U.S. July 5- to 10-year inflation expectations (initial) 3.30%; consensus 3.30%; prior 3.30%.

CNBC reports BP and ConocoPhillips are expected to announce multibillion-dollar investments in Iraq on Friday, part of a US-led push to strengthen Iraq’s energy sector and reduce reliance on export routes vulnerable to Iranian disruption. Plans are due to be unveiled at a US‑Iraq business summit in Washington where Iraqi Prime Minister Zaidi will meet senior US officials and energy executives. The summit is expected to produce more than $60bn in agreements and MOUs; investments from BP, ConocoPhillips and other firms are described as ranging from tens of billions to possibly hundreds of billions of dollars.

According to the Financial Times, investors say the Bank of England should slow or halt sales of long-dated gilts.