UBS expects the Federal Reserve will not begin cutting interest rates in 2024 and anticipates a hawkish signal from the June policy meeting. The bank bases its view on stickier-than-expected inflation and a resilient labor market. That outlook reinforces market pricing for higher rates for longer and, in UBS’s view, could lift U.S. Treasury yields and support the dollar. UBS also said this would weigh on U.S. equity valuations, especially rate-sensitive growth stocks and broad market indexes.

Major technology companies are grappling with surging compute and token costs as AI agents drive heavier usage. Uber said in April it had exhausted its annual AI budget in four months, and one company reportedly spent $500m on AI tokens in a single month. Meta and Amazon have dropped internal AI-usage leaderboards and are shifting to measures such as cheaper model choices and token caps. Ramp estimates clients’ AI spending has risen 13-fold over the past year, with the top 1% of spenders averaging $7,450 per employee per month.

Ball Corporation（BALL）公布2026年第一季度业绩：营收36亿美元（同比+16.3%），调整后每股收益0.94美元（同比+22.1%），超市场预期；公司重申全年EPS增长超10%、自由现金流超9亿美元的指引。尽管股价较52周高点回落16%，且近期跑输道指，但强劲基本面与15位分析师一致‘强烈买入’评级、目标价71.38美元（较现价高24.5%）构成明确交易催化剂。

India’s agriculture minister Sharma told 9–10 states expected to be hit hardest by El Nino to immediately prepare district-level contingency plans for the Kharif season. He asked officials to prioritise expanding cotton and pulse acreage and step up the rollout of drought-resilient farming practices. The move is aimed at addressing potential output risks in key cotton-growing areas and has triggered a coordinated, cross-department response at the government level. No specific output forecasts or price data were provided, but the intervention is described as materially stronger than routine crop monitoring and could meaningfully affect cotton supply expectations.

日本央行将基准利率上调25个基点至1%，为30年来最高水平，导致日经225指数盘中冲上70000后回落，收盘微涨0.1%至69404.50。同日，美国与伊朗达成临时协议，预期霍尔木兹海峡将于周五重开，推动布伦特原油单日下跌4.8%，报81.35美元/桶；WTI原油跌至78.72美元/桶。全球股市分化，欧股普涨，港股与A股走弱。

India’s crude oil import bill climbed to a record $22.7 billion in May 2026 as Middle East tensions pushed Brent crude above $90 a barrel. The net oil import bill rose to $14.3 billion, and the merchandise trade deficit widened to $28.2 billion. Elevated crude and derivative prices, along with shipping disruption risks around the Strait of Hormuz, were key drivers, the report said.

A YES Bank report said India’s newly rebased WPI inflation accelerated to 9.7% year on year in May, driven by a 30.3% rise in fuel prices and higher manufacturing costs. The bank said softer global crude prices and a steady rupee could ease imported inflation pressures and reduce the need for further fuel price hikes. It added that expectations of a potential US-Iran peace deal have contributed to the pullback in oil prices. Weather-related food inflation, alongside oil and natural gas as key transmission variables, remains a risk to watch.

Repono Limited said it has signed a 20-year contract with Reliance Industries Limited (RIL) for a greenfield petroleum products terminal project in western Uttar Pradesh, covering engineering, procurement and construction (EPC) as well as subsequent operations and maintenance (O&M). The project will be executed through its subsidiary, Repono Mathura Terminal Private Limited, and is slated for a 36-month construction period. The company described the deal as its largest single contract to date and said it improves medium-term visibility and strengthens its competitive position.