Chinese exports disappoint in May by a wide margin as weak domestic forecasts and global consumption concerns weigh. U.S. indices rally, however, with fresh record highs for the S&P 500 and the Nasdaq. The VIX drops to its lowest intra-day level since before February 2020. The World Bank slashes its global growth forecast for next year, citing higher rates and tight credit conditions. Deputy Chief Economist Ayhan Kose tells CNBC that the world economy remains in a precarious situation. U.S. authorities clamp down on crypto, targeting Coinbase and freezing all U.S. assets globally owned by Binance. SEC Chairman Gary Gensler tells our U.S. colleagues that the sector’s business model must be regulated. And in sports news, the PGA Tour merges with Saudi-backed outfit LIV, ending all litigation between the factions.

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