The S&P 500 in the US rose 1.6% and hit new highs last week, as investors were encouraged by a softer than expected May inflation report. In contrast, European shares fell 2.8% in the wake of fresh political uncertainty. Elsewhere, the Australian ASX 200 fell 1.7% and the FTSE 100 in the UK was 1.2% lower. Japanese and emerging markets were little moved, as was the local NZX 50. Looking ahead, retail sales are out in the US this week, while China will release monthly activity indicators on Monday afternoon. Global flash PMIs for June are due on Friday, and central bank decisions loom in Australia and the UK. Here in New Zealand, a housing market report is out on Monday, while later in the week we'll get the results of the latest dairy auction and the March 2024 quarter GDP report.