Market News

• Prior 2.4%
• CPI MoM 0.4% vs 0.7% expected
• Prior CPI MoM 0.9%

Core Measures:

• BOC core YoY 2.1% vs 2.5% last month
• BOC core MoM 0.2% vs 0.2% last month
• Core CPI % MOM 0.1% vs 0.0% last month
• CPI Median 2.1% vs 2.2% estimate. Last month 2.3%
• CPI Trim 2.0% vs 2.1% estimate. Last month 2.2%
• CPI Common 2.5% versus 2.6% last month

Details from Statistics Canada

• Energy prices surged 19.2% YoY in April, accelerating sharply from +3.9% in March.
• Gasoline prices jumped 28.6% YoY after rising 5.9% in March.
  • Base effects from the April 2025 carbon levy removal boosted annual comparisons.
  • Middle East conflict-driven supply uncertainty pushed prices higher.
  • Seasonal switch to the more expensive summer gasoline blend added pressure.
  • A temporary federal fuel…

• Nasdaq's bullish momentum stalls as downside risks mount: pause or start of a correction?
• Euro area trade surplus narrows in March as energy deficit widens on Middle East conflict
• Oil prices remain persistently elevated amid prolonged US-Iran stalemate
• There is potential for a strong dollar rally this week - Barclays
• Exclusive Crypto Event for Finance Professionals at FMAS:26 in Cape Town
• USD/JPY keeps erasing intervention losses as macro backdrop remains skewed to the upside
• Just 4% of fund managers see a hard landing - BofA survey
• What are the main events for today?
• Iran reaffirms that latest proposal to US includes lifting naval blockade and sanctions
• UK labour market eases with dark clouds from Middle East conflict hanging over
• FX option…

The good news at least is that the overall trade balance is still running a surplus but that room is narrowing, with it being lesser than the €11.1 billion (revised) surplus in February. In March, the trade balance for energy recorded a deficit of €25.3 billion and that is a marked increase from the €19.7 billion deficit recorded in February.

So in terms of monthly change, that is the biggest net contributor to the narrowing trade surplus. At the same time, there is also a smaller surplus recorded for chemicals and related products on the month.

But in terms of annual change, the March figure for exports are seen down 5.5% compared to the same month last year with imports seen up 4.4% relative to the same period. Putting those two together,…

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•  Asian Stock Markets : Nikkei down 0.70%, Shanghai Composite up 0.02% Hang Seng up 0.20% ASX up 0.93%
• Commodities : Gold at $4,544.50 (-0.31%) Silver at $76.570 (-1.13%), Brent Oil at $109.98 (-1.97%), WTI Oil at $102.80 (-1.53%)
• Rates : US 10-year yield at 4.604, UK 10-year yield at 5.1090, Germany 10-year yield at 3.1614

• (EUR) Italian Trade Balance  4.71B  to 5.25B   expected

Asia-Pacific markets opened mostly higher Tuesday as oil prices eased slightly after U.S. President Donald Trump postponed a planned military strike on Iran, calming investor concerns over an immediate escalation in the Middle East. Brent crude futures for July delivery fell 2.09% to $109.76 per…

IC Markets Global – Europe Fundamental Forecast | 19 May 2026

What happened in the Asia session?

Today’s Asia session was dominated by weak Chinese economic data (industrial production and retail sales both missed sharply), Japan’s below-expected Q1 GDP, and escalating U.S.-Iran geopolitical tensions that sent oil prices surging over 7% and pushed the 10-year Treasury yield to 4.63%. The Australian dollar (AUD/USD) was hit hardest, falling on dovish RBA minutes and China’s slowdown, while the Chinese yuan (CNY/CNH) and Japanese yen (JPY) also weakened on growth concerns.

What does it mean for the Europe & US sessions?

Traders should start the European and U.S. sessions watching German PPI, UK employment and wage data, and euro‑area trade…

• Record rise in equity allocations by global fund managers in May
• Just 4% of fund managers see hard landing
• 66% of respondents expect Hormuz bottleneck to end in next few months
• 62% of respondents target 6% on 30-year treasury yields, 20% target 4%
• 40% of respondents say second wave of inflation is biggest tail risk
• Cash levels drop to 3.9% from 4.3%, biggest monthly drop since February 2024

The Bank of America Global Fund Manager Survey (FMS) is one of the most influential monthly reports in the financial world. It polls roughly 200 to 400 institutional fund managers (people managing hundreds of billions of dollars in hedge funds, pension funds, and mutual funds) to see how they are positioned in the markets.

It's useful as a contrarian…

US Stocks Mixed as Trump Holds Off Attack – Nasdaq down 0.5%
US equity markets finished mixed overnight after President Trump indicated he would delay a planned strike on Iran to allow further negotiations to continue, helping ease immediate geopolitical tensions and steady broader market sentiment. The Dow Jones managed to outperform, rising 0.32% to close at 49,686, while weakness across the technology sector weighed on the broader indices. The S&P 500 slipped 0.07% to finish at 7,403, with the Nasdaq underperforming once again, falling 0.51% to close at 26,090.

US Treasury yields edged slightly lower across the curve, although both the 2-year and 10-year yields remain near recent highs as markets continue to assess the inflationary…

IC Markets Global – Asia Fundamental Forecast | 19 May 2026

What happened in the U.S. session?

Geopolitical escalation between the U.S. and Iran dominated market headlines, with President Trump issuing stark warnings that intensified fears of a broader Middle East conflict. This triggered a classic risk-off reaction: oil prices surged above $107 for WTI and $110 for Brent as traders priced in potential supply disruptions from the Strait of Hormuz, while equity markets tumbled with the Nasdaq leading declines at -1.54% due to its rate-sensitive tech exposure.

What does it mean for the Asia Session?

Asian traders should position for a session dominated by residual Middle‑East tension in oil and equities, alongside cautious positioning…