Euro area June ECB 3-year CPI expectations 2.8% vs 2.9% expected, 2.9% prior.

An ECB survey published Friday shows euro-area inf expectations roughly unchanged over the past three months; prices are expected to fall sharply next year and return to the 2% target in 2028. The survey, used in ECB policy deliberations, forecasts average inf this year at 2.7% (unchanged), raises the 2027 forecast to 2.2% from 2.1%, and projects 2.0% for 2028. Most economists surveyed said inf may have neared its peak and would gradually decline toward the target sometime in 2027. Energy-driven costs have kept headline inf around 3% in recent months.

China's main domestic futures front-month contracts opened mixed; SC crude rose over 6%. Fuel oil and styrene (EB) gained more than 3%; benzene, low-sulfur fuel oil (LU), bitumen, synthetic rubber and ethylene glycol (EG) were up over 2%. On the downside, Shanghai silver fell about 4%; platinum and palladium dropped more than 3%; Shanghai gold declined over 2%; international copper slipped nearly 2%; Shanghai copper, Shanghai tin and glass fell more than 1%.