A visit to the Strait of Hormuz found calm seas but few transits. Hundreds of vessels—mostly cargo ships—are densely anchored at roadsteads after being delayed for weeks; crew remain onboard and supplies are ferried by fast boats. Some ships have resumed passage, but overall shipping through the strait remains far below pre-conflict levels. Several hundred commercial vessels and roughly 20,000 seafarers remain stranded in the Persian Gulf. Timing for full reopening of the strait is unknown.

China Galaxy Macro says May nonfarm payrolls beat expectations but do not imply the Fed will raise rates this year. May labor-market data remain overall stronger than expected, leaving the Fed without near-term evidence to justify a rate cut; at the same time the labor-market structure shows no clear acceleration that would trigger an inflationary spiral, so markets need not overprice an intra-year hike. Stronger nonfarm prints since March raise the bar for cuts but, in China Galaxy Macro’s view, do not create upward pressure to hike. The group considers markets have likely overestimated hike risk, though lagging economic releases cannot disprove that risk and the Fed remains data-dependent. After extreme AI-driven positioning, markets face a correction risk; liquidity normalization is expected to resume this year but timing is uncertain.

Yang Wanming, president of the Chinese People's Association for Friendship with Foreign Countries, led a delegation to Canada and the United States from June 1–6 to attend the 6th China‑Canada Cultural Dialogue and the 8th China‑US Sister Cities Conference. In Canada he held meetings with the parliamentary secretary to the prime minister, a former deputy prime minister, the deputy minister of heritage, MPs and senators, a Montreal mayoral representative, and conducted talks with the Canada‑China Friendship Association, Canada‑China Business Council and the Bethune Association. In the United States he met with the mayor of San Francisco, the Oregon Senate president, the acting speaker of the Washington state House and the honorary chair of the global sister cities association.