The Federal Reserve said the Federal Open Market Committee meeting will begin as scheduled at 10:00 a.m. ET.

German investor sentiment outperformed expectations after markets priced in a rapid end to the Iran conflict, reducing near-term energy-price and inflation risks. ZEW’s economic sentiment index rose to 10.5 in June from -10.2 in May, well above the median forecast of -6; the current-conditions index fell further to -81. ZEW said financial-market experts view the Iran crisis as approaching its end, a dynamic that could ease inflationary pressure and support energy-intensive sectors, households and domestic demand. The Bundesbank expects defense and infrastructure spending to add about 0.5 percentage point to growth, but Germany is still forecast to record only modest expansion in 2026 as the Middle East conflict weakens prospects for a stronger rebound. News of a US-Iran temporary restart of a Strait of Hormuz agreement should relieve market tension, though a promised resumption of trade by the weekend is uncertain and hinges on how quickly oil flows are restored amid divisions among European allies.

Internationally: 1. Barclays: Geopolitical "adjustment" is fading, spot gold will rebound to $4,900. 2. UBS: The US-Iran agreement reduces pressure on the Fed to raise interest rates; the next step is a rate cut in 2027. 3. Citigroup: If the Iran agreement is implemented, the worst period of US inflation may be over. 4. Goldman Sachs: WTI crude oil averages $75/barrel in Q4 2026 and $70/barrel in 2027. 5. Morgan Stanley: Easing US-Iran tensions drive cyclical stock rotation, and the US stock market rally will further expand. 6. PGIM: Expects three rate hikes this year, followed by a policy reversal in 2027. 7. JPMorgan Chase: Falling oil prices may restart global stock market rotation. 8. Capital Economics: Despite the peace agreement, the road to recovery for Gulf economies remains long. 9. Capital Economics: Even with the restoration of safe passage, the recovery of oil supply through the Strait of Hormuz will still lag. 10. Capital Economics: The fragile US-Iran agreement is expected to reduce negative macroeconomic and market risks. Domestic: 1. CITIC Securities: Silicon wafer price increases have materialized as expected; the upward cycle has only just begun. 2. CITIC Securities: The dawn of strait passage may be emerging; pay attention to the inflection point in oil shipping valuations. 3. CITIC Securities: Renewal of industrial and commercial land use rights will help revitalize existing assets. 4. CITIC Securities: The three-year action plan for energy conservation and carbon reduction will force the exit of inefficient production capacity. 5. Galaxy Securities: AI servers and new energy vehicles are driving high demand for MLCCs; there is significant room for domestic substitution. 6. Galaxy Securities: AI servers and data centers are driving both volume and price increases for CCLs. 7. Galaxy Securities: The high prosperity trend of specialty fiberglass products in the second half of the year is highly certain; prices may continue to rise. 8. Huatai Securities: The Ministry of Industry and Information Technology raises efficiency standards for photovoltaic modules, and an industry turning point may gradually emerge. 9. Huatai Securities: AI is driving the evolution of the gaming industry from a content industry to an intelligent interactive industry.