UK May non-seasonally adjusted input PPI m/m +0.2% (forecast +0.5%); April revised up to +2.6% from +2.4%.

Rabobank energy strategists said even if the Strait of Hormuz reopens, voyage times and tanker redeployment from the Persian Gulf to major Asian importers will be the main constraint on how quickly the oil market can rebalance. A laden tanker typically needs about 28–55 days to reach India, China, Korea or Japan, implying inventories will keep drawing down after supply resumes. Strategists Joe DeLaura and Florence Schmit added that vessels rerouted around the Cape of Good Hope to reach the Atlantic basin would take an estimated 1–2 months to fully restart operations after any pause in hostilities.

Federal Reserve Chair Kevin Warsh declined to say whether he has communicated with President Trump since formally taking office last month, but confirmed meetings with Treasury Secretary Bessent. Warsh said Bessent posted a social-media photo of their breakfast and noted the long-standing practice of weekly meetings between the Fed chair and the treasury secretary; they have met three times so far. He added Bessent is overseas this week, so a meeting this week would be an exception.