Capital Economics economist Jack Allen-Reynolds says euro-area inflation is unlikely to rise sharply further. May inflation was driven by fuel, and fuel prices should retreat in the near term; if oil and gas shipments via the Strait of Hormuz resume in coming months, energy inflation is unlikely to increase, reducing risk of second‑round effects. Food and service inflation may accelerate in H2 but is expected to have only a small impact, so overall H2 inflation should rise only modestly.

China A-shares closed higher with the STAR 50 Index up 4.69%. Shanghai Composite +0.40%, Shenzhen Composite +1.31%, ChiNext +1.56%. Combined turnover CNY 3.09 trillion, +CNY 27.1 billion vs prior session. Memory-chip stocks led an afternoon rally, with Xiangnong Xinchuan, Kexiang and Zhongjing Electronics hitting limit-up. Semiconductor-equipment names also surged; Shengmei Shanghai hit a 20% limit-up, while Huafeng Cekong, Changchuan Technology, Huahai Qingke and Zhongwei outperformed. Coal mining shares widened losses in the afternoon, led by Yunmei Energy, Dayou Energy and Liaoning Energy. Travel and hotel stocks fell across the board, including Tianfu Cultural Tourism, Caesar Travel and Zhangjiajie.

巴克莱：将欧洲奢侈品行业评级上调至超配评级，将欧洲制药行业评级下调至减配评级。