US and China trade talks continue this morning, with ‘more to do’. US inflation data for May will show if tariffs are pushing up prices. Australian business conditions are their lowest since 2020. Traffic movements in New Zealand show diverging economic activity.

In the second part of a deep dive interview into OPEC’s production cut phase-out, ANZ Senior Commodities Strategist Daniel Hynes explains why he will be keeping a close eye on what the oil bloc decides on production in September.

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