UK seasonally adjusted core retail sales rose 1.2% m/m in May, versus 0.4% expected; April revised from -0.40% to -0.1%.

Germany May PPI YoY 2.2% vs 2.5% expected, prior 1.7%.

Hostilities between the U.S. and Iran may be paused, but the contest over who prevailed is starting. Both sides cast the June 17 memorandum of understanding signed by their leaders as a victory. Analysts say Iran won new sanctions relief and reconstruction financing and therefore holds the upper hand; the U.S. secured reopening of the Strait of Hormuz — which had been operating normally before the conflict — and concessions on Iran’s nuclear program that Tehran had already made. The White House circulated talking points to allies to present the pact as a political win.