In June, the FED left its key interest rate unchanged, while the ECB and the Riksbank, among others, raised interest rates further. The risk of an upcoming recession is still real at the same time as the major stock market indices are doing quite well – the German DAX, for example, traded at all time high during the month. The big US tech companies also perform well, partly driven by the rapid development in AI. Global industry, which is riding on major structural winds when it comes to spending on the military, electrification and digitalisation, also continues to face strong demand, while consumption-related companies have been more affected by a higher interest rate environment. The volatility index, VIX, is still at very low levels. The markets are now waiting for the report period for the second quarter, which will intensify in a couple of weeks.