US equities declined last week as expectations that the Federal Reserve may raise interest rates later this year weighed on investor sentiment. S&P Global’s manufacturing & services PMIs both came in stronger than forecast. Meanwhile, the Fed’s preferred inflation measure, Core PCE, came in at 3.4%, in line with expectations. Despite persistently high inflation, consumer spending for the month was stronger than anticipated.

In Europe, S&P Global’s flash Eurozone composite PMI increased to 49.5 in June from 48.5 in May, although private sector activity in the region still contracted for a third consecutive month. In the UK, Prime Minister Keir Starmer stepped down, with Andy Burnham now aiming to succeed where others have…