Greetings,
The United States: The preliminary University of Michigan Consumer Sentiment index for June jumped 8.3 points to 60.5, well above the 53.5 consensus. According to the University of Michigan’s analysis, the improvement suggests that “Consumers appear to have settled somewhat from the shock of the extremely high tariffs announced in April and the policy volatility seen in the weeks that followed.” Both the current conditions (63.7 vs. 59.4 consensus) and expectations (58.4 vs. 49.0 consensus) subindices posted strong beats.

Canada: The loonie continues to strengthen against the USD.

Europe: The Norwegian krone has strengthened against the euro, buoyed by rising energy prices.

Credit: Loans from US commercial banks to non-bank financial institutions have more than doubled since 2020, now exceeding $1.25 trillion. This sharp rise underscores the deepening entanglement between traditional banks and shadow banking, amplifying systemic risk.

Energy: Brent registered its 19th-largest weekly climb since 1988, …

… but is holding below $75/bbl.

Equities: Deutsche Bank’s positioning index has been inching higher but remains in underweight territory.

Food for Thought: Average monthly residential electric utility bill:

Edited by Abraham Lent
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