ECB data published Monday show May bank lending in the euro area strengthened: non-financial corporate loans rose YoY to 4.0% from 3.4% in April; household loan growth edged up to 3.1% from 3.0%; broad money (M3) growth accelerated to 3.2% from 2.7%.

The Bank for International Settlements said in a report on June 28 that a "historic closure" of the Strait of Hormuz triggered an energy and broader commodity supply crisis, posing a fresh threat to the global outlook. While geopolitical tensions have eased and oil prices have fallen sharply, the BIS warned the shock's effects may persist. The report said early-year resilience was supported by AI-driven optimism and stronger-than-expected global trade, but cautioned that AI-related optimism may not be durable. If supply bottlenecks continue to constrain production, the recent surge in capital expenditure may be difficult to sustain.

UK M4 money supply MoM +0.1% in May, previous +0.20%.