EXECUTIVE SUMMARY
Fig 1: China Trade - Y/Y

Source: Bloomberg Finance L.P/MNI
UK
ECONOMY (TIMES): “Last month’s record heatwave led to a sharp increase in consumer spending as shoppers snapped up summer clothing, fans and lighter bedding. Researchers at the British Retail Consortium, the sector’s lobby group, and KPMG, the consultancy, estimated that retail sales rose by 3.7 per cent on an annual basis in May, a stark reversal from April’s 3 per cent fall in consumption.”
DEFENCE (TIMES): “Ministers will use national security exemptions to ensure that billions of pounds of additional funding for defence is spent in Britain rather than given to American or European companies.”
EU
TRADE (POLITICO): “French President Emmanuel Macron is set to host a video call between the Group of Seven countries and China to address global trade imbalances, according to four officials from three G7 countries familiar with preparations for the meeting.”
DEFENCE (POLITICO): “France and Germany have abandoned a plan to jointly build a next-generation fighter jet over deep industrial disagreements — a major blow to French President Emmanuel Macron's vision of closer European defense integration.”
US
US/IRAN (AFP): "US President Donald Trump said on Tuesday that he was in the "final throes" of reaching a Middle East peace deal."
INFLATION (MNI BRIEF): The New York Fed's median measure of year-ahead consumer inflation expectations edged down in May, according to the bank's Survey of Consumer Expectations, while labor market expectations deteriorated.
FINANCIAL STABILITY (MNI INTERVIEW): Risks to the U.S. financial system are high and rising as the Iran energy shock exposes vulnerabilities like unprecedented growth in private credit and an increasingly debt-fueled boom in AI, former Fed and Treasury economist Samim Ghamami told MNI.
MIDDLE EAST (NYT): It was not immediately clear what led to the incident, which came at a time when the cease-fire in the war has grown tenuous. A U.S. Army Apache helicopter gunship went down near the Strait of Hormuz on Monday, and the two crew members were safely rescued, according to two people briefed on the incident.”
TECH (BBG): “OpenAI, the maker of ChatGPT, filed confidentially for an IPO, joining artificial intelligence rivals in tapping public markets to fund ambitious growth plans.”
MARKETS (BBG): “SpaceX’s initial public offering is well oversubscribed with multiple institutional investors placing orders for about $10 billion or more of shares, according to people familiar with the matter, as demand builds for a potentially record-setting debut.”
US/CHINA (BBG): "The Pentagon accused some of China’s biggest companies, including Alibaba Group Holding Ltd., Baidu Inc. and BYD Co. of supporting the Chinese military, doubling down on an earlier decision to label crown jewels of the country’s corporate world as threats to US national security."
IMMIGRATION (RTRS): "A federal judge on Monday struck down a $100,000 fee U.S. President Donald Trump imposed on new H-1B visas for highly skilled foreign workers, concluding that it constituted an unlawful tax Congress never authorized."
JAPAN
BOJ (MNI POLICY): MNI discusses the BOJ's CPI view. On MNI Policy MainWire now, for more details please contact sales@marketnews.com
OTHER
MIDDLE EAST (BBG): “ Iran and Israel agreed to ease strikes against each other after a flare-up in violence threatened to derail peace negotiations and led President Donald Trump to appeal for de-escalation.”
CANADA (MNI BOC WATCH): The Bank of Canada is seen maintaining a 2.25% policy rate Wednesday and keeping options open to hike, cut or hold in coming months depending on where oil prices and U.S. tariffs take inflation.
CHINA
MNI China Press Digest June 9: Economy, Fuel Tax, Competition
TRADE (BBG): "China’s exports and imports expanded at a faster pace in May, topping forecasts as booming demand for artificial intelligence hardware offsets disruptions from the war in Iran."
MNI: PBOC Net Injects CNY152.8 Billion via OMO Tuesday
MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY153 billion via 7-day reverse repos, with the rate unchanged at 1.4%. The operation led to a net injection of CNY152.8 billion after offsetting the maturity of CNY0.2 billion reverse repos today, according to Wind Information.
MNI: PBOC Sets Yuan Parity Lower At 6.8147 Tues; +5.90% Y/Y
MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 6.8147 on Tuesday, compared with 6.8198 set on Monday. The fixing was estimated at 6.7823 by Bloomberg survey today.
MARKET DATA
UK MAY BRC LIKE-FOR-LIKE RETAIL SALES +3.4% Y/Y; EST. +0.8%; APR -3.4%
NEW ZEALAND Q1 MANUFACTURING SALES +2.8% Q/Q; Q4 +0.8%
NEW ZEALAND Q1 MANUFACTURING VOLUMES +3.6% Q/Q; Q4 -0.4%
AUSTRALIA JUNE WESTPAC CONSUMER CONFIDENCE -2.9% M/M; MAY +3.5%
AUSTRALIA JUNE WESTPAC CONSUMER CONFIDENCE 80.6; MAY 83.0
AUSTRALIA MAY NAB MAY BUSINESS CONDITIONS INDEX +3; APR +3
AUSTRALIA MAY NAB BUSINESS CONFIDENCE -14; APR -23
S. KOREA Q1 GDP +1.8% Q/Q; EST. +1.7%; PRE 1.7%; Q4 -0.1%
S. KOREA Q1 GDP +3.8% Y/Y, EST. +3.6%; PRE +3.6%; Q4 2.0%
CHINA MAY TRADE SURPLUS $105.43B; EST. +$92.30B; APR $84.82B
CHINA MAY EXPORTS IN USD +19.4% Y/Y; EST. +15.0%; APR +14.1%
CHINA MAY IMPORTS IN USD +27.4% Y/Y; EST. +26.0%; APR +25.3%
CHINA MAY TRADE SURPLUS CNY723.98B; APR CNY 585.69B
CHINA MAY EXPORTS IN YUAN +13.8% Y/Y; APR +9.8%
CHINA MAY IMPORTS IN YUAN +21.5% Y/Y; APR +20.6%
JAPAN MAY M2 MONEY STOCK +2.5% Y/Y; APR +2.3%
JAPAN MAY M3 MONEY STOCK +1.7% Y/Y; APR +1.7%
MARKETS
US TSYS: Nudge Richer As Markets Monitor Peace Deal Progress
TYU6 is dealing at 109-00, 0-00+ from closing levels in today's Asia-Pac session.
JGBS: Modestly Richer Ahead Of Tomorrow's PPI Data & 30Y Supply
JGB futures are stronger and at session bests, +9 compared to settlement levels.

Bloomberg Finance LP
AUSSIE BONDS: Modestly Richer Despite Stabilisation In Bus Conf
ACGBs (YM +2.5 & XM flat) are slightly stronger.
BONDS: NZGBS: Closed Richer At Session Bests Despite Strong Mfg Data
NZGBs closed richer and session bests, with benchmark yields 4bps lower.
FOREX: USD - BBDXY Needs To Hold Break Above 1205 To Build For A Move Higher
The BBDXY has had a range today of 1209.81 - 1211.72 in the Asia-Pac session; it is currently trading around 1209, -0.15%. The USD is looking to consolidate and then build on its break back above 1205 from last week. The market is much more comfortable selling US dollars, but with a rate hike now being priced in and red flags appearing in the stock market the Bears are being forced to reduce exposure. On the day, the break above 1205 looks meaningful and could keep the USD supported on dips in the short-term. The first support is back toward the 1205-1207 and then the 1200 area, should this break higher be sustained then I would look for momentum to build for a test back toward the 1220-1230 area at some point.
Fig 1: GBP/USD Spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P
JPY: USD/JPY - Looking For A Foothold Above 160
The USD/JPY range today has been 160.13-160.28 in the Asia-Pac session, it is currently trading around 160.20. The pair remains well supported on dips and is now attempting to get a foothold above the MOF/BOJ “line in the sand”, almost taunting them to come back in. The MOF/BOJ have shown they are willing to back up their previous selling and have seemingly drawn a line in the sand above 160 which is keeping the Yen bears at bay for the moment. A move back above 160-161 would be problematic for them as it could see the pair begin to accelerate higher if they are not around to stop it. On the day, the first support is toward 159.50-159.00 and then the 158.00 area. The pullbacks have been few and far between and CFTC positioning shows the market is again sitting very short Yen as they continue to press the Japanese officials resolve. The underlying story regarding Yen weakness remains the same though and core positions are reflecting that.
Fig 1 :JPY CFTC Data

Source: MNI - Market News/Bloomberg Finance L.P
AUD/USD - Look For A Bounce Back Toward 0.7100-0.7150 To Be Faded Initially
The AUD/USD has had a range today of 0.7034-0.7059 in the Asia- Pac session, it is currently trading around 0.7050, +0.05%. The AUD made a weak attempt yesterday to retrace some of Friday's break lower but remains heavy below 0.7100 for now. The Middle-East backdrop remains as fluid as ever, with Israel and Iran apparently agreeing to ease strikes against each other, though a report from the local TV station N12 stating that strikes in Lebanon would continue at full force makes you wonder how long that will last. On the day, I suspect this break below 0.7080-0.7100 should now see rallies faded in the short-term at least. The first resistance is back toward the 0.7085-0.7115 area and a leveraged market that is still long might use that area to lighten up initially. The US Dollar has broken its downtrend therefore while below 0.7100-0.7150 I would now be looking for the pair to drift back toward the 0.6850-0.6950 support where I think we could see some demand return.
Fig 1: AUD/USD spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P
NZD/USD - Bounces Back Above 0.5800 As Risk Gets Some Relief In Asia
The NZD/USD had a range today of 0.5799-0.5822 in the Asia-Pac session; it is currently trading around 0.5820, +0.15%. The NZD has drifted higher as risk outperforms in Asia, looking to pare back some of the losses triggered by last week's US NFP. The NZD moved sharply lower last week after being rejected once more toward the 0.6000 area, moving very quickly back to the lows of its recent 0.5800-0.6000 range. The resurgence in the US Dollar has turned its fortunes around and the CFTC data shows the leveraged community did very well to use the bounce to reload shorts. It's still not clear that we should be piling into USD longs but I suspect that the market will be skewed toward that side in the short-term. On the day, I suspect the 0.5845-0.5875 area could see sellers initially with the bears looking to have a look below 0.5800 and then ultimately challenge the uptrend around 0.5700-0.5730.
Fig 1: NZD CFTC Data

Source: MNI - Market News/Bloomberg Finance L.P
ASIA STOCKS: Positive AI News Sees Sector Bounce; Major Bourses Up
After yesterday's declines Asia's major bourses have had a better Tuesday, with most major indexes delivering positive gains. The NIKKEI is up around 2% taking back around half of yesterday's losses with key AI / tech names like Tokyo Electron +10%, Advantest +5% and KIOXIA +4.6% whilst the bellwether AI stock Softbank is down -2.2%.
The oversubscription of SpaceX's IPO and the Nvidia / SK Hynix deal was enough to re-ignite the interest in the super hot sector.
The KOSPI grasped onto the SK Hynix news and is up +7.6% recovering over 90% of yesterday's losses. Unsurprisingly SK Hynix +9% and Samsung +4.6% led the way despite of news of potential troubles in the newly launched leveraged AI tech ETF markets. A leveraged exchange-traded fund tracking SK Hynix Inc. deviated sharply from the underlying stock’s move for a second day, underscoring the risk of investing in such products.
Onshore China is posting strong gains today as economic data points to the growing strength of the economy. Exports in May jumped +19.4% YoY whilst signs that the domestic economy is improving showed up in stronger than expected Imports at +27.4% YoY. AI stocks are performing strongly as the government released a plan on accelerating development of data sets to support AI deployment across industries including manufacturing, finance, healthcare, education, as well as emerging areas such as embodied intelligence, intelligent driving.
After falling near 15% over the last four trading days, bargain hunters stepped in today in Indonesia and the JCI is up +5.3%, despite bonds and the Rupiah remaining on a knife edge.
OIL: Crude Lower On Renewed Hopes, China Fuel Imports Down Sharply
Oil prices are trending lower again in today’s APAC session as hopes cautiously rise that there will be a US-Iran deal that allows the Strait of Hormuz to reopen since Iran and Israel have halted tit-for-tat strikes. President Trump told reporters that talks are continuing and that US-Iran are approaching a “good deal” but Iran’s stance will be clearer in a couple of days. He said that the US blockade of Iran holds and has been more effective at getting close to an agreement rather than military strikes.
Gold Trades Sideways Ahead of US's May CPI

UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 09/06/2026 | 0600/0800 | ** | Trade Balance | |
| 09/06/2026 | 0600/0800 | ** | Industrial Production | |
| 09/06/2026 | 1000/0600 | ** | NFIB Small Business Optimism Index | |
| 09/06/2026 | 1200/0800 | * | NY Fed SOFR | |
| 09/06/2026 | 1215/0815 | *** | ADP Employment Report | |
| 09/06/2026 | 1230/0830 | ** | Trade Balance | |
| 09/06/2026 | 1230/0830 | ** | Trade Balance | |
| 09/06/2026 | 1230/0830 | ** | International Merchandise Trade (Trade Balance) | |
| 09/06/2026 | 1255/0855 | ** | Redbook Retail Sales Index | |
| 09/06/2026 | 1300/0900 | * | NY Fed EFFR | |
| 09/06/2026 | 1400/1000 | *** | NAR existing home sales | |
| 09/06/2026 | 1400/1000 | ** | Wholesale Trade | |
| 09/06/2026 | 1400/1000 | ** | Wholesale Trade | |
| 09/06/2026 | 1530/1130 | ** | US Treasury Auction Result for 52 Week Bill | |
| 09/06/2026 | 1700/1300 | *** | US Note 03 Year Treasury Auction Result | |
| 09/06/2026 | - | European Central Bank Meeting | ||
| 09/06/2026 | - | Bank of Canada Meeting | ||
| 10/06/2026 | 0130/0930 | *** | CPI | |
| 10/06/2026 | 0130/0930 | *** | Producer Price Index | |
| 10/06/2026 | 0600/0800 | ** | Private Sector Production m/m | |
| 10/06/2026 | 0600/0800 | *** | CPI Norway | |
| 10/06/2026 | 0700/0300 | *** | Czech Republic Final CPI | |
| 10/06/2026 | 0800/1000 | * | Industrial Production | |
| 10/06/2026 | 1100/0700 | ** | MBA Weekly Applications Index | |
| 10/06/2026 | - | *** | Money Supply | |
| 10/06/2026 | - | *** | New Loans | |
| 10/06/2026 | - | *** | Social Financing | |
| 10/06/2026 | 1200/0800 | * | NY Fed SOFR | |
| 10/06/2026 | 1230/0830 | *** | CPI | |
| 10/06/2026 | 1230/0830 | *** | CPI | |
| 10/06/2026 | 1230/0830 | *** | CPI | |
| 10/06/2026 | 1230/0830 | *** | CPI | |
| 10/06/2026 | 1230/0830 | *** | CPI | |
| 10/06/2026 | 1300/0900 | * | NY Fed EFFR | |
| 10/06/2026 | 1345/0945 | *** | Bank of Canada Policy Decision |