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French President Macron tweets "The French Navy intercepted a new tanker under international sanctions yesterday morning, originating from Russia: the Tagor. Our determination is steadfast and unwavering. This operation was carried out in the Atlantic, in international waters, with the support of several partners including the United Kingdom, in strict compliance with the law of the sea. It is unacceptable for ships to circumvent international sanctions, violate the law of the sea, and fund the war that Russia has been waging against Ukraine for more than 4 years. These vessels, which fail to adhere to the most basic rules of maritime navigation, also pose a threat to the environment and to everyone's safety."
| Date | Time | Country | Event |
| 01-Jun | 0700 | DE | Retail Sales |
| 01-Jun | 0815 | ES | S&P Global Manufacturing PMI |
| 01-Jun | 0845 | IT | S&P Global Manufacturing PMI |
| 01-Jun | 0850 | FR | S&P Global Manufacturing PMI (f) |
| 01-Jun | 0855 | DE | S&P Global Manufacturing PMI (f) |
| 01-Jun | 0900 | EU | S&P Manuf PMI (f) / ECB Consumer Exp Survey / M3 |
| 01-Jun | 1000 | EU | EZ Unemployment |
| 02-Jun | 1000 | EU | EZ HICP Flash |
| 02-Jun | 1435 | EU | ECB Vujcic Remarks at Icelandic Conference |
| 03-Jun | 0815 | ES | S&P Global Services & Composite PMI |
| 03-Jun | 0845 | IT | S&P Global Composite & Services PMI |
| 03-Jun | 0850 | FR | S&P Global Composite & Services PMI (f) |
| 03-Jun | 0855 | DE | S&P Global Composite & Services PMI (f) |
| 03-Jun | 0900 | EU | S&P Global Composite & Services PMI (f) |
| 03-Jun | 1000 | EU | EZ PPI |
| 03-Jun | 1050 | EU | ECB Elderson Keynote at GS Euro Financials Conference |
| 03-Jun | 1430 | EU | ECB Cipollone Statement at Digital Euro Hearing |
The broader Asia equity story is still being driven by AI-related demand, and that is spilling into China's technology supply chain. Investors are focusing on semiconductor equipment, chip design, data infrastructure, and advanced manufacturing names that benefit from China's push for technological self-sufficiency. Several onshore stories raised the possibility for an increase in passive inflows of around $40bn into semiconductor and technology stocks from upcoming CSI index rebalancing. However a moderation in manufacturing PMIs today was enough to weigh heavy on domestic equities with the CSI 300 down -0.55% whilst offshore sees the Hang Seng up +0.8% on renewed optimism that an agreement is near in the Iran US conflict.
The same thematics played out in the KOSPI today after very strong export data saw Samsung up +9% and the KOSPI up +4.5% to reach a new high of 8,856. This takes the KOSPI year to date performance through +110% - even despite a trading halt today given the rapid move higher.
For the NIKKEI, continued enthusiasm around AI infrastructure, chips, and data-center spending sees the index up +0.8%. Japan's AI-linked names are again leading gains, with investors extending the global technology rally seen in the US and elsewhere in Asia.The NIKKEI did break above 67,000 and reach a new high of 67,231 before falling back as profit takers stepped in. Softbank Group has led the way with gains of +13% today. A growing global thematic - observable in Japan - is only a few industry groups are delivering positive returns, with IT-related sectors overwhelming the returns of all other sectors. This raises questions as to the health of the broader economy.
