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SocGen's Overnight Economic News Summary

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Societe Generale in its early Friday economic news summary pointed out:

Risk tone positive, Brent closed below 50dma on Thursday (US$105/barrel). Secretary of State Rubio sees 'good signs' of the United States reaching a deal with Iran (FT), Iran says negotiation gaps have narrowed. Sweden's SEK best currency performer in G10 this week, taking over the baton from the Australian dollar (AUD), speculation cools over Reserve Bank of Australia tightening. Latin American, South Africa's ZAR outperforms Central and Eastern European, Asia. India's INR trims losses to 95.84 on touted Reserve Bank of India intervention.

Japan headline consumer price index slows to 1.4% year over year in April. Core excluding fresh food and energy down to a four-year low of 1.9% year over year from 2.4%. Base effects-driven CPI miss may not stop the Bank of Japan from hiking 25bps in June. USD/JPY flat at 159.00, 2s/10s Japanese government bonds flat at 135bps.

Day ahead: Federal Reserve speaker Waller. European Central Bank's Lagarde, Vujcic, Kazimir. Germany Ifo, France business confidence. Eurozone negotiated wages.

Nikkei +2.7%, EUR 10-year IRS -2.5bps at 3.10%, Brent crude +2.3% at US$104.9/barrel, Gold +0.15% at US$4,525/oz.

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Perpetua Resources Shares Jump 14% After EXIM Approves US$2.9 Billion Loan for Stibnite Gold Project

Perpetua Resources (PPTA.TO), up 14% in Nasdaq after-hours trade, said Thursday the Export-Import Bank of the United States approved a US$2.9 billion senior secured long-term loan to support the development of its Stibnite Gold Project in Idaho.The company said the loan was unanimously approved by EXIM's board under the Make More in America Initiative following technical, financial, environmental and social due diligence, as well as a 25-day congressional notification period."When the federal government and private industry work together on a shared national priority, big things are made possible. We are immensely proud of our role in strengthening America's national security, creating hundreds of jobs in rural Idaho, and reducing our dependence on foreign adversaries for a mineral we cannot do without," said chief executive Jon Cherry.The loan will be available upon completion of definitive documentation and satisfaction of customary conditions precedent, which is expected to occur in the second half of 2026. The loan is to be structured as a 13-year senior secured credit facility of US$2.9 billion, consisting of an upfront facility of US$2.4 billion with the remainder to cover capitalized interest during construction and EXIM's exposure fee.PPTA's shares were at last look up US$3.68 at US$30.40, after closing down C$0.99 at C$36.82 on Toronto Stock Exchange.

$PPTA$PPTA.TO