Container shipping index (Europe route) front-month contract intraday gain widened to 13.00%, now at 3,945.0 points.

ECB Governing Council member Pereira said inf-spiral risk persists and the ECB should not hesitate to act. 'I prefer to act sooner rather than later to avoid larger second‑round effects. When there is a potential inf spiral, I tend to act more quickly and decisively,' he said. Comments come ahead of the ECB policy meeting on June 10-11, where markets and economists price in a 25bp rate hike.

EU officials are considering a temporary freeze of the automatic six-month reset of the Russia oil price cap after Middle East fighting and Strait of Hormuz disruptions pushed crude sharply higher, sources said. The mechanism, adopted last year, sets the cap at 15% below the Russia Urals market average; the current cap is $44.10/bl and is due for reassessment in late summer. Under the cap, EU firms are prohibited from providing insurance, shipping or other services for oil sold above the cap. Sources said a July review could raise the cap to at least $65/bl — above the $60 level previously agreed by the G7 — while a freeze would keep it at the current level.