The Overnight News Roundup - May 22

May 22, 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:

U.S.-China tariff truce could save Komatsu $140M, CEO reveals.
A temporary reduction in U.S.-China tariffs offers relief to heavy machinery firms like Komatsu, easing cost pressures amid ongoing trade talks.
G7 finance leaders downplay tariff disputes, seek trade consensus.
G7 nations, meeting in Canada, aim to stabilize global trade amid Trump’s tariff threats, prioritizing cooperation over conflict.
Canada touts deep U.S. trade ties in talks with Treasury’s Bessent.
Canadian officials emphasize economic integration to secure favorable tariff terms as U.S. trade policies tighten.
U.S. and Japan agree dollar-yen rate reflects fundamentals, easing tensions.
Finance chiefs align on currency stability, reducing fears of intervention as trade talks loom.
Vietnam pushes for more U.S. tariff talks to avoid economic hit.
Vietnam seeks to mitigate Trump’s tariff impact, critical for its export-driven economy, through extended negotiations.
EU eyes lobster deal extension in broader Trump tariff package.
The EU explores trade concessions to soften U.S. tariff blows, leveraging existing agreements like lobster exports.
Twelve U.S. states sue to block Trump’s ‘blank check’ tariffs.
States challenge Trump’s emergency tariff powers, arguing they overstep authority and harm local economies.

MACRO:

Trump’s tax bill surges forward, House vote looms after key hurdle cleared.
The bill, advancing despite spending cut disputes, could add trillions to U.S. debt, raising fiscal concerns.
U.S. stocks tumble as Treasury yields spike on debt fears.
Investor jitters over Trump’s tax plan swell U.S. debt projections, pushing yields up and markets down.
JPMorgan’s Dimon warns of U.S. stagflation risk amid policy shifts.
Dimon’s caution reflects fears that Trump’s tariffs and tax cuts could spark inflation without growth.
BOJ policymaker resists bond yield intervention unless rout worsens.
Japan’s central bank holds firm on tapering, despite record-high yields signaling market unease.
UK public finances reveal larger-than-expected April deficit.
Rising deficits complicate Chancellor Reeves’ fiscal plans, potentially necessitating tax hikes or spending cuts.
Singapore faces technical recession risk after Q1 GDP contraction.
A 3.9% Q1 growth masks underlying weaknesses, raising concerns about a potential economic downturn.
Sri Lanka’s central bank cuts rates by 25bps to spur growth.
The surprise move aims to boost a recovering economy amid global trade and tariff uncertainties.
Japan’s factory activity contracts for 11th month, PMI shows.
Persistent manufacturing weakness, driven by Trump’s tariffs, clouds Japan’s economic recovery prospects.

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GEOPOLITICS:

Russia downs 105 Ukrainian drones, including 35 over Moscow, in major clash.
The largest drone attack since the war’s start escalates tensions ahead of Trump-Putin ceasefire talks.
Two Israeli embassy staffers killed in Washington shooting, suspect detained.
The rare attack on diplomatic personnel heightens U.S.-Israel security concerns amid regional tensions.
North Korea’s Kim Jong Un slams warship accident as ‘criminal,’ signals purge.
Kim’s harsh response to a naval mishap underscores internal pressures and military scrutiny.
UK to cede Chagos Islands sovereignty to Mauritius in landmark deal.
The agreement resolves decades-long disputes, potentially reshaping UK geopolitical influence in the Indian Ocean.
Israel intercepts missile from Yemen, escalating regional flashpoints.
The interception follows heightened Houthi activity, complicating Middle East stability efforts.

EQUITIES:

Lenovo’s Q4 profit plunges 64%, hit by weak demand and trade tensions.
China’s tech giant struggles as global PC sales falter and U.S. tariffs disrupt supply chains.
Xiaomi’s new electric SUV set to launch in July, boosting EV ambitions.
The Chinese tech firm ramps up its EV push to compete in a crowded, tariff-impacted market.
Walmart plans 1,500 job cuts to streamline operations, lower costs.
The retail giant restructures to counter rising expenses and economic uncertainty under Trump’s policies.
Nike to hike prices and return to Amazon sales, media reports say.
The move aims to offset tariff costs and recapture online market share in a competitive retail landscape.
AT&T to acquire Lumen’s consumer fiber business for $5.75B.
The deal strengthens AT&T’s broadband footprint, capitalizing on growing demand for high-speed internet.
Zoom raises annual forecasts, fueled by robust AI-driven demand.
Strong enterprise adoption of AI-enhanced video tools drives Zoom’s optimistic outlook.
Nestle refocuses on core business, CEO signals strategic overhaul.
The food giant aims to streamline operations amid global economic pressures and shifting consumer trends.