Notes today:

• Reuters: U.S. Retail sales rose 0.6% last month. Data for May was revised down to show sales falling 1.7% instead of declining 1.3% as previously reported. Economists polled by Reuters had forecast retail sales dropping 0.4%. 

• (Reuters) -Binance said on Friday it had stopped selling digital tokens linked to shares. 

• Covid is surging, and LA County has reinstated mask mandates for all. Case numbers are climbing across most of the country as the Delta variant spreads among "unvaccinated" people. Arkansas, Missouri, Florida and Nevada are experiencing full-fledged outbreaks.

• (Reuters) - China's long-awaited national carbon emission trading scheme (ETS) opened at 48 yuan ($7.42) per tonne on Friday, according to reports from Chinese media. 

• The Federal Reserve will probably end up requiring banks to conduct tests to judge their vulnerability to the effects of climate change, Chairman Jerome Powell proposed. 

• Bloomberg: Benchmark global hog futures have surged more than 25% in Chicago this year on strong demand and higher feed costs. By contrast, pork prices in China have slumped more than 50% on increased supplies as domestic herds rebound from African swine fever. U.S. pork is now more expensive than domestic meat after tariffs and freight. 

• The WSJ reported Thursday that chip giant Intel Corp. INTC is exploring a $30 billion deal to buy GlobalFoundries.

• Moderna’s (MRNA) next act is using mRNA against flu, Zika, HIV, and cancer.