Global markets were driven by reports of a tentative US-Iran deal that lowered oil prices and US yields, alongside softer US PCE inflation data. US economic outlook concerns rose as Q1 GDP was revised down to 1.6%, showing reliance on AI investment.
Key Takeaways
- 1.Reports of a potential 60-day US-Iran ceasefire deal weighed on oil prices and sparked a risk-on market tone.
- 2.US Q1 GDP growth was revised lower to 1.6%, highlighting that underlying economic momentum is narrowing outside of the AI sector.
- 3.US April PCE inflation data was softer than expected, with core services prices excluding housing hitting a 12-month low in monthly gains.
Table of Contents
- Highlights
- Today (AEST)
- Global markets overview
- Data/event pulse
- Key themes and views
- Market at 6:45am today
- Key data releases
- What's ahead today
- Commodities
- Important Notice
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Authors
Mahjabeen ZamanBrian MartinDaniel Hynes
Securities
S&P 500WTI Oil futuresAUDUSDUS 10Y Treasury Note
Themes
US-Iran Geopolitical De-escalationUS Economic Soft Landing vs. FragilityAI-Driven Investment Proxy
Regions
North AmericaAsia PacificMiddle EastUnited StatesAustraliaNew Zealand