Authored by Debra Heine via American Greatness,

The leader of al-Qaeda’s Yemen branch is urging fellow Islamists in the United States to assassinate President Donald Trump, Vice President J.D. Vance, tech billionaire Elon Musk, and other U.S. leaders, calling them “scum of the earth and its greatest criminals.”

In a chilling video message that appeared online Saturday, Saad bin Atef al-Awlaki encouraged his followers to assassinate the leaders because they support Israel’s war against Hamas.

“There are no red lines after what happened and is happening to our people in Gaza,” al-Awlaki said in his first propaganda video since taking over the terror group last year. “Reciprocity is legitimate.”

“I call upon every Muslim in the infidel, criminal, and arrogant United States … I am saying to all of them revenge, revenge!” he declared.

Al-Awlaki stressed that it doesn’t matter whether the terrorists are “Arab, American or other descent, what matters is that should be Muslims whose prophet is Muhammed.”  He correctly noted that there are roughly 4.5 million Muslims in the United States.

The al Qaeda leader went on to caution his followers hatch their assassination plots in secret.

“Do not consult anyone about killing infidel Americans,” he said, before specifying who should be targeted.

“Go after the scum of the earth and its greatest criminals: This is Trump and his vice president; this is Elon Musk, his advisor; these are his secretary of State and his secretary of Defense,” al-Awlaki said.

As the terrorist said these words, images of Trump (alongside Archbishop Elpidophoros of the Greek Orthodox Archdiocese of America), Vance, Musk (with images of Musk’s business logos), Secretary of State Marco Rubio (with Ash Wednesday ashes on his forehead), and Secretary of State Pete Hegseth flashed across the screen.

Al-Awlaki encouraged his followers in the United States to also “go after their families” and “all those who have any ties or are close to the politicians in the White House.”

The half-hour propaganda video also included calls for lone-wolf terrorists to assassinate leaders in Egypt, Jordan, and the Gulf Arab states over the war.

Al-Qaeda’s Yemen branch, known by the acronym AQAP, is considered the most dangerous branch of al-Qaeda, according to the Times of Israel.  

Al-Awlaki already has a $6 million US bounty on his head, as Washington says he “has publicly called for attacks against the United States and its allies.” He replaced AQAP leader Khalid al-Batarfi, whose death was announced by the group in 2024.

AQAP seizing onto the Israel-Hamas war follows the efforts of Yemen’s Houthi rebels to do the same. The Iranian-backed group has launched missile attacks on Israel and targeted commercial vessels moving through the Red Sea corridor, as well as American warships.

The Trump administration launched an intense campaign of strikes on the Houthis, which only ended before the president’s recent trip to the Middle East.

It is estimated that AQAP has between 3,000 and 4,000 active fighters and passive members. The terrorists reportedly raise money by robbing banks, smuggling weapons, counterfeiting currencies and conducting ransom operations.

In his video message, Al-Awalaki praised those who have carried out antisemitic terror attacks on civilians.

“Do not leave a single safe place for Jews — just as they have not left any homes, shelters, or respite for the Palestinians,” he said. “Even hospitals are being bombed over the heads of the sick and wounded, and the heads of the women, children and the elderly. Take revenge.”

Weeks after damaging undercover video revealed that even fellow Democrats don’t like Vice Chair David Hogg, the 25-year-old gun control activist is out. 

In a vote of 294-99, members of the DNC overturned the Feb. 1 election that put Hogg in his seat – along with Pennsylvania State Rep. Malcom Kenyatta, and authorized new elections in the coming days. 

The previous election was called into question by the DNC’s Kalyn Free (Oklahoma), who said the organization’s structure made it “mathematically impossible” for a woman to win. 

As the Epoch Times notes further, there were two empty vice chair slots, and the DNC’s complex gender parity statutes required that the first slot be filled by a man; the second could be any gender. Instead of holding two separate elections, the DNC placed all five candidates on one ballot, put both seats on that ballot, and combined the results.

This gave the two men on the ballot a mathematical advantage over the three female candidates, critics said. Kenyatta received 289 votes, and Hogg received 214.

The DNC will now hold do-over elections with the same five candidates via electronic balloting. The first election, which must appoint a man according to DNC rules, will be held June 12–15. The second, which may be any gender, will be held on June 15–17.

Hogg recently garnered controversy within the party in his role as vice chair after he threatened in April to hold primaries against “asleep at the wheel” members of his party through his Leaders We Deserve PAC.

In response to Hogg’s push, DNC Chair Ken Martin said that the DNC needed to be a “referee” with its officials remaining neutral on primary contests.

“If you want to challenge incumbents, you’re more than free to do that, but just not as an officer of the DNC, because our job is to be neutral arbiters. We can’t be both the referee and also the player at the same time,” Martin said.

Hogg alleged that the decision to overturn the election was a convenient way to vote him out of leadership. He acknowledged that the election result was challenged before he announced his shakeup of the Democratic Party, but said “the consensus” among members he spoke to was that the challenge would be ignored.

On June 8, audio from a Zoom call with Martin criticizing Hogg was leaked to Politico. In the recording, Martin accuses Hogg of impeding his leadership, expresses frustration with his job, and seems to choke up at the end of the recording.

Hogg was accused of leaking the audio, and in response, he published screenshots of text messages from a Politico reporter asking him to comment on the leak, which purportedly indicated that he was not the source of the leak.

Over the last few weeks, Hogg also appeared in a Project Veritas video where he criticized Rep. Nancy Pelosi (D-Calif.) for her stock trading activity.

Authored by Helen Partz via CoinTelegraph.com,

Sports betting platform SharpLink Gaming has acquired 176,271 Ether for $463 million, becoming the world’s largest publicly traded holder of ETH.

In a Friday announcement, the Nasdaq-listed company said the Ether acquisition was funded through a combination of private placement and at-the-market equity sales, including $79 million raised since May 30. The average acquisition price came in at $2,626 per coin.

The company said over 95% of its ETH is now deployed in staking and liquid staking platforms, earning yield while contributing to Ethereum’s network security.

“This is a landmark moment for SharpLink and for public company adoption of digital assets,” said Rob Phythian, CEO of SharpLink Gaming, adding that the company now treats ETH as its “primary treasury reserve asset.”

“MicroStrategy of Ether”

SharpLink’s move mirrors Strategy’s Bitcoin-buying strategy, but is centered on Ethereum, making it the first public company to adopt ETH as its core treasury reserve asset.

SharpLink (SBET) is the first Nasdaq-listed firm to adopt an ETH-based treasury model, aiming to offer shareholders “meaningful economic exposure to ETH,” the company said.

 “SharpLink’s bold ETH strategy represents a pivotal milestone and innovative approach to the institutional adoption of Ethereum,” SharpLink chairman and Ethereum co-founder Joseph Lubin said in the announcement.

“By allocating significant capital to ETH and deploying it in network activities such as staking, SharpLink is both contributing to Ethereum’s long-term security and trust properties while earning additional ETH for that work,” he added.

Who holds more Ethereum than SharpLink?

While SharpLink has become the largest publicly traded holder of Ether globally, some entities are still holding more ETH.

According to Arkham data, the Ethereum Foundation now holds 214,129 ETH ($594 million) in its treasury.

Crypto holdings by the Ethereum Foundation as of June 13, 2025. Source: Arkham

Some crypto exchange-traded funds (ETFs) providers like BlackRock also hold a significantly bigger amount of Ether, though on behalf of clients. According to BlackRock data, the iShares Ethereum Trust ETF held roughly 1.7 million ETH as of Thursday, worth around $4.5 billion.

Controversy over SharpLink’s ETH strategy

SharpLink’s ETH strategy has not come without controversy. The company’s share price rocketed more than 400% after its May 27 ETH treasury announcement, as Cointelegraph reported. 

Following the announcement of an S‑3 SEC filing earlier this week, shares plunged by about 73% in after‑hours trading on Thursday, dropping from $32.53 to below $8 before partially rebounding, according to Google Finance. The sharp sell‑off was spurred by a misunderstanding: The filing allowed for the potential resale of nearly 58.7 million shares from PIPE participants; it was not an actual sale. 

SharpLink chairman Lubin clarified that this was a routine regulatory procedure, not insider unloading.

Source: Joseph Lubin

The purchase follows a broader trend of corporate crypto treasury adoption, echoing Strategy’s high-profile Bitcoin strategy, but placing Ether at the center of digital capital reserves.

Fresh reporting as well as new Friday statements by President Trump reveal that the US and Israel practiced deceptive diplomacy, as Israeli and American officials worked together to convince Iran that nuclear negotiations were progressing.

Yet all the while an elaborate Israel attack on Iranian nuclear sites was being planned, and Tehran was given a false sense of security, and ill-prepared for its defense.

Axios has reported that Tel Aviv was given “a clear US green light” to start bombing, according to two unnamed Israeli officials. The previously widely reported ‘split’ and spat between Trump and Netanyahu was a public ruse.

“Two Israeli officials claimed to Axios that Trump and his aides were only pretending to oppose an Israeli attack in public — and didn’t express opposition in private,” the report explained. “The goal, they say, was to convince Iran that no attack was imminent and make sure Iranians on Israel’s target list wouldn’t move to new locations.”

Trump was even publicly advocating for diplomacy even up to within hours of the overnight attacks, which involved at least 200 Israeli warplanes, and drones.

Secretary of State Marco Rubio has since publicly denied American involvement, but Trump has admitted that he was briefed on the major Israeli military operation. Trump has further indicated that US-supplied weapons were used against Iran. Meanwhile:

TRUMP SAYS IRAN OFFICIALS CALLING HIM TO DISCUSS SITUATION: NBC

Thus far, there’s been no evidence of direct Pentagon involvement. But clearly, the Islamic Republic was lulled or tricked into believing that no Israeli strikes were actually imminent.

Per WSJ:

President Trump told The Wall Street Journal that he and his team were read in on Israel’s plans to attack Iran. Asked what kind of heads-up the U.S. got ahead of the attack, Trump said in a brief phone interview, “Heads-up? It wasn’t a heads-up. It was, we know what’s going on.”

Israel is seeking to both decapitate Iran’s military leadership and completely destroy Iran’s nuclear program, which Tehran has long maintained is for peaceful energy purposes. 

The great negotiator only engaged in deception as he prepared an attack on Iran pic.twitter.com/Ol222rH8UY

— Glenn Diesen (@Glenn_Diesen) June 13, 2025

Given Tehran has vowed to continue its nuclear activities undeterred, despite damage at Natanz and other sites, more waves of Israeli attacks are likely. 

Israel’s military has on Friday said it has begun to deploy reservists from different units to all combat areas nationwide in readiness for a potential Iranian military response.

Certainly, something was going on last night at The Pentagon…

Pure alpha right here https://t.co/mzcft20EAz

— zerohedge (@zerohedge) June 13, 2025

The question remains: what next? So far, Iranian anti-air defenses have appeared almost non-existent. It’s also unclear the degree to which Iran’s air defenses and ballistic missile sites have already been destroyed or damaged.

Authored by Debra Heine via American Greatness,

Rep. LaMonica McIver (D-N.J.) was indicted on Tuesday for allegedly interfering with federal officers during a scuffle outside an immigration detention facility in Newark, last month.

US Attorney Alina Habba announced on X that a Newark federal grand jury had returned a three-count indictment charging McIver with “forcibly impeding and interfering with federal law enforcement officers.”

The congresswoman faces up to 17 years in prison for her aggressive conduct.

“This indictment has a maximum penalty of 8 years for Count One, an additional maximum penalty of 8 years for Count Two, and a maximum penalty of 1 year in prison for Count Three,” Habba said.

The incident happened during a protest on May 9 at the Delaney Hall detention center, a privately run facility under contract with ICE.  Newark Mayor Ras Baraka (D) was arrested and charged with trespassing after entering the facility and refusing to leave.

An ugly confrontation ensued as several Democrat lawmakers surrounded Baraka in an attempt to shield the mayor from the ICE agents making the arrest.

An online video shows McIver,  a member of the House Homeland Security Committee, screaming at law enforcement officers as they tried to break through their blockade,  throwing punches and shoving the officers as they tried to regain control.

“After the Mayor was escorted outside the secured area, law enforcement officers made a second attempt to arrest him,” the Justice Department press release states.

At this time, someone in the crowd yelled ‘circle the mayor.’ McIver then faced the Mayor and placed her arms around him in an effort to prevent HSI from completing the arrest. During her continued attempts to thwart the arrest, McIver slammed her forearm into the body of one law enforcement officer and also reached out and tried to restrain that officer by forcibly grabbing him. McIver also used each of her forearms to forcibly strike a second officer.

In a statement posted on X, Habba said:

“While people are free to express their views for or against particular policies, they must not do so in a manner that endangers law enforcement and the communities those officers serve.”

In response, McIver repeated her assertion that she was “simply doing my job” and that the facts of the case “will expose these proceedings for what they are: a brazen attempt at political intimidation.”

“This indictment is no more justified than the original charges, and is an effort by Trump’s administration to dodge accountability for the chaos ICE caused and scare me out of doing the work I was elected to do, McIver said in a statement. “But it won’t work—I will not be intimidated. The facts are on our side, I will be entering a plea of not guilty, I’m grateful for the support of my community, and I look forward to my day in court.”

In a statement to Fox News, McIver’s attorney, Paul Fishman, dismissed the case as “political retaliation.”

“This prosecution is political retaliation against a dedicated public servant… We fully expect the Congresswoman’s exoneration,” he said.

In the latest indication of gold’s rising prominence in international finance, the yellow metal has surpassed the euro as the world’s second-largest reserve asset, a European Central Bank analysis of year-end 2024 holdings has found. As the year ended, the US dollar represented 46% of central bank reserves, followed by gold at 20%, the euro at only 16%, while all other currencies collectively accounted for 18%. It’s important to note this may understate the actual gold share, given the secrecy shrouding central bank gold-buying activity. 

Doubling their previous pace, central banks bought more than a thousand tons per year in 2022, 2023 and 2024, putting their holdings at their highest level since the late 1970s, as measured by weight, and close to the all-time high established in 1965. The current pace of central-bank and sovereign-wealth-fund purchases roughly equals a quarter of mined production.  

The ECB report attributes the trend in part to one of the biggest geo-political developments of recent years. “Gold demand for monetary reserves surged sharply in the wake of Russia’s full-scale invasion of Ukraine in 2022 and has remained high,” the researchers wrote.

Witnessing the freezing of Russia’s foreign-reserve assets and the broader weaponization of the US dollar, central banks have rationally sought to reduce their dollar reliance — particularly those in US-adversarial positions or more likely to land in that category. “In five of the 10 largest annual increases in the share of gold in foreign reserves since 1999, the countries involved faced sanctions in the same year or the previous year,” the report said. Of course, while the ECB won’t emphasize it, the reckless printing of Western fiat currencies to enable profligate government spending is another major factor. 

Gold’s 30% price surge in 2024 contributed to its second-place ranking as the year ended. However, its ascent has only continued since the timeframe of the ECB analysis, rising another 27% and approaching $3,500 per ounce. With buyers increasingly turning to gold as a hedge against political risks — versus inflation risk — there’s plenty of reason to anticipate more upside, particularly in the wake of Israel’s brazen attack on Iran in violation of international law, including the targeting of senior military officials and nuclear scientists in their residences.  

“Given the strong run in gold prices, the momentum in gold buying could slow,” RBC Brewin Dolphin head of market analysis Janet Mui tells CNBC. “But on a long-term basis, the uncertain geopolitical backdrop and desire for diversification will support the accumulation of gold as reserves.” While central banks are important players, the ECB notes that 70% of demand for gold comes from non-sovereign investors and those using it for jewelry. 

Update0930ET: There are emerging reports of possibly more waves of Israeli attacks, with state media reporting new, loud blasts heard near an airbase in west Iran. Netanyahu has vowed to keep up the attacks ‘as long as necessary’ to degrade and destroy Iran’s nuclear program, which Tehran has long defended as only for peaceful nuclear energy purposes.

Importantly, Iranian leaders have made clear their intent to continue enriching uranium, and even to potentially expand its nuclear activities. Israeli attacks “will not affect our determination” to continue nuclear activities in Iran, state TV reports, as cited in Bloomberg.

Iran’s spokesperson for the Atomic Energy Organization Behrouz Kamalvandi confirmed damage as a result of Israel’s attack on Natanz nuclear site. He claimed that most of the damage is limited to the surface, and that there were no casualties at the stie. There have been no signs of a radiation breach as of yet, the IAEA has said in follow-up. And Al Jazeera writes:

Fars news agency reports “unofficial statistics” saying that more than 70 people were killed and more than 320 were injured in Israel’s attacks.

Fars is managed by Iran’s Revolutionary Guard Corps and considered semi-official state media of the Iranian government.

Trump to WSJ on the impact on markets:

“I think ultimately, it would be great for the market because Iran will not have a nuclear weapon. … Iran won’t have a nuclear weapon that was a great threat to humanity.”

Legacy defining moment for Trump.

He bragged about being the only President in a generation who didn’t start any new wars.

If he gets America involved in a new Middle East, regime change war… he failed.

— Geiger Capital (@Geiger_Capital) June 13, 2025

Trump was “pretending”…

Axios is reporting that Trump was publicly pretending to oppose an Israeli attack on Iran. pic.twitter.com/R7s9C1dgC5

— Kassy Akiva (@KassyAkiva) June 13, 2025

* * *

Up until yesterday the Trump White House had been publicly distancing itself from any potential Israeli attack on Iran. But that major attack did occur overnight, reportedly involving over 200 Israeli warplanes, as well as potential intelligence-assisted drone attacks on the ground conducted by Mossad assets.

And yet following days of contradictory messaging coming from the White House, President Trump has told ABC news early Friday that “there’s more to come” in terms of Israeli military action that the operation was “excellent”. ABC’s Jonathan Karl writes:

I just spoke to President Trump and asked him about the Israeli attack on Iran. Here’s what he told me: “I think it’s been excellent.  We gave them a chance and they didn’t take it. They got hit hard, very hard. They got hit about as hard as you’re going to get hit. And there’s more to come. a lot more.”

Washington and Tehran were literally days away from the next round of nuclear negotiations, and this certainly wasn’t the messaging Trump was sending just over 24 hours ago.

Either he could be trying to save face as Israel perhaps went rogue, or the more likely scenario is that Washington quietly approved what Israel is defending as a ‘preemptive attack’ to prevent Iran from acquiring nuclear weapons (a narrative Tel Aviv has been pushing going back to the 1990s).

And more from Trump on Friday morning, as the smoke still smolders over Tehran and Iranian nuclear energy sites in other parts of the country:

This certainly isn’t going to hasten negotiations, it is their death knell, and Iran has issued a statement saying it holds the United States responsible for last night’s attack and destruction.

Iran has said it is preparing a “harsh response” – with Supreme Leader Ali Khamenei warning that Israel faces a “bitter and painful” fate. “By God’s will, the powerful hand of the Armed Forces of the Islamic Republic will not let it [Israel] go unpunished,” he said Friday.

Government and residential buildings in Iran were damaged, and as we reported earlier, top nuclear scientists and military officials were targeted and in some instances killed, most importantly the head of IRGC, General Major Gen. Hossein Salami.

⚡️Satellite images of the Natanz nuclear enrichment complex following Israeli strikes pic.twitter.com/Lb9ItZIrQD

— War Monitor (@WarMonitors) June 13, 2025

Al Jazeera has listed that trikes have been confirmed in the following locations:

• The capital, Tehran, and military sites in the surrounding area.
• The city of Natanz, where explosions were reported at the main uranium enrichment facility.
• The city of Tabriz, where explosions have been reported near a nuclear research centre and two military bases.
• The city of Isfahan, south of Tehran.
• The city of Arak, southwest of Tehran.
• The city of Kermanshah, west of Tehran.

Iran has already appointed a new IRGC leader, per WSJ. Gen. Mohammad Pakpour has been placed in charge of the Islamic Revolutionary Guard Corps, and Maj. Gen. Sayyed Abdolrahim Mousavi has made chief of staff of the armed forces, while Lt. Gen. Ali Shadmani was named to succeed Lt. Gen. Gholam Ali Rashid. How it allegedly unfolded, per Israeli sources cited in the WSJ:

The majority of Iran’s Islamic Revolutionary Guard Corps air force leadership was killed by an Israeli military strike, according to defense minister Israel Katz.

The group were convening in an underground bunker, the minister said in a statement. Israeli intelligence determined that overnight, senior air force leaders were in an underground meeting preparing to attack Israel, the Israeli military said in a statement.

Fighter jets struck the location, killing Amir Ali Hajizadeh, commander of the air force. Along with him, Israel killed the commander of Iran’s UAV force and the commander of aerial command, the military said.

Major fire near Tabriz Airport in Iran after attack…

⚡️ A major fire broke out near Tabriz Airport in Iran. pic.twitter.com/tmkKzl2sPL

— War Monitor (@WarMonitors) June 13, 2025

In a remarkable revelation (if true), the Wall Street Journal describes an operation that’s parallel to both Ukraine’s ‘Operation Spider’s Web’ and Israel’s covert pager bombings of Hezbollah:

Long before Israel launched its attacks against Iran on Friday, agents from Mossad smuggled explosive drones and other guided weapons into Iran. As the attack got under way, Mossad assets on the ground used the drones and other weapons to attack Iran’s air-defense system and ballistic-missile launchers: WSJ

Fox News’ Chief Foreign Correspondent Trey Yingst writes:

On the strikes against IRGC Air Force leadership: Israel tricked the top command of Iran’s air force into a meeting and then kept them there, I’m told by an Israeli security official.

“We did specific activities to help us understand things about them and then used that information to make them act in a specific way,” the official said. “We knew this would make them meet, but more importantly we knew how to keep them there.”

The Israeli army said it had damaged the Natanz uranium enrichment site’s underground structures. It says that “vital infrastructure at the site that allows for its continuous functioning and the continued advancement of the Iranian regime’s project to obtain nuclear weapons was attacked.”

Fearing backlash and retaliation, and already very unpopular globally due to the Gaza war, Israel announced Friday it is shutting its embassies around the world, further telling citizens abroad to stay alert and not display Jewish or Israeli symbols in public places. 

The statements were published by the foreign ministry and picked up by Reuters, which detailed of the statements that “Israel would not be providing consular services and urged citizens to cooperate with local security services if faced with hostile activity.”

“Israeli missions around the world will be closed and consular services will not be provided,” Israel’s foreign ministry confirmed.

Israeli embassies and consulates around the world took similar actions in the wake of the October 7, 2023 Hamas terror attacks, and facilitated the return of reservists, and prepared ‘rescue flights’.

Last night Israel in a first wave attacked Iranian nuclear sites with some 200 Israeli war planes. Drones were also reportedly launched from within Iran, smuggled in by Israeli intelligence.

Israel is not only currently awaiting likely Iranian ballistic missile retaliation, but possible major protests at its consular and embassy locations abroad.

In some instances over the past couple years, people have tried to attack Israeli embassies, or public events tied to the state of Israel or its officials.

In late May, two Israeli embassy staffers were gunned down Washington DC – outside the Jewish Museum after an event.

The shooter, 31-year old Elias Rodriguez of Chicago, had immediately told an officer upon arrest, “I did it for Palestine, I did it for Gaza.”

Since then, and following reports of vandalism attacks, Israeli and Jewish sites have been on a heightened state of alert, also amid campus and other Gaza-related protests in Europe and the US.

Trump just threw every attempt by his Admin to make it look like Israel was “acting alone” and that the US wasn’t involved out the window…

He’s making it clear that the US is directly involved in this war on Iran, and will continue to be. pic.twitter.com/EH21vundSe

— Rachel Blevins (@RachBlevins) June 13, 2025

UN Secretary-General Antonio Guterres has weighed in what Iran has taking as a declaration of war by Israel. Guterres in a fresh statement warned against “descent into deeper conflict.”

“The secretary-general condemns any military escalation in the Middle East,” Guterres’s office said Friday. “He is particularly concerned by Israeli attacks on nuclear installations in Iran while talks between Iran and the United States on the status of Iran’s nuclear program are under way.”

Authored by Steve Watson via Modernity.news,

There appears to be a new coordinated and funded effort to get online influencers to rally anti ICE sentiment and encourage leftists to oppose the efforts to enforce immigration law.

Dozens of TikTok and Instagram influencers have posted videos practically saying the same thing, with scripts that appear to be written by the same entity behind the message.

Conservative influencer Collin Rugg collated a number of the videos into a super cut, highlighting how they all regurgitate line-for-line comparisons between illegal immigration and nonviolent crimes such as jaywalking.

REPORT: There appears to be a coordinated messaging campaign spreading throughout TikTok where large creators have released nearly identical statements on the ICE raids.

Many large creators are releasing extremely similar statements where they shame other creators for not… pic.twitter.com/eMN7KUm0Sb

— Collin Rugg (@CollinRugg) June 12, 2025

Rugg also notes that the influencers have all been instructed to denounce other influencers as “bad” for not speaking out against ICE raids and efforts to apprehend illegal aliens.

In a related development, a TikTok influencer has claimed that he was offered $200 to join the so called “No Kings” mobilisation scheduled in major cities this weekend.

🚨BREAKING: Another TikToker reveals they were offered $200 to join the nationwide “No Kings Day” protest in NYC—targeting ICE and President Trump’s deportation policies. pic.twitter.com/Ffrzu19GKO

— I Meme Therefore I Am 🇺🇸 (@ImMeme0) June 11, 2025

Those actions are being funded by a slew of NGOs:

Want your blood to boil?

The American people are paying for the communists to riot and destroy America.

These are the NGOs and orgs responsible for the NO KINGS protests…

There’s nothing “grassroots” or “organic” about this.

Abolish NGOs and tax exemption for terrorist orgs. pic.twitter.com/VVe0f8HgI4

— C3 (@C_3C_3) June 11, 2025

One of the entities bankrolling the disruption is the taxpayer-funded largest federation of unions in the country, the AFL-CIO, along with a shady NGO known as the Solidarity Center.

More importantly, note the AFL-CIO sponsorship. AFL-CIO through the quasi-governmental “Solidarity Center” NGO is one of our core “soft power” NGOs. Bluntly: AFL-CIO is one of the key taxpayer-funded organizations in effecting regime change all over the world.

That AFL-CIO is… https://t.co/dcpanJV6Bb pic.twitter.com/RnQNWCaNyW

— DataRepublican (small r) (@DataRepublican) June 12, 2025

In fact, AFL-CIO receives more in taxpayer money than they do in membership dues. pic.twitter.com/mUgtdOg4Wy

— DataRepublican (small r) (@DataRepublican) June 12, 2025

Turns out @MikeBenzCyber predicted exactly this; that AFL-CIO taxpayer dollars would be used against us. https://t.co/cFEwxHT94g

— DataRepublican (small r) (@DataRepublican) June 12, 2025

Yes

— DataRepublican (small r) (@DataRepublican) June 12, 2025

Republicans are investigating just how coordinated several advocacy groups thought to be funding the protests are.

On Tuesday, U.S. Sen. Josh Hawley as head of the Judiciary Subcommittee on Crime and Terrorism, sent a letter to LA-based group Coalition for Humane Immigrant Rights, which has received tens of millions of dollars from the Biden administration for immigrant resettlement and has been heavily involved with organising the direct action in the city over the past week.

Hawley’s letter states, “While peaceful protest is a cornerstone of American democracy, these demonstrations have escalated into lawless mob actions. They have obstructed federal law enforcement, endangered public safety, and disrupted the rule of law. This lawlessness is unacceptable. It must end.”

Hawley demanded that the group supply all records pertaining to communication about protest planning in the days leading up to the riots, in addition to any financial documents related to the purchasing of equipment.

“Failure to comply will result in additional action by this Subcommittee, including potential referral for criminal investigation,” Hawley asserts.

Who is funding the LA riots? This violence isn’t spontaneous. As chairman of the Judiciary Subcommittee on Crime & Terrorism, I’m launching an investigation to find out – pic.twitter.com/B4qaN8qbZP

— Josh Hawley (@HawleyMO) June 11, 2025

“Who is funding the LA riots? This violence isn’t spontaneous,” Hawley further commented in an X post.

He has also sent letters to other groups including The Party for Socialism and Liberation and Union Del Barrio.

Our investigation into who is funding and organizing the LA riots is expanding 👉 pic.twitter.com/SqWG34wHLN

— Josh Hawley (@HawleyMO) June 11, 2025

President Trump declared Tuesday that ” very heavy force” will be used against any rioters intent on disrupting the huge Army anniversary parade in Washington, DC this Saturday, and that they will “end up in jail for a long period of time.”

*  *  *

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Futures are all lower but already about 100bps higher than overnight lows with all eyes on geopolitical tension in the Middle East after Israel effectively started war with Iran, sending the VIX up to a 20-handle and Gold re-testing ATHs. As of 8:00am, SPX futures are down -90 bps, and trading just under 6,000; Nasdaq 100 futs are down 110 bps with all Mag 7 stocks trading lower (TSLA -2.8%, NVDA -2.0%, GOOG/L -2.0% lagging) and small caps -140 bps Global indices lower, though not dramatically so, with Asia market down ~75 bps overnight and Europe down 100-150 bps at the moment. Dubai/Abu Dhabi markets were down 3/4%. Overnight, the major headlines were Israel’s wide-ranging attack on Iran’s nuclear program and military leadership. Oil up sharply to ~$75 but also well off session highs as so far the initial Israeli attack has avoided energy targets, but Israel could extend over several days, with Iran vowing to retaliate. Also it is unclear if Iran will be allowed to continue smuggling oil to China after this escalation. Crude is up 7.8% from yesterday’s close having surged as high as 13% earlier – its biggest jump in 3 years – and with all CTAs still 100% short this may just be the start of the squeeze. Gold added +0.9%. Yields are mostly unchanged; USD is higher. US economic data slate includes June preliminary University of Michigan sentiment at 10am; Fed officials are in external communications blackout period ahead of June 18 rate decision.

In premarket trading, magnificent Seven stocks are lower as as investors rotate out of equities and into haven assets (Tesla -1.6%, Amazon -1.9%, Meta Platforms -1.5%, Nvidia -1.5%, Alphabet -2%, Microsoft -0.8%, Apple -0.2%). Energy and defense stocks rise after Israel’s airstrikes against Iran (Exxon Mobil +3.3%, Chevron +2.6%, Occidental Petroleum +5.5%; RTX +5.5%, Lockheed Martin +4.8%). Airline and travel stocks slide following Israel’s predawn attacks. Here are some other notable premarket movers:

• Delta Air Lines -4.4%, United Airlines (UAL) -5%, American Airlines (AAL) -4%
• Royal Caribbean Cruises -3.7%, Carnival Corp -5.5% and Norwegian Cruise -4%
• Adobe slips 3% after the company gave a sales outlook for the current quarter that topped analysts’ estimates, but investors remain skeptical that the leader in creative software can outduel AI-focused upstarts.
• RH jumps 19% after the luxury furniture company reported adjusted earnings per share for the first quarter that beat the average analyst estimate. Analysts note that the unchanged full-year guidance is a positive sign for demand from upscale consumers.
• Visa falls 2.7% and Mastercard (MA) declines 2.4% as the Wall Street Journal reports that large merchants, including Walmart and Amazon, are exploring how to issue or use stablecoins to bypass traditional fees of the card-based systems.
• US Steel falls 4% after Nikkei reported that Nippon Steel’s planned takeover of the US company may not proceed if the Japanese company has insufficient freedom of management.

It’s shaping up as an extremely busy Friday for traders assessing market risks going into the weekend. Stock futures are down and oil jumped the most in three years after Israel’s strikes on Iran. Havens, and especially gold, are in demand. 

The airstrikes against Iran’s nuclear program and ballistic-missile sites renewed a standoff between two adversaries that risks spiraling into a wider conflict. While the reaction was strongest in crude oil, other pockets of the market suggested that investors are watching how long the tensions will last and whether the situation escalates. Netanyahu said the attacks targeted Tehran’s nuclear program and military, and would last until the threat was removed. Iran vowed to retaliate against Israel and, possibly, US assets in the Middle East even as Trump urged Iran to make a deal “before it is too late.”

The strikes follow repeated warnings by Israeli Prime Minister Benjamin Netanyahu to cripple Iran’s nuclear program. Iran had previously said it would inaugurate a new uranium-enrichment facility in response to censure by the UN atomic watchdog over its nuclear program. 

“We are seeing behavior fully consistent with risk-off,” said Geoff Yu, FX and macro strategist at Bank of New York Mellon Corp. “This is probably the starting point for markets, but as we know correlations have been variable in recent weeks and much will depend on the reaction of Iran, the US and others.”

“Short term it will be used as an excuse or a catalyst by investors for some profit taking, after a very strong comeback of risk assets,” said Vincent Mortier, chief investment officer at Amundi SA. “Price reaction of historical safe havens has been minimal. We believe the events of last night will remain localized and will not degenerate into something more global.”

The attacks are coming at a time when equity markets had recovered from a slump in April that was caused by US President Donald Trump’s tariff war. An index of global stocks touched a record Thursday, gaining more than 20% from a low hit in April. Any persistent gain in oil prices could fuel inflation, adding to the challenges confronting the Fed and other central banks as policymakers also contend with the repercussions of Trump’s trade war. For now, changes in the prices of crude futures point to fears of a drawn-out conflict.

“This goes against what central banks were expecting for oil prices and could potentially change their scenario by heating up inflation and slowing growth,” said Alexandre Hezez, chief investment officer at Group Richelieu.

Meanwhile, US stock funds just suffered the biggest outflows in almost three months, according to data published by BofA’s Michael Hartnett, citing EPFR Global data, another sign the rally may be stalling. About $9.8 billion was redeemed from US stocks in the week through Wednesday, the most in 11 weeks. Mideast conflict also risks upending the S&P’s quick-fire comeback from April’s tariff fallout. Bloomberg Intelligence wrote earlier that a return by the benchmark to its former peaks within the next few weeks would mark the fastest recovery from a decline of more than 15% since at least 1980.

European equities fall, with Israel’s military strikes against Iran’s nuclear program spurring big moves across energy and airline stocks, which are most sensitive to oil’s price jump. The Stoxx 600 falls 0.8%, with travel, auto and consumer products leading declines. Among single stocks, Novo Nordisk overtakes SAP to reclaim its position as Europe’s most valuable public company. Novo shares are lifted by its plans to advance an experimental weight management treatment amycretin into late-stage development. Here are the most notable movers: 

• Energy stocks are pushing higher following a surge in oil prices after Israel mounted waves of air strikes against Iran.
• BAE Systems and other defense suppliers move higher as the tensions spur predictions of elevated military sending.
• Novo Nordisk shares climb as much as 2.3%. The firm plans to advance its experimental weight management treatment amycretin into late-stage development following feedback from regulatory authorities.
• Intrum shares gain as much as 2.4% after the credit management services firm was upgraded to neutral from underweight at JPMorgan. Analysts note better profitability in Servicing.
• Airline stocks are the worst performers following a surge in oil prices after Israel mounted waves of air strikes against Iran, spurring concern around jet fuel costs.
• Burberry, Hugo Boss and other luxury stocks slip due to concerns around reduced demand from travelers.
• Soitec shares slide as much as 5.7%. The chip wafer maker is cut to hold at Jefferies as analysts don’t expect a near-term cyclical upturn.
• Mitie shares fall as much as 3%. The building maintenance services firm is downgraded to hold at Jefferies as analysts see insufficient upside to maintain a buy rating, noting that shares are up about 30% year-to-date.
• Clas Ohlson shares drop as much as 7.2%, retreating from an all-time high on Thursday. Kepler Cheuvreux downgraded the retailer, saying its valuation looks full and that there is a risk of tougher conditions going forward.
• PGE shares drop as much as 6.3%, most in nearly two months, as its new strategy envisages $64 billion in capex by 2035 without clarifying when Poland’s biggest utility will return to paying dividends.

Stocks in Asia dropped amid rising risk-off sentiment following Israel’s attacks on Iran’s military facilities, which can potentially spark a wider war in the Middle East. The MSCI Asia Pacific Index extended its loss to 1.2% in the afternoon session, the most in nearly two months. Most major markets were in the red, with Japan and Hong Kong leading the declines. TSMC, Alibaba and Samsung Electronics were among the stocks that weighed the most on the regional gauge. “This morning’s alarming escalation is a blow to risk sentiment and comes at a crucial time after macro and systematic funds have rebuilt long positions and investor sentiment has rebounded to bullish levels,” said Tony Sycamore, market analyst at IG Australia. “We are likely to see a further deterioration in risk sentiment as traders cut risk seeking positions ahead of the weekend.

In FX, the dollar rebounded 0.5% from Thursday’s three-year low as the Bloomberg Dollar Spot Index rises 0.4% as the greenback strengthens against all its G-10 peers. The haven yen and Swiss franc initially rise on news of the attack, only to reverse those gains in London trade; USD/JPY and USD/CHF both rise 0.3.  Higher-risk currencies suffer the most, with the Australian and New Zealand dollars both falling roughly 1% versus the greenback. Knee-jerk reaction to risk-off news points to haven dynamics for the dollar, yet positioning and profit-taking on shorts ahead of the weekend need to be taken into account, as well as the boost to the greenback from higher oil prices

In rates, treasury futures turn lower into early US session, unwinding an overnight flight-to-quality bid after Israel launched airstrikes on Iran’s nuclear and ballistic missile programs, sending oil futures higher. Treasury yields higher by a couple of basis points across maturities with curve spreads little changed. 10-year is around 4.38% with UK counterpart cheaper by an additional 3.5bp, leading losses among European peers. Gilts underperform, along with most European bonds, after German and French CPI data. WTI crude futures remain more than 8% higher on the day. 

In commodities, brent crude gained 7.6%, having earlier surged as much as 13% in the biggest intraday jump since March 2022. Gold rose 1% to the highest in more than a month. 

Looking to the day ahead now, and data releases from the US include the University of Michigan’s preliminary consumer sentiment index for June, and in the Euro Area we’ll get industrial production for April. Central bank speakers include the ECB’s Escriva

Market Snapshot

• S&P 500 mini -1.2%
• Nasdaq 100 mini -1.5%
• Russell 2000 mini -1.7%
• Stoxx Europe 600 -0.9%
• DAX -1.4%, CAC 40 -1.1%
• 10-year Treasury yield -2 basis points at 4.34%
• VIX +3.1 points at 21.12
• Bloomberg Dollar Index +0.4% at 1204.54
• euro -0.5% at $1.1528
• WTI crude +7.6% at $73.22/barrel

Top Overnight News

• Israel launched waves of airstrikes against Iran’s nuclear program and ballistic-missile sites, killing the head of the Islamic Revolutionary Guard Corps and the military’s chief of staff. Oil surged as much as 13% as PM Benjamin Netanyahu pledged more attacks to come. Iran vowed to retaliate, sending drones that were intercepted. BBG
• Donald Trump can continue to use troops to deal with LA protests, an appeals court ruled, hours after a judge said the federal government must cease these efforts and return National Guard control to California state leaders. The court set a hearing Tuesday to discuss further action. BBG
• The case for a Fed rate cut is growing stronger as inflation stays muted despite tariffs while signs of deterioration emerge in the labor market (the Fed won’t cut next week, but the forward guidance language could evolve in a dovish direction). WSJ
• Japan’s top trade negotiator expects a trade deal with the US to spare Tokyo from higher auto tariffs, even if Trump increases them against other nations. BBG
• Nearly all the iPhones exported by Foxconn from India went to the United States between March and May, customs data showed, far above the 2024 average of 50% and a clear sign of Apple’s efforts to bypass high U.S. tariffs imposed on China. Apple is also reportedly targeting spring of 2026 for delayed upgrade of Siri. RTRS
• China is saddled with the most loss-making industrial companies since 2001, leaving the government grappling with conflicting goals: closing enterprises while also trying to avoid mass unemployment. BBG
• Bank of Japan officials see prices rising a little stronger than they expected earlier in the year, a factor that may open the door to discussions over whether to raise interest rates if global trade tensions ease. BBG
• UK employers scaled back hiring further in May in the wake of the sharp tax increases and the global trade war, a REC and KPMG survey showed. BBG
• Meta finalized an investment in Scale AI that was said to be $14.3 billion. BBG

Tariffs/Trade

• US Commerce Secretary Lutnick said the China tariff pause likely won’t be extended and its best chips were never on the table and won’t be regarding the China deal.
• US Commerce Department made steel derivatives products subject to additional tariffs, according to the Federal Register.
• US eyes a plan to use the Defense Production Act for rare earths, although a timeline for the Trump rare earth initiative is unclear, according to Bloomberg citing sources.
• China reportedly delayed approval of the USD 35bln merger between Synopsys (SNPS) and Ansys (ANSS) amid Trump’s trade war, according to FT.
• Japanese PM Ishiba will hold talks with US President Trump on Friday, via NHK.

A more detailed look at global markets courtesy of Newsquawk

APAC stocks traded lower and US equity futures were pressured amid the worsening geopolitical situation in the Middle East after Israel conducted pre-emptive strikes on Iranian nuclear and military targets, with the Israeli military said to have struck dozens of sites across Iran, while Israeli PM Netanyahu said the operation will last for as many days as it takes and Iran has warned that Israel and the US will pay a heavy price for the Israeli attack. ASX 200 was dragged lower by losses in cyclicals but with the downside stemmed as energy and gold miners benefitted from the geopolitical-fuelled upside in the respective underlying commodity prices. Nikkei 225 slipped beneath the 38,000 level after recent currency strength and heightened geopolitical tensions. Hang Seng and Shanghai Comp conformed to the negative mood as Israel’s numerous strikes and Iran’s retaliation threats dominated the headlines.

Top Asian news

• BoJ officials see prices rising a little stronger than they expected earlier in the year and expect the interest rate to be maintained at 0.5% next week, according to Bloomberg.

European bourses are in the red, Euro Stoxx 50 -1.4%, given the dour risk sentiment, which has been triggered by events in the Middle East. Energy (+1.0%) is the only sector in the green, given the surge in benchmark prices. Defence names also faring well, the two together causing the FTSE 100 -0.3% to be the relative outperformer. Conversely, energy strength is weighing on Travel & Leisure (-2.5%) while Auto (-2.2%) names have been hit by Trump’s comments on tariffs potentially going up.

Top European news

• IFS’ Johnson has warned that UK Chancellor Reeves is a “gnat’s whisker” away from having to raise taxes in the autumn budget despite the chancellor insisting her plans are “fully funded”, according to Sky News.
• Bank of England/Ipsos Inflation Attitudes Survey, May 2025: Median expectations of the rate of inflation over the coming year were 3.2%, down from 3.4% in February 2025.

FX

• DXY on the front foot with USD benefiting from its status as a safe-haven currency. Ventured as high as 98.39 but has stopped shy of yesterday’s best @ 98.51.
• GBP pressured against the USD but flat vs the EUR. Action dictated by the USD, hence why EUR/GBP is near-enough unchanged, while Cable itself has pulled back from the overnight multi-year high at 1.3632, as low as 1.3522.
• EUR under similar pressure against the USD. The single currency down to a 1.1513 base, though someway clear of Thursday’s 1.1487 base. As above, price action dictated by geopols and the USD, remains to be seen if the energy moves move the inflation outlook and provide some ammo for the ECB’s hawkish contingent.
• JPY is, somewhat surprisingly, softer against the USD despite the risk-aversion seen across global markets. Overnight, USD/JPY trickled lower and briefly dipped beneath the 143.00 level owing to the haven flows into yen but later rebounded above 144.00 to a current 144.16 high.
• Antipodeans trade in-line with the risk tone and have been hit hard, residing at the trough of the G10 leaderboard. AUD/USD at a 0.6457 base and NZD/USD down to a test of 0.60.

Fixed Income

• Broadly, fixed benchmarks were propelled to WTD peaks overnight/this morning as Israel struck Iranian facilities. Since, the move has pared and we reside in Thursday’s parameters as the intensity of geopolitical news slows slightly and we await updates from Iran.
• USTs peaked at 111-13 overnight, a new WTD high and just a tick+ shy of last week’s 111-14+ best. Since, the benchmark has pared and is near-enough unchanged, holding just below Thursday’s 111-06 peak.
• Bunds bid given the above. Hit a 131.95 peak, marking a new WTD high. A move that occurred given the risk-off action sparked by Israel striking Iran’s facilities and the associated FTQ that ensued. In-line with USTs, EGBs have pulled back markedly from the above peak and currently reside just in the red and 20 to 30 ticks below Thursday’s best; for Bunds, this has the benchmark holding around 131.20.
• The German 10yr yield fell by around 5bps to a 2.42% low when Bunds hit their WTD peak. Since, the 10yr has retraced the move and is now higher by just over a bps on the session, probing 2.50% to the upside.
• Gilts hit a 93.68 peak when trade resumed this morning, gapping higher by 37 ticks and then extending another 10 to that high and eclipsing Thursday’s 93.55 best in the process. However, this proved short-lived as fixed benchmarks generally were already paring back much of their overnight gains and this pressure began to make itself known in Gilts within minutes of the open. Now, holding a few ticks above a 92.94 trough and by extension above Thursday’s 92.80 low.

Commodities

• Session dominated by geopolitics; see the Geopolitics section below and/or headline feed for full details. Brent hit a USD 78.50/bbl high overnight, WTI got to USD 77.62/bbl.
• In brief, Israel’s operation, dubbed “Rising Lion”, targeted a number of nuclear and military targets. The head of IRCG, Hossein Salami, and nuclear scientist Abbasi, have been killed. Iran’s Natanz enrichment site has been impacted. In response, Iran vowed to retaliate, noting also the US would pay a heavy price “now that Israel has crossed all red lines, Iran sees no limits to respond to this crime.”, a state of emergency has been declared in Israel. US said they were not involved in the action.
• Throughout the European morning, while still markedly firmer, benchmarks pulled back from highs as participants faded the initial move and awaited fresh updates. A move that took WTI and Brent as low as USD 71.00/bbl and USD 72.10/bbl.
• Thereafter, a bout of fresh upside occurred (within overnight ranges) as Tass cited remarks from the Israeli PM’s office that they are prepared for the possibility of full-fledged war with Iran. This lifted the benchmarks towards current levels above USD 73.15/bbl and USD 74.50/bbl for WTI and Brent respectively.
• More recently, Trump has commented “Iran must make a deal, before there is nothing left…”; no significant move to this.
• Ahead, further potential catalysts for crude include Iranian retaliation, Strait of Hormuz activity, indications of US involvement (US Security Council meeting at 16:00 BST), and the length of the Israeli operation.
• European gas prices bolstered given the above, Dutch TTF firmer by over EUR 1.50/MWh at best; most recently, Israel’s Energy Minister says they may order temporary shutdown to Natgas reservoirs; due to security situation.
• Spot gold firmer given its haven status and the FTQ. However, upside is being capped by the markedly firmer USD. Leaving XAU at a USD 3444/oz peak, with the ATH at USD 3500/oz the next point of focus.
• Base metals in the red, given the risk off tone and strong USD. 3M LME Copper lower by near-enough 1%, hit a trough at USD 9.57k/T before.

Geopolitics

• Israel’s military struck nuclear and military targets in Iran as well as dozens of sites and said the Iranian nuclear programme is an existential threat to Israel, while it said the Iranian regime is advancing a secret program to build a nuclear weapon and Iran has enough fusion material to make 15 nuclear bombs within days.
• Israeli PM Netanyahu said their pilots were striking many targets in Iran and that the operation would continue for as many days as it takes which will hurt Iran’s nuclear infrastructure, ballistic missile factories and military capabilities. Netanyahu also said they struck at the heart of Iran’s nuclear enrichment programme and nuclear weaponisation programme, as well as Iran’s main enrichment facility in Natanz. Furthermore, he said they targeted Iran’s leading nuclear scientists working on the Iranian bomb and he later declared that they delivered a successful opening strike.
• Israeli Defence Minister Katz declared a special state of emergency on the home front throughout the entire state of Israel and said following Israel’s pre-emptive strike against Iran, that a missile and drone attack against Israel is expected in the immediate future. It was separately reported that two Israeli officials said Israel is bracing for an Iranian response in the coming hours and the Iranian response could include the launch of hundreds of ballistic missiles.
• Iran’s Supreme Leader Khamenei said Israel will receive a harsh punishment and that Israel “unleashed its wicked and bloody” hand in a crime against Iran, while he added that several commanders and several scientists were “martyred” and with this attack, Israel has prepared a bitter fate for itself, which it will surely receive.
• Iran Revolutionary Guards said Israel will pay a heavy price for the killing of IRGC Chief Commander Salami and that the attack was carried out with full knowledge and support of ‘wicked rulers in the White House and terrorist US regime’, while it was also reported that supreme leader advisor and IRGC commander Shamkhani was critically injured and that the head of Iran’s armed force Bagheri was killed in the Israeli attack.
• Iran’s Foreign Ministry said responding to Israel is its right under international law, and the US as Israel’s main supporter will be responsible for the consequences of Israel’s adventurism, while Iran’s armed forces spokesman earlier warned that Israel and the US will pay a heavy price for the Israeli attack.
• US Secretary of State Rubio said Israel took unilateral action against Iran and the US is not involved in strikes against Iran, while he added the top priority is protecting American forces in the region and that Iran should not target US interests or personnel.
• US officials said they still intend to have talks on Sunday between US and Iran envoys.
• US reportedly told Israel it won’t be directly involved in any strike on Iran, according to Axios.
• UN General Assembly demanded an immediate, unconditional and permanent ceasefire in Gaza, while it adopted the Gaza resolution with 149 votes in favour.
• National Iranian Oil Refining and Distribution Company says refining facilities and oil storage did not sustain damage in the Israeli attack.
• Israel’s Ambassador to France says the operation against Iran can continue for a few days, not months. Have already destroyed parts of the Iranian nuclear programme.
• Israeli officials report “The assumption is that additional senior officials in Iran have been eliminated, whose deaths have not yet been publicly disclosed.”, via journalist Stein.
• Israel’s air force has begun to intercept drones over the “skies of Saudi Arabia”, via Channel 12.
• Mossad and the Israeli military led a series of covert operations against the Iranian strategic missile array, according to Reuters citing an Israeli security source; Israel deployed precision guided weapons in open areas near Iranian surface-to-air missile systems sites. Thereafter, Israeli Military says it completed a large-scale strike against the aerial defense array of Iran, according to Reuters.
• Israel is prepared for the possibility of a full-fledged war with Iran, according to PM Netanyahu’s office via Tass.
• Israel Defence Minister Katz says the assessment is that most leadership of the Iranian IRGC Air Force were eliminated in a strike.
• Israeli Military says it is prepared for this (i.e. action against Iran) to keep going on for days; depends partly on Iranian response. Already achieved a lot, assessments continue. Still trying to determine how things went. Iran has sent over 100 drones to Israel, many already intercepted.
• Iran’s Abadan oil refinery Co. says they are producing and providing services at full capacity, no disruption.
• Iran’s Armed Forces reportedly says “now that Israel has crossed all red lines, Iran sees no limits to respond to this crime.”, via journalist Aslani.
• Iran’s Atomic Energy Organisation says damage occurred at the Natanz enrichment facility; no chemical or radioactive contamination shown.
• IAEA Statement: “the competent Iranian authorities have confirmed that the Natanz enrichment site has been impacted and that there are no elevated radiation levels.”.
• IAEA says, as it stands, the Fordow fuel enrichment plant has not been impacted; Isfahan nuclear site has not been impacted.
• Iranian Supreme Leader Khamenei appoints Mohammad Pakpour as the new IRGC Commander, after Salami was killed by an Israeli strike; Pakpour directed to “enhance the IRGC’s capabilities, readiness, and internal cohesion.”.
• Iran’s Fars News reports renewed strike by Israel on north-western city of Tabriz.
• Iranian President will deliver a speech soon, according to an X post. [posted around 10:15BST/05:15ET]
• Iran has requested a special session of the (IAEA) “board of governors” on Monday, via Jerusalem Post citing sources.

Geopolitics: Other

• The sixth round of (Nuclear) negotiations will not be held due to Israeli attacks, according to the Tehran Times.
• Frontline is “far more hesitant” about offering its craft to move cargo from the Persian Gulf after the Israeli strikes on Iran, via Bloomberg.
• Iraq’s gas supply from Iran not affected by the Israeli attack, according to Iraqi state news.
• Lebanon’s Hezbollah says the group will not initiate an attack on Israel in response to strikes on Iran.
• US President Trump posts on Truth “I gave Iran chance after chance to make a deal” and “Iran must make a deal, before there is nothing left, and save what was once known as the Iranian Empire”.

US Event Calendar

• 10:00 am: Jun P U. of Mich. Sentiment, est. 53.6, prior 52.2

DB’s Jim Reid concludes the overnight wrap

As we go to press, there’ve been huge developments in the Middle East overnight, as Israel has carried out air strikes against Iran’s nuclear and military facilities. We still await further details, but press reports have said that explosions were heard in Tehran and Natanz, which is where one of Iran’s nuclear plants is. Iranian state TV has reported that Hossein Salami, the head of the Revolutionary Guards, was killed, along with armed forces chief of staff Mohammad Bagheri. Israeli PM Netanyahu has said the operation “will continue for as many days as it takes to remove this threat”, although US Secretary of State Marco Rubio has said the US weren’t involved in the strikes.

The news has led to significant fears about an escalation and a wider regional conflict. For instance, Iran’s armed forces spokesperson said that Israel and the US will receive a “harsh blow” in response, and Iran’s Supreme Leader said Israel “should expect a severe punishment”. In turn, oil prices have surged on the news, with Brent crude up +9.00% this morning to $75.60/bbl. If sustained, that would be the biggest daily jump in oil prices since May 2020, as the global economy was recovering from the Covid lockdowns. And that’s slightly down from the overnight peak, when prices reached $78.50/bbl.

The effects of the attack have cascaded across global markets, with a strong risk-off move for several asset classes. Equities have slumped, with S&P 500 futures down -1.65% this morning, whilst those on the German DAX are down -1.65% as well. Meanwhile, gold prices have surged, moving up +1.26% to $3,428/oz. US Treasuries have also seen a fresh rally this morning, with the 10yr yield down another -1.4bps to 4.35%, its lowest in the last month. And the dollar index (+0.36%) has stabilised after closing at a 3-year low yesterday.

Looking forward, the focus is now shifting to what form Iran’s retaliation might take. It’s also unclear whether talks between the US and Iran over their nuclear programme will continue, although AFP reported that the US still wanted to hold talks this Sunday. We haven’t yet heard from President Trump directly, although his public schedule says he’ll be attending a National Security Council meeting in the Situation Room at 11am ET.

The reaction has been clear in Asian markets overnight as well, where all of the major indices have lost ground in response. That includes the Nikkei (-1.25%), the KOSPI (-1.29%), the Hang Seng (-0.70%), the CSI 300 (-0.76%) and the Shanghai Comp (-0.72%). Similarly, sovereign bonds have rallied, with Japan’s 10yr yield down -3.5bps, and Australia’s down -6.3bps.

Before the strikes, markets had put in a steady performance yesterday. Admittedly, there had been speculation about a strike, with Trump himself saying “Look, there’s a chance of massive conflict”, whilst ABC News reported that Israel was considering military action against Iran. However, there had been hopes that this could be a pressure tactic before planned US-Iran talks over the weekend, and US bonds and equities both advanced.

The bond rally was driven by a dovish batch of US data, including a softer-than-expected PPI reading. So that added to investors’ confidence that the Fed would still cut rates this year, which pushed Treasury yields lower, and meant the dollar index (-0.72%) hit a three-year low. Geopolitical concerns added to the bond rally, but risk assets put in a decent session too, aided by the prospect of rate cuts and the fact that lower yields helped to ease fears around the fiscal situation. So the S&P 500 (+0.38%) still reached a three-month high, closing just -1.61% beneath its all-time peak from mid-February.

The US PPI reading for May was the main driver of yesterday’s rally, as it added to the view that the tariff passthrough was smaller than expected, and wasn’t creating a big spike in inflation. Now, we should add the caveat that we wouldn’t expect the full tariff impact to be evident in the May data, and plenty of tariffs have since risen further (like on steel and aluminium). But the fact that inflation has been pretty soft so far is adding to investor confidence that the inflationary impact won’t be as big as feared. For example, monthly headline PPI was up just +0.1% in May (vs. +0.2% expected), whilst core PPI only rose +0.1% as well (vs. +0.3% expected).

That soft inflation print led to mounting anticipation that the Fed would cut rates in the months ahead, not least given the lower-than-expected CPI number the previous day. Moreover, the weekly jobless claims were also higher-than-expected yesterday, so that created a bit of nervousness about the state of the labour market, and helped to support the rate cut narrative. In fact, the continuing jobless claims moved up to their highest level since late-2021, at 1.956m in the week ending May 31 (vs. 1.910m expected). The initial claims have also been moving higher in recent weeks, and the 4-week average now stands at 240.25k for the week ending June 7, the highest since August 2023.

Given all that, futures priced in more rate cuts from the Fed yesterday, with 52bps of cuts now expected by the December meeting, up +2.9bps on the day. The overnight news has seen that move further, with 55bps priced in this morning. So that led to a significant rally for Treasuries as well yesterday, with the 10yr yield (-6.1bps) falling to 4.36%, whilst the 30yr yield (-7.6bps) hit a one-month low of 4.84%. Matters were helped by a solid 30yr auction, which went smoothly despite recent concern about demand for long-end bonds. And in turn, the decline in yields meant the dollar index hit a three-year low yesterday, whilst the Euro moved above $1.16 intraday for the first time since 2021.

Other notable news yesterday included Trump repeating his criticism of Fed Chair Powell, adding that he may “have to force something” if the Fed does not lower rates. In comments at the White House, Trump also said he might want to raise auto tariffs further from their 25% level “in the not too distant future”. Auto stocks struggled following the comment, with Ford (-1.22%), GM (-1.22%) and Stellantis (-1.84%) all falling back. And in other trade news, Bessent commented that the EU had been “very intractable” in talks.

Despite the geopolitical fears and the softer data, US equities had managed to put in a decent performance yesterday as the decline in yields proved supportive. For instance, the S&P 500 (+0.38%) posted a moderate advance, as did the NASDAQ (+0.24%). The Mag-7 (-0.005%) saw mixed moves, with Tesla (-2.24%) falling back but Nvidia outperforming (+1.52%) and Microsoft (+1.32%) reaching a new record high. The mood for AI-linked stocks was helped by Oracle (+13.31%) projecting very strong growth in its cloud infrastructure business. However, it wasn’t all good news, with the small-cap Russell 2000 (-0.38%) falling back.

Earlier in Europe, markets put in a much weaker performance, with the STOXX 600 (-0.33%) posting a 4th consecutive decline. Matters weren’t helped by some weak growth data in the UK, with monthly GDP contracting by -0.3% in April (vs. -0.1% expected). There was also a clear tariff impact, as the export of goods to the US fell by £2.0bn in April. The weak growth figures meant investors priced in more rate cuts from the Bank of England, and gilts outperformed their counterparts elsewhere, with the 10yr yield down -7.6bps on the day. But bonds still rallied across the continent, with yields on 10yr bunds (-6.1bps), OATs (-4.5ps) and BTPs (-4.1bps) all moving lower.

To the day ahead now, and data releases from the US include the University of Michigan’s preliminary consumer sentiment index for June, and in the Euro Area we’ll get industrial production for April. Central bank speakers include the ECB’s Escriva