Macroeconomic Highlights
Trump stated that all Iranian parties have approved the U.S.-Iran agreement, which is expected to be signed this weekend.
On June 11 local time, U.S. President Trump commented on the U.S.-Iran agreement, describing it as an 'excellent deal' regarding Iran. He said the relevant documents are in the final drafting stage and are expected to be finalized and signed within the next few days. He also indicated that the agreement might be signed in Europe, possibly this weekend, with Vice President Vance attending.
According to his understanding, Iran’s Supreme Leader has agreed to the deal, and all Iranian parties have approved it. He further described it as a very strong and highly detailed memorandum of understanding. Trump also asserted that Iran will not possess nuclear weapons. He stated that once the memorandum of understanding is signed, the Strait of Hormuz will immediately reopen. He added that operations involving Kharg Island are not under consideration.
Iranian media: The likelihood of Iran approving the text is very high.
According to Iran's Fars News Agency: Given that the United States has accepted the text proposed by Iran, the likelihood of the text being approved by the Iranian side is very high.
Trump: Canceled tonight's strike on Iran; will announce the time and location for signing the agreement soon.
U.S. President Trump posted on social media: 'Given that discussions with the Islamic Republic of Iran have been submitted to and approved by Iran’s Supreme Leadership, I, as President of the United States of America, have canceled tonight’s originally scheduled strike and bombing operations against Iran.'
The related discussions and final terms have been approved by all relevant parties—both in principle and in extensive detail—including the United States, Israel, Saudi Arabia, the United Arab Emirates, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and other countries. The maritime blockade will remain fully effective until this agreement is formally implemented—the time and location of signing will be announced shortly.
Iranian Ministry of Foreign Affairs: The strait remains closed.
Spokesperson for the Iranian Ministry of Foreign Affairs: The Strait of Hormuz remains closed due to the United States' unlawful actions. Vessels should exercise caution, as conditions for safe passage do not exist.
Markets will also be open on weekends, as CME plans to launch around-the-clock trading for crude oil and gold futures contracts.
CME Group announced that, pending regulatory review, it will offer 24/7 (seven days a week, 24 hours a day) trading for new, smaller-sized crude oil and gold futures contracts. The new crude oil contract will be one-tenth the size of CME’s existing Micro WTI Crude Oil futures contract and will launch on August 30. Round-the-clock trading for the company’s existing 1-ounce gold futures contract will begin on July 26.
Derek Sammann, Global Head of Commodities Markets at CME Group, stated: 'Amid geopolitical uncertainty, we provide appropriately sized, regulated products available 24/7, enabling traders to manage their risk exposure whenever market-moving news occurs.'
Spot gold has reclaimed the $4,200 level.
Spot gold continued to rise, reclaiming the $4,200 level, up approximately $130 for the day.
Foreign investors sold Japanese equities for the second consecutive week amid doubts about the sustainability of the artificial intelligence rally.
Data released on Thursday showed that foreign investors marked their second consecutive week of selling Japanese equities as of June 6. This followed Broadcom’s earnings report, which fell short of expectations, intensifying market concerns that the tech-led rally had run too far ahead. Investors consequently took profits in highly valued technology stocks. In addition, a robust U.S. employment report may prompt the Federal Reserve to maintain a hawkish stance for longer, while ongoing tensions in the Middle East also weighed on market sentiment.
According to data from Japan’s Ministry of Finance, foreign investors recorded net sales of ¥701 billion ($43.7 billion) in Japanese equities this week, a significant increase from the previous week’s net sales of ¥491.5 billion. The Nikkei index has declined approximately 7.3% from its record high of 68,786.49 points reached last week. Despite recent net outflows, foreign investors have still poured around ¥10.63 trillion into Japanese equities year-to-date, compared with only about ¥1.26 trillion during the same period last year.
U.S. Stock Market Update
All three major indexes rose, with the Philadelphia Semiconductor Index posting its largest single-day gain since April 2025.
The three major U.S. stock indexes closed higher across the board: the Dow Jones Industrial Average rose 1.86% to 50,848.75; the Nasdaq Composite gained 2.54% to 25,809.66; and the S&P 500 increased by 1.75% to 7,394.30.
$Star Tech Stocks (LIST2518.US)$Most stocks advanced, with Micron Technology up nearly 12%, Intel rising over 9%, AMD climbing almost 8%, Tesla gaining nearly 5%, Broadcom increasing by nearly 4%, NVIDIA up more than 2%, and Apple rising over 1%. Oracle declined over 8%, while Microsoft fell nearly 2%.
$Popular Chinese Concept Stocks (LIST2517.US)$Most stocks rose, with the Nasdaq Golden Dragon China Index closing up 0.25%. ASE Technology gained over 7%, and Taiwan Semiconductor rose over 3%. Alibaba, JD.com, and Baidu each fell over 1%, while PDD Holdings declined nearly 1%.
$Semiconductors (LIST2015.US)$Semiconductor stocks surged collectively, with the Philadelphia Semiconductor Index jumping 7.91%—its largest single-day gain since April 2025. Micron Technology, Marvell Technology, and ARM all rose over 11%, Intel climbed over 9%, AMD gained nearly 8%, and Qualcomm advanced over 6%.
$Storage Concept (LIST23925.US)$Memory-related stocks rose across the board, with SanDisk surging over 14%, Western Digital up 8%, Seagate Technology climbing over 6%, and Rambus gaining nearly 5%.
$Airline Services (LIST2090.US)$Airline stocks strengthened, with the S&P SuperComposite Airlines Index rising 8%—its biggest gain since May. United Airlines and American Airlines both climbed over 9%, while Southwest Airlines gained over 7%.
$Cryptocurrency concept stocks (LIST20010.US)$Most stocks rose, with IREN and Hut 8 gaining over 10%, Robinhood up nearly 7%, SoFi rising more than 5%, and Strategy and Coinbase each climbing over 4%.
$Space Concept (LIST2556.US)$Stocks rose broadly, with Virgin Galactic up nearly 22%, RDW advancing almost 15%, EchoStar Communications and ASTS both rising over 11%, Rocket Lab gaining 9%, and Boeing increasing by more than 6%.
$Optical Communications (LIST23979.US)$Most stocks advanced, with CRDO and ALAB rising over 11%, Corning up nearly 5%, LITE gaining more than 4%, and CIEN increasing by over 2%.
Stock-specific news
Chip manufacturing capacity remains persistently tight, and Google has selected Samsung to co-develop its next-generation artificial intelligence chips.
Amid ongoing tightness in chip manufacturing capacity, major semiconductor companies are actively seeking foundry partners beyond Taiwan Semiconductor. Google is considering having Samsung Electronics produce certain components of one of its cutting-edge next-generation AI chips, according to informed sources.Google-A (GOOGL.US)The plan involves$Samsung Electronics (005930.KR)$using a 2-nanometer process technology to manufacture part of the next-generation Tensor Processing Unit (TPU). The TPU is Google’s custom-designed AI chip built specifically for its cloud data centers.
The chip, codenamed “Icefish,” is currently slated to be Google’s tenth-generation TPU. According to two informed sources, Google plans to continue relying on Taiwan Semiconductor to fabricate the core compute engine of the Icefish TPU using an advanced 1.4-nanometer process node, while Samsung may handle the production of memory input/output dies.
SK Hynix will begin mass production of its 375-layer NAND by year-end, with the adoption of molybdenum in place of tungsten expected to enhance performance.
According to Korean tech media outlet THEELEC,SK Hynix (000660.KR)Production validation of the next-generation V10 series 375-layer 3D NAND flash memory has been completed, and the company is now advancing line conversion, targeting mass production by 2026 through upgrades to existing fabs to challenge Samsung Electronics' leadership in ultra-high stack technology. The most significant advancement in this iteration lies in the material innovation of metal interconnect layers, replacing tungsten with molybdenum for certain word lines. As 3D NAND scales beyond 600 layers, molybdenum is expected to become a critical enabler in the ultra-high stacking era.
Taiwan Semiconductor rose more than 3% in the previous trading session; its 3nm monthly wafer capacity has increased to 175,000 units but still cannot meet AI chip demand, prompting considerations of a price hike of up to 15%.
According to supply chain sources, in the second half of the yearTaiwan Semiconductor (TSM.US)Advanced process nodes will moderately raise foundry prices in response to upstream cost increases. The tightest-supply 3-nanometer node is expected to see a 15% price increase. Industry sources note that customer order backlogs have not significantly eased. Although Taiwan Semiconductor continues to ramp up wafer capacity—with second-quarter monthly output projected to reach 160,000 to 175,000 wafers—AI demand growth continues to far outpace market expectations.
U.S. media: SpaceX plans to sell $75 billion worth of shares through an IPO; has attracted over $70 billion in retail investor subscriptions.
According to The Wall Street Journal,$SpaceX (SPCX.US)$plans to sell $75 billion worth of shares through a U.S. IPO. The offering has secured at least $5 billion in commitments from BlackRock. According to Bloomberg, citing informed sources, SpaceX’s IPO has drawn over $70 billion in subscription orders from retail investors. The potentially record-breaking IPO is now entering its final stage, with retail investors expected to receive allocations of at least 20% of available shares. At an IPO size of $75 billion, this allocation implies that the majority of individual investor demand will remain unfulfilled.
Ark, a SpaceX shareholder, states that orbital data centers could generate $300 billion in annual revenue.
Brett Winton of Ark Investment Management stated that, based on current leasing rates, by the end of this decade,$SpaceX (SPCX.US)$Could generate annual revenue of $300 billion by deploying tens of gigawatts of orbital data center capacity.
Ark's chief futurist, Winton, made the above assessment on Thursday ahead of SpaceX's record-breaking initial public offering (IPO) pricing, elaborating on the valuation logic behind the company in his view. SpaceX is currently the largest holding in Ark's venture capital fund. Opportunities for SpaceX include its new booster rockets and the highly profitable Starlink satellite internet business.
Intel surged more than 9% in the previous trading session, and Bank of America upgraded its rating to 'Buy,' citing expectations that the company's long-term profitability will double.
Previously, Bank of America had$Intel (INTC.US)$upgraded its rating from 'Underperform' to 'Buy' and set a price target of $135. The core rationale for this upgrade lies in Bank of America’s growing confidence in Intel’s server chip business and its external foundry prospects. The analyst team noted that their prior sum-of-the-parts valuation based on 2028 estimates had undervalued the company’s longer-term potential in chip manufacturing and foundry services. The firm now forecasts Intel’s earnings per share to exceed $6 by 2030, a significant increase from its previous estimate of $3 to $4.
Oracle declined more than 8% in the previous trading session, as higher-than-expected capital expenditures sparked concerns about profitability.
Oracle (ORCL.US)The company reported quarterly capital expenditures above expectations, raising investor concerns about the profitability of its AI infrastructure business. Oracle carries approximately $117 billion in debt within the Bloomberg U.S. Investment Grade Corporate Bond Index, making it the largest corporate bond issuer outside the financial sector.
$Oklo Inc (OKLO.US)$Oklo Inc rose more than 7% in the previous trading session after the U.S. Department of Energy’s Idaho Operations Office approved the preliminary safety analysis report for Oklo’s Aurora power plant under the Reactor Demonstration Program.
Teradyne rose nearly 10% in the previous trading session after securing a $139.9 million U.S. Air Force contract.
The U.S. Department of Defense stated on Wednesday that$Teradyne(TER.US)$it awarded Teradyne a fixed-price, indefinite-delivery/indefinite-quantity (IDIQ) contract worth $139.9 million to supply multifunctional diagnostic automated test station kits. This contract underscores Teradyne’s critical role in providing essential defense testing equipment and reinforces its position as a key supplier in the defense technology market.
Top 20 by trading value
Hong Kong Market Outlook
Southbound capital reduced its holdings of Hong Kong-listed stocks by over HK$2.7 billion, recording net purchases of Kingboard Group exceeding HK$1 billion and net sales of Alibaba amounting to nearly HK$2.2 billion.
On Thursday, June 11, southbound capital recorded net sales of HK$2.754 billion in Hong Kong-listed equities.
$KBT Group (00148.HK)$、$KBTL (01888.HK)$、Tencent (00700.HK)received net purchases of HK$1.061 billion, HK$569 million, and HK$536 million, respectively;
$Alibaba-W (09988.HK)$、$CNOOC Limited (00883.HK)$、$Yangtze Optical Fibre and Cable Joint Stock Limited Company (06869.HK)$recorded net sales of HK$2.183 billion, HK$1.458 billion, and HK$379 million, respectively.
Wuxi Apptec: The U.S. Department of Defense's decision to designate Wuxi Apptec as a CMC pursuant to Section 1260H is erroneous.
$Wuxi Apptec(02359.HK)$has filed a lawsuit against the Department of Defense in the U.S. District Court for the District of Columbia. The company firmly believes that the Department’s designation of Wuxi Apptec as a Chinese military company (CMC) under Section 1260H is erroneous and lacks factual basis or support under applicable statutes and case law.
To protect the interests of its clients, partners, employees, and shareholders, the company has requested the court to issue, among other remedies: (i) a declaration that the Department of Defense’s designation of Wuxi Apptec as a CMC is null, void, and without legal effect; (ii) an order vacating and rescinding the designation of Wuxi Apptec as a CMC; and (iii) the removal of Wuxi Apptec from the Section 1260H list.
LABUBU will appear at the World Cup.
According to Yicai,$Pop Mart (09992.HK)$During an earnings call, Chief Operating Officer Si De previously stated that LABUBU’s celebrity friends will continue their 'global business trips' and are scheduled to appear at the FIFA World Cup in June. Pop Mart’s THE MONSTERS x FIFA World Cup co-branded collection has officially launched, featuring LABUBU as the centerpiece. The series includes vinyl plush keychains, long strap blind boxes, mini pendant light blind boxes, and glass tumbler blind boxes. Among these, the 'Catch the Win' vinyl plush LABUBU—dressed in a custom jersey and paired with the FIFA World Cup Trophy—is currently the best-selling item.
HKEX: 19 companies completed A+H listings in the first five months, matching last year’s total
Liu Ying, Managing Director of HKEX and Co-Head of IPO Vetting, noted that since last year, the number of A+H listings has risen significantly, with 19 such listings already completed in the first five months of this year—equaling the full-year total for 2023. Speaking at HKEX’s Future Tech Summit, she highlighted that HKEX launched a consultation early this year on enhancing the competitiveness of its listing regime, including a review of the weighted voting rights (WVR) framework, and aims to publish the consultation conclusions by year-end. She added that the feedback received so far has been overwhelmingly positive.
Liu Ying stated that last year, 17 unprofitable biotech companies listed under Chapter 18A, and six have already gone public this year. Since the introduction of Chapter 18A in 2018, a total of 90 companies have successfully listed, establishing Hong Kong as a recognized listing hub for biotech firms and attracting interest from other healthcare and pharmaceutical companies. As for Chapter 18C, as of the end of May this year, 18 specialized technology companies have listed under this chapter, raising a total of HK$35.1 billion.
Chow Tai Fook: Full-year net profit up 52%, exceeding expectations
$Chow Tai Fook (01929.HK)$The company reported annual revenue of HK$94.398 billion as of the end of March, an increase of 5.29% year-over-year, surpassing the expected HK$93.71 billion; attributable profit to shareholders was HK$9.004 billion, up 52.2% year-over-year, exceeding the forecast of HK$8.71 billion; basic earnings per share were HK$0.91, with a final dividend of HK$0.45 per share declared.
From April 1 to May 31 this year, the group’s retail sales value grew by 14.7%, including a 19.7% increase in mainland China and a 40.6% rise in same-store sales in Hong Kong and Macau. In fiscal year 2026, benefiting from the recovery of tourism in Hong Kong and Macau and the company’s ongoing enhancements to the retail experience, the Hong Kong and Macau businesses recorded a strong rebound. Same-store sales rose by 16.8% during the year, with Hong Kong and Macau posting growth of 13.3% and 29.4%, respectively.
Today's Focus
Keywords: SpaceX IPO
On the economic data front, the U.S. one-year inflation rate for June and the University of Michigan Consumer Sentiment Index for June.
22:00 — Preliminary reading of the University of Michigan Consumer Sentiment Index for June
22:00 — Preliminary reading of the U.S. one-year inflation rate expectation for June
In terms of new stocks,$SPACE EXPLORATION TECHNOLOGIES CORP(SPCX.US)$Officially listed on the Nasdaq.
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