indicating that inflation is out of control. The producer price index increased seasonally adjusted 1.1% in May, putting the 12-month wholesale inflation rate at 6.5%, the highest since November 2022. Excluding food and energy, the so-called core PPI accelerated 0.4%, compared with the consensus view of 0.5%, indicating that rising fuel prices are causing much of the inflationary burden. Someday, the market will notice.

Bringing its key interest rate to 2.25% as the Iran war continues to blow inflation off target. Markets had been pricing in a near-100% chance of the ECB raising rates by at least 25 basis points ahead of its June Governing Council meeting, according to LSEG data. The ECB's Governing Council said the decision had been made in a bid to ward off inflationary pressures generated by the U.S.-Iran war.

The number of Americans filing claims for unemployment benefits increased marginally last week, pointing to continued labor market resilience in early June. Initial ​claims for state unemployment benefits rose 4,000 to a seasonally adjusted 229,000 ‌for the week ended June 6, the Labor Department said on Thursday. 

with focus shifting to Allstate (ALL). Upside targets based on a breakout from this formation give us targets over the next six to nine months of $250 to $260. It’s rare when insurance stocks move with alacrity, but the path higher is there, and momentum may help it pick up speed. The trend is our friend here, and for those looking to avoid some of the excess volatility of late, then you’re in good hands with Allstate.

for $29.99 a month. The Alphabet-owned company said in a blog post on Thursday that the plan will cost $29.99 per month and is invite-only to start for select riders in San Francisco, Los Angeles, and Phoenix. Subscribers will get prioritized matching, up to five free cancellations per month, and will earn 10% back in loyalty credits, or Waymo Cash, for each trip. (UBER) dropped on the news. The ride-sharing wars are heating up!