Global markets are reacting to sustained higher oil prices due to Iran tensions, which are pushing bond yields higher. Meanwhile, investors are bracing for Canadian CPI data and weighing mixed labor market signals from the UK.
Key Takeaways
- 1.Persistent geopolitical tensions in Iran are sustaining a commodity shock that is driving bond yields higher globally.
- 2.UK payroll data showed a record drop of 100k in April, but the data is likely distorted by tax season volatility and upward revisions are expected.
- 3.Japan's Q1 GDP outperformed expectations at 2.1% q/q SAAR, though the result was flattered by a downward revision to the previous quarter.
Table of Contents
- KEY POINTS
- CANADIAN INFLATION—LOOK BENEATH THE HEADLINE
- UK LABOUR MARKET—MIXED REVIEWS
- JAPAN'S ECONOMY OUTPERFORMED
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Authors
Derek Holt
Securities
WTI CrudeS&P/TSXNasdaq10-year Gilt
Themes
Geopolitical Commodity ShockBond Yield ReflationData Quality and Economic Noise
Regions
North AmericaEuropeUKCanadaUnited StatesUnited Kingdom