TotalEnergies' CEO said U.S. LNG output increases are helpful but cannot replace Qatar's supply to Europe this coming winter.

The People's Bank of China and other regulators will prudently and orderly launch an offshore financial pilot in Shanghai's Pudong New Area to boost the district's role in global financial resource allocation. The pilot will test concentrated offshore activity using physical clustering, restricted eligible entities and account segregation to allow moderate aggregation while isolating risk. It targets provision of offshore services — payments and settlement, FX conversion, investment and financing, insurance and asset management — to Chinese 'going out' firms' overseas subsidiaries and qualifying Belt and Road and other foreign enterprises. Shanghai is encouraged to establish standards, processes and supervisory rules for accessing offshore services; authorities will study the feasibility of setting up offshore banks and other offshore financial institutions.

US MBA 30-year fixed mortgage rate for week ended June 12: 6.6%, unchanged from prior week.