ECB executive board member Panetta said the latest energy shock must not be regarded as temporary.

China Galaxy Securities says June cement demand was seasonally weak due to high temperatures and Meiyu rains; clinker-line shutdowns varied by region as firms accelerated capacity curtailment and clinker inventories declined. Cost pressures in June prompted regional attempts to lift prices, leaving the national average cement price slightly up MoM. Looking ahead, off-season demand in July is unlikely to support prices, the marginal effect of staggered production controls will fade, and cost-side support will lessen; the firm expects cement prices to trend weaker at low levels in July.

AMP chief economist Shane Oliver says a key risk over the next year is that after the upcoming midterm elections US President Trump may be less constrained and could use the window before the 2028 election to step up overseas military actions, including renewed moves against Iran and potential actions involving Greenland and Cuba. Oliver added the risk is particularly acute if Trump loses control of both chambers of Congress in November.