President Donald Trump has enacted a significant new travel ban, barring individuals from 12 predominantly Muslim-majority and African nations from entering the United States.

This move, announced Wednesday, resurrects one of the most controversial policies from his first term and comes in the wake of a recent attack in Colorado that targeted an event supporting Israeli hostages.

Concurrently, Trump signed a separate proclamation suspending the visas of foreign students intending to participate in exchange programs at Harvard University.

The newly implemented travel ban, detailed in a presidential proclamation, covers Afghanistan, Myanmar, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen.

The measure also imposes partial entry limitations on individuals from Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan, and Venezuela.

In a video posted on social media Wednesday, President Trump linked the ban to the recent Colorado attack, stating:

The recent terror attack in Boulder, Colorado, has underscored the extreme dangers posed to our country by the entry of foreign nationals who are not properly vetted, as well as those who come here as temporary visitors and overstay their visas. We don’t want them.

Earlier in the week, Trump had blamed the immigration policies of former President Joe Biden for the presence of the suspect in the Colorado incident, an Egyptian national who had overstayed his visa and, notably, would not have been affected by the provisions of this new ban.

Witnesses reported seeing the suspect use a makeshift flamethrower and throw an incendiary device during the attack. CBS News first reported Trump’s efforts to block travelers from these 12 countries.

The ban includes certain exemptions. It will not apply to individuals who already possess valid visas, lawful permanent residents of the U.S., or teams traveling for major international events like the World Cup or Olympics.

Those holding special visas granted for escaping persecution in Iran or for assisting US military efforts in Afghanistan are also exempted.

Harvard also in crosshairs: student exchange visas suspended

In a separate but related action, President Trump signed a proclamation suspending the visas of foreign students seeking to participate in exchange programs at Harvard University.

This move targets an institution that has frequently been a subject of criticism from the Trump administration, which alleges the university harbors a liberal bias and has not done enough to address antisemitism on its campus.

In the Harvard-specific proclamation, Trump accused the university of failing to adequately discipline conduct violations on campus.

He also complained that Harvard had only turned over information concerning three foreign students accused of dangerous, illegal, or threatening activity.

“Harvard’s actions show that it either is not fully reporting its disciplinary records for foreign students or is not seriously policing its foreign students,” Trump stated.

This action follows earlier administrative pressures on Harvard, including the freezing of federal research grants, reportedly due to regulatory penalties related to data governance and inadequate internal controls within the university.

Echoes of the past, a sweeping immigration agenda

This new travel ban largely mirrors the controversial policy implemented during Trump’s first term, which barred travelers from Cuba, Iran, Libya, North Korea, Somalia, Sudan, Syria, Venezuela, and Yemen.

The addition of Afghanistan to the current list is particularly noteworthy, following the Trump administration’s earlier suspension of the US refugee program and the freezing of federal funding for assistance programs, including those facilitating travel for Afghans already approved for resettlement in the US.

These measures are the latest steps in what has become a sweeping immigration agenda under Trump’s current term.

This agenda is aimed at cracking down on undocumented migration, significantly ramping up deportations, and completing the construction of the US-Mexico border wall initiated during his first presidency.

Securing US borders, fueled by voter concerns about crime and a surge in migrant arrivals, was a central promise of his 2024 presidential campaign.

Upon taking office, Trump swiftly put in motion efforts to reinstate a travel ban.

He ordered the secretaries of State and Homeland Security, the Attorney General, and the Director of National Intelligence to identify countries for which “vetting and screening information is so deficient as to warrant a partial or full suspension on the admission of nationals from those countries.”

Anticipated legal challenges and a test of presidential powers

The newly reinstated travel ban is widely expected to face legal challenges, much like its predecessor during Trump’s first term.

Many of Trump’s other immigration actions during his current White House stint are already being litigated in the courts.

The president has consistently vowed to carry out an agenda that tests the established boundaries of executive power on immigration policy.

The first-term travel ban was a defining moment of Trump’s presidency.

Issued in 2017, within days of his inauguration, the initial order barred people from seven predominantly Muslim countries from entering the US for 90 days.

The move sparked widespread chaos and confusion at airports, triggered global protests, and led to a deluge of lawsuits seeking to halt the order, which critics vehemently assailed as a “Muslim ban”.

Trump defended the measure as crucial for national security.

After initial judicial setbacks, his administration issued revised orders, altering the list of targeted countries and providing more specific details about the scope of the restrictions in an effort to withstand further legal scrutiny.

These subsequent modifications eventually led to the US Supreme Court upholding the travel ban in a 5-4 ruling in 2018.

The Court rejected claims that the policy targeted Muslims and, in doing so, delivered a major legal victory to Trump, bolstering a president’s broad authority over the nation’s borders.

One of President Biden’s first acts upon taking office in 2021 was to sign an order ending Trump’s travel ban.

However, during the 2024 campaign, Trump had pledged to reinstate it and expand it to cover refugees from Gaza if elected, and this week’s actions deliver on that key agenda item.

Since returning to office, President Trump has also declared a national emergency at the southern border, directing the Pentagon to deploy additional resources to address the situation.

His administration has intensified deportations of undocumented migrants and attempted to end automatic birthright citizenship for children of individuals in the country illegally—a move currently halted by the courts pending legal challenges.

Furthermore, the president has utilized tariffs to pressure Mexico and Canada to enhance border security and has directed federal agencies to identify federally funded programs providing benefits to migrants in the country illegally.

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The European Consumer Organisation (BEUC) has filed a formal complaint with EU authorities against Chinese fast fashion giant Shein, alleging that the company uses a series of manipulative digital marketing techniques of “dark” practices to influence consumer behaviour.

The complaint, backed by 21 national watchdogs, claims these practices encourage overconsumption, mislead customers, and violate EU consumer protection laws.

Fake countdown timers, low-stock alerts pressuring users to buy

The 29-page complaint submitted to the European Commission highlights Shein’s use of alleged fake countdown timers, low stock alerts, nagging practices that create a fear of missing out, and forced sign-ups as examples of deceptive techniques that pressure users into making quick purchases.

Among the practices cited is “confirm shaming,” where shoppers are made to feel guilty for abandoning their carts or skipping sales.

The practice was “leading to severe detrimental consequences on consumers and society at large”, creating wardrobes full of barely used clothes, and production methods that may use chemicals that are harmful to the environment, the BEUC said.

It added that Shein’s marketing tactics are particularly harmful in the context of the environmental crisis caused by fast fashion.

The watchdog further accused Shein of leveraging misleading product labels, falsely suggesting added value in features that are already required by EU law.

The complaint urges regulators to mandate Shein to back up marketing claims—such as “stocks are low” or “sales ending soon”—with actual data.

If such proof cannot be provided, BEUC argues the company should be banned from using such messages in the European Union.

Environmental and health concerns deepen the case

Beyond concerns of consumer manipulation, BEUC’s complaint also cites Shein’s role in promoting unsustainable consumption habits.

The group claims the brand encourages buying habits that harm the environment and may expose users to potentially hazardous chemicals found in cheap textiles and accessories.

“On the one hand, they promote excessive spending and trigger economic losses for consumers. On the other hand, they stir overconsumption of clothing, which often also contains harmful chemicals, hence misleading and disempowering consumers in their efforts towards the green transition,” it said.

Ultimately, these practices fuel the environmental and societal problems caused by the fast fashion industry,” it said in its submission.

The latest complaint follows a growing wave of scrutiny from European regulators.

In February, the EU and its Consumer Protection Cooperation (CPC) network began a formal investigation into Shein’s compliance with EU consumer laws.

Last week, Shein was notified by the Commission and CPC network of multiple legal breaches, including fake discounts and deceptive product descriptions.

Shein defends itself, criticises watchdogs’ refusal to meet

In response, Shein expressed disappointment at BEUC’s refusal to engage in dialogue, claiming that the organisation had rejected repeated meeting requests over several years.

“This unwillingness to engage is extremely disappointing, particularly in light of Shein’s growing popularity among European consumers,” it said.

“Consumers would be best served if BEUC agreed to meet with us, allow us to explain our operations, and discuss openly and transparently any concerns they have. Unfortunately, they have chosen to reject each and every one of our many meeting requests over the last several years,” it said.

Despite the defence, Shein’s mounting regulatory troubles in Europe mark a critical moment for the global fast fashion brand, which faces increasing pressure to reform its marketing strategies, product safety practices, and environmental impact in one of its fastest-growing markets.

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Russian 12.5% protein wheat is facing reduced demand, with bids from deep-sea ports seeing a significant drop, according to SovEcon analysts.

The price range has adjusted downwards to RUB 16,500–16,800 per metric ton, which translates to approximately $209. 

This figure reflects a decline compared to the previous week’s bids, which stood at RUB 16,800–17,000 per metric ton, or $210. 

This downward trend indicates a softening of the market for this particular grade of Russian wheat in the specified port locations, suggesting potential shifts in demand or supply dynamics impacting the pricing structure.

Weakening prices

Driven down by softer export prices and a stronger ruble, ruble-denominated export prices have reached their lowest point since September of last year.

A notable decrease in export prices served as the primary catalyst for the observed decline in wheat prices. 

Specifically, quotations for old-crop Russian 12.5% protein wheat experienced a downward trend, settling within the range of $240 to $243 per metric ton, according to SovEcon. 

This figure represents a distinct drop from the preceding week’s range of $248 to $250 per metric ton, highlighting a substantial shift in market dynamics. 

The fluctuation in wheat pricing demonstrates the sensitivity of the export market to external factors and underscores the volatility inherent in commodity trading.

Ruble strength

The appreciation of the Russian ruble has posed a substantial challenge to the competitiveness of Russian wheat exports. 

Currently, the ruble’s exchange rate is 78.61 per US dollar, a notable shift from the 101.67 RUB/USD rate observed at the start of the year, SovEcon said. 

This significant strengthening creates an adverse economic environment for Russian wheat exporters. 

As the ruble gains value, the cost of Russian wheat in dollar terms increases for international buyers, potentially making it less attractive compared to wheat from other exporting nations. 

This situation directly impacts the price dynamics in the global wheat market. 

The strength of the ruble effectively raises the benchmark price for Russian wheat, creating a ‘headwind’ that could lead to decreased demand and potentially lower export volumes. 

Exports sluggish

Russian export performance is currently experiencing a noticeable slowdown, particularly in the wheat sector. 

According to recent estimations from SovEcon, wheat exports from Russia for the month of May are projected to reach approximately 1.9 million metric tons. 

This figure indicates a substantial decrease when compared to the same period last year, during which Russia exported 4.5 million metric tons of wheat. 

Furthermore, the current export level also falls below the historical five-year average for May, which stands at 2.2 million metric tons. 

Initial projections suggest June shipments could reach 1.9 million metric tons. This contrasts with 4.2 million metric tons shipped in the previous year and a five-year average of 2.2 million metric tons, the consultancy said.

Price pressures are emerging due to optimism for the upcoming harvest. Trading of the new wheat crop, anticipated to commence in July, is also contributing to this downward pressure.

“In the near term, the ruble wheat market will likely remain under pressure,” Andrey Sizov, managing director at SovEcon said. 

Support could come from a potential reduction in the export tax and low grain stocks. Possible weakening of the ruble may also be a supportive factor.

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The EUR/USD exchange rate will be in the spotlight in the next two days as the European Central Bank (ECB) delivers its interest rate decision and the US publishes the latest nonfarm payrolls (NFP) data. It was trading at 1.1420, up from last month’s low of 1.1060. 

ECB interest rate decision

The main EUR/USD news will be Thursday’s ECB interest rate decision. Economists expect the bank to slash interest rates by 0.25% as it supports the economy because of Donald Trump’s tariffs.

The case for a rate cut rose this week when Eurostat published the latest European consumer inflation data. The number showed that the bloc’s inflation dropped below 2% for the first time in months.

European inflation has dropped because of the strong euro, which has jumped by over 10% from its lowest point this year. A stronger euro lowers European inflation by making energy costs more affordable. 

Economists believe that the ECB will deliver another rate cut by the end of the year, bringing the official cash rate to 1.75%. 

The EUR/USD pair will likely have a muted to the ECB decision, as it has done in the past, since market participants have priced them in. In a note, analysts at ING said:

“The ECB meeting is the main event for EUR rates, but with markets fully priced for a cut, the reaction to such an outcome should be muted, in particular if the ECB offers little further guidance.”

In theory, the EUR/USD pair should be in a downward trend for two reasons. First, global risks are still elevated because of Donald Trump’s policies, which would boost the US dollar, which is often seen as a safe-haven currency. 

Second, the EUR/USD should be falling because of the carry trade situation. Carry trade is the practice of borrowing in a low-interest rate currency to invest in a high-yielding one. 

US NFP data ahead

The next key catalyst for the EUR/USD pair will be Friday’s nonfarm payrolls (NFP) data, which will shed more color on the state of the economy. 

These numbers come two days after ADP sent shockwaves after publishing the private payrolls report on Wednesday. ADP said that the economy created just 37k jobs in May, the worst performance in months. 

Donald Trump used the jobs data to press Jerome Powell, the Federal Reserve Chair to cut interest rates. The Fed has hinted that it will wait and see before cutting rates as it observes impact of Trump’s tariffs. 

Economists expect the jobs report to show that the economy created 117k jobs in May even as companies dealt with Trump’s tariffs.

Trump has continued to warn of more tariffs recently. He has already boosted steel and aluminium tariffs to 50%, and warned that China was not fulfilling its obligations as per the recent deal. 

EUR/USD technical analysis

The outlook for the EUR/USD pair is bullish because it has formed a giant cup-and-handle pattern. The upper side of the cup is at 1.1452 and the lower side is at 1.0185. This gives it a depth of 9.21%. 

Now, measuring the same distance from the cup’s upper side gives it a target of 1.2232, which is about 7.1% from the current level. For this to happen, the pair needs to move above the key resistance at 1.1570, the highest point in April. Moving above that level will invalidate the forming double-top pattern.

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Laopu Gold Co.’s extraordinary stock surge is facing a test of durability.

After soaring more than 2,300% since its June 2024 debut, the jewellery maker’s shares crossed the HK$1,000 mark — a rare feat that has now introduced a different kind of challenge: access.

Despite the surge making Laopu the most expensive stock on the Hong Kong exchange — eclipsing Mixue Group’s HK$580 — the milestone comes with a high barrier to entry.

Laopu requires a minimum purchase of 100 shares, equating to HK$100,000 ($12,750), a sum that may price out everyday investors.

Though odd-lot trading is technically possible through brokerages, such trades often involve longer execution times and higher fees, further limiting participation from smaller investors.

Stock shows signs of strain amid valuation concerns

On Thursday, the stock briefly touched HK$1,015 before falling as much as 9.4%.

The volatility suggests investors may be reassessing the stock’s valuation.

Laopu currently trades at 32 times forward earnings, compared with Chow Tai Fook’s 16 — raising questions about the sustainability of its price.

“Laopu is excessively expensive in my view, based on cash flow, even though growth looks promising,” said Yu Dingheng, fund manager at Shenzhen Flying Tiger Investment & Management Co. in a Bloomberg report.

HK$1,000 is going to be a tough hurdle.

Source: Bloomberg

Lockup expiry could trigger market pressure

Adding to the pressure is an upcoming lockup expiry on June 27, which will release 121.4 million shares — more than double the current free float — into the market.

A smaller expiry of 10.8 million shares in December led to Laopu’s worst weekly performance since listing, signaling the risk that the larger release may rattle investors.

Analysts warn that such an influx could test whether institutional interest is strong enough to absorb the added supply without dragging down prices.

Calls grow for greater accessibility

Hong Kong’s exchange has reportedly been exploring changes to make expensive stocks more accessible.

Currently, firms set their own board lot sizes, and while this gives flexibility, it can also freeze out retail interest when share prices surge.

Laopu has not yet indicated whether it will consider a stock split — a step taken by Tencent in 2014 and Zai Lab in 2022 — that would reduce the per-share price and improve liquidity.

IPO enthusiasm meets post-rally caution

Laopu’s blockbuster IPO was nearly 600 times oversubscribed in the retail segment, prompting the company to expand its retail allocation sixfold to 11.2 million shares.

But with a steep valuation, limited retail access, and a wave of new shares poised to enter the market, the company’s gravity-defying run may soon meet more grounded investor sentiment.

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