Notes today: 

• Abortion Bans Are Playing a Role in Where Companies Locate. Jobs Could Be Lost.

• Italy’s public debt currently stands at €2.8tn in May, near record. The debt-to-GDP ratio is over 150% making Italy the “proud” home of almost a quarter of all Eurozone debt. 
• In addition, northern Italy has the worst drought in 70 years.

• Fitch downgraded Turkey’s sovereign debt rating into junk. 

• California Governor Gavin Newsom on Tuesday signed one of two bills passed by the Legislature allowing private rights of action against gun dealers andmanufacturers — strengthening the Golden State’s already strict gun laws while taking a swipe at a similar law in Texas that goes after abortion.

• After drawing foreign capital into China’s markets for years, President Xi Jinping is now facing the risk of a nasty period of financial de-globalization.