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Nearly 1,000 UAW workers at a Michigan supplier plant owned by Dauch Corp. went on strike Monday, threatening production of General Motors pickup trucks. The workers are seeking to regain wages lost during the 2008 Great Recession, when hourly pay was slashed from $29 to $14.50.

• The Three Rivers, Michigan plant produces axles for GM's Chevrolet Colorado, GMC Canyon, and heavy-duty Silverado and Sierra pickups, with GM estimated to have about two weeks of axle inventory
• Current wages top out at $22 per hour after a five-year progression, significantly below the pre-2008 rate of $29 per hour that workers are seeking to restore
• GM is monitoring the situation and production continues as usual for now, while the company and union remain in negotiations

Traders on Kalshi are predicting that May's jobs report, due Friday, will exceed the Dow Jones consensus estimate of 90,000 new jobs, assigning a 56% probability of beating expectations. The report comes ahead of the Federal Reserve's first meeting under new Chair Kevin Warsh on June 16-17, potentially influencing monetary policy decisions.

• Kalshi traders put a 49% chance that over 100,000 new jobs will be added in May, up from 32% before April's report, with a 40% probability of surpassing 110,000 jobs
• The consensus forecast of 90,000 jobs reflects an anticipated slowdown from April's 115,000 and March's 185,000, with the past six months averaging just 55,000 monthly payroll gains
• Hourly earnings are expected to increase 3.4% annually (down from 3.6% in April) and 0.3% month-over-month, with markets expecting the Fed to hold rates steady at the upcoming June meeting

OPEC+ oil producers are expected to approve a 188,000 barrel-per-day output target increase for July when they meet Sunday, despite the Strait of Hormuz closure preventing most members from delivering on previous increases. The move signals an attempt at business-as-usual operations following the UAE's exit in May and ongoing disruptions that have caused production to collapse from 42.77 million bpd in February to 33.19 million bpd in April.

• Seven OPEC+ members will likely increase their July target by 188,000 bpd, continuing the unwinding of a 1.65 million bpd production cut agreed in 2023, with about 567,000 bpd remaining to be restored
• Actual OPEC+ production has collapsed to 33.19 million bpd in April versus 42.77 million bpd in February due to the Strait of Hormuz closure blocking Gulf member exports
• The planned increase follows the UAE's unexpected departure in May after almost 60 years of OPEC membership, requiring June targets to be adjusted down from 206,000 bpd to 188,000 bpd

The European Commission confirmed productive discussions with Anthropic about providing EU cybersecurity bodies access to Mythos, an AI tool designed to identify vulnerabilities in computer code. The EU's cybersecurity agency ENISA is expected to receive access once an agreement is finalized with Anthropic.

• Mythos is designed to find flaws in computer code to strengthen defenses against cyberattacks, though it initially raised concerns about potentially enabling attacks on the systems it aims to protect
• ENISA, the EU's cybersecurity agency, is the body expected to gain access to Mythos following the completion of negotiations with Anthropic
• Commission spokesman Thomas Regnier welcomed the developments on potential future access following multiple productive meetings between the parties

France secured 71 foreign investment projects totaling €93 billion ($108.3 billion) at its annual Choose France summit on June 1, 2026, which are expected to create more than 15,600 jobs. The commitments focus heavily on artificial intelligence and data center infrastructure, as President Macron positions France as a European AI hub leveraging its low-carbon electricity supply.

• SoftBank leads with a massive €45 billion initial commitment to develop 3.1 gigawatts of AI-dedicated data center capacity in Hauts-de-France by 2031, creating about 8,600 construction jobs and 900 operating jobs
• Canadian asset manager Brookfield increased its AI infrastructure investment pledge to €30 billion from €20 billion announced in February 2025, while other major tech commitments include €8 billion from Nebius and €2 billion from Salesforce
• Beyond tech, significant investments span renewable energy (EDP's €1.3 billion, Enertrag's €1.1 billion), industrial decarbonization, logistics (Amazon's €400 million for 3,000+ jobs), and pharmaceuticals (Boehringer Ingelheim's €500 million)

Prosus is considering increasing its stake in Delivery Hero beyond its current 16.83% holding and has approached other investors about purchasing their shares. The move aims to block a potential takeover attempt of the German food-delivery company by Uber. Neither Delivery Hero nor Prosus has commented on the matter.

• Prosus currently holds a 16.83% stake in Berlin-based Delivery Hero and is exploring ways to acquire additional shares from existing investors
• The stake increase strategy is designed to prevent Uber from acquiring Delivery Hero
• Prosus has been in discussions with other Delivery Hero shareholders about the price at which they would be willing to sell their holdings

Barry Diller's People Inc. is preparing an $18 billion bid to acquire MGM Resorts at $48.30 per share. People Inc., which already owns roughly 26.1% of MGM, could submit the proposal as early as Monday. Diller sits on MGM's board and would recuse himself from any board vote on the potential deal.

• The offer values MGM Resorts at more than $18 billion at $48.30 per share
• People Inc. (formerly IAC) already holds a 26.1% stake in MGM Resorts
• MGM's stock rose approximately 14% in premarket trading following the news

Edgewise Therapeutics agreed to sell its experimental muscular dystrophy drug sevasemten and related business to France's Servier for up to $2.65 billion. The deal includes $1.55 billion upfront cash and up to $1.1 billion in milestone payments. Edgewise will use proceeds to fund development of its lead heart disease candidate EDG-7500.

• Servier gains global rights to sevasemten, which showed muscle function benefits in Becker muscular dystrophy patients and favorable safety profile in trials for both Becker and Duchenne muscular dystrophy
• Becker muscular dystrophy currently has no approved treatments, while the more severe Duchenne form has several drugs including Sarepta's gene therapy Elevidys
• The transaction is expected to close in Q3 2025 and aligns with Servier's 2030 ambition in neurology, while Edgewise refocuses on EDG-7500 for hypertrophic cardiomyopathy with mid-stage trial data expected in Q2

The European Commission plans to introduce strict criteria for cloud computing services in critical state tenders through its Cloud and AI Development Act, which could effectively exclude Amazon, Microsoft, and Google from strategic projects. The proposal, to be announced June 1st by EU tech chief Henna Virkkunen, includes mandatory requirements for EU-developed software and hardware as part of efforts to reduce Europe's dependence on U.S. technology.

• The proposal introduces mandatory non-price award criteria requiring software and hardware developed within the EU, directly disadvantaging U.S. big tech companies
• The measure is part of a broader 'tech sovereignty package' aimed at strengthening Europe's technological capacities, competitiveness, and security
• The criteria would specifically target highly critical state tenders for cloud computing services, potentially blocking the three largest U.S. cloud providers from strategic European government projects

Eli Lilly has entered a collaboration and licensing agreement with a unit of China's Haisco Pharmaceutical Group for experimental medicines, with potential payments reaching approximately $3 billion if milestones are met. The deal grants Lilly worldwide rights to select assets outside mainland China, Hong Kong, Macau, and Taiwan, marking another expansion of foreign drugmaker partnerships with Chinese biotech firms.

• Haisco's unit is eligible for up to $87 million in upfront and near-term payments
• Additional milestone-based payments could reach about $3 billion tied to clinical, regulatory, and commercialization achievements
• The agreement continues a trend of foreign drugmakers investing in Chinese biotech development pipelines, with Lilly having similar partnerships with other Chinese drugmakers

U.S. Treasury yields rose on Monday following renewed military strikes between the U.S. and Iran near the Strait of Hormuz, dampening hopes for a ceasefire deal. The 10-year Treasury yield climbed more than 1 basis point to 4.4729%, while oil prices surged over 4% on heightened geopolitical tensions.

• The 2-year Treasury yield rose more than 2 basis points to 4.0390%, while the 30-year yield held steady at 4.9958%
• Oil prices jumped sharply with U.S. crude up 4% to $90.92 and Brent crude rising 3.6% to $94.37 amid supply concerns near the Strait of Hormuz
• The ISM manufacturing PMI for May is expected at 53, up from April's 52.7, as investors monitor inflation signals in economic data

The U.S. FDA has approved Shionogi's oral antiviral Ensitrelvir (brand name Xocova) for preventive treatment of individuals exposed to COVID-19. This marks the first oral medication clinically proven to help prevent symptomatic COVID-19 after exposure, regardless of vaccination status. The approval's financial impact has already been factored into Shionogi's earnings forecast for fiscal year ending March 2027.

• Xocova is the first and only oral option clinically proven to prevent symptomatic COVID-19 after exposure, working regardless of vaccination status
• Shionogi has already incorporated the financial impact of the FDA approval into its earnings forecast for the fiscal year ending March 2027
• Shionogi's stock rose 0.9% following the announcement

Tesla registrations in Sweden increased 71% year-over-year in May, reaching 858 vehicles, according to data from Mobility Sweden. The significant growth indicates strengthening demand for Tesla vehicles in the Swedish market.

• Total Tesla registrations reached 858 vehicles in May, up from approximately 502 vehicles in May of the previous year
• The 71% year-over-year growth suggests Tesla is gaining market share in Sweden despite past labor-related challenges in the region

German retail sales declined by 0.3% in April compared to the previous month, according to data released on June 1. The drop was smaller than the 0.5% decrease that analysts had forecast, suggesting slightly more resilient consumer spending than expected.

• Retail sales fell 0.3% month-over-month in April, beating analyst expectations of a 0.5% decline
• The better-than-expected performance indicates German consumer demand may be holding up more than anticipated
• Further details on the retail sales data are expected from Germany's federal statistics office

Nvidia announced partnerships with humanoid robot makers globally, including China's Unitree, to build standardized robots for academic researchers. The collaboration involves Unitree providing robot bodies, Singapore's Sharpa supplying hands, and Nvidia contributing computing chips with enhanced cybersecurity features. This comes despite U.S. lawmakers raising concerns about Unitree's ties to the Chinese government and military.

• Nvidia is partnering with Unitree (China), plus unnamed companies in the U.S., Europe, and South Korea to create research-focused humanoid robots with standardized components
• U.S. lawmakers have introduced legislation to ban purchases of Unitree robots by researchers receiving federal funding due to alleged Chinese government and military connections
• Nvidia's Blackwell chips will integrate security features like secure boot and confidential computing to prevent malicious code execution and unauthorized data transfers from the robots

Nvidia announced its entry into the PC processor market with the N1X Arm-based chip, integrated into its RTX Spark superchip, which will debut in laptops from Microsoft, Dell, HP, ASUS, Lenovo, and MSI this fall. This marks Nvidia's expansion beyond AI data center chips into the PC market traditionally dominated by Intel, AMD, and Qualcomm. The company also announced its Vera CPU for data centers is now in full production with early customers including OpenAI, Anthropic, and SpaceX.

• The RTX Spark superchip combines Nvidia's Blackwell GPU with the custom N1X CPU (made by TSMC using 3-nanometer technology) and 128GB unified memory, targeting creators, AI developers, and gamers in premium laptops as thin as 14mm.
• Nvidia plans over 30 laptops and 10 desktops featuring the new chip, representing what CEO Jensen Huang called 'the first completely re-engineered, reinvented line of PCs that has happened in 40 years.'
• The Vera CPU for data centers can produce tokens 1.8 times faster than x86 processors and is being adopted by OpenAI, Anthropic, SpaceX's xAI, Dell, and others, with Nvidia calling it 'our new major growth driver' in what it projects will be a $200 billion CPU market.

China's manufacturing activity expanded in May according to a private survey, with the Caixin PMI reaching 51.8 and beating the expected 51.6. This contrasts with official government data showing weaker momentum, as China's official manufacturing PMI fell to 50 from 50.3 in April, marking the lowest level since February.

• The Caixin China General Manufacturing PMI came in at 51.8 in May, above the 50 threshold that separates expansion from contraction
• Official manufacturing PMI declined to 50 from 50.3 in April, the lowest reading since February's 49
• The divergence between private and official surveys suggests mixed signals about China's manufacturing sector recovery amid subdued growth and increased services activity

Nvidia CEO Jensen Huang will keynote the Computex trade show in Taipei on Monday with a major AI-focused speech, following his recent announcement of plans to invest around $150 billion annually in Taiwan. The speech comes as Nvidia, now a $5 trillion chipmaker, positions Taiwan as central to the AI revolution and builds a new headquarters there set to open in 2030.

• Huang is expected to discuss Nvidia's latest AI products including the Vera Rubin computing platform and Vera CPU, plus efforts in robotics and autonomous driving markets
• The company is investing approximately $150 billion per year in Taiwan and building a headquarters near key supplier TSMC, operational by 2030
• Nvidia is developing CPUs that would compete with Intel and AMD, with chips designed for AI-powered consumer hardware expected about two years after initial development

Oil prices rose more than 2% on Monday after Israel ordered troops to move deeper into Lebanon to battle Hezbollah, despite a ceasefire announced over six weeks ago. The increase reversed Friday's decline when markets had anticipated a U.S.-Iran ceasefire agreement.

• U.S. crude futures climbed 2.71% to $89.73 per barrel, while Brent futures rose 2.27% to $93.19 per barrel as of 1017 GMT
• The escalation in Lebanon involves Israeli forces engaging Iranian-backed Hezbollah militants in violation of a previously announced ceasefire
• Both Brent and WTI had fallen approximately 1.8% and 1.7% respectively on Friday on expectations of a U.S.-Iran ceasefire deal