| Bloomberg Morning Briefing Asia |
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| Good morning. The US orders embassies to halt student-visa interviews. New restrictions on Chinese solar tools dim the outlook for US clean energy. And one Japanese granny's barbecue sauce is popping up in kitchens across America. Listen to the day's top stories. | |
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| College candidates, put away the tie, keep that dress on the hanger: US embassies around the world have been ordered by Secretary of State Marco Rubio to stop scheduling interviews for student visas as Donald Trump's administration weighs stricter vetting of applicants' social-media profiles. The dustup with Harvard also continued, with the government moving to cut its remaining $100 million contracts with the university. Get your game on! Apple is planning a dedicated app for video games on its iPhone, iPad, Apple TV and other devices to sell gamers and developers on the idea that it's a leader in the market, people familiar said. The launch will come as part of its June 9 Worldwide Developers Conference—just days after Nintendo rolls out its much-anticipated Switch 2 device. It's all part of Apple's efforts to hold on to consumers while it struggles with AI and trade tensions. | |
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| Americans showed more optimism in May, with US consumer confidence rebounding sharply from an almost five-year low amid progress on trade talks. The S&P 500 and the Nasdaq 100 each rose more than 2%, while on the debt side Treasury 30-year yields posted the biggest one-day slide since late March.
Temu would normally benefit from happier consumers, but tariffs are threatening its discount-retailer business model. PDD Holdings plunged in the US after quarterly sales and profit missed estimates. Chairman Chen Lei warned investors that the firm will have to make pricey investments that may weigh on its profitability for a "considerable period of time to come."
Taking a new car for a spin may be a joy, but putting a spin on new-car sales numbers is dicey. China's Ministry of Commerce is meeting with some of the country's biggest automakers to discuss whether the industry is using a loophole to mask weakening sales. One company quickly building a presence is Xiaomi, which reported better-than-expected revenue as it aggressively expands in China's electric-vehicle market while also growing its core smartphone business. | |
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Deep Dive: Lights Out for Solar | |
| There may be dark days ahead for the US transition to clean energy. The massive tax-and-spending bill passed by the House last week contains restrictions on energy tax credits that are so blunt they would essentially force the nation to wean off cheap Chinese solar panels. - The rules mandate that projects be free of any connection to China and other "foreign entities of concern." That's a big blow considering the nation dominates manufacturing for solar modules and cells—and has its fingers deep in lithium-ion batteries as well as wind and hydrogen technologies.
- The changes may upend strategy for Chinese firms that took large stakes in US-based joint ventures that let them build in America and churn out tariff-free equipment.
- It's not just China that's facing hurdles. Last week, the US International Trade Commission voted to impose duties on solar cells and modules from Cambodia, Malaysia, Thailand, and Vietnam—saying they hurt domestic manufacturers.
- All this is taking place as US power needs grow ever greater. AI data centers are multiplying and sucking up huge amounts of energy—so much so that they're distorting the normal flow of electricity to millions of Americans.
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| Xi Jinping often talks about the importance of the "Asian Family" of nations, but tensions in the South China Sea show that Beijing's interests always come at the expense of its neighbors, Karishma Vaswani writes. Asean members should put aside differences to speak with a unified voice against China's aggression. | |
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 Gill and his bachan, Judy Yokoyama. Source: Bachan's Justin Gill is giving Americans a taste of Japan, turning his grandmother's home-brewed barbecue sauce into the cult brand Bachan's (that means "granny"). Sales of the umami-forward, savory-sweet condiment are said to be on track to exceed $100 million this year, up from $1.5 million in 2020. Bachan's estimates its products can be found in about 5% of US household pantries, but Gill has even bigger ambitions: "We would love to be at 80%." | |
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| Bloomberg Invest HK: New markets and new connections are powering Hong Kong's efforts to retain its role as a global financial center and economic gateway to China. From the so-called New Silk Road to Beijing's effort to strengthen the Greater Bay Area initiative, new investment opportunities are appearing in Hong Kong and across the Asia-Pacific region. Join us in Hong Kong on June 10-11 to hear more. | |
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