Wealthion Macro Bites 6-12
President Trump insisted on Thursday the U.S. was nearing a deal on peace talks with Iran, pulling back from threats to launch more military strikes and seize Iran’s oil infrastructure. Trump claimed Iranian Supreme Leader Mojtaba Khamenei had signed off on the plan, which he said would be completed in coming days, likely on sidelines of the G7 Summit in Evian, France (6/15-6/17). While confirming significant progress in negotiating an MOU peace plan, Iran Foreign Ministry spokesman Esmail Baghaei commented, “Iran hasn’t reached a final conclusion about the agreement. We will announce it when we reach a conclusion.”
Orion Critical Minerals Consortium [CMC] (a mining investment fund formed by Orion Resource Partners, the U.S. International Development Finance Corporation and Abu Dhabi-based ADQ sovereign wealth fund) is considering buying all or part of the Duval family’s 37% stake in troubled French miner Eramet. The French government is Eramet’s 2nd largest investor, so a tie-up with CMC would mark a seminal step among Western nations to forge critical minerals partnerships. The CMC fund was formed in ’25 with initial capital of $1.8B and plans to reach $5B over the next few years.
Eramet (1.55B euro mkt. cap.) has operations spanning the production of nickel, lithium, manganese and mineral sands in countries incl. Indonesia, Gabon, Argentina and the U.S., but has faced recent setbacks such as a dramatic cut in its nickel mining quota in Indonesia and a governance crisis as Eramet’s board fired new CEO Paulo Castellari after just 8 mos.
U.S. May PPI surged 1.1% m/m (vs. +0.7% est. and an upwardly revised +1.4% in Apr.) and 6.5% y/y (vs. +6.4% est. and an upwardly revised +6.0% in Apr.), the largest y/y gain since Nov. ’22.
Liquidity watch: Bloomberg’s Billionaire Index lists Elon Musk’s net worth this morning at $970.5B. Should shares of Spacex surge 35% post-IPO today (current gray market indication), Elon will become the world’s first trillionaire.
Euro Stoxx 50 +1.7%, S&P futures +0.60% and Nasdaq futures +0.6%. European bonds trading higher with yields down 2.0bps (Sweden) to 6.5bps (U.K.). 10-year Treasury yield -0.2bps (4.459%). DXY dollar index -0.15%, spot gold -0.2% and spot silver -0.45%. Brent futures -3.9% ($86.86) and WTI futures -4.0% ($84.17). U. of Mich. Sentiment @ 10 am (est. 46.0, 1-yr infl. exp. +4.9% and 5-10-yr infl. exp. +3.8%).
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