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Some signs of inflation relief, Boris Johnson’s woes and hot commodities.Inflation indicatorsA bellwether of semiconductor prices, the spot [View in browser]( [Bloomberg]( Some signs of inflation relief, Boris Johnson’s woes and hot commodities. Inflation indicators A bellwether of semiconductor prices, the spot rate for shipping containers and North America's fertilizer prices [all suggest]( that some of the key supply-side factors driving global inflation levels are turning around, meaning some relief could be on the horizon. Over in Australia, the central bank [raised]( its benchmark rate by a larger-than-expected margin to tame inflation. Johnson’s woes UK Prime Minister Boris Johnson clung to power in Monday’s confidence vote, though the [scale of the mutinyÂ](suggests his days may be numbered. The hollow win shows that Johnson’s missteps and misdeeds have left the Conservative party split into [multiple factions](. Sentiment on the pound is near the [most bearish]( since 2020 as the UK faces a cost-of-living crisis, possible recession and continued political turmoil. Hot commodities The rally in raw materials shows little sign of a letup, pushing the Bloomberg Commodity Spot Index to a record high. Crude is hovering around $120 a barrel, with natural gas, oil and wheat among the biggest movers this year. Which commodity will outperform into year-end? Has the world reached peak-oil demand? Commodities will impact the world economy via inflation, ESG, geopolitics and more -- the theme of this week’s MLIV Pulse survey. Participation takes one minute and is anonymous, so [please click here]( to get involved. Stocks fall [European stocks]( gave back roughly half of Monday's gains as of 5:50 a.m. New York time, with tech, retail and media names the weakest Stoxx 600 sectors. S&P futures dropped as much as 0.8%. German bonds led a broad move higher, with 10y yields back below 1.3% and their US counterpart pushing back toward 3%. Japan's yen continued to weaken, briefly trading near 133 per dollar. The pound had a choppy start before settling near $1.25 after a firmer than expected services PMI release. WTI and Brent both posted small losses with spot gold rising near $1,850/oz. Coming up... Today's economic data slate remains relatively light with the US trade balance due at 8:30 a.m. and consumer credit at 3 p.m. Central banks are quiet although we could hear from ECB's Pierre Wunsch who is due to present the Belgian Financial Stability Review. Treasury auctions include $44 billion of 3-year notes at 1 p.m. JM Smucker Co. is among the companies scheduled to report earnings. What we've been reading Here's what caught our eye over the past 24 hours. - Musk’s Twitter [`buyer’s remorse.’]( - Apple’s [MacBook Air]( redesign. - Russia’s [default tussle](just starting. - Why [airline tickets]( are so expensive. - [Hamptons, Miami](hotels worst for price gouging. - US probes [Binance](. - [SEC rules](could reshape stock market. And finally, here’s what Joe’s interested in this morning There are all kinds of headwinds facing the consumer, most notably sky high inflation. But Americans continue to spend. That's the message from a new look at card data, out yesterday from Bank of America. You can see, aggregate 2022 levels remain well above recent years. However the firm notes that total growth y/y is running below the headline rate of inflation, which means that real consumption may be running lower -- people are spending more but taking home less real stuff, a contributing factor to dismal consumer sentiment readings by some measures. [Meanwhile yesterday](, the Bloomberg Commodities Index hit yet another record yesterday, after having slipped through the middle of May.  This time it's natural gas prices that are going nuts, and pushing the index to new heights. The reopening of China (which everyone knew was depressing prices somewhat) is almost certainly contributing to the overall upward move. There are good reasons to think the US economy is not in a recession. But for the Fed, whose primary concern is inflation, there are still aren't many signs (outside of a few pockets of the labor market maybe) of any meaningful cooling. Follow Bloomberg's Joe Weisenthal on Twitter [@TheStalwart]( Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Five Things - Americas newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](