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Market Minutes
Read snapshots of the latest market news
Japan inflation rises modestly as yen breaks ¥161 threshold; UK retail sales surge
Japan’s headline inflation ticked up to 1.5% in May, while the yen weakened past the critical ¥161 mark against the US dollar, intensifying market fears of an official intervention. Concurrently, UK retail sales surged by a robust 3.2% on an annual basis, significantly bolstered by an expansion in non-store sales.
BoE holds rates steady as unemployment improves; Canadian PPI hits multi-year high
The Bank of England held interest rates at 3.75% amid steady 2.8% inflation and falling unemployment. Concurrently, Canada's annual PPI reached a multi-year high of 13.6% due to Middle East supply issues. Meanwhile, US stock markets rebounded as dropping oil prices fuelled optimism for the reopening of the Strait of Hormuz.
Fed turns hawkish, lifting US dollar and bond yields as stocks slide
The Federal Reserve kept interest rates unchanged at 3.75% but adopted a more hawkish tone, lifting the dollar and Treasury yields while equities declined. Updated projections pointed to weaker growth, higher inflation, and lower unemployment. Strong retail sales signalled resilience, while a sharp draw in oil inventories reinforced concerns over energy supply and inflation risks.
BoJ hikes rates and warns of further tightening; US housing starts decline steeply
The Bank of Japan raised interest rates to 1.0%, the highest level since 1995, and signalled the possibility of further tightening if inflation persists, particularly amid risks stemming from the Middle East. Despite the move, the Nikkei reached a record high and the yen changed little. In the United States, housing starts fell sharply, highlighting the pressure exerted by elevated mortgage costs.
US–Iran peace deal lifts stocks and gold, while oil prices plunge
Global markets rallied after the United States and Iran announced a peace deal, boosting equities and gold while driving oil sharply lower on expectations of restored flows through the Strait of Hormuz.
Wall Street gains on solid SpaceX IPO debut; Michigan consumer sentiment improves
US stocks rose as SpaceX’s strong IPO debut and signs of a possible US-Iran ceasefire improved risk sentiment. The S&P 500, Nasdaq 100, and Dow advanced, while consumer sentiment beat forecasts.
US stocks drop on inflation and geopolitical risks; EIA shows oil drawdown
US stocks fell sharply as hotter inflation, energy-driven price pressures, and the escalating conflict in the Middle East increased fears of a prolonged hawkish stance from the Federal Reserve. The S&P 500, Nasdaq 100, and Dow all declined, while the VIX rose sharply. Meanwhile, a larger-than-expected draw in US crude inventories lifted oil prices, underscoring concerns over supply disruptions.
Geopolitical tensions escalate, raising risk of US response; China, US exports grow
Middle East tensions intensified as continued Israeli-Iranian attacks and a US threat of retaliation raised fears of a wider conflict, although oil prices fell. Meanwhile, US exports reached a record level on strong demand for petroleum products and capital goods, while Chinese exports and imports exceeded expectations, supporting local equities.
Brent crude and DXY advance on geopolitical concerns; European equities slip
Brent crude and the dollar index rose as tensions between Israel and Iran renewed concerns over energy supply, despite late-session hopes of de-escalation. European equities mostly declined amid risks of disruption to energy flows and expectations of tighter European Central Bank (ECB) policy.
US stocks end mixed amid diverging geopolitical signals; Yen stays under pressure
US stocks closed mixed as conflicting headlines from the Middle East reshaped risk sentiment: hopes of a ceasefire pushed oil prices lower, yet Hezbollah’s rejection and political friction in Washington preserved uncertainty. The Dow reached a record high, the Nasdaq declined, and the yen remained weak near ¥160.