BOC says the financial system is dominated by emerging, less-regulated participants.

Iranian President Pezeshkian said on June 23 on social media that the effectiveness of negotiations with the United States depends on full commitment to and concrete implementation of agreed obligations; progress will be judged by actual compliance and remarks outside the agreement text will not advance talks. The US and Iran held first-round talks in Switzerland on June 21 and agreed to seek a final deal within 60 days. On June 22 President Trump said at the White House that if Iran does not comply he will do what he must.

S&P Global Market Intelligence Germany composite PMI fell to 48.0 in June from 48.8 in May, below the 49.6 market forecast. Phil Smith, associate director of economics at S&P Global Market Intelligence, said business activity has now contracted for three consecutive months at the fastest pace of the cycle, raising the risk of the economy re-entering contraction in Q2. Services led the decline: the services PMI dropped to 46.8 from 48.1, its weakest since November 2022, with activity and new orders both declining faster in June. Manufacturing slipped to 50.0 from 50.1; new orders contracted for a fourth month at the quickest pace since December 2024. Input-cost inflation eased to a four-month low and firms’ output-price inflation slowed to a three-month low.