Iran declared a ceasefire this morning after another declared ceasefire began fraying over the weekend. On Sunday, after Hezbollah launched rockets and drones at targets in northern Israel (Dovev Barracks), Israeli fighter jets struck “command centers” in two apartment buildings in Beirut’s Dahiyeh district. This exchange triggered Iran’s launch of several ballistic missiles toward three Israeli military air bases (all intercepted), which in turn led the Israel Defense Force to retaliate with airstrikes on military targets inside Iran. It came after President Trump posted a blunt demand on Monday, “Isreal and Iran must immediately stop shooting.”
Separately, Yemen’s Houthi armed forces announced a "complete and total ban" on Israeli maritime navigation in the Red Sea on Monday, declaring that all Israeli-affiliated vessel movements would be considered military targets. Houthi spokesman Brigadier General Yahya Saree also announced missile strikes on sensitive targets in the Israeli port city of Jaffa.
In its longest streak of reported gold accumulation since 2015 (19 straight months), China’s PBOC added 320k ounces to its gold reserves in May (most since Dec. ’24). Since Nov. ’24, the PBOC has added 2.16M ounces to its gold reserves.
Week ahead: CPI Wed. @ 8:30 am (est. + 0.5% m/m & +4.2% y/y) and PPI Thurs. @ 8:30 am (est. +0.7% m/m & +6.4% y/y).
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