U.S. June University of Michigan consumer expectations index (prelim) 49.3, consensus 44.3, prior 44.1.

Iran’s state news agency IRNA on the 12th published the main framework of an Iran–US memorandum on ending hostilities. Key market-relevant points: the nuclear file is unchanged — the memorandum does not cover nuclear commitments and Iran will make no new pledges; nuclear talks are to be held within 60 days of signing. The Strait of Hormuz will not be handed over or assigned a US role; Iran will not commit to transferring management and says future arrangements should be resolved regionally with Oman through dialogue and joint decisions. The memorandum calls for a complete end to fighting on all fronts, including Lebanon. It proposes a clear mechanism to unfreeze Iran’s frozen assets and places war reparations on the agenda. Details on lifting primary and secondary sanctions will be left to the final agreement; the final accord’s three agenda items are to be negotiated within the 60‑day period.

China Customs data show combined imports and exports of AI-related products — led by industrial robots and including electronic components, computer parts and fiber-optic cable — reached 4.12 tln yuan in Jan–May, up 52.4% YoY.