Spot palladium fell as much as 4.00% intraday, trading at $1,312.90/oz.

CPCA secretary-general Cui Dongshu wrote that China’s traditional road tax system, tied to fuel consumption, now exhibits a clear structural imbalance and that a tax-system upgrade is imperative. He called for a new round of reform, saying tax policy should prioritize encouraging consumption and supporting livelihoods. Reform goals are to improve tax fairness, strengthen public infrastructure provision, stabilize aggregate consumption, and seek to avoid increasing ordinary households’ costs for private transport.

Sberbank's first deputy chairman expects the Bank of Russia to cut its key rate by more than 50 bps at the June 19 board meeting.