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June 4th - Chief Cabinet Secretary Minoru Kihara stated on Thursday that the Japanese government expects the Bank of Japan (BOJ) to implement appropriate monetary policy in close coordination to achieve a sustainable 2% inflation target driven by wage growth. When asked about BOJ Governor Kazuo Ueda's remarks on Wednesday, Kihara declined to comment on specific points, only stating that the government and the BOJ have maintained and will continue to maintain "full communication" on occasions such as the meeting between the BOJ governor and Prime Minister Sanae Takaichi last month. "Specific monetary policy measures should be decided by the BOJ," Kihara said at a regular press briefing, reiterating the government's consistent stance towards the central bank.

1. Strong Data Drastically Reduces Rate Cut Expectations: The US ADP nonfarm payrolls for May added 122,000 jobs, far exceeding expectations, and the May ISM services PMI hit a multi-month high. The US labor market and consumer spending demonstrated remarkable resilience, significantly reducing the urgency for the Federal Reserve to cut rates in the short term. 2. Tightening Fears Suppress Valuations: Strong economic fundamentals led several Fed officials to adopt a hawkish stance, exacerbating market concerns about maintaining high interest rates or even restarting rate hikes this year. This directly pushed up both the US dollar index and US Treasury yields, severely suppressing the valuations of non-interest-bearing assets such as gold and silver. 3. Unpredictable Geopolitical Situation: The Middle East geopolitical situation remains volatile. While there have been reports of progress in US-Iran negotiations, significant differences remain between the two sides on core issues, leading to frequent sporadic conflicts. The sharp fluctuations in risk aversion have increased the two-way volatility risk in precious metals markets. 4. Industry Dynamics and Capital Outflows: Russian officials predict gold production will reach 480-500 tons in 2026, far exceeding institutional expectations, with the increased supply putting pressure on gold prices. In terms of capital flows, the world's largest gold ETF (SPDR) has recently seen outflows, indicating a lack of upward momentum in the short term. 5. Platinum and Palladium End-User Demand Under Pressure: In addition to macroeconomic pressures, high oil prices and the accelerated electrification of automobiles continue to squeeze the market share of traditional gasoline vehicle catalysts, leading to significant pressure on palladium demand. The overall decline in platinum and palladium prices has exceeded that of gold and silver. 6. Zhengxin Futures' View: The ADP Non-Farm Payrolls report reflects the resilience of the US labor market, providing more confidence for the Federal Reserve to maintain its tightening stance. Gold will mainly be affected by macroeconomic factors in the short term, maintaining a weak and volatile trend. However, in the long term, global de-dollarization and strategic reserve demand will continue to provide strong support for gold prices. 7. Nanhua Futures' View: With no easing signals on the monetary policy front and even rising expectations of interest rate hikes, precious metals lack significant upward momentum. However, given the prolonged period of high oil prices, it is crucial to pay close attention to signs of economic slowdown. If a "stagflation trade" begins, it will become a key narrative for the next gold price increase. (The above content is compiled from publicly available market data and is for reference only; it does not constitute investment advice.)

TSMC (TSM.N) CEO: Taiwan has TSMC’s best talent, core R&D and largest production base.

TSMC (TSM.N) CEO: Global capacity expansion is primarily driven by customer demand and local government support.

Chief Cabinet Secretary Minoru Kihara: The government maintains close communication with the Bank of Japan regarding economic and financial trends, and will continue to do so.

TSMC (TSM.N) CEO: Customer prepayments only partially alleviated the enormous investment pressure.

Chief Cabinet Secretary Minoru Kihara: The Bank of Japan is expected to adopt appropriate monetary policy to achieve its price target sustainably and stably, while working closely with the government.

Chief Cabinet Secretary Minoru Kihara: No comment on specific remarks made by Bank of Japan Governor Kazuo Ueda.

TSMC (TSM.N) CEO: Employee bonus profit is expected to grow by 30% annually with no upper limit, and is projected to continue rising.

TSMC (TSM.N) CEO: Employee bonus profits will grow by about 30% in 2024 and 2025, and are expected to grow by another 30% in 2026.

On June 4th, the China Consumers Association released its "Annual Report on the Status of Consumer Rights Protection in China (2025)," which shows that in 2025, consumer associations nationwide handled 2.016 million consumer complaints, received 609,000 consumer visits and inquiries, and recovered 930 million yuan in economic losses for consumers. In 2025, relevant departments vigorously cultivated new consumption scenarios, severely cracked down on illegal activities, and promoted the continuous release of consumption potential, resulting in new progress in my country's consumer rights protection in legislation, administration, judiciary, and society. The report also points out that the regulations for protecting consumer rights in new consumption areas urgently need to be improved.

TSMC (TSM.N) CEO: We see autonomous vehicles and robots as long-term growth drivers and are working to help the robotics industry succeed.

On June 4th, the Hong Kong Generative Artificial Intelligence Research and Development Center (HKGAI) held the "HKGAIV3 Large Model Launch and Ecosystem Cooperation Conference" on the 3rd, officially releasing the latest version of the local large model HKGAIV3 and launching Hong Kong's first productivity-level super intelligent agent to help the development of artificial intelligence in Hong Kong.

TSMC (TSM.N) CEO: The company's stock price will continue to rise.

As of 09:30 Beijing time, WTI crude oil futures fell 0.97%, while US natural gas futures rose 0.59%.

Hong Kong-listed auto stocks opened lower, with NIO-SW (09866.HK) falling nearly 4%, followed by Chery Automobile (09973.HK), Leapmotor (09863.HK), and Li Auto (02015.HK).

On June 3rd, the highest 7-day annualized yield of Tencent Wealth Management's "Current Account +" was 1.1940%, and the lowest was 0.7550%. The highest 7-day annualized yield of WeChat Pay's "Lingqian Tong" was 1.0320%, and the lowest was 1.0010%. The highest 7-day annualized yield of Alipay's "Yu'ebao" was 1.0250%, and the lowest was 1.0000%.

On Thursday, June 4, the Hang Seng Index opened down 167.91 points, or 0.66%, at 25,465.3 points; the Hang Seng Tech Index opened down 62.03 points, or 1.23%, at 4,994.94 points; the H-share Index opened down 51.86 points, or 0.6%, at 8,544.73 points; and the Red Chip Index opened down 13.01 points, or 0.29%, at 4,443.83 points.