France May trade deficit €6.928 bln; April deficit revised to €5.416 bln from €5.64 bln.

Channel checks at Hangzhou’s Bainaohui computer mall show upstream storage-chip price rises have been passed through to consumers: memory modules and SSDs have surged, with some models doubling. 1TB SSDs have climbed from about 500 yuan to roughly 1,000 yuan; PS5-compatible 8TB SSDs are trading near 20,000 yuan. Dealers report reduced willingness to stockpile. The price surge, driven by structural AI compute demand crowding out capacity, is expected to persist through 2027.

ECB Governing Council member WUNSCH said the ECB may need to do more, but current conditions do not warrant a large policy tightening; further action is not ruled out, though we should not wait too long.