Group 1 - Indonesia announced the easing or removal of import restrictions on ten categories of goods and raw materials, including forest products, pearls, subsidized fertilizers, certain fuels and chemicals, plastic raw materials, food pallets, bicycles, and footwear [1] - The measures aim to assist in negotiations with the US regarding a 32% tariff threat and to promote broader trade goals, including a trade agreement with the EU and joining the OECD [1] - Indonesia will tighten import regulations on clothing and accessories to support domestic manufacturing, while maintaining import restrictions on strategic goods such as rice, salt, fishery products, and certain labor-intensive industry products [1] Group 2 - Indonesia proposed investment cooperation with the US in the electric vehicle supply chain, focusing on nickel and other key materials, but did not disclose further details [2] - As the world's largest nickel producer, Indonesia is accelerating its electric vehicle battery supply chain, recently launching a $5.9 billion industrial park construction [2] - The policy adjustments are part of President Joko Widodo's early efforts to improve Indonesia's business environment, which has seen a decline in global competitiveness rankings [2]

Economic Overview - In April 2025, Canada's real GDP decreased by 0.1%, ending the growth trend observed in March [1] - The goods-producing sector experienced an overall decline of 0.6%, with manufacturing being a significant drag, falling by 1.9% [1] - Durable and non-durable goods manufacturing dropped by 2.2% and 1.6% respectively, indicating negative impacts from tariff uncertainties on transportation equipment manufacturing and the food and oil industries [1] Service Sector Performance - The service-producing sector saw a slight increase of 0.1%, with public administration, finance and insurance, and arts and entertainment contributing to this growth [2] - The finance and insurance sector grew by 0.7%, marking the largest increase since August 2024, driven by high-frequency trading activities due to U.S. tariff announcements [2] - The arts, entertainment, and recreation sector achieved a growth of 2.8%, primarily due to increased attendance at NHL playoff games in Canada [2] Trade and Resource Sector Insights - The wholesale trade sector declined by 1.9%, significantly impacted by reduced imports and exports in motor vehicles and parts [7] - In the resource sector, while the oil and gas extraction sub-sector was affected by decreased natural gas and crude oil production, oil and gas support activities saw an increase due to rising drilling activities [7] Government Financials - In Q1 2025, the total deficit for all levels of government in Canada was CAD 12.4 billion, a reduction of CAD 19.6 billion compared to the same period last year [7] - The federal government significantly reduced its deficit to CAD 8.7 billion, while provincial and territorial governments faced pressures from increased spending and reduced revenues [7] Future Economic Outlook - The real GDP is expected to continue declining by 0.1% in May 2025, indicating challenges for short-term economic growth [7] - Growth in real estate rental activities may partially offset declines in other sectors [7] - The economic situation reflects the impact of global trade tensions on Canada's manufacturing and export-oriented industries, while also highlighting the supportive role of the service sector and other areas in economic growth [7]

Group 1 - The EU automotive market has experienced growth for the second consecutive month, with new car registrations in May increasing by 1.6% year-on-year [1] - The electric vehicle (EV) market in the EU saw a significant year-on-year growth of 27.2% in May, driven by strong consumer demand [1] - The market penetration of battery electric vehicles (BEVs) and hybrid models is increasing, leading to a diversification in consumer brand preferences [1] Group 2 - The growth in new car registrations is primarily driven by sales of BEVs, plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs), which accounted for 58.9% of passenger car registrations in May, up from 48.9% in May 2024 [2] - Stricter CO2 emission regulations implemented by the EU since the beginning of the year have prompted manufacturers to increase the availability of electric and hybrid vehicles [2] - Despite the overall growth in the EV market, Tesla's new car registrations in the EU fell by over 40% year-on-year, with 8,729 units registered in May [2] Group 3 - Major German automakers reported growth in new car registrations in May, with Volkswagen up 4.8% to approximately 263,800 units, BMW up 8.1% to 63,200 units, and Mercedes-Benz up 3.9% to 47,900 units [3] - Chinese manufacturers sold 65,000 vehicles in Europe in May, capturing a market share of 5.9%, attributed to a strategic focus on PHEVs and HEVs [3] - The surge in exports of Chinese PHEVs reflects rising global demand and competitive pricing and quality in the European market [3] Group 4 - The European EV market is recovering but faces challenges, including a projected demand for 8.8 million public charging stations by 2030, necessitating a significant increase in installation rates [3] - The European automotive industry is impacted by U.S. tariffs, leading to several companies retracting their 2025 profit forecasts [4] - The European Automobile Manufacturers Association anticipates a 1.9% recovery in automotive activity by 2026, although production levels will remain below those of 2019 [4]

Core Viewpoint - The recent fluctuations in commodity prices due to the conflict between Israel and Iran will not alter the inflation outlook for the Eurozone, according to the European Central Bank's Vice President, Luis de Guindos [1] Group 1: Inflation Outlook - Guindos stated that while rising oil prices are a concern, they appear to be under control, and the process of inflation decline is firmly anchored [1] - The growth rate of consumer prices has decreased from record highs to slightly below the ECB's target of 2% [1] - Officials are satisfied with the current trajectory of consumer prices, indicating a potential continuation of achieving the inflation target in the coming months [1] Group 2: Geopolitical Concerns - The situation in Iran adds complexity to an already tense global trade environment, which could impact economic stability [1] - Guindos emphasized the need for caution due to the high level of uncertainty surrounding these geopolitical issues [1]

Core Viewpoint - The European Central Bank (ECB) anticipates a slowdown in economic growth due to escalating global trade tensions, deteriorating financial market sentiment, and ongoing geopolitical tensions [1] Economic Growth Projections - The ECB projects that the Eurozone economy will grow by 0.9% in 2023, 1.1% in 2026, and 1.3% in 2027 [1] Inflation Outlook - The inflation outlook for the Eurozone is more uncertain than in the past, with global trade frictions presenting both upside and downside risks [1] Risks Associated with Global Trade - Upside risks include the fragmentation of global supply chains, while downside risks involve a decline in demand for Eurozone export products [1]

Core Viewpoint - New Zealand's economy is accelerating its recovery from the 2024 recession, driven by a significant increase in exports and a reduction in interest rates [1] Economic Growth - In the first quarter, New Zealand's GDP grew by 0.8% quarter-on-quarter, surpassing the revised growth rate of 0.5% from the previous quarter and slightly exceeding economists' expectations of 0.7% [1] Government Priorities - The economic recovery is welcomed by the government as it aligns with their focus on economic growth ahead of the 2026 elections [1] Global Trade Concerns - The economy is currently facing uncertainties due to global trade tensions, which are suppressing spending and investment, raising concerns about potential weakening of economic expansion [1]

Core Viewpoint - The increase in gold prices is driven by escalating tensions in the Middle East and uncertainty in global trade, enhancing gold's appeal as a safe-haven asset [3]. Group 1: Market Performance - As of June 12, gold prices reached $3,375.50 per ounce, marking a 0.61% increase from the previous day [4]. - The gold price opened at $3,356.79 per ounce, with a daily high of $3,377.50 and a low of $3,351.38 [4]. Group 2: Geopolitical Factors - The rise in gold prices is attributed to heightened tensions in the Middle East, particularly warnings from Iran regarding potential retaliation against U.S. military assets if negotiations fail [3]. - The U.S. is evacuating non-essential personnel from its embassy in Baghdad and military families from several bases in the Gulf due to security concerns, further stimulating safe-haven buying of gold [3]. Group 3: Year-to-Date Trends - Gold prices have increased by 28% year-to-date, supported by rising geopolitical risks and increased central bank purchases [3].

Core Viewpoint - The rise in CPI is expected to suppress the likelihood of interest rate cuts by the Federal Reserve [1] Group 1: Economic Indicators - The market is aware that reaching trade agreements among major economies is not straightforward, and ongoing global trade tensions may continue to support gold prices [1] - CPI data is anticipated to rise, which should provide investors with more guidance on the Federal Reserve's policy direction [1] Group 2: Commodity Prices - Silver prices are projected to reach $38 per ounce in the coming months, with market deficits and a weakening dollar being key factors for further price increases, potentially testing $40 per ounce [1]

Group 1 - The CEO of the National Bank of Canada highlighted that global trade tensions and ongoing trade negotiations continue to create uncertainty, impacting the economy [1] - There is an increase in geopolitical and geoeconomic instability as a result of these trade issues [1]

Group 1 - The core viewpoint of the articles indicates that the Eurozone's economic activity is experiencing a contraction, with the composite PMI falling from 50.4 in April to 49.5 in May, below market expectations [1] - The services sector PMI dropped to 48.9, the lowest since January 2024, significantly below the expected 50.3 and previous value of 50.1, indicating weakened demand and declining business confidence [1] - Manufacturing PMI showed signs of stabilization, rising to 49.4, above the previous value of 49.0 and the expected 49.3, with output index remaining in expansion territory at 51.5 for the second consecutive month [1] Group 2 - The analysis highlights that the Eurozone's economic momentum is insufficient, with the services sector's long-standing role as a growth engine being challenged, particularly under the pressures of global trade tensions and policy uncertainties [2] - There is an expectation that the European Central Bank will lower the deposit rate by 25 basis points to 2.00% in the upcoming meeting on June 5, which could further boost business confidence [1]