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A cool, wet start to June in Northern Europe is set to give way to a summer of extreme weather, roiling energy markets that have become increasingly dependent on solar and wind power.

High-pressure systems are forecast to return later this month, bringing the risk of heat waves this summer following an unusually dry and sunny spring. That will drive up power demand for cooling, though the impact on gas prices will also depend on surging solar generation and nuclear output levels in France.

“This one looks to be quite an impactful summer on paper,” said Andrew Pedrini, a meteorologist with Atmospheric G2. “We will hear a lot about extremes.”

Following President Trump’s pointed rhetoric about Canada becoming the 51st state—and his implementation of steep tariff hikes—Canadians have started redirecting their vacation plans away from the US.

What’s missed in the punch lines prompted by Trump’s 51st state talk is that Americans’ northerly neighbors represent its largest international visitor market, representing some $20.5 billion in spending each year. It’s no surprise that other countries are extending a warm welcome to Canadian tourists with hopes of cashing in.

Canadians are traveling more this summer than they did last year—just not to the US. According to data from Statistics Canada, the government’s data-crunching agency, they have logged 10% more flights to overseas countries in the first five months of 2025 than they did in 2024. In that same period, they also curbed their flights to the US by 20%. Car trips across the border have declined by 35%, leaving US border towns ravaged.

Circle Internet Group has priced its initial public offering at $31 per share, exceeding its earlier target range of $27 to $28.

The pricing gives the stablecoin issuer a market valuation of $6.8 billion. Shares will be listed on the New York Stock Exchange under the ticker symbol “CRCL.”Elon Musk has launched a sustained public campaign against a major tax-cut bill championed by US President Donald Trump, urging lawmakers to reject the proposal, which he claims would significantly increase national debt.Writing on his social media platform X, Musk called on the public to pressure Congress, warning that the bill would push the US further into what he described as “debt slavery”. He criticised the legislation—dubbed by Trump as a “big, beautiful bill”—for potentially raising the debt ceiling by $5 trillion, and argued for an alternative that would not widen the fiscal deficit.

US Treasury yields remained largely unchanged on Thursday after falling sharply the previous day due to weaker-than-expected economic indicators. The 2-year and 10-year yields each rose by less than one basis point, while the 30-year yield was flat at 4.89%.

Wednesday’s decline followed data showing a surprise contraction in the services sector in May, with activity falling to 49.9%, below the 52.1% forecast. Additionally, private sector payrolls rose by just 37,000 in May, far below the expected 110,000, raising concerns about a cooling labour market.

Investors are now awaiting US trade data and jobless claims later on Thursday, with May’s non-farm payrolls and unemployment rate due Friday.

Wall Street had a rangebound and listless trading session on Wednesday after some disappointing macro data on the private payrolls and services PMI front.

The Dow Jones ended in the red but the outperformance in tech shares contributed to modest gains in the S&P 500 and the Nasdaq.

Oil held a drop on signs Saudi Arabia is seeking another big production increase at next month’s OPEC+ meeting, in a bid for market share that could worsen a glut expected later this year.

Brent traded below $65 a barrel after losing 1.2% in the previous session, while West Texas Intermediate was under $63. The kingdom wants the Organization of the Petroleum Exporting Countries and its allies to continue to add at least 411,000 barrels a day of output in August and potentially September, according to people familiar with the matter.

“Once Saudi Arabia takes the lead in accelerating output increases, historical experience suggests that the market could face the risk of a price war, which would be highly unfavorable for oil prices,” said Gao Jian, an analyst at Qisheng Futures Co.

Gold held gains, after weaker-than-expected US data reinforced expectations that the Federal Reserve will cut interest rates at least twice this year to prevent a recession.

Bullion traded near $3,375 an ounce, following a 0.6% increase on Wednesday, after separate reports showed a contraction in US service providers and a deceleration in hiring. Treasury yields fell after the prints, with swap traders pricing in two Fed reductions in October and December. Lower rates are typically a tailwind for gold, which doesn’t bear interest.

Elsewhere, fears about worsening friction between the US and some of its major trading partners resurfaced after President Donald Trump doubled steel and aluminum tariffs to 50%. Separately, he labeled Chinese counterpart Xi Jinping as “extremely hard to make a deal with”.

Wall Street had a rangebound and listless trading session on Wednesday after some disappointing macro data on the private payrolls and services PMI front.

The Dow Jones ended in the red but the outperformance in tech shares contributed to modest gains in the S&P 500 and the Nasdaq.

Futures on Wall Street are pointing towards a positive start to the trading session ahead of two important numbers that will be reported over the next two days.

The Dow futures are up 70 points, while the S&P 500 and Nasdaq are also trading just above the flat line.

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