TL;DR

US yields jump; Trump sets new global tariffs; Charter buys Cox; China chip tensions escalate.

Highlights

• US 10-year Treasury yield rises to 4.5%, while Japan’s 30-year yield nears 3% amid fiscal concerns and reduced foreign demand 1.
• Trump announces new trade deals with the UK and China; US to set new tariff rates for 150 countries by July 2.
• US considers adding Chinese chipmakers CXMT, SMIC, and YMTC to the Entity List, risking further tension during China trade talks 6.
• US labels Vietnam’s trade deficit “unsustainable,” pressuring Southeast Asia to prevent rerouting of Chinese goods amid 145% China tariffs 12.
• Charter to acquire Cox for $34.5B, creating the largest US cable/broadband provider; deal includes $12.6B in assumed debt and $500M in expected annual synergies 8.
• Novo Nordisk CEO to step down after profit warning and increased competition for Wegovy; shares down 6% 9.
• Russia and Ukraine hold first direct peace talks since 2022; EU announces new sanctions on Russian pipelines, shipping, oil, and finance 34.
• Iran meets UK, France, and Germany in Istanbul for nuclear talks; US signals a deal may be close 5.
• NATO members agree to raise defense spending target to 5% of GDP over the next decade 13.
• ECB targets early 2026 for digital euro legal framework, with plans to replace up to 50% of cash in 2–3 years 14.
• Wisconsin Investment Board exits $321M BlackRock Bitcoin ETF stake; Abu Dhabi’s Mubadala increases holdings; BlackRock launches tokenized Treasury fund on Avalanche DeFi 1516.
• Nvidia to open Shanghai R&D center to support China business amid US export controls and competition from Huawei 7.

Commentary

Rising US Treasury yields—now at 4.5%—signal persistent concern over fiscal deficits and supply/demand dynamics in global debt markets 1. Japan’s long-end yields are also moving up quickly, reflecting similar fiscal pressures and reduced foreign demand 1. This environment is likely to keep pressure on US equities, especially rate-sensitive sectors, and could support the dollar while weighing on risk sentiment.

Trade policy remains a central risk factor. The Trump administration’s announcement of new trade deals with the UK and China is offset by plans to set new US tariff rates for 150 countries, creating near-term uncertainty for multinationals and global supply chains 2. The potential addition of major Chinese chipmakers to the Entity List, even as trade talks continue, highlights ongoing US-China tech tensions 6. US scrutiny of Vietnam and Southeast Asia over the rerouting of Chinese goods underscores the administration’s focus on closing tariff loopholes, which could impact Asian exporters and US importers alike 12.

In corporate news, the Charter -Cox merger will create the largest US cable provider, with implications for industry consolidation and cost synergies 8. Novo Nordisk ’s CEO departure and profit warning, driven by competitive pressure in obesity drugs, is weighing on pharma sentiment 9. Nvidia ’s move to expand R&D in Shanghai shows the importance of the Chinese market despite ongoing US export controls 7, while BlackRock’s DeFi integration and shifting institutional crypto flows reflect continued experimentation in digital assets 1516.

Geopolitics is in focus with Russia-Ukraine peace talks resuming and the EU rolling out new sanctions on Russia 34. NATO’s increased defense spending target provides a tailwind for US defense contractors 13. The ECB’s digital euro push and flexible monetary stance could affect euro-dollar dynamics and fintech over the medium term 14.