Us service providers expanded at a slower-than-expected pace in June, with an employment indicator falling, reflecting employers' continuing difficulties in hiring. The Institute for supply Management (ISM) services index fell to 60.1 from a record 64 in May. Orders and business activity also fell. Economists surveyed by Bloomberg expected a median of 63.5. Although it is cooler than a month ago, demand for services such as restaurant catering, hotel accommodation and travel remains strong, according to the report. The backlog of orders reached its highest level since the data were collected in 1997. Meanwhile, the service sector employment index fell to its lowest level so far this year, falling to 49.3 from 55.3 in May. The results are similar to those of the manufacturing survey, which also shows a decline in employment indicators. 

A bipartisan group of members of the House of Representatives publicly supported President Joe Biden's $579 billion infrastructure deal with a group of Republican and Democratic senators on Tuesday. The lawmakers' support gave new impetus to Mr Biden's infrastructure spending plan as it entered the critical month of July. The 58-member problem-solving caucus issued a statement supporting Biden's agreement with 10 senators and calling for a swift independent vote in the House of Representatives. This is actually against House Speaker Nancy Pelosi's claim, because Pelosi set a prerequisite for Biden's agreement to be passed in the House of Representatives, that is, the Senate needs to pass a larger tax and social spending budget bill.

White House Press Secretary Jen Psaki said Biden administration officials were "encouraged" by the ongoing OPEC negotiations and talked to officials from Saudi Arabia and the United Arab Emirates in the hope that an agreement could be reached to stop crude oil prices from rising. "We are not a party to these negotiations, but we have had a number of high-level conversations with officials from Saudi Arabia, the United Arab Emirates and other relevant partners over the weekend and this week," Psaki said at a White House briefing on Tuesday. She declined to specify which U. S. officials were involved, but hinted that President Joe Biden was not expected to make a personal call.

Corn futures prices in Chicago tumbled as rain in the US boosted optimism about the harvest outlook and speculation that Chinese demand could cool. Corn futures fell by the daily limit, falling 6.9 per cent to $5.3975 a bushel. Soybean and wheat futures also fell. According to the government forecast, the weather conditions in the producing areas of the United States seem to be very favorable, with rain in the vast Midwest in the next seven days. This could help ease the drought in key states such as Iowa and Minnesota. The drought in these areas spurred a surge in the entire grain market last week.

The BoJ is likely to consider raising inflation expectations when it releases its latest quarterly economic outlook next week, according to people familiar with the matter. People familiar with the matter said BoJ officials believed that higher energy prices would raise inflation by more than they had expected, making the correction possible. The bank's latest forecast for core consumer price index growth for the year to March 2022 was 0.1 per cent in April. The current consensus forecast for the market is 0.3%.

Pablo Hernandez de Cos, policy commissioner of the European Central Bank and governor of the Bank of Spain, said the euro zone economy is expected to grow strongly in the coming quarters. "vaccination programmes in Spain, Europe and the rest of the world, at least in developed countries, are quite mature, and we are clearly at a turning point in the evolution of the crisis," he said at a banking conference. "We expect strong economic growth." There is still uncertainty about COVID-19 's mutated virus, how consumers will spend their savings during the epidemic, and the flow of tourists in the tourism industry. He said that Europe must implement the Basel III standards in a full and timely manner.

The US is urging European officials to reconsider plans to implement a digital tax in the 27 countries of the European Union, and the dispute over the tax could undermine significant progress made in recent corporate tax agreements at the global level. Speaking to reporters on Tuesday ahead of a meeting of G-20 finance ministers in Venice this week, US Treasury officials said the proposed digital tax could be detrimental to last week's agreement to abolish the so-called digital services tax. The United States believes that such taxes constitute discrimination against American companies.

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