Weekend News Roundup - Newsquawk Asia-Pac Market Open

US stocks were pressured on Friday but finished off lows with selling triggered by US President Trump's tariffs threats after he touted a straight 50% tariff on the EU and noted that discussions with the EU were going nowhere, while Apple shares and the tech sector were hit after Trump also suggested at least 25% tariffs on Apple, Samsung and other smartphone manufacturers on phones not manufactured in the US. Nonetheless, the major indices clawed back a large chunk of their initial losses despite the lack of specific news catalysts for the partial recovery ahead of the long weekend due to the US Memorial Day and UK May Bank Holiday.
European Commission President von der Leyen said she had a good call with US President Trump to discuss a trade deal and that the EU will need until July 9th to reach a good deal, while she added that Europe is ready to advance talks swiftly and decisively.
Looking ahead, highlights include Japanese Leading Index, Comments from ECB's Lagarde, Supply from Japan, Holiday Closures including UK Bank Holiday & US Memorial Day. Note: The desk will run to 18:00BST/13:00EDT on Monday 26th May, at which point the service will close due to holiday closures. The service will then re-open later that evening at 22:00BST for the beginning of the Asia-Pacific session.

More Newsquawk in 2 steps:

1. Subscribe to the free premarket movers reports

2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days

Desk: Desk will run to 18:00BST/13:00EDT on Monday 26th May, at which point the service will close due to holiday closures. The service will then re-open later that evening at 22:00BST for the beginning of the Asia-Pacific session.
Highlights include Japanese Leading Index, Comments from ECB's Lagarde, Supply from Japan, Holiday Closures including UK Bank Holiday & US Memorial Day.
Click for the Newsquawk Week Ahead.

US TRADE

US stocks were pressured on Friday but finished off lows with selling triggered by US President Trump's tariffs threats after he touted a straight 50% tariff on the EU and noted that discussions with the EU were going nowhere, while Apple shares and the tech sector were hit after Trump also suggested at least 25% tariffs on Apple, Samsung and other smartphone manufacturers on phones not manufactured in the US. Nonetheless, the major indices clawed back a large chunk of their initial losses despite the lack of specific news catalysts for the partial recovery ahead of the long weekend due to the US Memorial Day and UK May Bank Holiday.
SPX -0.67% at 5,803, NDX -0.93% at 20,916, DJI -0.61% at 41,603, RUT -0.28% at 2,040.
Click here for a detailed summary.

TARIFFS/TRADE

European Commission President von der Leyen said she had a good call with US President Trump to discuss a trade deal and that the EU will need until July 9th to reach a good deal, while she added that Europe is ready to advance talks swiftly and decisively.
Japanese top tariff negotiator Akazawa said the schedule for the next round of talks is still being arranged and he hopes to meet with US Treasury Secretary Bessent during the next round of talks.
ASEAN Secretary General said China-ASEAN Free Trade Agreement 3.0 negotiations concluded which is to boost investment and trade, while the inaugural GCC-ASEAN-China summit is also to be held in Malaysia this week.

NOTABLE HEADLINES

Fed Chair Powell refrained from making comments on the economic or policy outlook and urged university students to protect democracy in remarks at Princeton.

US plans a Chevron (CVX) licence for minimum maintenance in Venezuela, according to Bloomberg.
Libya’s NOC said an oil leak occurred in a crude oil pipeline south of Zawiya City and production through the affected pipeline immediately halted.

MIDDLE EAST

US Secretary of Homeland Security Nielsen met with Israeli PM Netanyahu and expressed Washington's unconditional support for Israel.

RUSSIA-UKRAINE

Russia and Ukraine completed a three-day prisoner exchange involving 1,000 prisoners from each side.
Russian Defence Ministry said Russia took control of Loknia, Stupochki, Itradne and Romanivka in eastern Ukraine, according to RIA.
Ukraine’s Air Force said on Saturday that Russia fired 14 ballistic missiles and launched 250 drones overnight on Ukraine, while Ukraine said on Sunday morning that Russia attacked it with 367 missiles and drones overnight. It was also reported that Russia downed 110 Ukrainian drones overnight including 13 over Moscow and Tver region.
Ukrainian President Zelensky said the overnight Russian bombardment shows to the world that Moscow is the reason the war is being dragged out and only new sanctions on Russia will force Moscow to agree to a ceasefire.
US envoy to Ukraine said Russia’s attack on Kyiv is a clear violation of the 1977 Geneva peace protocols.
German Foreign Minister Wadephul said the massive Russian attack demonstrates that Russian President Putin is not interested in peace and stated that they must react with additional sanctions on Russia.

OTHER

German Chief of Defence ordered the German military to be fully equipped with weapons and other materials by 2029, making use of funds available after loosening the constitutional debt brake.
South Korea’s Foreign Ministry expressed concern to China about its setting a no-sail zone in a provisional maritime area.
North Korea said its damaged warship is under repair, according to KCNA. It was separately reported that North Korean officials were arrested after a warship blunder 'brought dignity of country to collapse', according to Sky News.

NOTABLE HEADLINES

Chinese Premier Li said in a meeting with Indonesia’s President that China and Indonesia will expand cooperation in finance, new energy, digital economy, AI, aerospace and marine industries, while he added that China is willing to deepen cooperation with Indonesia in food, agriculture, poverty reduction and health, according to Xinhua.
NVIDIA (NVDA) is to start mass production of new China Blackwell chip as early as June and will launch new the new AI chipset for China with Blackwell architecture priced at USD 6,500-8,000, according to sources.
South Korean presidential frontrunner Lee said an extra budget will be needed to boost the economy in the short-term, while he added that heightened military tensions with North Korea are burdening South Korea’s economy and that a deadline on tariff talks with the US should be reconsidered.

NOTABLE HEADLINES