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Trump Announces Trade Deal with China: How Did Cryptocurrencies Move?
There has been a remarkable development in the long-standing trade war between the US and China. Former US President Donald Trump announced the completion of a comprehensive trade agreement between the parties as a result of negotiations with Chinese President Xi Jinping. The announcement on Truth Social follows the previously announced 90-day tariff truce.Trump: Our deal with China is finalizedThe months-long trade war between the US and China seems to have entered a new phase with official statements today. Former US President Donald Trump announced on Truth Social that the trade deal with Chinese President Xi Jinping is “complete”. According to Trump, the deal is subject only to the final approval of the two leaders.Trump's post read as follows: “Our deal with China is complete, subject to final approval by Xi and me. Full magnetics and all necessary rare earth elements will be supplied in advance by China. We get 55% tariffs, China gets 10%. Relations are excellent!” This follows a 90-day “tariff truce” between the two countries announced last month. Since then, the two sides have temporarily suspended tariffs, but the details of the agreement have not been finalized. On Thursday, June 6, following a phone call that lasted about an hour and a half, Trump announced that talks would begin in London on Monday, June 9. Most recently, the US President announced that a final agreement had been reached.Trump also stated that the agreement is not limited to trade products. He emphasized that Chinese students will continue to have access to US universities: “It has always been positive for me that Chinese students use our colleges and universities.”Recently in crypto marketFollowing Trump's statements, financial markets and especially the cryptocurrency market reacted weakly positive. Trump's deal, which is said to have been reached with tariff rates of “55% - 10%”, may ease the perception of global economic risk and provide a shift towards assets such as Bitcoin. For now, no significant change has been observed in the price of the leading cryptocurrency. During the two-day talks in London recently, US Secretary of Commerce Howard Lutnick told the press on his way out that “things are going great”. This led to increased optimism in the market. Now Trump's official announcement has reinforced this optimism.A new page in the trade warThe protracted trade war, which started during the Trump era, has seen many ups and downs so far. The harsh imposition of tariffs had strained global supply chains and increased inflationary pressures. Although the tariffs, which have been reduced to reasonable levels for now, have a negative impact on prices in the short term, they are welcomed by the markets in terms of reducing the risk of recession.According to experts, the deal is critical for the US to regain easy access to rare earth elements from China. These elements have a strategic role in many fields, especially in the technology and energy sectors. In addition, the US was expected to make such transition agreements in line with its goal of gradually moving production to its own territory.
Daily Market Summary with JrKripto 11 June 2025
You can find today’s edition of “Daily Market Recap with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze the general market conditions together and take a look at the latest updates.Bitcoin (BTC) dropped as low as $101,150 after falling below the $104,977 support level, but then rebounded strongly from the $101,059–$100,063 range. With this recovery, the short-term descending channel structure was broken to the upside, and BTC is currently trading around $109,200. The technical outlook has turned positive again.In the short term, the $109,588 resistance is critical. If this level is surpassed, the next targets are $111,980 (ATH) and then $114,500. On possible pullbacks, the $106,794 and $104,977 levels are strong supports. Holding these supports is key to sustaining the uptrend.Ethereum (ETH) also broke out of its descending channel to the upside, displaying a positive outlook. Rebounding from the $2,385 support level, ETH is now trading around $2,770.To continue the upward move, ETH needs to break the $2,838 resistance. If this level is breached, the $3,004 level may come into play. On the downside, $2,385 stands out as a strong support.Crypto NewsNasdaq-listed MatalphaPro purchased 18,000 $ETH ($48 million) via Binance 10 hours ago.The SEC has begun reviewing Bitwise’s Bitcoin and Ethereum ETFs.The SEC requested firms applying for Solana ETFs to update their S-1 forms. Solana ETFs could be approved within 3 to 5 weeks.GameStop announced that it has purchased 4,710 Bitcoins.The U.S. and Mexico are nearing a deal to lift Trump-era 50% tariffs on steel imports up to a certain volume.The World Bank voiced agreement with President Trump, stating that countries are using unfair trade practices and called for lowering tariffs imposed on the U.S.Nasdaq has proposed a Spot SUI ETF to the SEC.Ukraine has officially submitted a bill to establish a strategic #Bitcoin reserve.Top Gainers in CryptocurrenciesKAIA → Up 19.2% to $0.16271082JTO → Up 17.9% to $2.25GIGA → Up 15.3% to $0.02752151SYRUP → Up 15.0% to $0.49653499LAUNCHCOI → Up 14.1% to $0.22357478Top Losers in CryptocurrenciesAXL → Down 13.4% to $0.49167878DEXE → Down 9.9% to $9.33ZBCN → Down 9.7% to $0.00378731KAVA → Down 6.3% to $0.43993857AI16Z → Down 6.3% to $0.22387602Fear IndexBitcoin: 70Ethereum: 58DominanceBitcoin: 64.14% ▲ 0.11%Ethereum: 9.88% ▼ 0.62%Daily Net ETF InflowsBTC ETFs: $431.20 MillionETH ETFs: $125.00 MillionKey Economic Data to Watch Today3:30 PM – Core Consumer Price Index (MoM) (May)Expected: 0.3% / Previous: 0.2%3:30 PM – Consumer Price Index (MoM) (May)Expected: 0.2% / Previous: 0.2%3:30 PM – Consumer Price Index (YoY) (May)Expected: 2.5% / Previous: 2.3%5:30 PM – EIA Crude Oil InventoriesExpected: -2.400M / Previous: -4.304MGlobal MarketsPositive developments in U.S.-China trade talks boosted risk appetite in global markets. Following this news, major U.S. indices rose between 0.3% and 0.6% yesterday. The S&P 500 closed up 0.3% at 6,038, inching closer to the all-time high of 6,147. Sector-wise, the S&P 500 Energy Index led gains with a 1.8% increase, while the Industrials Index was the only loser, down 0.4%.European markets opened flat today, and U.S. indices are expected to open slightly lower. On the macroeconomic front, the key highlight is the U.S. CPI data at 3:30 PM Turkish time. Expectations are for a 0.3% rise in core CPI and a 0.2% increase in headline CPI. These results will be crucial for the Fed's interest rate policy. Oracle (ORCL) earnings are also in focus.Technically, for the S&P 500, the first resistance level is 6,159, with 5,982 acting as support in case of a pullback.The World Bank released its June 2025 Global Economic Outlook Report, warning that rising protectionism and trade tensions are hindering global recovery. It downgraded its global growth forecast for 2025 from 2.7% to 2.3%, marking the lowest rate since the 2008 financial crisis. It also noted that the 2020s could be the weakest decade since the 1960s, with an average growth of 2.5%.On a country basis, the U.S. 2025 growth forecast was cut by 0.9 points to 1.4%. The Eurozone's was revised down by 0.3 points, and Mexico’s by 1.3 points. Turkey’s forecast was raised by 0.5 points to 3.1%, driven by stronger-than-expected Q4 2024 data and falling oil prices.In summary, the main focus today is U.S. inflation data. A lower-than-expected print could strengthen expectations for earlier Fed rate cuts, potentially supporting positive market sentiment.Most Valuable Companies & Stock PricesNVIDIA (NVDA): $3.51 trillion market cap, $143.96 per share, up 0.93%Microsoft (MSFT): $3.5 trillion market cap, $470.92 per share, down 0.39%Apple (AAPL): $3.03 trillion market cap, $202.67 per share, up 0.61%Amazon (AMZN): $2.31 trillion market cap, $217.61 per share, up 0.29%Alphabet (GOOG): $2.18 trillion market cap, $180.01 per share, up 1.34%Borsa IstanbulDomestically, the Treasury reported a cash surplus of 247.1 billion TRY in May. The cumulative budget deficit for the first five months of the year narrowed to 838.1 billion TRY. The primary balance posted a surplus of 348.6 billion TRY in May, bringing the year-to-date deficit down to 63 billion TRY—indicating strong fiscal performance.In yesterday’s auctions, the Treasury borrowed a total of 97.9 billion TRY including non-competitive bids (ROT). The 9-month T-bill auction yielded an average annual compound interest rate of 46.81%, while the 4-year fixed coupon bond saw a yield of 37.88%.Markets continue to price in a potential rate cut at the June 19 CBRT meeting. The central bank’s recent resumption of high-volume weekly repo auctions lowered the average funding cost by over 40 basis points to 48.6%, reinforcing rate cut expectations.Bond yields dropped in line with this trend. The 2-year bond yield fell to 42.7%, the lowest since March 20, while the 10-year yield dropped roughly 40 basis points to 33%. Turkey’s CDS also improved, falling to 294 basis points.Banking stocks were the biggest beneficiaries of falling rates, with the banking index rising 5.0% yesterday, making the strongest contribution to the BIST 100’s 1.8% gain. Trading volume also increased. Despite this, bank stocks still trail the main index by about 4% YTD. With the rate cut expectation in place, banking stocks are likely to maintain their strength.Today, the BIST 100 is expected to close above the 100- and 200-day moving averages in the 9,600–9,700 band. Technically, the index maintained its upward momentum after a strong open, closing at 9,659. This confirms a breakout above not only the 50-day average but also the 100- and 200-day moving averages. With the break above the 9,475 resistance, a new upward trend has begun, targeting the 9,740–9,770 range. A sustained close above this range could set the stage for a move toward the 10,000 level.Most Valuable Companies on Borsa IstanbulQNB Finansbank (QNBTR): 899.48B TRY market cap, 268.50 TRY per share, no changeAselsan (ASELS): 634.75B TRY market cap, 139.40 TRY per share, up 0.14%Garanti Bank (GARAN): 513.66B TRY market cap, 121.80 TRY per share, down 0.41%Turkish Airlines (THYAO): 401.58B TRY market cap, 290.00 TRY per share, down 0.34%Koç Holding (KCHOL): 381.91B TRY market cap, 152.30 TRY per share, up 1.13%Precious Metals & Currency PricesGold: 4,205 TRYSilver: 46.03 TRYPlatinum: 1,588 TRYUSD: 39.18 TRYEUR: 44.78 TRYSee you tomorrow with more updates and market news!
Crypto Markets on Alert Ahead of US Inflation Data
While the re-accelerated trade talks between the US and China have brought some relief to global markets, the focus of crypto investors has shifted to the Consumer Price Index (CPI) data to be released today. Especially in the Bitcoin and altcoin market, the directional effect of the CPI is once again on the agenda.Bitcoin and altcoin investors are watching the CPIThe inflation data to be released at 15.30 today is of great importance for cryptocurrency investors. CPI data is an important indicator for the US Federal Reserve (Fed) to shape its interest rate policy. If inflation comes in below expectations, it strengthens the expectation that the Fed will not pursue an aggressive interest rate hike policy. This may cause the dollar to depreciate and investors to turn to alternative assets.Looking at historical data, it is seen that there were serious rises in crypto markets when the CPI was low. For example, the lower-than-expected inflation in the data released in December 2023 caused Bitcoin to gain more than 7% in two days. On the other hand, inflation exceeding expectations brings with it the expectation that the Fed will postpone its interest rate cut plans or bring new increases to the agenda. This poses a risky scenario for cryptocurrencies, as rising interest rates can suppress risk appetite and accelerate capital outflows from crypto assets.Therefore, today's CPI data is a critical threshold for the short-term direction of Bitcoin, Ethereum and major altcoins. Increased volatility, especially in crypto exchanges where leveraged transactions are intense, may expose investors to the risk of sudden liquidation.Latest in the marketAlthough US 10-year bond yields have declined in recent days, the dollar index continues to move upwards. This shows that investors are waiting in a cautious position.Bitcoin price is trading at $109,471 at the time of writing. BTC, which fluctuated between $ 108,616 and $ 110,249 during the day, exhibits a neutral position for investors. However, it is worth noting that the leading cryptocurrency rose 4 percent on a weekly basis. Ethereum, on the other hand, rose nearly 4% in the last 24 hours, reaching $2,794.82. The daily trading range was shaped between $ 2,674 and $ 2,821. However, it is noteworthy that ETH gained about 5 percent in the weekly period.While a horizontal and unstable course is generally observed in altcoins, investors are waiting for the inflation data to be announced at 15:30 for direction determination.In the light of all these developments, investors are locked on the CPI data for May, which will be announced at 15.30 today. A data below expectations may lead Bitcoin to climb above $ 70,000 again. Otherwise, lower support levels may be tested again. This data may be the most critical momentum of the week for the direction of the crypto markets.
Cryptocurrency Message from Trump's CFTC Pick
Crypto regulation is back on the agenda in the US. Brian Quintenz, former CFTC (Commodity Futures Trading Commission) member and head of policy at a16z (Andreessen Horowitz), has been nominated by President Donald Trump for CFTC Chairman. During his confirmation hearing before the Senate Agriculture Committee, Quintenz faced the most questions about cryptocurrencies. Quintenz argued that the CFTC can strike a balance that both encourages innovation and protects consumers.Message to Congress: “The roadmap is in your hands”Quintenz stated that a clearer structure should be established in the crypto market. In this context, he said that Congress's enactment of a new market structure law could support both consumer safety and technology entrepreneurship. “I see market structure laws as opportunities where consumer protection and innovation can go hand in hand,” Quintenz said, emphasizing that clarity of regulations will provide confidence to entrepreneurs.While Senate confirmation is still pending, bills are also being considered in Congress that would potentially make the CFTC the lead regulator for digital assets. Quintenz expressed his readiness to contribute his knowledge and experience to the process, should this increase in duties materialize.Commission is shrinking: Democratic members leavingThe CFTC, which Quintenz would take charge if appointed, is currently facing a serious lack of members. Some of the current members of the commission, which is required by law to consist of five members, have either resigned or are about to do so. Interim Chair Caroline Pham is expected to leave once Quintenz takes office, while the sole Democratic member, Kristen Johnson, has announced that she will leave “later this year.” This brings with it a situation in which Quintenz may be on his own for a while and the legal legitimacy of the decisions to be taken may be questioned.Some Senate Democrats have pointed out that the Trump administration has systematically removed Democratic members from independent agencies. Senator Raphael Warnock described this as “political cleansing” and asked Quintenz whether he would encourage the White House to fill the positions. “I don't tell the president what to do,” Quintenz said, not giving a clear answer on this issue.CFTC “ready” for cryptocurrenciesQuintenz acknowledged that more resources would be needed if the CFTC became the main regulator of digital commodity spot markets. However, he said that this need could be managed through a more efficient staffing structure with a “technology-driven” approach. In addition, Quintenz, who sits on the board of the prediction market platform Kalshi, was also asked about event-based derivatives contracts. In defense of these contracts, Quintenz said that these instruments contribute to risk management and price discovery functions. Time will tell what will happen with the CFTC in the coming period.
Daily Market Summary with JrKripto
You can find today’s edition of “Daily Market with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze the overall market conditions together and review the latest assessments.Bitcoin had previously fallen to $101,150 after losing the $104,977 support during its decline from the rising trend. However, strong buying from the $101,059–$100,063 range allowed a rebound, and BTC broke upward from the short-term descending channel. Currently trading around $109,200, this breakout has shifted its technical outlook back into positive territory.In the days ahead, the $109,588 resistance is critical. If this level is surpassed, targets may extend first to the all-time high of $111,980 and then to $114,500. On the downside, $106,794 and $104,977 have now become strong support levels. Maintaining these supports is important for keeping the BTC outlook positive.Ethereum similarly broke upward out of its descending channel. Having declined from $2,838 down to the $2,385 support, ETH bounced strongly and is now trading around $2,670.For the bullish momentum to continue, ETH needs to break above the $2,711 resistance. If it stays above this level, the next targets could be $2,838 and $3,004. On the downside, the $2,385 support continues to be watched closely—breaking below it could deepen the decline.Crypto NewsHassett: The U.S. will lift export controls if talks progress positively.Strategy announced it purchased 1,045 BTC.South Korea’s new president is preparing to propose legislation this week to allow major banks to adopt Bitcoin and other cryptocurrencies.Trump approved U.S. Treasury Secretary Bessent increasing technology export controls and is encouraging negotiators to consider lifting export controls in China talks.CBOE submitted a proposal to allow staking in the Invesco Galaxy Ethereum ETF.Canary Marinade registered a Solana ETF in Delaware.U.S. Commerce Secretary Lutnick: U.S.–China talks were productive.Trump: “I didn’t think about calling Musk. I wouldn’t have a problem talking to him. I think Musk will want to talk to me.”Top Crypto MoversGainers:AXL → +86.4% to $0.60299MOG → +28.7% to $0.00000109AIOZ → +23.2% to $0.40169NEIRO → +19.7% to $0.0004936FARTCOIN → +17.3% to $1.25Losers:KTA → –25.0% to $1.26ZBCN → –9.5% to $0.00412637KET → –5.1% to $0.50306524LEO → –3.6% to $8.82BDX → –2.5% to $0.06147175Fear IndexBitcoin: 66Ethereum: 53DominanceBitcoin: 64.49% ▼ 0.23%Ethereum: 9.62% ▲ 0.81%Daily Net ETF FlowsBTC ETFs: +$386.20 millionETH ETFs: +$52.70 millionGlobal MarketsOn the first trading day of the week, U.S. markets closed with limited gains: S&P 500 +0.1%, Nasdaq +0.3%, Dow Jones flat. Tesla (+4.5%) lifted the S&P Consumer Discretionary Index, making it the best-standing sector. Insurer stock sell-offs dragged the Financials Index –0.5%, the worst-performing sector. U.S. and EU futures remained flat.Investors are focused on President Trump’s speech scheduled for 23:00 TRT and GameStop’s Q2 earnings after market close.S&P 500 technical levels: support at 5,962; resistance at 6,134. If it breaks down, next support is 5,872; if up, next resistance 6,164.Markets also watch London U.S.–China trade talks. Futures show modest gains; VIX ended +0.4 to 17.2.China posted weak export data: May exports rose only 4.8% YoY to $316.1 billion (vs. 6.0% expected). Exports to the U.S. fell 35%, the steepest drop in five years. Exports to other markets rose 11%; imports declined 3.4%. The U.S. trade surplus with China shrank 41.6% to $18 billion.The second round of U.S.–China trade talks resumed in London yesterday and is closely monitored.Top Cap Companies & Stock PricesMicrosoft (MSFT): $3.51T market cap, $472.75/share, +0.50%NVIDIA (NVDA): $3.48T market cap, $142.63/share, +0.64%Apple (AAPL): $3.01T market cap, $201.45/share, –1.21%Amazon (AMZN): $2.30T market cap, $216.98/share, +1.60%Alphabet (GOOG): $2.15T market cap, $177.63/share, +1.55%Borsa İstanbulIn Istanbul, inflation came in below market expectations in May, strengthening the chance of a rate cut at the June 19 MPC meeting, boosting investor appetite and foreign inflows. Yet macro and external risks may limit the BIST 100’s ability to break the 9,800–10,000 resistance band.Today, Turkey will release May Treasury cash balances and hold auctions for 9-month bills, 4-year fixed-rate, and 7-year floating rate bonds.The BIST, closed for the past 2½ trading days, now sees recent gains abroad. This week’s key events for both global and local markets are the London U.S.–China negotiations, followed by the Fed’s June 18 rate decision and central bank meeting on June 19, both potentially increasing volatility. A positive BIST open and follow-through momentum are expected today.BIST 100 technical outlook: The index bounced from a dip to 9,422 and closed at 9,487, supported by strong support around 9,148–8,965. As long as it holds above this, the 9,475–9,500 zone remains a near-term target. Closing above 9,500 could trigger a new optimism wave, pushing toward 9,740–9,770.Top Borsa İstanbul Companies by Market CapQNB Finansbank (QNBTR): ₺873.51 billion market cap, ₺261.00/share, +0.10%Aselsan (ASELS): ₺636.12 billion market cap, ₺138.00/share, –1.08%Garanti Bank (GARAN): ₺487.62 billion market cap, ₺119.60/share, +3.01%Turkish Airlines (THYAO): ₺395.37 billion market cap, ₺291.50/share, +1.75%Koç Holding (KCHOL): ₺376.58 billion market cap, ₺150.90/share, +1.62%Precious Metals & FX RatesGold: ₺4,177Silver: ₺46.07Platinum: ₺1,532USD: ₺39.29EUR: ₺44.82See you tomorrow with today’s updates!
Daily Market Summary with JrKripto 9 June 2025
You can find today’s edition of “Daily Market with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze the general market conditions together and take a look at the latest evaluations.Bitcoin (BTC) dropped as low as $101,150 after breaking down from the ascending channel on the 4-hour chart and losing the $104,977 support. This decline, supported by high-volume selling, was also influenced by the political tension between Trump and Musk. However, with a strong reaction from the $101,059–$100,063 zone, the price is now around $103,200.Holding this support zone increases the likelihood of a recovery. In upward moves, the $102,137 and especially the $104,977 resistance levels are important. Without a break above $104,977, it’s difficult to talk about a sustained rise. Otherwise, $96,914 and $96,115 levels could come back into play.Ethereum (ETH) declined from the $2,838 level down to the $2,385 support. With a bounce from this zone, it is now trading around $2,460. The $2,385 level continues to be monitored as strong support. If this level is breached, the $2,098 and $2,004 support levels may come into focus.For upward recovery to gain strength, the $2,711 resistance must be broken first. If this level is broken, $2,838 may be targeted again. Holding above $2,385 is critical for the continuation of the positive scenario.Crypto NewsTether minted $1 billion in USDTNasdaq filed a SEC Form 8-K proposing to expand its crypto benchmark index from 5 to 9 assets, adding $XRP, $SOL, $ADA, and $XLMPresident Trump said his relationship with Elon Musk is over$1.5 trillion Deutsche Bank is considering launching its own crypto stablecoinPresident Trump: “We’ve made a lot of progress on the 🇺🇸🇨🇳 China deal”Eric Trump announced a partnership between World Liberty Financial and the $TRUMP meme coinCrypto company Gemini submitted a confidential IPO application in the U.S.Top Gainers in CryptocurrenciesRVN → Up 16.5% to $0.01812467KAIA → Up 15.6% to $0.12306084ICP → Up 10.3% to $5.85FARTCOIN → Up 8.3% to $1.08KTA → Up 8.2% to $1.62Top LosersEVOLVE → Down 91.1% to $0.0000292DEXE → Down 16.7% to $8.85EOS → Down 11.2% to $0.56714183LPT → Down 8.7% to $7.55ZBCN → Down 7.0% to $0.00446442Fear IndexBitcoin: 60 (Greed)Ethereum: 50 (Neutral)DominanceBitcoin: 64.63% ▲ 0.09%Ethereum: 9.27% ▼ 0.45%Daily Net ETF FlowsBTC ETFs: -$47.80 millionETH ETFs: $25.30 millionGlobal MarketsGlobal markets are starting the week with cautious optimism, focusing on the high-level U.S.–China trade talks beginning in London. While Asian stock markets are rising, U.S. and European futures are showing slight declines. A mixed trend prevails in U.S. markets: strong employment data (139,000 new jobs) supported a recovery in tech stocks, but Tesla and other sensitive stocks remain volatile.On the macro front, signs of a slowdown in the U.S. economy continue: ADP private sector employment rose by only 37,000 in May, and the ISM services PMI fell to 49.9, indicating contraction. Eurozone services PMI data fell to 49.7 in May, and the ECB conducted its eighth interest rate cut of the year.Asian markets, meanwhile, are showing positive sentiment. The MSCI Asia-Pacific Index rose by 0.7%, Nikkei by 0.9%, and Hang Seng by 0.8–1.4%. Gold rose by 0.4% due to safe-haven demand, reaching around $3,323.7/oz, while platinum is also recovering. Oil prices slightly declined due to weak data from China (WTI ~$64.43, Brent ~$66.29), but are supported by hopes surrounding U.S.–China talks.The OECD has revised its global growth forecasts for 2025–2026 downward from 3.3% to 2.9%. U.S. growth is expected to fall to 1.6%, and China’s to 4.3% from 4.7%. This week, markets are focused on U.S. CPI and non-farm payroll data, post-ECB European bond yields, and tangible signals from the trade talks in London.Overall, while risk appetite is supported by strong jobs data and the U.S.–China talks, weak economic indicators and geopolitical uncertainty suggest that cautious pricing will continue.Most Valuable Companies and Stock PricesMicrosoft (MSFT) → $3.5 trillion market cap, $470.38 per share, +0.58%NVIDIA (NVDA) → $3.46 trillion market cap, $141.72 per share, +1.24%Apple (AAPL) → $3.05 trillion market cap, $203.92 per share, +1.64%Amazon (AMZN) → $2.27 trillion market cap, $213.57 per share, +2.72%Alphabet (GOOG) → $2.11 trillion market cap, $174.92 per share, +3.01%Precious Metals and Exchange RatesGold: 4,189 TLSilver: 45.82 TLPlatinum: 1,526 TLDollar: 39.22 TLEuro: 44.90 TLSee you again tomorrow with the latest updates!
Cryptocurrency Traders Eye Today's US-China Trade Meeting
Trade tensions between the US and China are back on the agenda with high-level talks to be held in London on Monday, June 9. The meeting, where topics such as export controls on rare earth elements and high-tech products will come to the fore, could be a critical turning point for both global trade balances and cryptocurrency markets.As we reported last week, following the phone call between US President Donald Trump and Chinese President Xi Jinping, the parties will sit down face-to-face for the first time. The talks will be chaired by US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, while the Chinese delegation will be led by Vice Premier He Lifeng.From tariff wars to diplomacyAs it will be remembered, the tariff wars between the two countries started in February and reached tariff rates of up to 145% with mutual retaliations. This situation created serious uncertainty not only in trade but also in global markets. With the temporary compromise reached in Geneva in May, the US tariffs were reduced to 30% and China's to 10%. However, both sides continue to accuse each other of backtracking from this agreement. Trump expressed confidence that the talks in London would “go very well” on his social media account Truth Social, while China said it had received a “warm welcome” from Trump for Chinese students in the country.The start of a “volatile” week for cryptocurrencies?The impact of trade talks on cryptocurrency markets is also being closely monitored. Especially in similar periods of global uncertainty in the past, investors have turned to Bitcoin and other digital assets in search of a safe haven. If the talks in London are successful, this could lead to expectations of stabilization in the crypto markets. On the other hand, if the talks fail or tariffs are raised again, it could cause sharp fluctuations in crypto assets.Deflation problem in ChinaThe Chinese side continues to use export restrictions on rare earths as leverage. Although some export applications have been approved, it is not clear which countries and sectors have benefited from these approvals. Although China's rare earth exports rose 23% to 5,864 tons in May, the highest level in a year, the effects of the restrictions imposed in April have led to production shutdowns in the automotive and semiconductor sectors in Europe.In addition to this, the Chinese economy is struggling with domestic problems such as deflation and rising unemployment. In May, the consumer price index fell by 0.1% yoy, while the producer price index fell by 3.3%. According to Robin Brooks of the Brookings Institution, the US tariffs have the potential to push China into full-blown deflation.In response, China's central bank cut policy rates to historically low levels in May and cut reserve requirement ratios. New stimulus packages may come in the coming months.As a result, all eyes are on the US-China talks that will start in London.
US Nonfarm Payrolls Data Exceeded Expectations: Bitcoin Fluctuated
The highly anticipated Nonfarm Payrolls (NFP) data was released in the US. While there was an increase of 139,000 jobs across the country in May, this figure was both slightly below the revised data of the previous month (147,000) and above the market expectation of 130,000. Following the development, a slight movement was seen in the leading cryptocurrency Bitcoin (BTC).Critical non-farm employment data announced in the USLooking at the details of the data, unemployment rate remained stable at 4.2% while labor force participation rate declined from 62.6% to 62.4%. It was noteworthy that average hourly earnings increased by 3.9% yoy, which was above market forecasts (3.7%).However, downward revisions for the previous months limited the markets' post-data euphoria. March and April employment data were revised down by 65,000 and 30,000, respectively. Thus, employment growth in the last two months was reduced by 95,000 in total. This shows that the slowdown in the labor market may be deeper than we thought.After the data, the US Dollar Index rose by 0.3% to 99. The US Dollar was the strongest performer of the day, especially against the Japanese Yen by 0.59%. In contrast, there was a more limited appreciation against the Euro and the British Pound.Bitcoin and altcoins also movedThe cryptocurrency market did not remain insensitive to these developments. In the first hours of June 6, BTC, which remained at the $ 100,000 support level due to reasons such as the Trump and Musk spat, changed hands at $ 103,900 during the day. In some exchanges, the leading cryptocurrency Bitcoin (BTC) even rose to $104,200 after the data. However, with the profit realizations following this upward movement, BTC retreated towards the $ 102,000 band again. The uncertainty about the Fed's interest rate cut was effective in limiting the short-term rise. Indeed, US President Donald Trump's recent call for Fed Chairman Jerome Powell to cut interest rates came back to the agenda after the employment data. However, names such as Minneapolis Fed President Neel Kashkari and Atlanta Fed President Raphael Bostic state that the current data is not sufficient for a policy change.Markets are currently pricing in a 30% chance of a 25 basis point rate cut in July. However, inflation and growth data to be released in the coming weeks could seriously affect this rate. Eyes are now on both the Fed's messages at its June meeting and the crypto market's search for a new direction.
The Fight Between Elon Musk and Donald Trump Hit the Crypto Market!
The highly publicized confrontation between US President Donald Trump and Tesla and SpaceX CEO Elon Musk has caused serious volatility not only in Washington but also in the crypto markets. In particular, Musk's outburst against Trump's controversial spending bill, dubbed the “Beautiful Bill”, led to a sharp sell-off in Bitcoin and altcoins. Spot ETF outflows, billion-dollar-plus liquidations and shaken investor confidence left markets with one of the harshest days of June 2025.A wave of selloff in the crypto market: $1 billion in liquidationsMusk-Trump tension has turned the markets upside down. The price of Bitcoin (BTC) fell by over 4% to around $100,000, while leading altcoins such as Ethereum (ETH), Solana (SOL), XRP and Binance Coin (BNB) lost between 4% and 8%. Ethereum, in particular, hit a weekly low of $2,400 after being rejected at $2,700. According to Coinglass data, $260 million worth of long positions were liquidated in ETH futures alone. The total value of cryptocurrencies dropped from $3.4 trillion to $3.3 trillion. Total daily liquidations exceeded $ 1 billion. On the Bitcoin side alone, $341 million worth of positions were closed. Most of these liquidations were due to long positions. Yesterday's $278 million outflow from spot BTC ETFs also shows that institutional investors are reacting to the uncertainty caused by the Musk-Trump conflict. Heavy accusations from Elon Musk against TrumpThe issue that sparked the tension was the giant spending bill in Congress. Elon Musk slammed the bill, arguing that it “disgraced” the US budget. Twitter founder Jack Dorsey supported Musk by suggesting Bitcoin as an alternative in this process. In his response, Trump announced that he would cancel Musk's government contracts. Musk responded to this threat by announcing that SpaceX would retire the Dragon spacecraft.But the tension did not end there. Musk signaled a new scandal by claiming that Trump was named in the Epstein documents and therefore had not released them until now. These statements shook the balance in Washington and weakened Elon Musk's position on the political front. Musk loses $27 billion, Tesla shares plummetElon Musk's harsh outbursts against Trump have shaken both his political allies and his financial power. As it is known, Musk frequently voiced his support for Trump during Trump's presidential campaign. While Tesla shares fell, Musk lost a fortune of 27 billion dollars this week alone, according to Forbes data. He is still the richest person with a fortune of 388 billion dollars.In the House of Representatives, many Republicans openly criticized Musk while supporting Trump. Texas Republican Troy Nehls lashed out at Elon, saying, “He's acting like he's out of his mind.” Florida Representative Aaron Bean, known as a DOGE supporter, described it as “two friends getting into a fight,” but his efforts to defuse the situation were ineffective.Are we entering a new period of uncertainty for the crypto sector?This conflict between Musk and Trump directly affects both the tech world and the crypto markets. In particular, Musk-influenced assets such as Bitcoin and DOGE are now more fragile due to the political winds. On the other hand, although new liquidity inflows to crypto markets are expected if the spending bill is passed, political tensions seem to overshadow investor confidence in the short term.
Daily Market Summary with JrKripto 6 June 2025
You can find today’s edition of “Daily Market with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze the overall market conditions together and review the latest insights.Bitcoin (BTC), after starting its long-term uptrend at $75,930 and reaching an all-time high (ATH) of $111,980, faced strong profit-taking. The downward break of the ascending channel on the 4-hour chart, followed by the loss of the $104,977 support, pushed the price quickly down to around $101,150. This drop, accompanied by high-volume selling across the last four candles, signals more than a mere technical breakdown—it indicates a decisive wave of selling. Additionally, the political tension between U.S. President Trump and Elon Musk has increased market uncertainty, further supporting the bearish pressure.BTC is currently trading around $103,200, with the $101,059–$100,063 range standing out as a strong support zone. This area previously attracted buying interest and is once again showing signs of buyer re-entry. If this zone fails to hold, the next levels to watch are $96,914 and $96,115. On short-term recoveries, the $102,137 and especially the $104,977 levels should be monitored as resistance. As long as these levels remain unbroken, upward moves are likely to stay limited. However, the price has shown a notable reaction from the current support zone, increasing the probability of a short-term rebound.Ethereum (ETH) tested $3,004 after climbing from $1,486, but has since entered a correction and is now trading at $2,460. Technically, the $2,385 level acted as critical support and sparked a significant bounce, though price action remains close to this zone. If this support fails, $2,098 and $2,004 are the next levels to follow.For bullish momentum to resume, ETH must break above the $2,711 resistance. If this level is cleared, targets include $2,838 and $3,004. Like BTC, ETH has also seen a meaningful bounce from support. Sustaining above $2,385 is essential to maintain the positive outlook.Crypto NewsThe European Central Bank (ECB) implemented a 25bp rate cut.Chinese state media reported a conversation between President Trump and President Xi.BounceBit added support for $USD1, the stablecoin of World Liberty Financial.Circle, issuer of USDC, saw its stock surge 200%, rising from its $31 IPO price to $94.41.Uber is reportedly exploring the use of stablecoins as a payment method.World Liberty Financial sent a cease and desist notice to Fight Fight Fight LLC, the issuer of the Trump memecoin.Truth Social registered Bitcoin and Ethereum ETFs in Nevada.Tesla lost $150 billion in market cap, marking the biggest loss in the company’s history.Top Gainers in CryptoFARTCOIN → Up 15.6% to $1.04COMP → Up 12.9% to $49.36LA → Up 6.1% to $1.54GRASS → Up 4.5% to $1.99KTA → Up 4.4% to $1.08Top Losers in CryptoRVN → Down 34.6% to $0.01458774LDO → Down 11.3% to $0.7718249TRUMP → Down 10.4% to $9.72JUP → Down 9.6% to $0.46357394DOG → Down 9.1% to $0.00425333Fear IndexBitcoin: 51Ethereum: 41DominanceBitcoin: 64.56% ▲ 0.01%Ethereum: 9.35% ▲ 0.24%Daily Net ETF FlowsBTC ETFs: -$278.40 millionETH ETFs: $11.30 millionKey Economic Data to Watch Today15:30 – Average Hourly Earnings (MoM) (May)Forecast: 0.3% / Previous: 0.2%15:30 – Non-Farm Payrolls (May)Forecast: 126K / Previous: 177K15:30 – Unemployment Rate (May)Forecast: 4.2% / Previous: 4.2%Global MarketsAs of the morning of Friday, June 6, 2025, global markets are preparing to end the week with cautious optimism. The resumption of high-level trade talks between the U.S. and China has supported global risk appetite, though weak economic data and political tensions are keeping investors cautious.U.S. stock markets have shown a volatile trend. Tesla shares fell sharply after Donald Trump criticized Elon Musk. Trump's statement that he may cancel government contracts with Musk’s companies increased selling pressure on tech stocks. Following this, the Nasdaq declined, while the S&P 500 and Dow Jones ended the day with slight losses.On the macro front, weak data stood out. The ADP private sector employment report showed an increase of only 37,000 jobs in May—the lowest since March 2023. Meanwhile, the ISM services PMI fell to 49.9, signaling contraction in the services sector. These indicators suggest a deepening slowdown in the U.S. economy.In Europe, the ECB delivered its eighth rate cut of the year. However, the Eurozone services PMI also dropped to 49.7 in May, reinforcing signs of ongoing economic weakness in the region.Asian markets are performing more positively. China’s services PMI exceeded expectations, boosting buying appetite, especially in the Hong Kong and Japanese markets. Regional markets began the final trading day of the week on a strong note.Meanwhile, the OECD revised its global economic growth forecasts downward. Growth expectations for both 2025 and 2026 have been updated to 2.9%. The report cited uncertainty in trade policy, tightening financial conditions, weakening consumer confidence, and rising political risks as serious threats to growth.Today, global market attention will focus on the U.S. non-farm payrolls data. A weaker-than-expected figure could strengthen expectations for an earlier rate cut by the Fed. However, continued geopolitical tensions and weak economic indicators suggest cautious market sentiment will persist.Most Valuable Companies and Stock PricesMicrosoft (MSFT) → $3.48 trillion market cap, $467.68 per share, +0.82%NVIDIA (NVDA) → $3.42 trillion market cap, $139.99 per share, -1.36%Apple (AAPL) → $3 trillion market cap, $200.63 per share, -1.08%Amazon (AMZN) → $2.21 trillion market cap, $207.91 per share, +0.33%Alphabet (GOOG) → $2.05 trillion market cap, $169.81 per share, +0.25%Precious Metals and Exchange RatesGold: 4,245 TLSilver: 45.66 TLPlatinum: 1,475 TLUSD: 39.29 TLEUR: 44.91 TLSee you again tomorrow with more market updates!
Trump and Xi Held a Phone Call! Crypto Investors Alerted
As trade tensions between the US and China escalate again, Thursday's phone call between former US President Donald Trump and Chinese President Xi Jinping has once again turned the attention of global markets to the relationship between the two superpowers. The call, announced by China's official news agency Xinhua, was the first direct contact between the two leaders since their last contact in January. However, this contact does not mean that tensions will ease. This is because both sides accuse each other of reneging on the temporary trade truce reached in Geneva last month. This tension is creating a new environment that could affect both commodity prices and the course of Bitcoin and other digital assetsTrump: “Xi is extremely difficult to deal with”According to the Financial Times, just a day before the meeting, Trump had described Chinese leader Xi as “an extremely difficult person to deal with”. This statement was seen as a signal that the US would take a tougher stance against Beijing, while Washington's criticism of China's failure to fulfill its promises gained momentum. US officials are particularly concerned about delays in licensing processes for the export of rare earth elements and magnets. These materials are used in many critical sectors, from defense to electronics, and the US side argues that China is deliberately restricting the flow of these products.Beijing, for its part, accuses Washington of seriously violating the Geneva agreement. The Chinese Foreign Ministry has said that the new US warnings on the global use of Huawei chips, the halt on the sale of chip design software to Chinese companies and the revocation of visas for Chinese students are completely contrary to the spirit of the agreement.These mutual accusations suggest that a new compromise between the two countries will be difficult in the near term. Moreover, this crisis has not only affected the traditional trade sphere, but also wider areas such as technology and education.What does it mean for Bitcoin and crypto markets?A deepening trade war could affect cryptocurrency markets as much as traditional financial markets. In particular, new sanctions or supply chain disruptions between the US and China could trigger investors to turn to safe-haven assets. At this point, decentralized assets such as Bitcoin may come to the fore again during periods of increased geopolitical risks. In recent years, Bitcoin's positioning in the face of the economic policies of both China and the United States has been a carefully watched area of development for investors. China's past mining bans and US regulatory crackdowns clearly demonstrate the influence of these two superpowers on crypto. Therefore, deepening tensions between the two countries could mean both risk and opportunity for the crypto ecosystem. However, it is worth noting that these are only speculations. So, every investor should do their own research.
Trump's Crypto Connections Cause a Crisis in the US Congress
Tensions over cryptocurrency regulations escalated during the June 4 session of the US House of Representatives Financial Services Committee. But as much as the technical details of the hearing, the controversy surrounding former President Donald Trump's name dominated the agenda. While the Digital Asset Market Structure bill, known as the CLARITY Act, was discussed, allegations that Trump's ties to the crypto world could be used for personal gain through this law raised tensions in Congress.Heavy accusation against Trump: “The CLARITY Act is being used for personal gain”One of the bill's fiercest opponents, Democratic Representative Maxine Waters, took aim at Republicans seeking to fast-track the CLARITY bill, noting that it offers various loopholes to securities firms and does not adequately protect consumers. Waters' main criticism, however, was directed at former President Trump. Emphasizing Trump's business ties in the crypto sector, Waters warned that the CLARITY Act could serve his personal interests.If the law is enacted, according to Waters, Trump could be in a position to “transfer Americans' money into his own digital wallet.” This revelation, especially when combined with news that TrumpCoin investors paid $148 million for a dinner held in recent weeks, increased the scale of the scandal.Trump family crypto platform under scrutinyThe controversy is not limited to Trump's personal interests. Democratic lawmakers are also demanding scrutiny of World Liberty Financial, a cryptocurrency platform allegedly backed by the Trump family. The allegations about the platform raised the possibility of a conflict of interest before lawmakers. Former CFTC (Commodity Futures Trading Commission) Chairman Timothy Massad also stated that Trump's crypto initiatives have damaged the industry's reputation and argued that it would be irresponsible to regulate without investigating existing links.Maxine Waters also said that the CLARITY Act poses not only an economic but also a national security risk. Emphasizing that consumer protection is insufficient and that there are not enough sanctions against crypto scams, Waters stated that the law could victimize millions of Americans.The future of CLARITY is uncertainThe GENIUS Act, another important law on crypto regulations, was approved in May 2025. However, the process for the CLARITY Act remains unclear. According to Maxine Waters, the bill could be voted on by the committee in Congress on June 10th at the earliest. However, it remains to be seen how the Trump-centered debate will take shape before the vote and how it will affect the legislative process. The fate of CLARITY could affect not only regulations in the US but also the direction of global crypto markets. Time will tell what will happen in the coming period.
Trump Candidate Bowman Takes Fed's Vice Chair for Supervision: A New Era for Crypto?
Michelle Bowman, who serves on the board of directors of the US Federal Reserve (FED), was officially appointed “vice president for surveillance”, the institution's top supervisory authority position. Bowman, who was confirmed by the Senate by 48 votes to 46, is known for being cryptocurrency-friendly. Senator Cynthia Lummis also shared her thoughts on the appointment, arguing that the confirmation “points to a brighter future for cryptocurrencies.”Bowman to take over Fed's oversight armWith 48 “yes” votes from the US Senate, Michelle Bowman was appointed as the top supervisory official of the US Federal Reserve. According to some, Bowman's appointment promises hope for cryptocurrencies as well as the traditional financial sector. Wyoming Senator Cynthia Lummis interpreted Bowman's confirmation as “signaling a brighter future for digital assets.” In a statement on social media platform X, Lummis said, “I am delighted that the Senate confirmed Miki Bowman as Vice Chair of Fed Oversight, a critical milestone for digital assets while bringing balance and accountability to the Fed's oversight approach. Bowman's approach, which favors evidence-based regulation over politics, will strengthen the American financial system.”Bowman was first nominated for the post by former President Donald Trump in March. Since 2018, Bowman has served on the Fed's Board of Governors and is particularly experienced in banking regulation and supervision.Speaking to the Senate Banking Committee in April, Bowman emphasized that the financial regulatory framework in the US had “become too complex and repetitive”. Although he did not make a direct assessment of cryptocurrencies, the tone and emphasis in his speeches signaled that he may take a positive approach to the future of digital assets.Support from the industry The position of Vice President for Supervision is seen as one of the most critical positions within the Fed, shaping the supervisory and regulatory processes over the banking system. “This position is key to protecting our banking system and ensuring economic prosperity,” said Senator Tim Scott, Chairman of the Senate Banking, Housing and Urban Development Committee.Support for Bowman from the cryptocurrency industry was not delayed. The Crypto Council for Innovation (CCI) said in March that Bowman “closely follows developments in the blockchain and digital asset ecosystem and has the capacity to analyze both opportunities and risks in this area.” The organization argues that Bowman's informed and inclusive approach to regulation could have positive long-term effects for digital assets.
Trump Slams Powell After Weak ADP Report: How Did Bitcoin React?
US President Donald Trump sent a harsh message to FED Chairman Jerome Powell after the ADP employment data for May, which fell well below expectations. In a post on the social media platform Truth Social, Trump called on Powell to cut interest rates, citing the European Central Bank as an example and arguing that the US was late in monetary policy. Trump's outburst, along with signs of weakening economic indicators, has renewed interest in alternative assets such as Bitcoin.Donald Trump slams FED ChairmanUS President Donald Trump once again lashed out at US Federal Reserve (FED) Chairman Jerome Powell on his Truth Social account after the release of the ADP private sector employment data for May. In his post, Trump demanded a cut in interest rates, cited Europe as an example and gave a direct message to Powell: “He is too late”.Trump gave the following statement: ““Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!” Trump's outburst came just after the May private sector employment data released by the ADP Research Institute and the Stanford Digital Economy Lab fell short of expectations. According to the report, the US economy created only 37,000 jobs in May. This figure was well below the market expectation of 114,000.ADP's chief economist Dr. Nela Richardson noted that despite this slowdown in job growth, wage growth remained strong and there were still signs of resilience in the labor market. However, according to Richardson, after a strong start to the year, there has been a serious slowdown in hiring.Trump has been pressuring Powell to cut interest rates for months. However, the Fed chairman has so far ignored these calls and often reiterated his data-driven monetary policy rhetoric. The European Central Bank, which Trump made comparisons with, has cut interest rates in recent months.So how is Bitcoin doing in the shadow of these discussions?According to the latest data, Bitcoin (BTC) is trading at $105,038 at the time of writing. This represents a slight decline of about 0.31% in the last 24 hours. BTC, which tested the $112,000 level in May, has managed to stay above $100,000 thanks to strong demand and capital flows into ETFs. While the uncertainty over the Fed's interest rate policy is driving investors to alternative assets, Bitcoin stands out in this equation with its safe-haven perception again. If Trump's calls for interest rates are answered, the dollar weakens and yields fall, BTC may regain strength in the coming days.Weak employment data from the US has also made the upcoming official non-farm payrolls report more critical, while investors have turned their eyes to the Fed's next step.
Daily Market Summary with JrKripto 4 June 2025
You can find today’s edition of “Daily Market with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze the overall market conditions together and review the latest insights.Bitcoin (BTC) extended its long-term uptrend from $75,930 to reach an all-time high (ATH) of $111,980. Following this peak, it pulled back due to profit-taking and is currently trading around $105,000. On the technical side, $104,629 stands out as the first major support level. If this area is breached, $101,059 and then $96,115 should be monitored as the next support zones. For the upward recovery to gain traction, it is critical for BTC to surpass the $109,588 resistance. If this resistance is broken, $111,980 and then $114,500 may be targeted once again. Maintaining price action above $104,629 is important to preserve the positive trend.Ethereum (ETH), after starting a strong rally from $1,486 and reaching a peak of $3,004, has entered a correction phase and is currently trading at $2,620. The price holding above the $2,385 support level is helping to limit selling pressure; however, if this level is breached, $2,098 and $2,004 will become the next support zones. For the upward momentum to continue, ETH must break the $2,711 resistance level. Once this is achieved, the targets will be $2,838 and $3,004. The continuation of the positive outlook for ETH hinges on its ability to remain above $2,385.Crypto NewsFed member Bostic said a rate cut this year may be possible depending on the state of the economy.Treasury Secretary Bessent said it’s up to China to decide whether it wants to be a reliable partner.North America-based civil engineering firm SolarBank adopted a Strategic Bitcoin Reserve.Trump is set to launch a branded crypto wallet and trading app encouraging supporters to buy memecoins and other crypto assets.Magic Eden’s $ME partnered with Trump Wallet.Top GainersCOMP → Up 15.2% to $47.60BORG → Up 15.1% to $0.20837302ZBCN → Up 11.2% to $0.0052459ATH → Up 10.6% to $0.05030066APE → Up 9.3% to $0.74851906Top LosersKAITO → Down 9.7% to $1.71POPCAT → Down 9.1% to $0.37289158IOTX → Down 7.6% to $0.02169712FARTCOIN → Down 7.5% to $1.05PENGU → Down 6.8% to $0.01021654Fear IndexBitcoin: 63Ethereum: 54DominanceBitcoin: 63.99% ▼ 0.27%Ethereum: 9.71% ▲ 1.18%Daily Net ETF FlowsBTC ETFs: $375.10 millionETH ETFs: $109.50 millionKey Data to Watch Today15:15 – ADP Non-Farm Employment Change (May)Forecast: 111K / Previous: 60K16:45 – Services Purchasing Managers’ Index (PMI) (May)Forecast: 52.3 / Previous: 50.817:00 – ISM Non-Manufacturing PMI (May)Forecast: 52.0 / Previous: 51.617:00 – Job Openings and Labor Turnover Survey (JOLTS) (April)Forecast: 7.110M / Previous: 7.192M17:30 – EIA Crude Oil InventoriesForecast: -2.900M / Previous: -2.795MGlobal MarketsGlobal stock markets are starting the day on an optimistic note. Expectations for high-level negotiations between the US and China have boosted risk appetite. US stock markets continued to rally, led by tech stocks, with the Nasdaq Index turning positive year-to-date. Yesterday, the Nasdaq rose 0.81%, the S&P 500 increased by 0.58%, and the Dow Jones added 0.51%, all closing in positive territory. The small-cap Russell 2000 Index gained 1.59%, supported by strong performances in regional banks and biotech stocks.Eight of the eleven sectors in the S&P 500 ended the day in the green. The technology sector performed best with a 1.48% gain, followed by energy (1.11%), materials (0.97%), and industrials (0.76%). On the other hand, telecommunications (-0.75%), real estate (-0.39%), and consumer staples (-0.15%) underperformed.On the macroeconomic front, the JOLTS job openings for April came in at 7.40 million, beating expectations of 7.11 million. However, factory orders shrank by 3.7%, exceeding the expected 3.1% decline. Today, the market focus is on the US ADP private sector employment data and the ISM services PMI. The ISM services index rose to 51.6 in April and is expected to increase slightly to 52 in May. Asian markets opened on a positive note, and European markets are also expected to open higher.Meanwhile, the OECD revised its “Global Economic Outlook” downward. The global growth forecast for 2025 was lowered from 3.1% to 2.9%, and the 2026 forecast from 3.0% to 2.9%. The US growth forecast for this year was cut from 2.2% to 1.6%, and the 2026 forecast from 1.6% to 1.5%. The report highlighted that uncertainties in trade policy, tight financial conditions, weakening consumer and business confidence, and rising political risks pose major threats to growth. New tariffs could increase trade costs and fuel inflation, although falling commodity prices might partially offset this.Growth forecasts for Turkey were also revised downward. The OECD cut Turkey’s 2025 growth forecast from 3.1% to 2.9%, and its 2026 forecast from 3.9% to 3.3%. Today, key international data include the US ISM services report, ADP employment report, and Eurozone Services PMI—all closely watched by markets.Top Companies by Market Cap and Stock PricesNVIDIA (NVDA) → $3.45 trillion market cap, $141.22 per share, +2.80%Microsoft (MSFT) → $3.44 trillion market cap, $462.97 per share, +0.22%Apple (AAPL) → $3.04 trillion market cap, $203.27 per share, +0.78%Amazon (AMZN) → $2.18 trillion market cap, $205.71 per share, -0.45%Alphabet (GOOG) → $2.02 trillion market cap, $167.71 per share, -1.56%Borsa IstanbulDomestically, the May CPI came in at 1.53% monthly—closer to our forecast (1.8%) and well below the market expectation (around 2.1%). This result aligns with the Central Bank’s inflation trajectory as outlined in its latest Inflation Report. Consequently, annual inflation dropped 2.5 points from the previous month to 35.4%. Our seasonally adjusted monthly inflation came in at 1.7%, showing about a 1-point improvement from April. Core inflation indicators also declined significantly: the B index annual inflation fell to 34.8%, and the C index to 35.4%. These developments signal continued downward momentum in inflation and improving pricing behavior, though a cautious stance remains warranted.Lower-than-expected inflation has increased the likelihood of a rate cut at the June Monetary Policy Committee (MPC) meeting. This triggered strong buying in banking stocks; yesterday the banking index rose by an average of 5.7%, and the BIST 100 gained 3.0%, closing at 9,277 points. Since the banking sector has underperformed the benchmark index by about 6% year-to-date, it may continue to recover this gap amid rate cut expectations. Additionally, pre-holiday settlement advantages also contributed to yesterday’s strong gains. Market attention is now turning to the June 19 MPC meeting.Technically, the BIST 100 showed a strong rebound after the previous two-day decline, recovering just below the support level. The 9,148–8,965 range remains a key support zone. If the index continues to trade above this band, a move toward 9,475–9,500 could be seen. The 9,325 level serves as interim resistance, and a close above 9,475/9,500 would signal short-term optimism, potentially targeting the 9,740–9,770 resistance area next. Key technical support levels for BIST 100 are 9,148/9,044, 8,965, 8,870, and 8,611; resistance levels are 9,325, 9,475/9,500, 9,588, and 9,740.Overall, a balanced sectoral performance with a continued upward trend is expected in Borsa Istanbul today.Top Companies by Market Cap in Borsa IstanbulQNB Finansbank (QNBTR) → 860.11 billion TL market cap, 260.25 TL/share, +1.36%Aselsan Electronic Industry (ASELS) → 581.86 billion TL market cap, 131.80 TL/share, +3.29%Garanti Bank (GARAN) → 478.8 billion TL market cap, 114.80 TL/share, +0.70%Turkish Airlines (THYAO) → 391.57 billion TL market cap, 284.75 TL/share, +0.35%Koç Holding A.Ş. (KCHOL) → 382.41 billion TL market cap, 149.40 TL/share, -0.93%Precious Metals and Exchange RatesGold: 4,231 TLSilver: 43.18 TLPlatinum: 1,369 TLUSD: 39.13 TLEUR: 44.59 TLSee you again tomorrow with more market updates!
