Market News

• Economic confidence 93.5 vs 92.8 expected
• Prior 93.0; revised to 93.2

The indicator continues to score below its long-term average of 100, as headwinds from the Middle East conflict continue to linger. Looking at the details, industrial confidence (-8.0) dipped further on the month as the bounce was mostly helped by a minor rebound in services confidence (2.2) this time around. The latter comes after a rather steep decline in April, one that was also mirrored in consumer confidence.

The graph below reflects the breakdown:

Besides that, retail trade confidence and construction confidence also worsened on the month. And that continues to reflect the pain that is being exerted from higher prices and supply chain issues as a result of the Middle…

IC Markets Global – Europe Fundamental Forecast | 28 May 2026

What happened in the Asia session?

Asian markets turned hesitant during today’s session as fresh U.S. strikes in Iran and President Trump’s dismissal of an Iranian peace deal report undermined optimism for an imminent Middle East resolution, causing Brent crude to surge 2.3% to $96.50/barrel while MSCI’s Asia-Pacific index dipped 0.1-0.2% and snapped its five-day rally. The geopolitical tension kept the Strait of Hormuz largely shut, disrupting oil/gas flows and pushing inflation expectations higher.

What does it mean for the Europe & US sessions?

Today’s trading sessions pivot on a concentrated U.S. data dump, including Core PCE inflation, durable goods, personal spending, and…

In case you missed it, tonight an American official said that American forces struck an Iranian military site near Bandar Abbas and intercepted four one-way attack drones that had been launched toward a US navy vessel and a commercial ship. A fifth drone launcher was hit on the ground before it could fire.

The Iranian side contradicted the US version, with Tehran claiming its navy had merely fired warning shots at a US tanker running without radar trying to cross the Strait of Hormuz, and that the subsequent US strike caused neither casualties nor damage.

The markets went into risk-off after Iran launched ballistic missiles and drones against Kuwait, this was the most serious attack since the ceasefire began. The IRGC said that it…

•  Asian Stock Markets : Nikkei down 1.55%, Shanghai Composite down 1.14% Hang Seng down 2.45% ASX down 1.71%
• Commodities : Gold at $4,401.37 (-1.78%) Silver at $72.385 (-3.34%), Brent Oil at $95.74 (3.76%), WTI Oil at $92.26 (4.06%)
• Rates : US 10-year yield at 4.530, UK 10-year yield at 4.8610, Germany 10-year yield at 2.9843

• (USD) CB Consumer Confidence  93.1  to 91.9   expected

Asia-Pacific markets opened lower on Thursday as investors weighed mixed signals surrounding ongoing negotiations between the U.S. and Iran, despite a fragile ceasefire remaining in place.

U.S. Secretary of State Marco Rubio said discussions with Tehran had shown some progress and stressed…

Stocks Edge Higher with Peace Deal in Doubt – Dow up 0.36%

US equity markets closed at fresh record highs again overnight, although gains were relatively modest as investors continued to weigh geopolitical uncertainty surrounding the Middle East. The Dow Jones rose 0.36% to finish at 50,644, while the S&P 500 edged up 0.02% to 7,520, and the Nasdaq added 0.07% to close at 26,674.

Market sentiment remained cautious after President Trump stated he was not satisfied with the progress of negotiations with Iran, creating concerns that hopes for a near-term peace agreement in the Gulf may be premature. Despite this, equity markets continued to show resilience, with investors still reluctant to significantly reduce risk…

IC Markets Global – Asia Fundamental Forecast | 28 May 2026

What happened in the U.S. session?

AI-driven tech rally that pushed the S&P 500 and Nasdaq to record closes, with Micron’s 19% jump to $1 trillion market cap as the standout story amid a global memory shortage. This optimism outweighed geopolitical concerns from Middle East tensions, though oil prices fell 3% on hopes for U.S.-Iran negotiations. Macroelectrically, May’s Consumer Confidence eased to 93.1, and jobless claims came in at 209K, signaling steady but not overheating economic conditions.

What does it mean for the Asia Session?

Elevated oil prices (Brent above $100) are driven by Middle East tensions and U.S.–Iran peace talk uncertainty, which are fueling global…

The headlines cite Iran's deputy secretary to the national security council in saying that "all of Iran's frozen assets must be released and returned without conditions". Adding that they are "seeking the release of all funds held by the US and this is the legal right of Iran".

As mentioned here, this is one of the supposed preconditions that the US is trying to push for in agreeing to the memorandum of understanding. The US wants Iran to fulfill obligations on dismantling its nuclear programme and make deliver on promises before actually lifting any sanctions and freeing up any frozen funds.

However, Iran wants the opposite of that in a move that reflects something similar to the 2015 JCPOA. That being they want the US to lift sanctions…

There's a lot of back and forth going on but ultimately, the bottom line is that the US and Iran have not yet agreed to a memorandum of understanding. The "deal to end the conflict" was supposed to be "imminent" since the weekend. But fast forward now to Thursday, and we're yet to see any official word on how things are playing out.

That is keeping markets on edge today with the situation not helped by conflicting headlines and also increased tensions on the ground. The US have launched another strike at Iran overnight, with this being the second attack in the past three days. The situation is tense and volatile, resulting in more caution as we get into the new day.

Besides that, Iran also continues to maintain that they won't move on their…

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New Zealand forecast a narrower 2025/26 budget deficit of NZ$15.06 billion but cut its 2026/27 GDP growth forecast to 2.3% and projected inflation peaking at 4.0% in Q2 2026.

Summary: Source: New Zealand Budget 2026, released 28 May 2026; New Zealand Debt Management Office; Finance Minister

• The 2025/26 OBEGAL deficit is forecast at NZ$15.06 billion, narrower than the NZ$16.93 billion projected in December's half-year fiscal update
• The 2026/27 OBEGAL deficit is forecast at NZ$14.09 billion, wider than the NZ$12.99 billion forecast in December
• Net debt is forecast to peak at 46.1% of GDP in 2027/28, down from a prior peak forecast of 46.9%; the 2025/26 net debt estimate is 42.4% of GDP against a December forecast of 43.3%
• GDP growth for 2026/27…