Macro update
Asian shares slide: Asian equities fell sharply as oil prices climbed after comments from US President Trump suggested there was no urgency to reopen the Strait of Hormuz.
Treasury yields jump: US yields rose to multi-month highs as higher oil prices reignited inflation concerns and increased expectations of a Fed rate hike this year, with the 30-year yield moving above 5% and the two-year yield reaching its highest level since 2025.
Oil rally continues: Brent climbed above $107 a barrel and was up nearly 6% for the week, supported by ongoing disruption around the Strait of Hormuz, fresh shipping incidents and the absence of US-Iran talks.
Japan hit by inflation and tech weakness: The Nikkei fell as much as 1.8% after wholesale inflation accelerated to 4.9% in April, while profit-taking in technology shares weighed on Advantest, Tokyo Electron and Fujikura.
South Korea tumbles after record high: The KOSPI briefly rose above 8,000 for the first time before plunging more than 5%, highlighting the fragility of risk appetite despite recent strength in global technology stocks.
Dollar strengthens as politics weighs on sterling: The dollar headed for its strongest week in two months as safe-haven demand and higher yields supported the currency, while sterling fell to a one-month low after Wes Streeting’s resignation intensified the UK political crisis.