Wildfires across France and Spain and a forecast 'Super El Niño' add pressure to commodity markets even as BofA says the K-shaped consumer spending gap has closed.
BofA flagged a closing K-shaped consumer spending gap as China moved to tax offshore trusts and Australia's housing slowdown began weighing on its broader economy.
Australia and India are pushing back on new Trump tariffs while China deepens its trade and green-energy inroads amid Middle East disruption to oil markets.