Weekend News Round Up - Newsquawk Asia-Pac Market Open

• US stocks finished rangebound on Friday in a quietened session with no tier 1 releases and no major incremental newsflow which saw S&P 500 futures traverse sideways throughout most of the session, while US Leading Index for April was the sole data highlight and disappointed expectations.
• A helicopter carrying Iranian President Raisi and Foreign Minister Amir-Abdollahian crashed due to adverse weather conditions, while the injury or death of passengers could not be confirmed, according to state TV.
• Looking ahead, highlights include UK Rightmove House Price Index, PBoC Loan Prime Rates, Thailand GDP, Supply from Japan, Market Closure in India.

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LOOKING AHEAD

• Highlights include UK Rightmove House Price Index, PBoC Loan Prime Rates, Thailand GDP, Supply from Japan.
• Click here for the Newsquawk Week Ahead.

US TRADE

• US stocks finished rangebound on Friday in a quietened session with no tier 1 releases and no major incremental newsflow which saw S&P 500 futures traverse sideways throughout most of the session, while US Leading Index for April was the sole data highlight and disappointed expectations.
• SPX +0.12% at 5,303, NDX -0.06% at 18,546, DJIA +0.34% at 40,003, RUT -0.03% at 2,096.
• Click here for a detailed summary.

NOTABLE HEADLINES

• Fed Chair Powell did not comment on monetary policy or the economy in remarks prepared for delivery to Georgetown Law School’s commencement ceremony, while it was reported on Friday that Powell had tested positive for COVID the day before and was working from home.
• Fed's Bowman (voter) said on Friday that she is monitoring data to assess if policy is sufficiently restrictive and is willing to hike if inflation progress stalls or reverses, while she reiterated her baseline outlook that inflation would decline further with steady policy rates but sees risks. Bowman also said she will remain cautious in rate decisions and sees inflation remaining elevated for some time, as well as noted that they have not seen further progress on inflation this year.

COMMODITIES

• Iraqi PM said there is no progress in talks with oil companies to resume exports from Kurdistan to Turkey, according to Reuters.
• Libya began operating the new pipeline from its North Hamada oilfield with the initial transfer capacity expected at 2k bpd, according to the National Oil Corporation cited by Reuters.
• Ukrainian intelligence sources said the SBU and military drones struck an oil refinery and airfield in Russia’s southern Krasnodar region in an overnight attack, according to Reuters.
• US was reported on Friday to have bought 3.3mln bbls of oil for the SPR.

GEOPOLITICAL

MIDDLE EAST

• A helicopter carrying Iranian President Raisi and Foreign Minister Amir-Abdollahian crashed due to adverse weather conditions, while the injury or death of passengers could not be confirmed, according to state TV. It was also reported that Iran’s Supreme Leader Khamenei reassured Iranians the country’s management would not be affected by the incident and no disruption will occur in Iran’s state affairs.
• Israel’s Gantz demanded that the war cabinet agree to a six-point plan for the Gaza conflict by June 8th which should lay out a post-war vision for Gaza governance and equitable Israeli military conscription. Furthermore, Gantz warned his party would quit the emergency coalition government if Israeli PM Netanyahu does not meet expectations, according to Reuters.
• White House National Security Adviser Sullivan discussed with Israelis methods to ensure the defeat of Hamas while minimising harm to civilians, while Sullivan reiterated US President Biden's longstanding position on Rafah and proposed a series of concrete measures to ensure more aid flows into Gaza. Furthermore, Sullivan held constructive meetings in Saudi Arabia and briefed Israeli PM Netanyahu on the Saudi meetings and the potential that may now be available for Israel and the Palestinians, according to Reuters citing the White House.
• US Central Command said Houthis launched an anti-ship ballistic missile into the Red Sea and struck M/T Wind which is a Panamanian-flagged, Greek-owned oil tanker which caused flooding and resulted in a loss of propulsion and steering. However, the crew was able to restore propulsion and steering, and there were no casualties reported, according to Reuters.

OTHER

• Ukrainian forces destroyed a Russian Black Sea fleet minesweeper, according to the Ukrainian navy.
• Russia’s Defence Ministry said Russian forces took control of Starytsia in Ukraine’s Kharkiv region, according to TASS. In relevant news, Russia's Defence Ministry said Russia shot down US ATACMS missiles and drones Ukraine used to attack Russian regions overnight, according to Reuters.

ASIA-PAC

NOTABLE HEADLINES

• China’s Mofcom launched an anti-dumping probe into polyoxymethylene copolymers from the EU, US, Taiwan and Japan, according to FT.
• Taiwan’s incoming President Lai will express concrete goodwill towards China in his inauguration speech on Monday and say that he will maintain the status quo with China, while he will pursue peace and common prosperity on both sides of the Taiwan Strait, according to a senior official.
• South Korea plans to partially lift the short-selling ban in June, according to Yonhap.

EU/UK

NOTABLE HEADLINES

• ECB's Vasle said on Friday that he is awaiting data and open to possibilities on the rate path, while he added that cutting rates in June would be 'reasonable'.