President Trump said the US will win both militarily and on paper.

RBA Governor Bullock said the bank has seen signs this round of tightening is beginning to take effect, but the full impact on the economy will take about 1-2 years.

Beike Research Institute data show Hangzhou has recorded three consecutive months of online contract signings above 9,000; May signings were 9,087, up 17.8% YoY and the strongest May in six years. Beike says the market remains in a price-for-volume phase with rigid demand dominant: in May units priced at ≤ CNY2m accounted for 56% of transactions and 60–90 sqm units made up 39.1%. Beike attributes the pickup to a more favourable policy backdrop drawing new residents and migrants and to limited supply of low-total-price quality new-builds, leaving resale stock to absorb much of the rigid demand. New resale listings fell 6% MoM and 19% YoY in May, but total listed resale inventory remains elevated at 189,000 units.