June was somewhat calmer for the financial markets than previous months, despite heightened geopolitical risks. Reciprocal tariffs are on pause, until July 9 (August 12 for China). It is likely that general agreements may be found, though the details would still be harshly negotiated. During the month, stock prices rose about 4.4%. This rise occurred despite Israel and US bombarding Iran - thus sharply increasing tensions in the region - as nothing important for the world’s economy was impacted by the strikes nor by the measures taken in retaliation.