Everything you need to know, Simplified! Summary Equity markets paused after a sharp April rebound, with US strength supported by corporate earnings, while Europe and other regions lagged amid ongoing Middle East uncertainty Oil has surged to $105 per barrel (bbl) but the market has adapted well to the historic supply shock through rerouted flows and emergency supply The energy shock is feeding into inflation, with UK Consumer Price Index (CPI) rising to 3.3%, though pressure

Everything you need to know, Simplified! Summary Equities rebound sharply to record highs, with global markets up 3.9% in USD terms, supported by strong earnings, resilient data and easing geopolitical tensions The ceasefire between the US and Iran supports sentiment but risks linger, with lower oil prices offset by ongoing disruption in the Strait of Hormuz and fragile regional dynamics Gilt demand surges despite higher yields, with a record UK syndication highlighting stron

Everything you need to know, Simplified! Summary Markets rallied sharply on the two-week ceasefire in Iran, with global equities up 4.1% in USD terms and credit tightening back towards pre-conflict levels Performance was broad-based, led by US technology, while energy lagged as oil prices fell back below US$100 per barrel (Bbl) Inflation is rising, driven by energy, while growth expectations are being revised lower The current state of the ceasefire is opaque, with ongoing di

Everything you need to know, Simplified! Summary Markets rebounded despite volatility, with equities and bonds both gaining as optimism around a potential ceasefire in the Middle East improved sentiment Price action remains reactive, with markets at times driven more by headlines and Truth Social than underlying fundamentals Beneath the surface, fundamentals are holding up, with resilient economic data and expanding corporate margins Sector leadership reflected the conflict,