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On June 15th, European Central Bank President Christine Lagarde stated that high energy prices are beginning to spread to other sectors of the economy. She said, "Weve started to see the indirect effects of inflation almost everywhere in recent weeks." The ECB raised interest rates last week for the first time since 2023, as the Middle East war exacerbated price pressures. Officials did not rule out a second rate hike immediately at the July meeting, with policymakers, including Bundesbank President Jean-Claude Nagel, saying that even if the war in Iran ends soon, prices could remain high. However, rising borrowing costs have raised concerns among some ECB watchers about the economic impact. "I hear criticism—often from France, and I understand that criticism—saying, We are taking measures that will stifle economic growth," Lagarde said. "But I must curb inflation if it is awakened, because once inflation gets out of control, it will be much more difficult and costly to bring it back under control. Prolonged inflation is unacceptable for consumers and businesses, and I would have failed in my mission."European Central Bank President Christine Lagarde: Common euro debt is a necessary condition for the success of a capital markets union.On June 15th, Futures reported that the domestic refined oil market showed a divergent trend in early June: retail prices saw a significant decline, but wholesale prices had limited room for further drop and gradually stabilized and began to rise, leading to a narrowing of the wholesale-retail price spread for gasoline and diesel from its year-to-date high. As of the close of trading on June 12th, the wholesale-retail price spread for gasoline from major domestic oil companies and Shandong local refineries narrowed by 19.09% and 16.85% respectively compared to the beginning of the month; the wholesale-retail price spread for diesel narrowed by 19.93% and 18.77% respectively. However, recent negative news has intensified, and demand has been insufficient, leaving room for further declines in wholesale gasoline and diesel prices. Before the retail price adjustment window opens, the wholesale-retail price spread for gasoline and diesel is expected to widen.Switzerlands producer/import price index fell 0.4% month-on-month in May, compared with 0.80% in the previous month.Switzerlands producer/import price index fell 1.8% year-on-year in May, compared with a previous reading of -2.00%.

Technical Analysis

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