The Overnight News Roundup - June 30

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

Jun 30, 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:

Canada has withdrawn its digital services tax on technology companies such as Meta Platforms Inc. and Alphabet Inc. in a move to restart trade talks with the US. (BBG)
Trump said in a Fox News interview broadcast on Sunday that he had found a buyer for the TikTok short-video app, which he described as a group of "very wealthy people" whose identities he will reveal in about two weeks. (Fox)
U.S. officials are drawing up plans for Trump to visit China later this year with a delegation of dozens of CEOs. (Nikkei)
Trump said in a Fox News interview broadcast on Sunday that Japan engages in "unfair" automobile trade with the US and should increase its imports of U.S. energy resources and other goods to help reduce the U.S. trade deficit. (Fox)
French finance minister Eric Lombard said the EU can clinch some form of a trade agreement with the US before the July 9 deadline. (BBG)
China’s export controls are spilling over into products beyond the rare earths and magnets officially identified by Beijing, threatening broader supply chain disruption and undermining US claims that a new trade deal had resolved delays to shipments. (FT)
The trade deal signed between Trump and UK PM Starmer lowering some tariffs on imports from Britain has come into effect, the British government said on Monday. (RTRS)
India’s trade team has extended its stay in Washington to iron out differences as the two sides look to clinch a deal before a July 9 deadline when higher US tariffs are set to kick in, according to Bloomberg sources. (BBG)
Taiwan said it’s made “constructive progress” in a second round of trade talks with the US. (BBG)
China has lifted a 2023 ban on imports of seafood from most parts of Japan, removing an irritant in relations with its neighbor by starting to implement a deal reached last September. (BBG)
China firmly opposes any countries reaching trade agreements with the US that would sacrifice Chinese interests in exchange for tariff relief, according to a statement from the Ministry of Commerce on Saturday night. (BBG)
European industrial groups are turning to a developing rare earths ecosystem in France as they attempt to cut dependence on China for critical minerals used in electric vehicles and wind turbines. (FT)
Trump’s erratic tariff policies combined with low river levels are causing Europe’s worst supply chain congestion since the coronavirus pandemic, shipping and logistics companies warn. (FT)

MACRO:

The U.S. Senate narrowly advanced Trump's, sweeping tax-cut and spending bill on Saturday, potentially setting up a vote of approval in the coming days. (RTRS)
Trump's bill would add $3.3 trillion to the nation's debt over a decade, the nonpartisan U.S. Congressional Budget Office said on Sunday. (RTRS)
Elon Musk criticized the latest bill, calling it "utterly insane and destructive." He said, "The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country!" (X)
The Senate is poised to approve a controversial provision preventing some US states from regulating artificial intelligence, marking a victory for the tech companies, venture capital firms and startups that backed it. (BBG)
The Fed's stress tests released on Friday showed twenty-two of the largest banks in the U.S. are well-positioned to weather a hypothetical severe economic downturn and continue lending, with firms maintaining robust capital levels even after suffering hundreds of billions of dollars in losses. (RTRS)
Trump’s “breathtaking fiscal policy excess” and attacks on the Federal Reserve’s independence risk diminishing the US’s status as the ultimate haven for foreign investors, economists polled by the FT have warned. (FT)
Trade tensions and fractious geopolitics risk exposing deep fault lines in the global financial system, central bank umbrella body the Bank for International Settlements, said in its latest assessment of the state of the world economy. (RTRS)
Big hedge funds are pushing into private credit as they seek to establish themselves as diversified financial institutions, with Millennium Management, Point72 and Third Point all looking to launch new funds and strategies. (FT)
Japan's factory output rose 0.5% in May from the previous month, less than a median market forecast for a 3.5% rise. (RTRS)
Japanese PM Ishiba said any measures to ease inflation in Japan must be speedy and shouldn’t impede the government’s ability to fund social services. (BBG)
Japanese households will get no respite from rising living costs with a five-fold increase expected in the number of food items set to experience price rises in July, a private think tank survey showed on Monday. (RTRS)
Japan's crude oil imports rose 13.9% in May from a year earlier to 2.4 million barrels per day (11.84 million kilolitres), the Ministry of Economy, Trade and Industry (METI) said on Monday. (RTRS)
China's manufacturing activity shrank for a third straight month in June, though at a slower pace, as increases in new orders, purchasing volumes and supplier delivery times signalled that policy support rolled out since late last year is taking effect. (RTRS)
German retail sales fell by 1.6% in May compared with the previous month, data showed on Monday. Analysts polled by Reuters had predicted a 0.5% increase. (RTRS)
The UK government is planning to announce rule changes to help create a potential new insurance market worth billions of pounds as part of a drive to boost competitiveness. (BBG)
New Zealand filled jobs are down to levels last seen in early 2023 as global uncertainty makes employers cautious about hiring. (BBG)
Investors in Turkey are nervously awaiting a verdict on the fate of the main opposition party as early as Monday, after the arrest of Istanbul’s mayor in March led to an exodus of foreigners from the market. (BBG)
Overseas investors finally soured on South Korean bonds, trimming holdings after the longest run of inflows in almost two decades, as surging house prices damped bets on central bank interest-rate cut. (BBG)

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GEOPOLITICAL:

Iran said it remains skeptical that a tentative US-brokered ceasefire with Israel would last, warning it’s prepared to respond to any fresh aggression. (BBG)

EQUITIES:

Nvidia insiders have sold more than $1bn of the company’s stock over the past 12 months including a recent surge in trading as they cash in on investors’ enthusiasm for AI. (FT)
The global server market will rise 44.6% to US$366 billion in 2025 on strong AI demand, said market researcher IDC, media report, with the 1st quarter 2025 total at a record high $95.2 billion. (CTEE?
Norway’s largest private pension fund has excluded two defense companies from its portfolio, Oshkosh Corp. and ThyssenKrupp AG, citing their ties to the Israeli military and the war in Gaza. (BBG)
Zijin Mining Group Co. is set to buy a gold mine in Kazakhstan, underscoring the Chinese company’s ambitious push to expand production of the precious metal. (BBG)