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DOLLAR SHORTS NEAR 2023 HIGHS
Speculators are still heavily short the dollar, and Morgan Stanley now sees a 9% drop in the USD Index to 91 by mid-2026 as Fed cuts rates and growth slows. Euro could hit 1.25, yen 130, pound 1.45, per MS. https://t.co/IsABpqetY8
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DOLLAR SHORTS NEAR 2023 HIGHS
Speculators are still heavily short the dollar, and Morgan Stanley now sees a 9% drop in the USD Index to 91 by mid-2026 as Fed cuts rates and growth slows. Euro could hit 1.25, yen 130, pound 1.45, per MS. https://t.co/IsABpqetY8
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FED’S WALLER: ‘GOOD NEWS’ RATE CUTS STILL POSSIBLE THIS YEAR
Fed Governor Christopher Waller said he still sees room for rate cuts in 2025, despite tariffs likely boosting inflation in the short term. “Assuming... underlying inflation continues to make progress... and the labor market remains solid, I would be supporting ‘good news’ rate cuts later this year,” he said Monday in Seoul.
He now assumes a 15% average trade-weighted tariff, midway between his earlier “small” and “large” scenarios. Waller also warned that the $2T U.S. fiscal deficit is driving up long-term Treasury yields: “It’s not a matter of demand, it’s about price.”
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FED’S WALLER: ‘GOOD NEWS’ RATE CUTS STILL POSSIBLE THIS YEAR
Fed Governor Christopher Waller said he still sees room for rate cuts in 2025, despite tariffs likely boosting inflation in the short term. “Assuming... underlying inflation continues to make progress... and the labor market remains solid, I would be supporting ‘good news’ rate cuts later this year,” he said Monday in Seoul.
He now assumes a 15% average trade-weighted tariff, midway between his earlier “small” and “large” scenarios. Waller also warned that the $2T U.S. fiscal deficit is driving up long-term Treasury yields: “It’s not a matter of demand, it’s about price.”
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Samsung is close to investing in Perplexity AI & integrating its search and assistant tech across its devices, per Bloomberg. Talks include preloading Perplexity on future phones—possibly as a default assistant starting with Galaxy S26—& weaving it into Samsung’s browser & Bixby. https://t.co/TpEIPkunPA
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Samsung is close to investing in Perplexity AI & integrating its search and assistant tech across its devices, per Bloomberg. Talks include preloading Perplexity on future phones—possibly as a default assistant starting with Galaxy S26—& weaving it into Samsung’s browser & Bixby. https://t.co/TpEIPkunPA
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At least 10% of wealthy non-doms have already left the UK after PM Keir Starmer’s government scrapped the special tax regime and extended the 40% inheritance tax to overseas assets, per a new report by former Treasury economist Chris Walker.
The Centre for Economics and Business Research says the reforms could cost the Treasury if more than 25% of non-doms depart. The OBR currently assumes a 12% exit rate — but calls its forecasts “very uncertain.”
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At least 10% of wealthy non-doms have already left the UK after PM Keir Starmer’s government scrapped the special tax regime and extended the 40% inheritance tax to overseas assets, per a new report by former Treasury economist Chris Walker.
The Centre for Economics and Business Research says the reforms could cost the Treasury if more than 25% of non-doms depart. The OBR currently assumes a 12% exit rate — but calls its forecasts “very uncertain.”
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Jefferies Upgrades $ROL to Buy from Hold, Raises PT to $65 from $55
Analyst comments: "We view Rollins as a high-quality earnings compounder driven by consistent HSD% organic growth, steady margin expansion, and potential for tuck-in M&A. Based on our analysis of sales professional hiring activity, stepped-up advertising spend, and a strong pricing track record, we have increased confidence that the pace of organic growth can continue for the foreseeable future. Specifically, ROL job listings for sales professionals were ~49% and 40%, above historical averages for 2024 and 1Q25, respectively. All in, we’re raising our 2025 and 2026 organic growth estimates to 7.8% and 7.5%, respectively (from 7.5% and 6.6%). Beyond the best-in-class top-line growth story, ROL can also further cement itself as having best-in-class margins as we see EBITDA margin expansion of 60bps in 2026 to 24% as the strong organic growth enables operating leverage, paired with ongoing SG&A reduction. Our $65 PT assumes 32x our 2026 EV/EBITDA est, a premium we believe is warranted given its HSD% organic growth, ~12% EBITDA growth, and 14% FCF growth profile."
Analyst: Stephanie Moore
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Jefferies Upgrades $ROL to Buy from Hold, Raises PT to $65 from $55
Analyst comments: "We view Rollins as a high-quality earnings compounder driven by consistent HSD% organic growth, steady margin expansion, and potential for tuck-in M&A. Based on our analysis of sales professional hiring activity, stepped-up advertising spend, and a strong pricing track record, we have increased confidence that the pace of organic growth can continue for the foreseeable future. Specifically, ROL job listings for sales professionals were ~49% and 40%, above historical averages for 2024 and 1Q25, respectively. All in, we’re raising our 2025 and 2026 organic growth estimates to 7.8% and 7.5%, respectively (from 7.5% and 6.6%). Beyond the best-in-class top-line growth story, ROL can also further cement itself as having best-in-class margins as we see EBITDA margin expansion of 60bps in 2026 to 24% as the strong organic growth enables operating leverage, paired with ongoing SG&A reduction. Our $65 PT assumes 32x our 2026 EV/EBITDA est, a premium we believe is warranted given its HSD% organic growth, ~12% EBITDA growth, and 14% FCF growth profile."
Analyst: Stephanie Moore
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INDIA FINALIZES EV POLICY; $TSLA NOT INTERESTED IN LOCAL MFG
India’s new EV policy offers a 15% import duty on EVs priced at $35,000 for 5 years—but only if companies invest $486M in local manufacturing and start production within 3 years. Firms can import up to 8,000 EVs per year under the scheme, but must hit 25% local content in 3 years, 50% in 5.
India’s Industry Minister says Tesla isn’t interested in manufacturing vehicles in India anytime soon, but Mercedes-Benz, VW, Hyundai, Kia, and Skoda have already shown intent to invest.
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INDIA FINALIZES EV POLICY; $TSLA NOT INTERESTED IN LOCAL MFG
India’s new EV policy offers a 15% import duty on EVs priced at $35,000 for 5 years—but only if companies invest $486M in local manufacturing and start production within 3 years. Firms can import up to 8,000 EVs per year under the scheme, but must hit 25% local content in 3 years, 50% in 5.
India’s Industry Minister says Tesla isn’t interested in manufacturing vehicles in India anytime soon, but Mercedes-Benz, VW, Hyundai, Kia, and Skoda have already shown intent to invest.
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Taiwan reported a sharp rise in Chinese military presence near its waters last month, with an average of 50–70 PLA vessels operating daily across the first island chain — including over 70 ships on May 27 alone. https://t.co/vKjMlIDHEC
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Taiwan reported a sharp rise in Chinese military presence near its waters last month, with an average of 50–70 PLA vessels operating daily across the first island chain — including over 70 ships on May 27 alone. https://t.co/vKjMlIDHEC
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Nintendo’s giving Japanese retailers a 5% margin on Switch 2 sales—well above the usual 2%—to help boost in-store visibility and support brick-and-mortar shops. The console launches June 5 at $450 globally, ¥49,980 in Japan. Nintendo aims to sell 15M units by March 2026, but Bloomberg reports sales could top 20M if assembly stays on track.
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Nintendo’s giving Japanese retailers a 5% margin on Switch 2 sales—well above the usual 2%—to help boost in-store visibility and support brick-and-mortar shops. The console launches June 5 at $450 globally, ¥49,980 in Japan. Nintendo aims to sell 15M units by March 2026, but Bloomberg reports sales could top 20M if assembly stays on track.
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100% mortgages are making a comeback in the UK 🇬🇧 as lenders like April and Gable roll out no-deposit deals. Rates are steep—around 6%—and while demand is high, experts warn about affordability checks and the risks of negative equity if house prices fall. https://t.co/zNVKalzytZ
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100% mortgages are making a comeback in the UK 🇬🇧 as lenders like April and Gable roll out no-deposit deals. Rates are steep—around 6%—and while demand is high, experts warn about affordability checks and the risks of negative equity if house prices fall. https://t.co/zNVKalzytZ
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Moderna $MRNA got U.S. approval for its next-gen COVID vaccine—but with tighter rules. It’s now only cleared for adults 65+ & those 12+ with at least 1 risk factor. The broader eligibility from earlier versions is gone, as regulators under Kennedy Jr. continue to narrow vaccine access
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Moderna $MRNA got U.S. approval for its next-gen COVID vaccine—but with tighter rules. It’s now only cleared for adults 65+ & those 12+ with at least 1 risk factor. The broader eligibility from earlier versions is gone, as regulators under Kennedy Jr. continue to narrow vaccine access
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South Korea’s 🇰🇷 chip exports hit a record $13.8B in May, up 21.2% YoY, driven by demand for high-end memory like HBM and DDR5. But overall exports slipped 1.3% to $57.27B, with U.S.-bound shipments down 8.1% due to Trump’s auto tariffs. Auto exports fell 4.4% to $6.2B despite gains in EVs and used cars.
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South Korea’s 🇰🇷 chip exports hit a record $13.8B in May, up 21.2% YoY, driven by demand for high-end memory like HBM and DDR5. But overall exports slipped 1.3% to $57.27B, with U.S.-bound shipments down 8.1% due to Trump’s auto tariffs. Auto exports fell 4.4% to $6.2B despite gains in EVs and used cars.
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TSMC's 2nm chips will cost $30,000 per wafer, with Angstrom nodes expected to hit $45,000. Total development cost will be $725 million. Only top clients like Apple, AMD, Qualcomm, and Google can afford the jump. Monthly 2nm capacity could hit 30K wafers by year-end as competition in AI and mobile heats up fast.
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TSMC's 2nm chips will cost $30,000 per wafer, with Angstrom nodes expected to hit $45,000. Total development cost will be $725 million. Only top clients like Apple, AMD, Qualcomm, and Google can afford the jump. Monthly 2nm capacity could hit 30K wafers by year-end as competition in AI and mobile heats up fast.
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