Macro update AI rally pauses: Asian equities weakened as the chip-led rally lost momentum, with South Korea’s KOSPI falling around 3.5% after nearing the 8,000 level, while MSCI’s Asia ex-Japan index slipped 0.6%. Middle East ceasefire falters: President Trump said the US-Iran ceasefire was “on life support”, with Tehran and Washington still far apart on a […]
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Markets entered a temporary holding pattern on today as traders largely refrained from making aggressive geopolitical bets ahead of both US inflation data and Thursday’s Trump-Xi summit. Despite hostile rhetoric surrounding the Iran ceasefire, broader market reactions remained restrained, with investors appearing reluctant to commit strongly in either direction until clearer signals emerge later this
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At a glance: Oil and the USD held firm as US-Iran pessimism deepened; Trump said the ceasefire is “on life support” on Monday, with CNN reporting he is now more seriously considering a return to major combat operations, frustrated by the Hormuz closure and stalled nuclear talks The Bank of Japan held rates at its
European national competent authorities (NCAs) must wield their supervisory powers – and the sooner the better – to assure a smooth transition to next-day (T+1) settlement, says Giovanni Sabatini, head of the European Union’s T+1 Industry Committee, the task force charged with co-ordinating the move. Along with the UK and Switzerland, the EU will shift
Australian business confidence edged up to -24 in April from -29 in March but remained deeply negative, as surging energy costs squeezed margins and conditions fell to their lowest since 2020, NAB data showed. Summary: NAB’s business confidence index improved marginally to -24 in April from -29 in March, remaining deeply negative after March’s second-largest
Key takeaways Global equity markets, led by Nasdaq 100, S&P 500, Nikkei 225, and KOSPI, climbed to fresh record highs as AI-driven optimism continued to overpower geopolitical concerns surrounding the fragile US-Iran ceasefire. Rising oil prices, stronger inflation expectations, and hawkish Federal Reserve rhetoric reinforced the “higher-for-longer” interest rate narrative, pushing US Treasury yields higher
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UK consumer spending fell 0.1% in April, the first annual decline since late 2024, as Iran war fears drove households toward savings and away from big-ticket and travel spending, Barclays and BRC data showed. Summary: Barclays credit and debit card spending fell 0.1% year-on-year in April, reversing a 0.9% gain in March, the first decline
HSBC raised its year-end 2026 S&P 500 target to 7,650 from 7,500, lifting EPS growth forecasts by 8% on stronger Q1 results, while warning the rally remains dangerously narrow. Summary: HSBC Global Investment Research raised its year-end 2026 S&P 500 target to 7,650 from 7,500 on 11 May The revision was accompanied by an 8%
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The macroeconomic environment is changing: In recent weeks (if not months now!), geopolitical headlines have stopped driving daily moves in most risk assets, and the precious commodities were not isolated. Metals were hit hard at first by conflict and rate-hike fears, but while that link has not disappeared, it is fading. Energy is now the
Iran is ready to downblend highly enriched uranium to levels of 3.7% and 20%, according to Al Jazeera citing a source. Washington refused to transfer the highly enriched uranium to Russia and instead suggested a third country receive it. Iran rejected the transfer of Uranium stockpiles outside of Iran. Washington wanted a halt to uranium
US Stock Benchmarks somewhat consolidate as uncertainty withstands to start the week, preparing for tomorrow’s CPI report Nasdaq and S&P 500 continue to grind higher, supported by option-positioning and a very resilient semiconductor sector Exploring Technical Levels for the Dow Jones, Nasdaq and S&P 500 US stock indexes are starting to settle as uncertainty returns
Robert DiTrapano has joined Deutsche Bank as its new global head of electronic foreign exchange and spot trading, FX Markets understands. Based in New York, he replaces Benedict Carter, who decided to retire last month after 15 years at the bank. DiTrapano joins from Morgan Stanley. He spent over 22 years at the US bank, most
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