News

US extends tariff pause on some Chinese goods through to August 31.

Bloomberg with the info.

more to come

This article was written by Eamonn Sheridan at www.forexlive.com.

Snowflake will pay about $250 million, a person familiar with the matter told CNBC.

Steve Stoute is a successful marketer, entrepreneur and music executive.

• Preliminary 52.3
• Prior 50.2
• Final S&P global manufacturing PMI for May 52.0

From Chris Williamson, Chief Business Economist at S&P
Global Market Intelligence

“The rise in the PMI during May masks worrying
developments under the hood of the US manufacturing
economy. While growth of new orders picked up and
suppliers were reportedly busier as companies built
up their inventory levels at an unprecedented rate, the
common theme was a temporary surge in demand as
manufacturers and their customers worry about supply
issues and rising prices.

“These concerns were not without basis: supplier
delays have risen to the highest since October 2022,
and incidences of price hikes are at their highest since
November 2022, blamed in most cases on tariffs.
Smaller firms, and those in consumer facing markets,
appear worst hit so far by the impact of tariffs on supply
and prices.

“Encouragingly, manufacturers regained some optimism
in May after sentiment had been hit hard by tariff
announcements in April, partly reflecting the pauses
on new levies. However, uncertainty clearly remains
elevated amid the fluid tariff environment, and factories
have so far shown a reluctance to expand headcounts in
the face of such volatility.”

The details from S&P GLobal:

Headline PMI Data

• PMI: 52.0 in May (up from 50.2 in March and April)

• Best reading since February; indicates solid growth in the manufacturing sector

🔹 New Orders

• Rose to the strongest level in 3 months

• Domestic demand was the primary driver

• Export sales remained weak; only slight recovery after April’s sharp fall

• Clients were front-running tariffs, placing orders early

🔹 Input Inventories

• Record-high increase in input inventories (largest in 18 years of data)

• Stockpiling driven by concerns over tariffs and supply chain disruption

🔹 Production & Output

• Production volumes trimmed slightly for third straight month

• Backlogs of work continued to fall modestly

• Firms had sufficient capacity to meet demand

🔹 Employment

• Employment rose for the first time in 3 months

• Growth was marginal due to difficulty finding qualified workers

🔹 Prices

• Input price inflation remained high, though eased to a 3-month low

• Tariffs cited as key reason for cost increases; suppliers passed costs on

• Factory gate prices (output charges) rose at the fastest pace since Nov 2022

🔹 Supply Chains

• Supplier delivery delays worsened to the worst level since Oct 2022

• Delays linked to stock shortages and tariff-related disruptions

🔹 Finished Goods Inventories

• Rose in May for the first time since November

🔹 Business Confidence

• Outlook improved to a 3-month high

• Optimism driven by expectations that tariff-related disruptions may ease within a year

This article was written by Greg Michalowski at www.forexlive.com.

Markets will face a heavy load of high-impact economic data highlighed by the US and Canada jobs report on Friday, and central bank events next week. The Bank of Canada and European Central Bank are expected to cut rates next week.

Of course, the wild card will be trade news.. The week is starting with trade concerns with China. Are the Chinese withholding some key materials that will impact the US supply chain? Pres. Trump is expected to make a call to China’s Xi.

Monday, June 2

• 10:00am (US) – ISM Manufacturing PMI (Forecast: 49.3 | Prior: 48.7)

• 1:00pm (US) – Fed Chair Powell Speaks

Tuesday, June 3

• 2:30am (CHF) – CPI m/m (Forecast: 0.2% | Prior: 0.0%)

• TBD (JPY) – BOJ Governor Ueda Speaks

• 10:00am (US) – JOLTS Job Openings (Prior: 7.19M)

• 9:30pm (AUD) – GDP q/q (Forecast: 0.4% | Prior: 0.6%)

Wednesday, June 4

• 8:15am (US) – ADP Non-Farm Employment Change (Forecast: 110K | Prior: 62K)

• 9:45am (CAD) – Bank of Canada Rate Statement

• 9:45am (CAD) – Overnight Rate Decision (Forecast: 2.50% | Prior: 2.75%)

• 10:00am (US) – ISM Services PMI (Forecast: 52.0 | Prior: 51.6)

• 10:30am (CAD) – BoC Press Conference

Thursday, June 5

• 8:15am (EUR) – ECB Main Refinancing Rate (Forecast: 2.15% | Prior: 2.40%)

• 8:15am (EUR) – ECB Monetary Policy Statement

• 8:30am (US) – Weekly Unemployment Claims (Forecast: 232K | Prior: 240K)

• 8:45am (EUR) – ECB Press Conference

Friday, June 6

• 8:30am (CAD) – Employment Change (Forecast: 7.4K)

• 8:30am (CAD) – Unemployment Rate (Forecast: 6.9%)

• 8:30am (US) – Average Hourly Earnings m/m (Forecast: 0.3% | Prior: 0.2%)

• 8:30am (US) – Non-Farm Payrolls (Forecast: 130K | Prior: 177K)

• 8:30am (US) – Unemployment Rate (Forecast: 4.2%)

This article was written by Greg Michalowski at www.forexlive.com.

Applied Digital said it expects $7 billion in total revenue during the approximately 15-year period.

The procedure took place at the University of Michigan with a patient who was already undergoing neurosurgery to treat epilepsy.

Byron Allen is putting his 28 broadcast TV stations up for sale in a bid to reduce his company’s debt load.

WTI crude oil settled at $62.52, up $1.73 or +2.85% on the day. The price traded as high as $63.84 and as low as $61.55 during the session.

Technically, the rally extended into a key swing area between $63.52 and $64.14 (see red numbered circles), but still fell short of the 38.2% retracement of the 2025 decline from the January high, which comes in at $64.88.

On the downside, support is now eyed at the 100- and 200-hour moving averages, which are converging near $61.59 and $61.52, respectively. A break below this support zone would tilt the bias more bearish and potentially open the door for further downside pressure.

Conversely it would take a move above the swing area and the 38.2% retracement to increase the bullish bias. .

This article was written by Greg Michalowski at www.forexlive.com.

The “One Big Beautiful Bill Act” would raise U.S. debt by more than $3 trillion over a decade, research finds, likely impacting consumer loans and bond prices.