Morning Report

Global markets rallied as geopolitical tensions between the US and Iran appeared to enter a diplomatic phase, while hawkish FOMC minutes and a UK inflation miss shaped the interest rate outlook.

Key Takeaways

• 1.Global equity markets rallied and oil prices fell as President Trump signaled the US was in the 'final stages' of negotiations with Iran, easing fears of imminent military strikes.
• 2.FOMC minutes revealed a hawkish tilt, with most participants identifying increased risks that inflation will take longer to reach the 2% target.
• 3.UK inflation significantly undershot expectations in April, falling to 2.8% year-on-year, which likely removes the immediate pressure for the Bank of England to raise rates.

Table of Contents

• Key themes
• Data snapshot
• Financial Markets
• Today's key data and events
• International Data
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