News Recap • Week 24 2025

Check the news below and make sure to visit my latest Market Recap as well.

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Macro

• The US Consumer Price Index rose just 0.1% in May, less than the 0.2% forecast. The annual headline inflation rate came in as expected at 2.4%, showing a slight uptick from 2.3% in April. The core inflation rate was also at 0.1% in May with an annual rate of 2.8%, below expectations for 0.3% and 2.9% respectively. Core inflation has now been stable at 2.8% for three months straight. (CNBC)
• The US Producer Price Index also came in lighter than expected, following the cooler-than-expected CPI print. The PPI rose just 0.1% in May vs a 0.2% forecast. The annual headline and core inflation rates came in at 2.6% and 2.7% respectively. (U.S. Bureau of Labor Statistics)
• Consumer sentiment in early June came in much higher than recent readings and well above expectations. The University of Michigan’s headline index jumped 15.9% to 60.5 compared to a 54.0 forecast. Furthermore, one-year inflation expectations fell from 6.6% to 5.1%. (CNBC)
• Earlier in the week, the New York Fed’s Survey of Consumer Expectations had shown a positive trend similar to that of the Michigan University survey. Notably, respondents’ one-year inflation expectation fell to 3.2% in May, down from 3.6% in April. (CNBC)
• The US budget deficit hit $316 billion in May, taking the year-to-date total to $1.365 trillion. Interest on the country’s massive debt was once again a major contributor, topping $92 billion in May alone and expected to run above $1.2 trillion for the full year. (CNBC)
• The US and China reached consensus on a (partial) trade deal that includes 55% tariffs on US imports from China and an agreement that China will supply magnets and rare earths up front. The market reaction was muted, perhaps because a deal was already priced in or because it still needs final approval from both Trump and Xi. (CNBC)
• Before this week’s trade deal, however, China’s US exports plummeted more than 34% in May compared to a year ago. This was the sharpest drop in more than five years. (CNBC)
• Treasury Secretary Scott Bessent said that the administration will consider extending the tariff pause for countries that are negotiating a new trade deal in good faith. (CNBC)
• The US and Mexico are reportedly nearing a deal that will remove the 50% tariffs on steel imports up to a certain volume. (The Kobeissi Letter)
• The median US home sales price is now $30,000 lower than the median listing price, the widest discrepancy in at least five years. (Barchart)
• China’s consumer prices fell for a fourth straight month in May. On a brigther note, core inflation rose 0.6% in May, its biggest gain since January. (CNBC)
• China is tapping into a $1.5 trillion fund to boost its struggling housing sector. (Yahoo)
• On Thursday, Israel launched a series of successful airstrikes on Iran. The conflict has been going on for a long time but this was seen as a clear escalation. Risk assets fell on the back of it while the price of oil and gold spiked. (CNBC)
• Iran retaliated against Israel’s attack on Friday and Saturday, further escalating the situation. The country even threatened to expand the attacks to US bases in Israel over the coming days. (CNBC)

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Other

• Elon Musk issued an apology and said he regrettet some of the things he said about President Trump last week as the two seemed to put aside their differences and end their feud. Tesla stock gained more than 10% this week on the back of the news. (CNBC)
• Disney will buy Comcast’s stake in Hulu for $439 million and take full control of the streaming service, finally closing the deal that was set in motion in 2023. (CNBC)
• Meta attempts to improve its execution within AI with a $14 billion stake in Scale AI and the hiring of its co-founder Alexandr Wang. (CNBC)
• Apple’s iPhone was the best-selling smartphone in China in May. (Reuters)
• Donald Trump approved the merger between U.S. Steel and Nippon Steel after the two companies signed a national security agreement. (CNBC)
• Online banking provider Chime began trading on the Nasdaq on Thursday and jumped 37% in its debut before giving back around 6% on Friday. The IPO raised around $700 million and valued the company at about $11.6 billion. However, that’s a big step down from its latest private funding round in 2021 where the company was valued at $25 billion. (CNBC)
• Crypto exchange Bullish, backed by PayPal co-founder Peter Thiel, has filed to go public. (Cointelegraph)

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Earnings

• Oracle delivered a solid beat on both the top and bottom line, earning $1.70 adjusted per share vs $1.64 expected on revenue of $15.9 billion vs $15.59 billion expected. The company also guided higher and beat the street’s expectations. Shares surged 13.31% on Thursday after the report to a new record high and added another 7.69% on Friday. The stock is now up close to 30% in 2025 alone and just surpassed a $600 billion market cap. (CNBC)
• Adobe reported adjusted fiscal Q2 earnings of $5.06 per share on sales of $5.87 billion. Analysts had expected $4.97 and $5.80 billion. Earnings and sales rose 13% and 11% respectively year over year. The company also raised its guidance for the current quarter and full year. And yet, the stock dropped 5.32% on Friday after the report. (Investor’s Business Daily)