Volkswagen CEO plans to cut 5,500 managerial positions.

REUTERS SURVEY: Median shows the Federal Reserve will keep the federal funds rate at 3.50% to 3.75% through end-2027; an early-June survey had shown one cut.

June 25 — China's Ministry of Finance sold €5.0 bln of euro sovereign bonds in Luxembourg: €2.5 bln 5-year at 2.768%; €1.5 bln 8-year at 2.966%; €1.0 bln 12-year at 3.212%. The transaction drew total orders of €24.8 bln (~5x cover). Investor geography: Asia 51%, Europe 28%, Middle East 18%, US offshore 3%. Investor types: sovereigns 24%, banks 57%, asset managers 17%, dealers 2%. Bonds will be custodied in the Hong Kong Monetary Authority’s Central Moneymarket Unit (CMU) and listed on the Hong Kong Stock Exchange and Luxembourg Stock Exchange.