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Oil up on uncertainty; US PMI strengthens; Hewlett Packard reaches record level
Geopolitical tensions and a blocked Strait of Hormuz drove crude oil prices higher, with Brent approaching the $95 mark. Concurrently, US equity indices hit record highs, propelled by a multi-year high in the manufacturing Purchasing Managers' Index (PMI) and stellar quarterly earnings from Hewlett Packard Enterprise.
Canadian GDP stagnates; German inflation eases; Japanese confidence rises
Global economic data reveals contrasting macroeconomic trajectories. Canada's gross domestic product (GDP) unexpectedly stagnated in the first quarter of 2026, marking its first annual contraction since 2020 due to weakening investment. Concurrently, German headline inflation eased to 2.6% on the back of lower energy taxes, whilst Japan's booming retail, industrial, and consumer data propelled the Nikkei 225 to record highs.
PCE Price Index accelerates in line with forecasts; Geopolitical uncertainty persists
The US headline Personal Consumption Expenditures (PCE) inflation rate accelerated to 3.8% in April, matching market forecasts, while durable goods orders surged by 7.9%. Despite persistent inflationary pressures, financial markets found temporary relief in a potential 60-day US-Iran ceasefire agreement.
Ongoing US-Iran tensions sustain market uncertainty; Australian inflation decelerates
Ongoing US-Iran tensions fuel domestic inflation and political pressure ahead of the US midterms, even as oil prices decline. Meanwhile, Australia’s headline inflation decelerated to 4.2% in April, driven by easing transport costs, which relieves pressure on the RBA to tighten monetary policy amid rising unemployment.
Renewed geopolitical tensions lift DXY; Micron achieves $1 trillion valuation
Renewed US airstrikes on Iranian territory have amplified global inflationary concerns, boosting the US Dollar Index (DXY). Despite these escalating geopolitical risks and the prospect of a prolonged restrictive monetary policy from the Federal Reserve, US equity indices surged to record highs, driven by exceptional corporate earnings and a powerful rally in technology shares.
Japan exports, US building permits top forecasts; Australian unemployment increases
Japan's exports surged 14.8% in April, pushing the Nikkei 225 up 3.14%. Meanwhile, US building permits beat forecasts at 1.44 million, lifting the Dow Jones to a record high despite rising mortgage rates. Conversely, Australia's unemployment rate hit a multi-year high of 4.5%, complicating policy for the RBA.
Wall Street advances on US-Iran optimism; Nvidia tops forecasts, UK inflation eases
Global markets rallied on mounting optimism surrounding potential final-stage negotiations between the United States and Iran, supplemented by strong corporate earnings data such as the Nvidia report. Concurrently, UK headline inflation rate eased beyond than expected by analysts.
Japan GDP expands; UK unemployment and Canadian inflation rise
The global economy continues to exhibit divergent trends. The UK unemployment rate ticked up to 5.0%, maintaining pressure on the Bank of England amidst sticky domestic inflation. Meanwhile, Canada’s headline inflation accelerated to 2.8% on the back of rising energy costs, and Japan’s GDP outperformed market expectations with a resilient 0.5% expansion in the first quarter of the year.
US stocks fall as bond yields rise; China industrial output and retail sales slow
US stocks fell as rising Treasury yields and surging energy prices fueled global inflation fears and interest rate hike expectations. Concurrently, China's economic growth slowed sharply, with both retail sales and industrial production missing market forecasts due to geopolitical conflicts.
US yields and dollar advance as inflation risks mount; Japanese PPI jumps sharply
Rising inflation risks and geopolitical tensions pushed US Treasury yields and the dollar higher, causing global stock markets to retreat. Higher energy prices and a potential hawkish Federal Reserve stance for 2026 dominate investor concerns, while Japan's PPI surged to a three-year high.