Australian Morning Focus

Global markets rallied on ceasefire news in the Middle East, while energy prices pulled back amid US-Iran peace talks. US productivity data continues to show positive trends for long-term disinflation.

Key Takeaways

• 1.Oil prices eased and global equity markets rose, driven by news of a ceasefire agreement between Israel and Lebanon.
• 2.US labour productivity growth remains strong at 2.8% y/y, which is seen as disinflationary.
• 3.Energy markets are reacting to ongoing US-Iran peace talks, with potential geopolitical impacts on the Strait of Hormuz.

Table of Contents

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