Markets Today

Global markets started the week with a risk-off tone driven by Middle East tensions and rising oil prices, causing a sharp spike in US and Japanese bond yields. Meanwhile, weak China economic data and a recovering NZD highlighted shifting regional dynamics.

Key Takeaways

• 1.Risk sentiment is dominated by the Middle East conflict, with concerns over the Strait of Hormuz potentially causing a non-linear spike in oil prices.
• 2.Global bond markets reached significant milestones, with US 30-year yields breaking 5.15% and Japan's 10-year rate hitting its highest level since 1996.
• 3.Economic data from China for April was significantly weaker than expected across retail sales, industrial production, and fixed investment.

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