- The US session closed at fresh record highs, with both the S&P 500 and Nasdaq 100 posting strong gains driven by the technology sector.
- Stephen Miran is stepping down from the Fed board, paving the way for Kevin Warsh to take over as the next Federal Reserve Chair after Powell. Markets expect Warsh to adopt a more dovish stance, potentially accelerating rate cuts despite persistent inflation pressures.
- Donald Trump said that after talks with Xi Jinping he received assurances that China would not supply Iran with weapons and would support efforts to de-escalate tensions in the Middle East, while also highlighting progress in trade negotiations with Beijing.
- Reports also emerged that Saudi Arabia carried out covert strikes on Iranian targets in response to earlier attacks from Tehran, signalling further escalation in the region.
- China’s Foreign Ministry called for keeping the Strait of Hormuz open, stressing the importance of stable energy flows and global trade security amid rising regional tensions.
- According to reports, Washington has informed Israel of the possibility that Trump could authorize strikes on targets in Iran, prompting Israeli forces to remain on high alert.
- Trump also stated that the situation with Iran is approaching a critical point and that his patience is running thin, while still preferring the removal of Iran’s enriched uranium stockpile, though accepting it being kept under strict international monitoring.
- Japan’s producer inflation (PPI) accelerated to 4.9% year on year in April, above expectations, marking the fastest pace in around three years. The rise was driven mainly by higher import costs, especially energy and oil, linked to Middle East disruptions, adding pressure on the Bank of Japan to consider further tightening.
- Asian markets are trading notably weaker today, with most indices in the red as risk sentiment deteriorates amid prolonged geopolitical uncertainty and fresh comments from Donald Trump regarding Iran.
- South Korea stands out as the weakest performer, with the KOSPI falling over 6%, highlighting the scale of regional risk-off sentiment. Japan, Hong Kong, and Chinese markets are also under pressure.
- Brent crude futures are edging slightly higher, with oil trading just below the $110 per barrel level.
- Precious metals are under selling pressure, giving back a large portion of weekly gains. Gold is down more than 2%, falling below $4,600 per ounce, while silver drops over 8% to test the $78 level.
- Crypto markets are mixed. Bitcoin is up around 0.7%, holding above $80,000, while Ethereum is down more than 1%, slipping below $2,250.
Daily summary: A week closed with declines – is the market starting to fear inflation?
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