Germany’s 10-year Bund yield climbed to 2.95%, rebounding from three-month lows reached earlier this week, as higher oil prices and hawkish comments from European Central Bank officials weighed on bond markets. Crude prices attempted to stabilize after a sharp selloff as planned US-Iran peace talks in Switzerland were abruptly canceled, casting fresh doubt on the durability of the tentative agreement reached over the weekend to end the Middle East conflict. On the monetary policy front, ECB policymakers reinforced a firm stance on inflation. Governing Council member Pierre Wunsch suggested another rate hike could come as soon as next month if inflation pressures broaden, while ECB Chief Economist Philip Lane said the euro-area economy may be able to withstand higher rates. Money markets currently expect at least one additional ECB rate hike this year, following this month’s 25-basis-point increase that lifted the deposit rate to 2.25%, marking the first rate increase since 2023.

Poland’s industrial output rose 4.1% year-on-year in May 2026, following a downwardly revised 2.9% increase in the previous month, exceeding market expectations of a 2.5% gain. Production strengthened in manufacturing (2.5% vs 1.6% in April), lifted by higher output in paper and paper products (11.8% vs 5.6%), other non-metallic mineral raw materials (12.2% vs 8.6%), and transport equipment (60.5% vs 15.5%). Additionally, activity increased for mining and quarrying (32.6% vs 21.4%) and electricity, gas, steam, and air-conditioning supply (13.7% vs 12%). Meanwhile, production slowed for water supply, sewerage, waste management, and remediation services (11.9% vs 13.7%). On a monthly basis, industrial production dropped 0.8% in May, easing from a 7.6% decline in the preceding period.

Georgia’s trade deficit narrowed to USD 894.9 million in May 2026 from USD 906.4 million in the same month a year earlier. Exports rose 15.1% year-on-year to USD 667.8 million, while imports increased 5.1% to USD 1,562.6 million. In the January-May period, exports climbed 19.8% to USD 3,107.7 million, driven by stronger sales of oil and petroleum products (885.8%), copper ores and concentrates (206.5%), and precious metal ores and concentrates (87.2%). Among major trading partners, exports surged to China (145.7%), Armenia (28.8%), and Turkey (65.6%). Meanwhile, imports fell 1.9% to USD 7,331.9 million, weighed by lower purchases of passenger cars (-20.2%) and trucks (-20.4%). Imports from the USA fell 33.9%, while those from Germany and Japan declined 8.8% and 1%, respectively. The country’s trade deficit for January-May reached USD 4,224.2 million, narrowing from USD 4,875.8 million in the same period last year.

UK 10-year gilt yields climbed to 4.8%, extending their rebound from recent lows as markets weighed political uncertainty and global risk sentiment. Greater Manchester Mayor Andy Burnham’s victory in the Makerfield by-election has bolstered his profile as a potential challenger to Prime Minister Keir Starmer, with markets increasingly focused on the possible fiscal implications of a future leadership bid. However, with limited policy detail so far, the impact on public finances and borrowing remains difficult to assess. Meanwhile, crude prices sought to recover from recent steep losses after planned US-Iran peace talks in Switzerland were abruptly canceled, reigniting concerns over the durability of the tentative agreement to end the Middle East conflict. On monetary policy, the Bank of England maintained a cautious stance amid uncertainty over energy-driven inflation risks, while the US Fed signaled that some policymakers still see scope for further tightening later this year.

The economy of Georgia grew by 9.0% year-on-year in the first quarter of 2026, following a 6.7% expansion in the previous quarter. Output accelerated in mining and quarrying (10.4% vs 4.8% in Q4 2025), transportation and storage (18.0% vs 11.0%), accommodation and food service activities (12.4% vs 4.0%), information and communication (36.0% vs 22.0%), financial and insurance services (11.7% vs 9.1%), professional, scientific and technical activities (9.4% vs 7.5%), administrative and support service activities (6.6% vs 3.3%), and health and social work activities (12.6% vs 7.2%). At the same time, activity rebounded in electricity, gas, steam and air conditioning supply (6.5% vs -5.5%) and real estate (3.1% vs -0.3%). In contrast, output growth slowed in manufacturing (0.3% vs 6.2%), wholesale and retail trade (5.5% vs 7.4%), and education (0.7% vs 17.1%), while output declined in construction (-2.0% vs 2.5%) and agriculture (-3.3% vs -2.9%).

The manufacturing industry in Turkey operated at 74.5% of its production capacity in June 2026, up from 74.2% in the previous month. This marked the highest rate since June last year, driven mainly by a sharp increase in capacity utilization for investment goods, which rose to 73.4% from 70.3%, signaling stronger activity in capital-intensive industries. Intermediate goods utilization remained broadly stable at 75.0% compared with 75.2% in May, continuing to post the highest rate among major sectors. However, most consumer-oriented categories showed weaker performance. Capacity usage for durable consumer goods fell to 67.9% from 70.6%, while non-durable consumer goods eased to 72.6% from 73.1%. Overall consumer goods utilization also declined to 71.8% from 72.7%, and food and beverages slipped to 72.5% from 73.2%.

Greece’s current account deficit narrowed to €1.39 billion in April 2026 from €2.35 billion in the corresponding month a year earlier. The goods account deficit decreased to €2.33 billion from €2.88 billion, as exports surged 36.3% while imports rose at a slower 12.2% pace. The secondary income account also improved, recording a surplus of €0.15 billion compared with a deficit of €0.23 billion in April 2025, supported by higher receipts from the general government sector. The primary income balance likewise improved to a surplus of €0.12 billion from a deficit of €0.32 billion a year earlier. However, these gains were partly offset by a slight easing in the services surplus, which edged down to €0.91 billion from €0.95 billion. From January to April 2026 period, the country posted a current account deficit of €8.35 billion, compared with €7.30 billion in the same period last year.

The annual inflation rate in Malawi eased to 23.4% in May 2026, down from 24.3% in April. Food costs, which continue to be the main driver of inflation in Malawi, eased to 17.6% from 19.1% in the previous month, particularly cereals such as rice, maize, and maize flour, moderated. Non-food prices increased by 33%, from 33.2%, with upward price pressures from housing and utilities and transportations. On a monthly basis, consumer prices declined by 0.2% after a 2.9% drop in April.

The resumption of tanker traffic through the Strait of Hormuz will be a key focus after the US and Iran agreed to lift the naval blockades. On the data front, the US will release personal income and spending data, including the PCE price index, as well as durable goods orders. Investors will also focus on the S&P PMIs, the University of Michigan consumer sentiment index, and regional Fed surveys. PMIs will also be released for Australia, Japan, India, France, Germany, the Euro Area, and the UK. In Germany, the GfK Consumer Climate Index and the Ifo Business Climate Index are also expected.

Italy’s construction output rose 2.7% year-on-year in April 2026, easing from a revised 3.0% in the previous period. On a seasonally adjusted monthly basis, construction production increased by 0.3%, slowing from a revised 1.9% growth in March. Over the February-to-April 2026 period, average construction output edged up by 0.4% compared with the previous quarter, while calendar-adjusted production climbed 1.6% from the same period a year earlier.

Argentina’s retail sales rose 12.6% year-on-year in April 2026 to ARS 560.96 billion. By category, sportswear and accessories posted the strongest gain, rising 25.5%. Food courts, food products, and kiosks increased 22.3%, while stationery and bookstores rose 27.9%. Entertainment and leisure advanced 26.5%, and perfumes and pharmacies recorded one of the strongest gains at 31.9%. Clothing, footwear, and leather goods rose a more modest 5.3%. In contrast, electronics, appliances, and computing sales fell 10.9%. By region, sales in Buenos Aires rose 20.9%, while the 24 districts of Greater Buenos Aires posted a 6.5% increase. The Pampas region recorded a 12.7% gain, while the Cuyo region rose 17.6%. Meanwhile, the Northern and Patagonia regions posted increases of 3.3% and 10.3%, respectively.

Retail sales in Canada surged by 1% from the previous month in May of 2026, according to a preliminary estimate. If confirmed, it would mark a fifth straight increase in retail sales. In April, retail turnover rose by 0.5% to C$73 billion, revised slightly lower from the initial estimate of 0.6%. Sales soared by 5.1% to C$7.51 billion for gasoline stations and fuel vendors, as the continued increase in fuel costs due to the war in the Middle East magnified a 0.8% increase in volume of sales. Meanwhile, turnover also rose for health and personal care retailers (1.2% to C$6.58 billion), building supplies and materials (3.3% to C$3.81 billion), and furniture, electronics, and appliances retailers (0.7% to C$3.4 billion). On the other hand, retail turnover fell for food and beverage stores (-2% to C$13.27 billion).

Canada’s CFIB Business Barometer long-term index, which tracks 12-month forward expectations for business performance, rose to 49.6 in June 2026 from 46.3 in May. The short-term optimism index, based on the 3-month outlook, declined to 46.1 from 48.1 in the prior month. Sentiment weakened across most sectors, namely retail (48.5 vs 53.6), transportation and utilities (45.3 vs 46.7), agriculture (43 vs 45.5) and accommodation and food services (38.8 vs 47.3), with most also recording short-term declines. The average price increase edged down to 3% from 3.1%, while average wages moderated to 2.3% from 2.4%. Although staffing intentions improved, labor market sentiment remained weak, with more firms planning to lay-off (13% vs 16% in May) than hire (12% vs 14%). Low demand remained the most commonly cited supply-side constraint, reported by 53% of firms. On the cost side, fuel prices continued to be the dominant constraint on input supply.

The economy of Mozambique expanded by just 0.1% year-on-year in Q1 2026, following an upwardly revised 5.1% growth in the previous three-month period. This marked the second consecutive quarter of growth, albeit weak, following the recession caused by the crisis that followed the general elections of October 2024. Economic activity was driven by the tertiary sector, which rose 3.5%, led by hotels and restaurants (+5.1%) and trade and repair services (+4.5%). Transport, communications and financial services also contributed, while the secondary sector grew 3.2%, supported by utilities, manufacturing and construction. In contrast, the primary sector declined by 4.8%, weighed down by mining, which plunged 21.6%, despite gains in agriculture (+2.2%) and fishing (+0.9%).

The Bank of Russia cut its policy rate by 25bps to 14.25% in its June 2026 decision, contrasting with the median market consensus of a 50bps cut to 14%. The central bank noted that pro-inflationary risks prevailed in the medium term when citing the warrant for restrictive monetary policy. Such pro-inflationary risks are supported by the external backdrop of higher energy prices due to the war in the Middle East, higher energy prices domestically as refineries are targeted by Ukraine, and higher inflation expectations as wage growth outpaces productivity growth. On top of that, the CBR stated that fiscal policy is more accommodative than previously expected, adding to the requirement that monetary conditions must remain restrictive to prevent further inflation. The inflation rate in Russia eased to 5.3% in May, remaining above the CBR target of 4%.

The annual inflation rate in Ethiopia quickened further to 13.4% in May 2026, marking the highest level in ten months, from 11.7% in the prior month. Food inflation accelerated to 15%, the highest level in over a year, compared to 13.5% in April, due to increases in major food commodities such as vegetables (12.3%), meat (19.5%), sugar, jam, honey & chocolate (36.9%), milk, cheese and eggs increased by (19.3%), oils and fats (17.4%) and fruit (17.1%). Non-food inflation also increased, accelerating to 11.1% from 9.1% as transportation costs surged by 17.1% from 13% and housing and utilities prices increased by 6.8% from 4.8%. Additional upward pressure stemmed from alcoholic beverages and tobacco (14.6%), furnishings (12.7%), health (11.2%), communication (9.1%), education (9.6%) and restaurants and hotels (10.5%). On a monthly basis, consumer prices increased 1.7%, easing from 2.3% in the previous month.

Slovenia’s unemployment rate edged down to 4.5% in April 2026, the lowest in eight months, from 4.6% in March, as the number of unemployed persons fell by 1,115 over the month to 43,060. Women accounted for 20,905 unemployed individuals, while men totaled 22,155, corresponding to unemployment rates of 4.8% and 4.2%, respectively. By age group, unemployment was highest among those aged 15–29, at 6.7%, followed by individuals aged 55 and over, at 5.7%. Compared with the same month a year earlier, the overall unemployment rate was unchanged at 4.5%. Employers reported 11,437 job openings in April, and during the first four months of 2026, total job openings reached 48,085, representing a 5.2% decline compared with the same period last year.

Producer prices in Latvia rose 1.8% year-on-year in May 2026, accelerating from a revised 0.7% increase in the previous month and reaching the highest level since January. Price growth strengthened in manufacturing (1.1% vs 0.7% in April), driven by chemicals and chemical products (6% vs 3.5%), basic metals (6% vs 5.6%), and other non-metallic mineral products (6.1% vs 4.1%). At the same time, costs rebounded in electricity, gas, steam and air conditioning supply (1.7% vs -2.7%), while costs continued to rise for water supply, sewerage, waste management, and remediation activities (7.9% vs 7.5%). Meanwhile inflation in mining and quarrying eased (12.2% vs 15.5%). On a monthly basis, producer prices edged up 0.9% in May from a 0.5% increase in April and marking the strongest gain since January.

The consumer confidence indicator in Slovenia increased by 7 percentage points month-over-month to -20 in June 2026 from -28 in the previous month. It marked the highest reading since August 2021, as households became less pessimistic about the general economic outlook over the next twelve months (-20 vs -35 in May) and their personal financial outlook over the same period (-10 vs -19). Assessments also improved regarding households’ financial situation over the past year (-17 vs -20) and the general economic situation over the same period (-39 vs -43). Moreover, expectations for major purchases over the next twelve months became less negative (-32 vs -35), as did assessments of current conditions for major purchases (-25 vs -31). Finally, households were less pessimistic about their savings prospects over the next twelve months (-17 vs -21).

Slovenia’s producer prices increased by 2.1% year-on-year in May 2026, following a 1.4% rise in the previous month. This marked the highest reading since August 2023, driven by increases in prices for manufacturing (2.2% vs 1.5% in April), mining and quarrying (12.7% vs 10.1%), and electricity, gas, steam, and air-conditioning supply (0.1% vs -0.3%). By main industrial group, costs rose for intermediate goods (2.3% vs 1.8%), capital goods (2.0% vs 1.1%), and consumer goods (1.9% vs 1.4%), and rebounded for energy (2.3% vs -0.8%). On a monthly basis, producer prices rose by 0.7%, following a 0.5% increase in April.

The S&P/TSX Composite Index was little changed near the 35,000 mark on Friday as investors reacted to the suspension of US-Iran talks. The discussions, aimed at addressing Iran’s nuclear program following a recently signed memorandum of understanding, were delayed. At the same time, the Federal Reserve’s surprise hawkish shift earlier in the week continued to weigh on sentiment. Financial stocks traded mixed, with Brookfield falling nearly 1%, while RBC gained 0.6%. Gold prices extended losses, pressuring mining shares, with Agnico Eagle down more than 1%, Barrick losing over 1.5%, and WPM falling 2%. Energy stocks were mixed amid uncertainty over US-Iran diplomacy, with Canadian Natural up 1% and Cenovus gaining 0.5%, while Suncor Energy and Imperial Oil traded near flat.

The Ibovespa was virtually unchanged at 168,334 on Friday in a session marked by lighter global liquidity, as investors monitored developments in the Middle East. Peace talks between the US and Iran were postponed. The discussions, scheduled to take place in Switzerland and aimed at addressing Iran’s nuclear program following a recently signed memorandum of understanding, were delayed, adding fresh uncertainty over the timeline of negotiations seen as key to reopening the Strait of Hormuz and normalizing oil flows. Oil prices rebounded modestly, reviving concerns over energy-driven inflation. Bond yields moved higher in response, renewing concerns over borrowing costs. Heavyweight banks traded lower, with Itaú down 1.5% and Bradesco falling 0.7%. Meanwhile, utilities advanced, with Axia up 0.6%. Vale also gained 1% as iron ore prices held firm.

The FTSE 100 fell 0.4% on Friday as oil prices remained volatile amid mixed signals surrounding US-Iran negotiations and renewed tensions between Israel and Lebanon. Mining stocks were among the biggest drags, with Rio Tinto down more than 2%, Glencore falling 1.5%, Anglo American declining 2.5% and Antofagasta dropping 3.2%. Precious metal miners also came under pressure, with Fresnillo and Endeavour falling 5.4% and 3.5% respectively. Banks, Unilever and BAT also traded lower. In contrast, energy stocks gained, with Shell and BP rising around 1% and 2%. Pharmaceutical and defence stocks also advanced. Greater Manchester mayor Andy Burnham won the closely watched Makerfield by-election with 54.8% of the vote, strengthening his position as a potential challenger to Prime Minister Keir Starmer. UK data showed public sector borrowing reached £23.3 billion in May, above expectations, while retail sales recovered 1.2%, beating forecasts. The FTSE 100 finished the week down more than 1%.

Top commodity gainers are Natural Gas UK (4.56%), Natural Gas EU (3.78%), Germany Natural Gas THE (3.71%), Crude Oil WTI (0.95%) and Brent Crude Oil (0.92%). Biggest loser is Natural gas (-1.12%).

Top commodity gainers are Palm Oil (1.60%), Rapeseed (0.51%) and Wool (0.51%). Biggest loser is Coffee (-0.73%).

The resumption of tanker traffic through the Strait of Hormuz will be a key focus after the US and Iran agreed to lift the naval blockades. On the data front, the US will release personal income and spending data, including the PCE price index, as well as durable goods orders. Investors will also focus on the S&P PMIs, the University of Michigan consumer sentiment index, and regional Fed surveys. PMIs will also be released for Australia, Japan, India, France, Germany, the Euro Area, and the UK. In Germany, the GfK Consumer Climate Index and the Ifo Business Climate Index are also expected.

Top commodity losers are Platinum (-2.29%), Gold (-1.61%) and Silver (-1.20%).

Argentina’s retail sales rose 12.6% year-on-year in April 2026 to ARS 560.96 billion. By category, sportswear and accessories posted the strongest gain, rising 25.5%. Food courts, food products, and kiosks increased 22.3%, while stationery and bookstores rose 27.9%. Entertainment and leisure advanced 26.5%, and perfumes and pharmacies recorded one of the strongest gains at 31.9%. Clothing, footwear, and leather goods rose a more modest 5.3%. In contrast, electronics, appliances, and computing sales fell 10.9%. By region, sales in Buenos Aires rose 20.9%, while the 24 districts of Greater Buenos Aires posted a 6.5% increase. The Pampas region recorded a 12.7% gain, while the Cuyo region rose 17.6%. Meanwhile, the Northern and Patagonia regions posted increases of 3.3% and 10.3%, respectively.

The S&P/TSX Composite Index fell 0.3% to close at 34,857 on Friday as investors reacted to the suspension of US-Iran talks. The discussions, aimed at addressing Iran’s nuclear program following a recently signed memorandum of understanding, were delayed, while the Federal Reserve’s surprise hawkish shift earlier in the week continued to weigh on sentiment. Financial stocks traded mixed, with RBC down 0.4% and TD Bank up 0.4%. Brookfield edged higher amid reports it is the frontrunner to acquire a controlling stake in XpFibre. Mining stocks moved lower as gold prices extended losses, with WPM down 4.8%, Agnico Eagle losing 2%, and Barrick falling 1.6%. Energy stocks were mixed amid uncertainty over US-Iran diplomacy, with Canadian Natural rising 1.2%, while Imperial Oil shed 0.6%.

Today’s cryptos market is characterized by modest daily movements, with XRP standing out as the frontrunner with a -1.04% decrease.

Today’s cryptos market is characterized by modest daily movements, with XRP standing out as the frontrunner with a -1.16% decrease.

Sanofi shares decreased to 72.69 EUR, the lowest since May 2026. Over the past 4 weeks, Sanofi lost 4.47%, and in the last 12 months, it decreased 11.99%.

Gasoline futures for delivery in the NY Harbor were near the $2.97 per gallon mark, slightly above the three-month low of $2.88 touched on June 16th as markets assessed the pace that supply from the Middle East may return. The US and Iran delayed the start of peace after their memorandum pledged to restart the exports of crude oil from the Persian Gulf. Reports indicated that supertankers had already sailed toward the Strait of Hormuz, and Qatar, Bahrain, and Kuwait were already studying increases in production capacity. The added supply is due to replenish refineries across the globe with the higher export quotas from OPEC+ and higher output from the UAE, which left the cartel during the conflict. The deal is also due to lift US sanctions on Iran, increasing the supply from the major producer. Iranian output will likely refill Chinese oil stockpiles, which were depleted in the last months as the world’s largest importer refrained from purchasing oil to prop up prices further.

Top commodity gainers are Palm Oil (1.60%), Rapeseed (0.51%) and Wool (0.51%). Biggest loser is Coffee (-0.74%).

Brent crude oil prices were near $80 per barrel on Friday and were heading toward a weekly decline of roughly 8% after Israel and Hezbollah reached a ceasefire agreement set to begin on Friday. The truce, if maintained, could remove a major obstacle to broader peace efforts between the US and Iran. Meanwhile, Tehran said vessels passing through the Strait of Hormuz would require mandatory insurance policies, which are currently free but could incur charges later, reinforcing its claims over the strategic waterway. Market data suggested shipping activity slowed after an earlier surge in tanker movements, with no outbound vessels seen leaving the Persian Gulf on Friday morning. In contrast, nearly 10 million barrels of crude were observed transiting or positioned near the strait on Thursday, including the first Saudi-owned tankers to move since the conflict began more than three months ago. Uncertainty continues after planned US-Iran talks in Switzerland were canceled.

Top currency gainers are Brazilian Real (0.65%), South Korean Won (0.59%), Swedish Krona (0.39%), British Pound (0.19%) and Euro (0.13%). Biggest losers are Australian Dollar (-0.35%), Swiss Franc (-0.32%), New Zealand Dollar (-0.30%) and Dollar Index (-0.06%). Meanwhile Japanese Yen was little changed.

European stock indices inched down from their record levels on Friday as the pullback in sovereign yields was halted. The Euro STOXX 50 eased 0.3% to 6,302 and the STOXX Europe 600 dropped 0.2% to 636. Iran delayed the start of talks over its nuclear program and war with the US to halt a streak of de-escalation between both countries that lowered energy prices and propped European equities to a rally this week. Still, plans to restore trade through the Strait of Hormuz progressed with reports that tankers flowed through the chokepoint. Luxury brands closed lower with LVMH, Hermes, and Ferrari dropping between 2.5% and 2.3%. Tech was also lower with ASML and Prosus dropping 1% and 2.2%, respectively. German auto producers rebounded slightly following the guidance decrease from BMW this week, although Volkswagen dropped 4.5% as it was detached from its dividend. On the week, the Euro STOXX 50 gained 1.9% and the STOXX Europe 600 rose 0.4%.

Top commodity losers are Platinum (-2.30%), Gold (-1.38%) and Silver (-1.29%).

Top currency gainers are Brazilian Real (0.88%), Norwegian Krone (0.61%), South Korean Won (0.49%), British Pound (0.17%), Japanese Yen (0.12%) and Euro (0.07%). Biggest losers are Swiss Franc (-0.42%), New Zealand Dollar (-0.30%), Canadian Dollar (-0.30%) and Dollar Index (-0.06%).

The Baltic Exchange’s dry bulk freight index, which monitors rates for ships carrying dry bulk commodities, was up for a second session on Friday, rising about 2.4% to its highest since June 12 at 2,722 points, underpinned by the larger vessel segment. The capesize index, which typically transports 150,000-ton cargoes including iron ore and coal, climbed by 5.3% to a peak since April 10 at 4,149 points. At the same time, the supramax went up 0.2% to 1,718 points. On the other hand, the panamax index, which tracks vessels carrying around 60,000 to 70,000 tons of coal or grain, dropped about 2.5% to 2,096 points. For the week, the benchmark index shed approximately 0.3%.