- As investors assessed developments in the debate over how much central bank monetary policy tightening is required to combat inflation, US equity futures struggled for direction and treasuries extended declines.
- Contracts on the S&P 500 remained stable, while those on the Nasdaq 100 fell slightly. The latest drop in treasuries pushed 10-year yields closer to 2.9% as traders increased their bets on Fed rate hikes. The dollar gained ground against its major counterparts.
- Oil prices rose as investors weighed the future of OPEC+ unity, just as the group's ministers prepare to meet on Thursday to discuss its supply policy for July. In May, crude rose by about 10%, raising further inflation concerns.
- Iraq's total oil exports average 3.3 mln BPD in May at an average price of $11.79 p/BBL. - Oil ministry
- ECB's Holzmann: New inflation record backs the need for a 50BP hike.
- Deutsche Bank expects one of the two ECB hikes in Q3 to be a 50 BPS hike: September is more likely than July.
