Crypto News: 5 things to start your day

Good morning. Boris Johnson is in political trouble again, the European Central Bank is likely to hike rates, Putin issues a warning and someone's suing the London Metal Exchange. Here's what people are talking about.

UK British Prime Minister Boris Johnson sees rebel MPs from the governing Conservative Party triggering a vote on his leadership as soon as this week. Tory MPs seeking to oust Johnson may be on the cusp of securing the 54 letters required to force a confidence vote, said a person, who insisted that the prime minister is confident that he would win any ballot if it were to take place. Meanwhile, the Conservatives are heading for a thumping defeat in this month's special election in Wakefield, according to a poll published in the Sunday Times

The European Central Bank is finally about to join the global bandwagon of monetary policy tightening, spurred into action by repeated record highs in inflation. Almost three months since the US Federal Reserve delivered a first interest-rate hike, its euro-zone counterpart will this week announce an end to bond purchases and formally begin the countdown to an increase in borrowing costs in July.

Russia took aim Sunday at Western military supplies for Ukraine, launching airstrikes on Kyiv that it claimed destroyed tanks donated from abroad, as Vladimir Putin warned that any Western deliveries of longer-range rocket systems would prompt Moscow to hit "objects that we haven't yet struck." The Russian leader's cryptic threat of military escalation did not specify what the new targets might be.

The London Metal Exchange is being sued for $456 million over its decision to halt and undo trading in nickel after a short squeeze in March caused prices to sky rocket. The exchange is being sued by Elliott Associates and Elliott International in a case filed in the English High Court on June 1, according to a statement issued by Hong Kong Exchanges & Clearing Ltd., its parent company.

European equities are on track to follow Asian stocks higher as Beijing's reopening boosted investor sentiment. Apple's Worldwide Developers Conference convenes online. The Summit of the Americas kicks off in Los Angeles. London's transport operator warned of "severe disruption" as a 24-hour strike is expected to shut down much of the city's Tube network. Expected data include UK new-car registrations. GitLab and Motor Oil are among firms scheduled to report earnings.

This is what's caught our eye over the past 24 hours.

Peak inflation may be near.
Britain's travel chaos.
More oil may be coming.
Who would lead Labour?
Bitcoin miners are selling.
How to avoid Terra stablecoin's fate.
Wall Street and math students.

Hedge funds are once more betting against benchmark Treasuries, at least one gauge of positioning shows. Net leveraged-fund 10-year Treasury futures positions turned negative for the first time since January 2021, according to the latest Commodity Futures Trading Commission data. The move comes as benchmark yields climb back toward 3%, as traders renew their focus on the path of Federal Reserve rate hikes. Of course, the data is not necessarily a clean view of fast-money bets, with some of the positioning likely part of broader strategies and a hedge for wagers on cash Treasuries. The next major catalyst for US yields will be Friday's inflation figures for May, with investors looking for indications that US price pressure has peaked. CPI is projected to post an 8.3% annual gain from an 8.3% rate a month earlier. That's not much of a slowdown, or a margin for error, and both bulls and bears will fancy their chances of a surprise. That suggests a choppy week ahead with 3% the key focal point for the global bond benchmark.