Sky News reports UK chancellor Reeves will discuss ways corporate overseas branches can reduce tax liabilities.

S&P Global Market Intelligence chief economist Joe Hayes said April’s growth in France was transitory. The front-loaded order boost has faded, replaced by falling new business, lower production and inventory reduction. Supply chains are still adjusting to the Middle East war and energy-price shock: more French manufacturers report delivery disruptions and rising input costs versus April, pressures that could feed broader commodity-price rises and supply constraints in coming months. He warned heavily indebted countries like France have limited policy tools to counter such large external shocks.

Eurozone May manufacturing PMI (final) 51.6, versus consensus 51.4 and April 51.4.