
Alibaba elevated e-commerce head Jiang Fan while trimming the members of a longstanding leadership body, as the Chinese tech giant pivots toward AI and overseas expansion. (BBG)
SoftBank Group CEO Masayoshi Son on Friday said he wants the Japanese technology investment group to become the biggest platform provider for "artificial super intelligence" within the next 10 years. (RTRS)
Tokyo Electron Ltd. is on course to widen its lead against Chinese chip tool makers despite the billions of dollars Beijing is mobilizing to catch up, according to the Japanese company’s chief. (BBG)
Toyota Motor’s sales reached a third straight monthly record in May on strong demand for hybrid vehicles in the US, Japan and China. (BBG)
Centrica is set to take a 15 per cent stake in the UK’s Sizewell C nuclear project after years of delay and months of drawn out negotiations. (FT)
Novo Nordisk’s new injectable obesity drug has the potential to deliver higher weight loss than both of the current market blockbusters, an early stage trial has found. (FT)
Mediobanca plans to return €4.9 billion to shareholders by 2028, as the Italian lender seeks to defend against a takeover bid from rival Banca Monte dei Paschi. (BBG)