The Nikkei 225 index has just broken through the 67,300.00 mark, currently trading at 67,297.63, down 1.61% on the day.

Russian Deputy Prime Minister: Russia launched more than 500 drone attacks on Ukraine's logistics infrastructure in April.

[US Senator Introduces Bipartisan Bill to Repeal 12% Excise Tax on Heavy Trucks from World War I] (1) On June 2, Indiana Republican Senator Todd Young introduced the Modern, Clean, and Safe Trucks Act, which proposes to repeal the 12% federal excise tax levied since World War I on new heavy trucks, tractors, and trailers. The bill has been submitted to committees for review, and previous similar proposals have failed. (2) Supporters argue that the tax increases the cost of each new truck by $15,000 to $30,000, inhibiting fleet upgrades and hindering the adoption of safer and more fuel-efficient equipment. Since the excise tax only applies to new vehicle purchases, it indirectly encourages transportation companies to use older vehicles for extended periods. Young stated that the tax harms small businesses and independent drivers and promotes the use of inefficient trucks. (3) Industry groups welcomed the bill. The president of the American Trucking Association stated that eliminating the tax would allow fleets to modernize their equipment more quickly, supporting safety, environmental protection, and employment. The president of a truck dealership pointed out that the 12% tax typically increases the price of a new vehicle by more than $20,000, making it outdated and harsh. A matching bill is already pending in the House of Representatives and has received bipartisan support.

【Wash’s Debut Preview: Dot Plot May Fade, Rate Hike Signals Emerging】 (1) The Fed’s quarterly “dot plot” interest rate forecast may soon lose its last rate cut signal, and the entire chart may even be canceled. Whether the new chairman, Warsh, is truly an “inflation hawk” as he claims to be remains to be seen. Inflation has far exceeded the target due to the surge in AI investment and the Middle East conflict pushing up energy prices. The futures market expects the Fed to raise interest rates before the end of the year. (2) The labor market cracks that the doves rely on have not yet appeared. Job openings increased significantly in April, and private sector employment exceeded expectations in May. The Fed will not raise interest rates this month, but may sow the seeds for a rate hike. The market will pay attention to whether the wording of the rate cut tendency in the statement will be deleted. Previously, three governors and the dovish Waller had supported the deletion. (3) The dot plot may become the focus. The current median forecast is one more rate cut this year and another in 2027, but since March, officials’ statements have suggested that the expectation of a rate cut this year may disappear. Warsh's aversion to forward guidance and his potential abandonment of the dot plot would make the interest rate market more tense in the second half of the year. Analysts say the FOMC is rapidly turning hawkish to pave the way for rate hikes, but "which version of Warsh will take the stage" remains to be seen.

Air India and Riyadh Airlines have signed an agreement to expand travel options between India, Saudi Arabia and other regions.

Turkish Finance Minister: Türkiye has not set a specific target level for its currency.