EMISSIONS: EU End-Of-Day Carbon Summary: EUAs Track Weekly Losses, UKAs Rise

• EUR/USD: Jun13 $1.1400-05(E1.7bln), $1.1485-00(E2.0bln); Jun16 $1.1400(E1.3bln), $1.1450-65(E1.5bln), $1.1500(E1.5bln)
• USD/JPY: Jun13 Y144.00($1.2bln); Jun16 Y145.00($4.4bln)

• US TSY 17W BILL AUCTION: HIGH 4.220%(ALLOT 22.92%)
• US TSY 17W BILL AUCTION: DEALERS TAKE 32.60% OF COMPETITIVES
• US TSY 17W BILL AUCTION: DIRECTS TAKE 5.12% OF COMPETITIVES
• US TSY 17W BILL AUCTION: INDIRECTS TAKE 62.28% OF COMPETITIVES
• US TSY 17W BILL AUCTION: BID/CVR 2.96

Reuters carrying comments from US Commerce Secretary Howard Lutnick, speaking to CNBC on the US-China trade framework struck after two days of talks in London. 

• Lutnick notes that US President Donald Trump and Chinese President Xi Jinping have to “approve final wording” of the deal. The tone of Trump’s Truth Social post earlier today suggests he is likely to endorse the agreement.
• Lutnick said: “China is going to approve all applications for magnets for US companies,” referring to rare earth components that are critical for a range of high-tech products.
• Lutnick appeared to suggest that the tariff rate agreed in London will be final: “You can say China tariff levels won't change from here.”
• On export controls, which come under the purview of his Commerce Department, Lutnick said the Chinese side “always wants to remove export controls,” but added "We are not going to give China our best chips.”
• Lutnick continued, “They've agreed we are going to examine how China can do more business with us.”
• In his ongoing testimony to the House Ways and Means Committee, Treasury Secretary Scott Bessent noted a short time ago that the Trump administration will continue to take a firm line on China’s industrial overcapacity. 
• Speaking more broadly on trade, Lutnick said, “deal after deal” will start coming next week. Bloomberg reports that EU negotiators see trade talks stretching beyond the July 9 deadline, despite an uptick in talks.