US stocks closed lower Wednesday: Dow fell 1.87%, S&P 500 down 1.61% and Nasdaq Composite down 1.98%. Super Micro Computer (SMCI.O) plunged about 28%. Tesla (TSLA.O) and NVIDIA (NVDA.O) slid more than 3%. Nasdaq Golden Dragon China Index slipped 0.28%; NetEase (NTES.O) rose nearly 4% while GDS Holdings (GDS.O) dropped about 7%.

U.S. EIA implied demand for distillate fuel oil for the week to June 5: 5.3626 mln b/d, prior 5.0864 mln b/d.

BMO analysts say some ECB governing council members are inclined to act and expect a rate hike at the June 11 meeting, with a risk of a follow-up increase as early as July. Since the outbreak of the Iran conflict, the RESERVE BANK OF AUSTRALIA and NORWAY C.BANK have already tightened, and the ECB would be the first G7 central bank to move. Eurozone inflation has not eased since the last meeting; worries that the Iran conflict’s duration or a fragile peace could boost inflation expectations and wage pressures, alongside rising stagnation risk, are prompting a shift toward tightening. The ECB must tread carefully, but additional hikes remain possible.