GMT EIGHT - Commercial - Investment&Financing

Circle's IPO Surge Signals Rising Interest in Crypto Asset Listings

Circle Internet Group Inc. (CRCL) surged nearly 170% on its U.S. IPO debut, closing at $83.23, far above its $31 issue price, with an intraday high of $103.75.

ECB Implements Eighth Interest Rate Cut Within a Year

The European Central Bank announced its eighth rate cut within a year, lowering the deposit facility rate to 2.00%, the main refinancing rate to 2.15%, and the marginal lending rate to 2.40%. May HICP inflation in the eurozone fell to 1.9%, below the ECB’s 2% target, supporting the decision.

PBOC Breaks Convention with RMB 1 Trillion Outright Reverse Repo Operation — What Signal Does the First Advance Notice Send?

PBOC will conduct a RMB 1 trillion outright reverse repo operation on June 6, marking the first time it has issued a pre-announcement for such an action. The move aims to maintain ample liquidity amid a record RMB 4.2 trillion in June interbank CD maturities.

The Entry of JD.com and Taobao Accelerates the Decline of "Flash Express"

Flash Express (NASDAQ: FLX) has experienced a significant decline since its October 2024 IPO, with its stock price dropping 85.8% to $2.34 by May 2025 amid shrinking order volumes and rising operating costs.

U.S. Auto Market Hit Hard by Tariffs, May Sales Record Sharpest Decline in Five Years

U.S. light vehicle sales in May recorded the steepest decline in five years, impacted by the 25% tariffs on imported vehicles and auto parts. Ford and Subaru have announced price increases of up to $2,000 and $2,055 respectively, citing tariff-driven cost pressures.

The Federal Reserve’s Beige Book Highlights Gloomy Economic Outlook as Tariffs Drive Costs Higher

The Federal Reserve’s latest Beige Book report released on June 4 indicated a slight decline in U.S. economic activity, with six districts reporting contraction and only three seeing modest growth.

Transformation, Overseas Expansion, and Policy Incentives Drive Hong Kong IPO Surge

CATL surged on its debut on the Hong Kong Stock Exchange, raising HKD 41 billion—the largest global IPO of 2025—while its H-share price briefly surpassed its A-share counterpart.

From “Light” to “Heavy”: Pinduoduo’s Inevitable Transition

Pinduoduo reported Q1 revenue of RMB 95.67 billion, up 10% year-on-year, while net profit declined 47% to RMB 14.742 billion, with a gross margin of 57.2%. The company’s stock dropped 13.64% on the earnings release day to USD 102.98 and has since fallen below USD 100.

U.S. Treasury Conducts Record Treasury Buyback as Bessent Signals Shift Amid Fed Inaction

U.S. Treasury conducted a record $10 billion Treasury bond buyback on Tuesday, marking the largest single operation in history. The move follows weeks of Fed inaction as 30-year Treasury yields near 5%, prompting Treasury Secretary Bessent to activate liquidity tools.

Sanofi to Acquire Blueprint Medicines for $9.5 Billion, Strengthening Rare Disease and Immunology Leadership in 2025’s Largest European Healthcare Deal

French pharmaceutical giant Sanofi has announced an agreement to acquire U.S.-based Blueprint Medicines Corporation in a transaction valued at up to $9.5 billion, marking the largest deal by a European healthcare company in 2025 to date, according to data from LSEG.

Elon Musk’s Neuralink Secures $650M Funding Amid First Human Trials

Elon Musk’s brain-computer interface company Neuralink has announced the successful completion of a $650 million funding round as it begins clinical trials of its brain implant technology in three countries.

Wall Street Adopts Defensive Stance Toward 30-Year U.S. Treasuries: Avoidance or Shorting

DoubleLine Capital, Pimco, and TCW Group Inc. are either avoiding or shorting 30-year U.S. Treasuries amid concerns over the growing U.S. fiscal deficit and debt burden.

U.S. Treasury Official: Multiple Trade Agreements Likely Before July 9

U.S. Deputy Treasury Secretary Michael Faulkender stated that the Trump administration is nearing completion on several trade agreements, with announcements expected before the July 9 deadline. Despite only finalizing a deal with the U.K. so far, the administration does not plan to extend the 90-day tariff suspension imposed on April 9.

PBOC Implements Multiple Measures to Stabilize Funding; Liquidity Expected to Remain Ample in June

The People's Bank of China conducted RMB 700 billion in outright reverse repos in May—RMB 400 billion for 3 months and RMB 300 billion for 6 months—resulting in a net liquidity withdrawal of RMB 200 billion.

Yonghui Hasn’t “Fattened Up” Yet, But MINISO Is Almost “Out of Milk”

MINISO’s stock dropped 17.58% to USD 18.29 after Q1 2025 results showed revenue up 18.9% to RMB 4.427 billion, but adjusted net profit down 4.8% to RMB 587 million.

Naixue’s Brand Struggles and the U.S. Section 301 Tariff Extension Reflect Ongoing Challenges in Global Markets

Naixue Tea (02150.HK) reported a net loss of 919 million yuan in 2024, with revenue falling 4.7% year-on-year to 4.921 billion yuan, amid rising consumer dissatisfaction, pricing adjustments, and slower expansion compared to rival Chagee.

Why Has BYD Suddenly Launched Another Price War?

BYD launched a major price reduction campaign on 22 models from its Dynasty and Ocean series, with discounts up to RMB 53,000, marking its third round of cuts since March amid intensifying industry price wars and narrowing profit margins.

China and ASEAN Conclude Free Trade Agreement Upgrade as U.S. Appeals Court Temporarily Reinstates Trump-Era Tariff Policies

China and ASEAN officially concluded negotiations on the Free Trade Area 3.0 upgrade, adding nine new chapters covering digital economy and green development. On the same day, the U.S. Court of Appeals temporarily reinstated Trump-era tariff orders, suspending a lower court’s ruling that deemed them unlawful.

HP Inc. (HPQ.US) Plunges After Hours as Full-Year Earnings Forecast Cut, Tariff Costs and Economic Weakness Weigh

HP Inc. (HPQ.US) dropped about 11.47% after hours to $24.08 following a lowered full-year earnings forecast, citing tariff-related costs and economic weakness. The company reported Q2 revenue of $13.2 billion, up 3.1% year-over-year, with earnings per share at $0.71, below the expected $0.81.

NVIDIA Projects Multi-Billion Dollar Revenue Loss Due to H20 Chip Licensing Restrictions

NVIDIA (NVDA.US) reported a $4.5 billion charge in Q1 of FY2026 due to U.S. licensing restrictions impacting its H20 AI chip sales, with an additional $2.5 billion in revenue undelivered. The company projects an $8 billion revenue loss in Q2, lowering its forecast to approximately $45 billion.

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