[The U.S. PPI fell more than expected in May or pushed the Fed to suspend interest rate hikes] The U.S. producer price index fell more than expected in May, and the annual rate of increase hit the lowest in nearly two and a half years, which strengthened the reason for the Fed not to raise interest rates this week. CPI data released yesterday showed that consumer prices rose slightly in May, the smallest year-on-year increase since March 2021. Fed officials are expected to leave interest rates unchanged for the first time since March 2022, when the central bank began its fastest monetary policy tightening in more than 40 years.

NATO Secretary-General Jens Stoltenberg: The defense industry needs contracts.

NATO Secretary-General Stoltenberg: Since last fall, we have been working hard to increase our defense production capacity.

NATO Secretary-General Stoltenberg: Sweden may join NATO before Vilnius summit.

NATO Secretary-General Stoltenberg: Sweden has made some progress in joining NATO.

Crop Institute Arvalis: Drought in southeastern France will affect the durum wheat harvest. The preliminary winter barley harvest in France shows good yield and quality.

Crop Research Institute Arvalis: due to the current hot weather, cereal production in France is expected to decrease somewhat, but the potential remains good.

NATO Secretary-General Stoltenberg: Various allies are discussing different types of security arrangements to develop a framework for Ukraine.

COMEX silver futures rose more than 1.00% in the day and is now at $24.07 per ounce.

The Australian dollar broke above 0.68 AUD/USD, up 0.49% on the day.

Shell plans to increase LNG production capacity by 11 million tons per year by 2030.

After the release of the U.S. PPI data for May, the U.S. 10-year Treasury yield fell 4.90 basis points to 3.790%.

[IEA: Oil demand is expected to peak in 2030] The International Energy Agency (IEA) said that by 2028, oil demand will continue to grow, but at a much slower rate than this year, and as the pace of energy transition accelerates, oil demand is expected to Demand will peak in 2030. In its medium-term outlook report, the IEA said it expects global oil demand to rise from 99.8 million bpd in 2022 to 105 million bpd in 2028. In addition, the IEA predicts that by 2028, global oil supply capacity will increase by 5.9 million barrels per day to 111 million barrels per day, easily meeting demand growth. Supply growth will be largely led by U.S. shale and other producers in the Americas such as Brazil, Guyana and Argentina. It also forecasts that global upstream oil and gas investment will rise 11% this year to $528 billion, the highest level since 2015 and enough to cover projected demand growth in 2022-2028. Global oil spare capacity is expected to reach 3.8 million barrels per day by 2028, mainly concentrated in OPEC+ Middle Eastern members such as Saudi Arabia and the United Arab Emirates, which are undertaking large-scale capacity expansion projects.