New Zealand Morning Focus

Stronger-than-expected US CPI data has pushed bond yields to 2026 highs and bolstered the USD, while global equity markets declined on rising oil prices.

Key Takeaways

• 1.US April CPI rose 0.6% m/m (3.8% y/y), driven by high energy costs, pushing headline inflation to its highest level since May 2023.
• 2.Global bond yields firmed, with the US 10-year note hitting a new high for 2026, leading to a higher bias for local rates.
• 3.US small business optimism remains fragile; despite a slight rise in the index, capital expenditure plans fell to the lowest level since 2009.

Table of Contents

• Highlights
• Data and events today
• Financial markets
• Global markets overview
• Key data and events
• Market snapshot (07:15 NZ Time)
• Key data releases
• What's ahead today
• Key themes and views
• Important Notice

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