In today’s briefing:
- US Consumer Pricing Still Ignores Tariffs
- [IO Fundamentals 2025/23] Deflation Concerns and Declining Portside Inventories
- Cambodian Tire Sector Propels Domestic Rubber Amid Price Rally
- CX Daily: Chinese Exporters Pivot to Domestic Consumers in Trade War Hedge
US Consumer Pricing Still Ignores Tariffs
- Another downside surprise in headline US inflation reflected the lack of pass-through from tariff increases, with headline and core rates of only 0.1% m-o-m in May.
- Commodities, less food, energy and car prices stalled as airfares and apparel fell again. But services (ex-shelter) inflation stayed too high to be consistent with the target.
- Low headline rates raise dovish political pressure and the risk of a cut, but the tight labour market should encourage the Fed to keep rolling potential cuts later.
[IO Fundamentals 2025/23] Deflation Concerns and Declining Portside Inventories
- China’s CPI plunged 0.1% YoY in May-25, while producer prices declined by 3.3% driven by softening domestic demand and US tariff tensions.
- China’s iron ore imports declined due to seasonal factors and early clearances, while strong steel exports may pressure prices amid front-loaded global supply.
- Iron ore portside inventories fell further in early June, but weakening demand and slower pick-up volumes may soon reverse the trend and pressure prices.
Cambodian Tire Sector Propels Domestic Rubber Amid Price Rally
- Rubber exports fetch US$148 million despite volume decline
- Two big tire factories bring $335 million investment
- Local tire demand is reshaping rubber supply priorities
CX Daily: Chinese Exporters Pivot to Domestic Consumers in Trade War Hedge
- TOP STORIES Tariff / In Depth: Chinese exporters pivot to domestic consumers in trade war hedge
- The recent 90-day truce in the U.S.-China tariff war has prompted a flurry of activity among Chinese exporters, with traders rushing to ship goods overseas before tensions escalate again.
- But at the same time a major shift is underway among exporters — many are now trying to sell those same goods at home, as they scramble to hedge their bets against future global instability.
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