WS #11057

The data window is dominated by noise from sports betting and social media chatter, with few actionable market signals. The yen continues to weaken, hitting 162.27 per dollar (weakest since 1986), with Japanese officials reiterating intervention readiness. This is a carry-forward from the previous window and remains a key FX risk. China's manufacturing activity returned to growth in May, supported by export demand, corroborating the earlier PMI beat. The UK is set to publish a long-delayed defence spending plan on Tuesday, focusing on drone warfare, which could benefit defence contractors. A shooting in Germany and Venezuela earthquake aftermath are tragic but not market-moving. Crypto regulatory news: Singapore warned against Hyperliquid, adding it to a list of potentially unauthorized platforms. The dominant narrative is stable with no major escalation; the yen weakness and China data are the primary signals.