Australian Morning Focus

Global markets rallied as oil prices slumped over 5% on news of a potential US-Iran peace deal, offsetting a hawkish set of FOMC minutes. UK inflation slowed more than anticipated, while Australian markets look ahead to key labor force data.

Key Takeaways

• 1.Progress toward a US-Iran draft agreement has triggered a sharp drop in oil prices and a recovery in global risk appetite.
• 2.Fed minutes from the April meeting revealed a hawkish stance, with members noting inflation may take longer than expected to hit the 2% target.
• 3.UK inflation data came in significantly lower than expected, with CPI falling to 2.8% y/y against expectations of 3.3%.

Table of Contents

• Highlights
• Today (AEST)
• Global markets overview
• Data/event pulse
• Key themes and views
• Commodities
• Important Notice

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