☕️ US-Iran peace deal finally!

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

More than 1,000% – The surge in memory-chip stocks due to the AI boom boosted SK Hynix to gain that much over 12 months, making it the latest Asian company to join the USD1 tril (RM4.05 tril) club after Micron Technology on Tuesday and Samsung Electronics earlier this month. This means the three leading makers of high-bandwidth memory (HBM) chips are all members of the exclusive club. Notably, the three companies accounted for virtually 100% of the global HBM market by revenue, with SK Hynix holding 57%, while Samsung and Micron followed with 22% and 21% respectively.
Fun fact: Micron also joined the club after a shoutout by US President Donald Trump, fuelling speculation that the US government could eventually take a stake in the firm.

USD4.95 tril (RM20.09 tril) – That was the total market capitalisation of Taiwan towards the end of May, powered by a rally in the world’s largest chipmaker, Taiwan Semiconductor Manufacturing Company (TSMC), which now accounts for more than 42% of the Taiwanese index, representing intense market concentration. The rally also pushed Taiwan’s stock market up to be the fifth-largest in the world, behind the US, mainland China, Japan, and Hong Kong. Conversely, India, which was previously fifth, saw a decline in market capitalisation to USD4.92 tril, dropping it into sixth place.

60 – To date, only that many films have ever surpassed USD1 bil (RM4.06 bil) at the box office. Leading the group is the 2009 sci-fi film Avatar, which grossed USD2.92 bil worldwide, followed by Avengers: Endgame with USD2.8 bil and Avatar: The Way of Water with USD2.34 bil. Notably, the director who has had the most billion-dollar-grossing films is James Cameron, whose movies appear in the list 4 times. These include the three Avatar films, along with Titanic, which was released in 1997. Check out the full list here.

3. IN MALAYSIA 🇲🇾

Gen Z holds the key to the upcoming state elections
Analysts say Gen Z voters could be the deciding factor in closely contested marginal seats in Negeri Sembilan and Johor if turnout is strong in the upcoming state elections. With Undi18 expanding the electorate, this group recorded about 75.6% turnout in GE15, and some believe that if participation rises above 80%, it could be enough to unseat incumbents or push parties towards more youth-focused policies. However, experts stress that Gen Z is not a single voting bloc, as views are shaped by ethnicity, region and personal concerns. Past analysis shows Malay Gen Z voters leaning towards Perikatan, while non-Malay youths tended to support Pakatan Harapan. Some may also shift towards UMNO or Bersatu, while others may abstain altogether, making them a volatile and unpredictable group of voters.

Merdeka Centre researchers note that early enthusiasm around youth voting has eased, with many young voters feeling that elections do not significantly improve daily life. Rising living costs, wage stagnation and limited job prospects continue to shape their concerns, but these do not always translate into consistent voting behaviour. Analysts say their impact is strongest in urban and suburban battleground seats, where small shifts in turnout can change results. Voting is often issue-based and influenced by peers and online information (and perhaps, disinformation), leading to transactional decisions, protest votes or abstention. While Gen Z represents a growing share of voters, their influence still depends heavily on turnout.

DBKL invites amendment requests for PTKL2040
DBKL has opened applications for amendments to the Kuala Lumpur Local Plan 2040 (PTKL2040) allowing landowners, developers and members of the public to propose changes to the city’s main development blueprint. PTKL2040 governs land use, zoning and development control across the capital, and is now open for structured review. Applicants must submit a letter of intent to DBKL’s city planning department by 5pm on Jul 10, along with justification for the proposed amendment, a clear site or location plan, and updated land title documents. Mayor Fadlun Mak Ujud said the process allows the city to respond to policy needs and economic challenges while maintaining structured urban planning under the Federal Territory Planning Act 1982.

He added that PTKL2040 translates the Kuala Lumpur Structure Plan 2040 into spatial policy, with amendments governed under Section 17(1) of the Act, which allows the mayor to revise or replace parts of the plan. Applicants are required to appoint a registered town planner to prepare a detailed proposal report based on the scope of their application. DBKL has also made the amendment manual available via its development planning portal. At the same time, new redevelopment incentive guidelines have been introduced, replacing frameworks from 2021 and 2023, aimed at streamlining urban renewal projects across Kuala Lumpur.

Selangor launches RM100 aid plan
Selangor has announced a support package that will see 50,000 low-income families receive RM100 a month for six months (RM30 mil in total) under the Kita Selangor Voucher initiative starting June 30. The RM140 mil programme is part of the state’s resilience strategy to help households manage rising costs, economic uncertainty and supply chain pressures. Eligible recipients will be identified through existing welfare databases such as Bingkas and the Implementation Coordination Unit, with lists to be reviewed on June 22 and 23 before payments begin.

The wider package also includes:

• RM30 monthly public transport subsidy for 50,000 users via the Nine application, covering demand-responsive transit and later expanding to LRT and KTM Komuter services.

• A free breakfast programme for 120,000 students across 965 schools under the Selangor Education Department and Selangor Islamic Religious Department.

• An additional RM5 mil allocation for the 2026 Jelajah Ehsan Rahmah programme, bringing the total to RM10 mil, with rollouts planned twice in each state constituency.

Shorts:

1. Free ATM withdrawals nationwide
   From Jul 1, banks in Malaysia will remove the RM1 interbank ATM and smart recycler machine withdrawal fee nationwide, allowing unlimited cash withdrawals across participating banks without extra charges. The move, announced by banking associations and Payments Network Malaysia, applies regardless of which bank issued the debit card. It aims to improve access to cash and reduce everyday banking costs for consumers.

2. LRT3 set to launch soon
   The LRT3 line is expected to begin operations within two weeks, with Transport Minister Anthony Loke confirming it is currently in trial operations and ready for service. The 37.8km line connects Bandar Utama to Johan Setia and is Malaysia’s largest light rail project. Despite earlier delays and rising penalty costs, the system is set to open towards the end of June.

4. AROUND THE WORLD 🌎

The Middle East
Finally, a US-Iran peace deal
After 3.5 months, the US and Iran have finally negotiated a ceasefire/peace deal that will reopen the Strait of Hormuz. Trump and Iran’s Deputy Foreign Minister Kazem Gharibabadi have confirmed that they will end all hostilities. Of course, there was boasting on Truth Social by Trump. He wrote, ‘Many presidents have tried to make peace with Iran, and all have failed before me. The Leaders of the Region have, for the first time, found a President who can help them achieve real Peace.’

Meanwhile, Pakistani Prime Minister Shehbaz Sharif, who has acted as mediator, congratulated both countries for finding a diplomatic solution. He also extended his thanks to Saudi Arabia and Turkey for their contributions.

Now, the world awaits the official signing in Switzerland on June 19. Both the US and Iran have achieved a memorandum of understanding, which will enable both of them to negotiate on other matters, such as Iran’s nuclear program. This is expected to last for 60 days.

Trump’s message to the markets was clear with his post, ‘I authorise the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow!’ Oil bulls are surely happy with this development. Let’s hope nothing happens until the signing ceremony.

Oil prices drop to USD80 per barrel
Good news for the oil markets. The Strait of Hormuz is expected to reopen after three months following an interim deal between the US and Iran. Brent was down to USD83 (RM336.18) per barrel, while West Texas Intermediate declined to below USD80 per barrel. However, traders and investors are adopting a cautious stance as nothing has been published about the deal yet. Iran has announced that the text will only be published after the signing ceremony on June 19.

Helima Croft, head of global commodity strategy at RBC Capital Markets, said in May that even with an end to the conflict, if Iran remains in control of the Strait of Hormuz, traffic will remain only at 60-70% of prewar shipping volumes.

Much work remains for both sides. Mines on the strait need to be cleared to ensure safe passage for ships. Refineries will also take some time to start back up and resume full production. However, this could be good news for inflation in the US and for the world in general. US inflation has just hit 4.2% in May, the highest it has ever been since Apr 2023 and Trump’s approval rating on the issue has also dropped rapidly.

US unfreezing USD12 bil in Iran assets
Well, the proof is in the pudding, maybe. Reportedly, the US is unfreezing USD12 bil (RM48.60 bil) in Iranian assets ahead of the negotiations. Another USD12 bil of assets will also be unfrozen during the 60-day negotiations. This has not been confirmed by the US or Trump yet.

According to Iranian officials, the final draft of the memorandum includes the following main points: 1) Iran and the US immediately end the Strait of Hormuz blockade, 2) The US agrees not to impose new sanctions, 3) The US will waive oil sanctions, 4) Iran agrees not to produce or acquire nuclear weapons, 5) Iran will maintain the current status of its nuclear program, refraining from expanding it further.

Trump’s 100% French wine tariff threat
Tariff threats and retaliation are back on the cards for Trump, even after the Supreme Court has declared most of them illegal. This time, he is threatening to impose 100% tariffs on French wines after France imposed a 3% digital tax on American technology giants. If you recall, Trump did the same thing last time, threatening 200% tariffs on wine and other alcoholic beverages from France and Europe, in Mar 2025 and Jan 2026.

Wine and spirits from Europe are currently subject to 15% tariff, and France has been lobbying hard to get it down to 0. It’s obvious why this is the case. According to OEC, France’s wine and hard alcohol exports to the US make up USD4.3 bil (RM17.42 bil) or about 8.2% of France’s total exports in 2024.

Xiaohongshu is ready for an IPO in Hong Kong
Xiaohongshu, a hyper-popular social media platform in China and sometimes called China’s Instagram, is reportedly ready to file a confidential IPO in Hong Kong by the end of June. When TikTok was banned in the US for a brief period of time, RedNote, its international version, became the most downloaded app in the US on Jan 14, 2025.

With Chinese tech listings booming in Hong Kong, Xiaohongshu might be capitalising on this craze. Xiaohongshu is valued at USD31 bil (RM125.56 bil) at its last valuation round and is reportedly profitable. It expects to generate USD3 bil in profits for the full year of 2025.

Others:

1. Royal crime! Norwegian prince convicted of rape
   Marius Borg Høiby, the 29-year-old son of Norway’s Crown Princess Mette-Marit, was found guilty of two counts of rape in 2018 and 2024. His sentence? Four years in prison. His lawyer intends to appeal this to reduce it to 18 months. He was cleared of two other counts of rape but found guilty of many of the other offences of which he had been accused. In total, Marius faced four counts of rape and several offences, including abuse and reckless behaviour. He did not make it easy for his lawyers because he filmed himself having sex with women who were asleep or drugged, and the court decided that these women did not have any means to resist him. He was also convicted of abusing his ex-girlfriend, Nora Haukland and for causing bodily harm to another partner, who was called the Frogner woman. He will also have to pay NOK640,000 (RM272,499) in compensation to four of the women.

2. UK bans social media for U-16s
   Taking a page from Australia’s playbook, UK Prime Minister Keir Starmer has announced that the country will ban social media for people under the age of 16 in the name of online child safety, starting in Spring 2027. The ban includes platforms like Snapchat, TikTok, YouTube, Instagram, Facebook and X, but excludes messaging apps like WhatsApp and Signal. It will also block livestreaming and communication with strangers for users under 16. The UK has seen some high-profile cases related to social media and self-harm. However, critics are arguing that this is ineffective. This will stifle access to age-appropriate content, and young people will likely find ways around the restrictions.

5. FOR YOUR EYES 📺

The Laws of The Roads

1. Blinders can get you fined.

2. White zebra, yellow zebra.

3. Madani gives you +10% more on your motor insurance - only if you are a safe driver.