Early Morning Reid

Global markets rallied as oil prices tumbled toward monthly lows on news of a potential US-Iran ceasefire and a softer-than-expected US PCE inflation print. The S&P 500 hit a new record while 10-year Treasury yields fell for a sixth straight day.

Key Takeaways

• 1.Global markets rallied significantly on news of a potential 60-day ceasefire extension between the US and Iran that would reopen the Strait of Hormuz.
• 2.Brent crude oil prices fell to a one-month low, declining over 18% in May, which is the largest monthly drop since the start of the Covid-19 pandemic in March 2020.
• 3.Softer-than-expected US PCE inflation data (Core PCE +0.2% vs. +0.3% exp) helped dial back expectations for immediate Federal Reserve rate hikes.

Table of Contents

• Key Market Data
• Other Market Data
• Key Economic Data
• Topical Deutsche Bank publications
• Analyst Certification
• Important Disclosures
• Additional Information
• International Production Locations

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial