Fox News reported US President Trump said there is no need to rush to send inspectors into Iranian facilities.

Riksbank Deputy Governor Bunge said even if the war were to end immediately, supply shocks would continue to weigh on the inflation outlook.

Germany's June Ifo business climate rose to 85.6, matching market forecasts. After plunging in April to its lowest since Oct 2022, business sentiment has continued a modest rebound from May into June, but the recovery remains limited and the index sits in its weakest range since early 2025. The worst impact of the Middle East shock appears to have eased as energy-price pressures abate, providing short-term support to sentiment. Both the current assessment and expectations components improved, offering some hope for an H2 pickup in the German economy. However, stagflation risks persist: if the Strait of Hormuz situation remains unchanged, the global economy will need to adapt to a new normal, and that adjustment could keep euro-area activity under further pressure before any sustained improvement.