Overview

• US equity benchmarks hit fresh records on hopes for pre-July 9 trade pacts, even as Paris’s CAC 40 remained nearly flat.
• The US PCE inflation gauge climbed to 2.3% year-on-year in May while consumer spending dipped 0.1% month-on-month, highlighting uneven domestic demand.
• June ISM indices pointed to moderating activity alongside firmer input prices, and the JOLTS report showed a surprise uptick in job openings that complicates the Fed outlook.
• Renault’s announcement of a €9.5 billion one-off accounting loss over its Nissan stake weighed on European markets.
• Investors are watching negotiations with China, Canada and the EU for breakthroughs before the July 9 tariff deadline to prevent higher US duties.