U.S. Department of Transportation data show average gasoline prices in May rose 42.2% year-on-year versus May 2025.

The European Parliament's Committee on International Trade will hold a special meeting on June 2 to discuss and vote on provisional provisions in the legislative text of the EU-US trade agreement. The EU and US reached the trade agreement in July 2025; Parliament and the EU Council agreed a provisional legislative text in May that strengthens several clauses compared with the European Commission's original proposal to address uncertainty in transatlantic trade relations. The text is expected to go to a European Parliament plenary for a final vote in mid-June, followed by approval by the EU Council.

Eurostat said May CPI rose 3.2% YoY, up from April’s 3.0% and in line with the median forecast. Core CPI excluding food and energy accelerated to 2.5%, above expectations, while services inflation jumped to 3.5%. Markets price a June ECB hike — the first since Sept 2023. Officials appear to have concluded they cannot keep waiting and should act promptly to counter spillovers from the Middle East conflict.