END OF DAY REPORT JUNT 5th

HIGHLIGHTS

ECB's Nagel says several more rate hikes are needed; not certain that rate hikes will peak this summer Peak rate must be held until there is no doubt that inflation is returning to 2% in the near-future. Underlying price pressures are too high and show no signs of abating. Cautiously optimistic over German growth prospects this year.

ECB's Lagarde says rate hikes are being transmitted forcefully to financing conditions for firms and households The full effects of our monetary policy measures are starting to materialise. Effects of monetary policy tightening on real activity and inflation can be expected to strengthen in the coming years. Price pressures remain strong. No clear evidence that underlying inflation has peaked

Poland looks for UK air defense systems to prevent Russian missiles and drones from entering its airspace after several recent incursions

Apple (AAPL) WWDC: Announces new M2 Ultra chip, which features in new Mac Studio and Mac Pro MacBook Air

White House says US is seeing increasing level of aggressiveness by China's military; US is prepared to address growing aggressiveness US wants to see Beijing justify what it is doing with increased military