Germany May seasonally adjusted industrial production +0.9% MoM, versus +0.2% consensus; April +0.4%.

At least eight vessels controlled by Mitsui OSK Lines are sailing in convoy away from the Strait of Hormuz on routes close to Iran, ship-tracking data and the Equasis database show. The group includes five VLCCs, two chemical tankers and one car carrier; some had earlier attempted to exit but turned back. If the transit is completed, the number of large tankers trapped in the Persian Gulf since early March — originally more than 100 — would be reduced to only a handful.

MOODY'S Ratings says the Iran conflict further underscores Australia’s role as a key liquefied natural gas (LNG) supplier, though policy risk to that role is rising.