June 2026 Global Market News

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United States

-June 5: Payrolls beat, but the labor market was still not overheating-

May nonfarm payrolls rose by 172,000, while unemployment stayed at 4.3%. Job gains were concentrated in leisure and hospitality, local government, and health care; financial activities employment declined.

-June 10: CPI stayed too hot for a clean cut narrative-

May CPI rose 0.5% month-over-month and 4.2% year-over-year, the largest 12-month increase since April 2023. Core CPI rose 0.2% in the month and 2.9% year-over-year.

-June 11 - 12: SpaceX became the month’s other mega-cap story-

SpaceX priced its IPO at $135 per share, selling about 555.6 million shares and raising roughly $75 billion, making it one of the largest market debuts on record. The company began trading under ticker SPCX, while its filing said proceeds would support AI compute, launch infrastructure, launch vehicles, and satellite constellation capacity.

-June 17: The Fed held, but the dots moved hawkish-

The FOMC kept the federal funds target range at 3.50%–3.75%. The June Summary of Economic Projections lifted the median 2026 PCE inflation forecast to 3.6% and core PCE to 3.3%, while the median projected year-end federal funds rate moved to 3.8%, signaling that cuts were no longer the base case.

-June 25: GDP was revised up, but PCE inflation worsened-

Q1 real GDP was revised up to a 2.1% annualized pace from the prior 1.6% estimate, mainly because imports were revised lower. The same day, May PCE inflation came in at 4.1% year-over-year, with core PCE at 3.4%.

-June 30: Stocks ended the month split, not euphoric-

The S&P 500 closed at 7,499.36, the Dow at a record 52,319.20, and the Nasdaq Composite at 26,213.72. From the May 29 close, the S&P 500 fell about 1.1%, the Nasdaq fell about 2.8%, while the Dow gained about 2.5%, showing a market that rotated rather than broadly melted up.

Hong Kong

-June 5: Tokenised bonds moved from concept to market infrastructure-

HKMA convened a Tokenised Bond Expert Group to support wider adoption and scalability of Hong Kong’s tokenised bond market, with members spanning financial institutions, legal advisers, infrastructure providers, and technology firms.

-June 11: HKMC delivered a landmark digital bond deal-

The Hong Kong Mortgage Corporation priced roughly HK$12 billion equivalent of digital bonds, described by HKMA/HKMC as the largest-ever digital bond issuance globally to date and the first digital bond issuance by a Hong Kong public-sector entity.

-June 18: e-HKD entered the derivatives plumbing conversation-

HKEX and HKMA launched a pilot to explore using wholesale e-HKD for advance margin payments in after-hours derivatives trading, targeting better risk management outside regular banking hours.

-June 18: Hong Kong kept tracking the Fed-

After the Fed held rates, HKMA emphasized that Hong Kong monetary and financial markets remained orderly and that HKD interbank rates generally track U.S. dollar counterparts under the Linked Exchange Rate System.

-June 9: AI listings kept Hong Kong’s IPO story alive-

HKEX said that by end-May, Hong Kong had recorded 62 IPOs raising HK$166.8 billion in 2026, while AI value-chain companies had raised HK$97.9 billion since the start of December.

Global Central Banks: Holds were no longer dovish

-Fed: hold, but the easing bias faded-

The Fed stayed at 3.50% - 3.75%, but the June projections shifted toward higher inflation and a higher expected policy-rate path, making July and September less about “when cuts start” and more about whether inflation forces a longer hold.

-ECB: the first hike returned-

The ECB raised its three key rates by 25 bp, taking the deposit facility, main refinancing, and marginal lending rates to 2.25%, 2.40%, and 2.65%, effective June 17. The Governing Council tied the move directly to Middle East-driven inflation pressure.

-BOJ: Japan crossed the 1% line-

The Bank of Japan voted 7–1 to guide the uncollateralized overnight call rate to around 1.0%, effective June 17, while also lifting the complementary deposit facility rate to 1.0% and the basic loan rate to 1.25%.

-BOE: hold, but two members wanted a hike-

The Bank of England kept Bank Rate at 3.75% in a 7–2 vote, with two members favoring a 25 bp increase to 4.00%. The MPC said energy prices had fallen from the prior meeting but remained volatile and above pre-conflict levels.

Commodities

-Oil: the war premium deflated fast-

Crude ended June far below the spring panic levels. Reuters reported that oil was on track for its steepest monthly and quarterly losses since 2020 as investors focused on possible U.S.–Iran talks in Doha; Brent was trading in the low-to-mid $70s/bbl around June 30.

-Precious metals: safe haven lost to rate risk-

Gold and silver weakened late in the month as a stronger dollar and renewed Fed-hike fears outweighed safe-haven demand. Comex gold slipped below $4,000, while silver also fell sharply on June 30.

-Rates stayed part of the commodity story-

The Fed’s higher inflation projections, the ECB’s hike, and the BOJ’s move to 1% all reinforced the idea that central banks would not simply “look through” the energy shock. That helped cap the metals trade even as geopolitical risk stayed in the background.

Others

-AI leadership became more volatile-

AI-linked stocks remained central to market direction, but June showed that the trade was no longer one-way. AP noted that AI stocks were strong into month-end after sharp swings earlier in June tied to valuation concerns.

-Japan FX stayed under pressure despite BOJ tightening-

Even after the BOJ raised rates to around 1%, the yen remained a market stress point; AP noted at month-end that the yen was near a 40-year low against the dollar.

-July data became the next market test-

Because June CPI and June PCE had not yet been released by July 1, markets entered the new month waiting for the July 14 CPI print and the July 30 PCE release to decide whether June’s hawkish central-bank pivot was justified.

©2026 Ryan Financial Daily