• Global stocks and the US dollar slipped Thursday as optimism over the US-China trade framework was overshadowed by lingering risks.

• President Trump announced a “great deal” with China, including easing of export restrictions on rare earth minerals and access for Chinese students to US universities.

• Market response was muted, with investors waiting for detailed terms and wary of a potential reversal.

• Trump also said the US will send trade proposal letters to dozens of countries soon — creating fresh uncertainty.

• The current framework leaves many tariffs in place despite earlier rollbacks, limiting the short-term impact on global trade.

• MSCI Asia-Pacific Index (ex-Japan) fell 0.3%, Japan’s Nikkei dropped 0.7%, and Hong Kong’s Hang Seng declined 0.74%.

• US Dollar Index fell to its lowest since April; the euro rose to a 7-week high at $1.1512, while the yen strengthened to 144.03.

• US inflation came in softer than expected in May, with lower gasoline prices offsetting rent increases.

• Trump renewed pressure on the Fed for a major rate cut. Markets are now pricing in a 70% chance of a rate cut by September.

• Oil prices held near $70 amid rising tensions in the Middle East, especially after Iran threatened US military bases.

• Gold climbed to $3,370.29 as investors moved toward safe-haven assets.

What’s Next?
• The market clearly isn’t buying into the optimism just yet. Trade tensions, vague agreements, and geopolitical noise continue to cloud the outlook. Until actions follow words, risk assets may struggle to gain momentum. I’m staying cautiously positioned.