Other news

Later on Wednesday, UK Chancellor Rachel Reeves is set to deliver a major speech, laying out her plan to revive the country’s economy. She’ll unveil the 2026–2029 government spending budgets and the UK’s long-term investment strategy through the end of the decade, Bloomberg reports.

According to economists surveyed by Reuters, the Bank of Japan (BOJ) is expected to hold off on further monetary tightening this year due to uncertainty surrounding Donald Trump’s trade policies.

A Reuters poll suggests that the UK economy will expand by just 1% this year, with weak growth prospects likely pushing the Bank of England (BoE) to cut interest rates twice more before December. So far, uncertainty surrounding potential US tariffs has had minimal impact on analytical forecasts.

Bloomberg analysts have published an updated forecast predicting which cryptocurrency ETFs will be approved next by the US Securities and Exchange Commission (SEC). They expect Litecoin and Solana exchange-traded funds to be approved in 2025 with a 90% probability.

According to Canadian Imperial Bank of Commerce head, Victor Dodig, the Canadian economy is experiencing a period of stagnation. Major investment projects are frozen, and unemployment has reached 7%, demonstrating four months of weak employment growth.

The London Metal Exchange (LME) has reported a record drawdown of Russian copper, marking the steepest decline since it began publishing data in 2023. According to Bloomberg, the drop comes as Glencore ramps up purchases for shipments to China.

According to Reuters, the Bank of Japan (BoJ) is likely to keep its interest rate unchanged at 0.5% at the upcoming meeting on June 17. However, experts do not rule out the possibility of officials adopting a more hawkish stance if global trade tensions ease amid US-China talks.

According to Bloomberg, the UK labor market is experiencing a sharp downturn. Data from the Office for National Statistics (ONS) shows that the number of employed workers fell by 109,000 in May, while unemployment rose to 4.6%.

Weak UK employment data has reinforced expectations of Bank of England interest rate cuts, according to Bloomberg. The pound fell 0.7% to $1.3456, marking its steepest decline this month, while UK bond yields dropped 5–6 basis points across the curve, outperforming eurozone counterparts.

Analysts at Morgan Stanley believe US President Donald Trump’s decision to double tariffs on aluminum to 50% increases the likelihood of additional levies on copper imports.