Top-of-mind economic news as we start the week:
— Congress approved a debt-ceiling compromise that the President signed into law, averting U.S. default.
— U.S. payrolls rose 339,000 in May, much better than expected in what continues to be a resilient labor market.
— U.S. manufacturing activity contracted for a seventh straight month in May, while input prices fell for the first time since 2020.
— Eurozone inflation dropped to 6.1% in May (from 7% in April) as core pressures eased; 2 more interest rate hikes expected nonetheless.
— The European Parliament updated proposal rules for ESG corporate due diligence to align with climate targets of Paris accord.
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