The soggy GDP report earlier has certainly given analysts and traders a lot of reason to rethink the BOE rate hike in May.
It's pretty much dead certain now the central bank will not move when the market pricing/expectation is so low and annual growth being the lowest since Q2 2012.
Short sterling futures are implying a rate hike between 20-25% at the moment, that's more than half of what was expected at the start of the day.
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Chinese Foreign Minister Wang Yi told Investor AB's Jacob Wallenberg in Stockholm that Beijing welcomes deeper cooperation with Swedish and European businesses, as China works to rebuild trust and reassure investors ahead of a China-EU summit.
PM Modi said India will keep building refineries as Western nations shut plants, inaugurating an $8.3 billion, 180,000 bpd Rajasthan refinery expected to be the only new refinery commissioned globally this year.
At least eight vessels U-turned in the Strait of Hormuz over the weekend as Iran pressed its own transit route, before shipping along the US-protected Omani corridor showed signs of recovering Sunday, Kpler and ship-tracking data show.
TotalEnergies CEO Patrick Pouyanne said Middle East producers are heavily discounting crude to clear stockpiles, while gasoline and diesel stay tight on shipping fears, with the market needing three to four months to rebalance.
The Bank of Korea warned single-stock leveraged ETFs tied to Samsung Electronics and SK Hynix, which together make up over half of KOSPI market cap, could deepen concentration, amplify volatility and widen retail investor losses in a downturn.
ECB Governing Council member Emmanuel Moulin said the bank is in a good position after June's rate hike, citing easing oil-driven inflation and the Hormuz reopening, and ruled out entering a new tightening cycle.
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