Microsoft (MSFT.O) launched the Web IQ suite, which includes a set of AI-native Grounding APIs. Web IQ is described as a search engine targeted at AI systems.

The Trump administration on Tuesday filed a notice of appeal with the U.S. Court of International Trade challenging a judge's order that U.S. Customs refund $166 billion in global tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The appeal follows a U.S. Supreme Court ruling earlier this year that the IEEPA tariffs were unlawfully imposed. The Justice Department argues the trial judge lacked authority to direct refunds to all importers who paid the tariffs, regardless of whether they sued to recover payments.

Eurostat said May CPI rose 3.2% YoY, up from April’s 3.0% and in line with the median forecast. Core CPI excluding food and energy accelerated to 2.5%, above expectations, while services inflation jumped to 3.5%. Markets price a June ECB hike — the first since Sept 2023. Officials appear to have concluded they cannot keep waiting and should act promptly to counter spillovers from the Middle East conflict.