Bank of Canada’s Macklem backs Fed independence ahead of Powell departure RBA set to hike to 4.35% today.
Bank of Canada’s Macklem backs Fed independence ahead of Powell departure RBA set to hike to 4.35% today. NAB sees cash rate peaking near 4.6%.
Rabobank holds yen bull view despite poor run, eyes Hormuz as key risk Australian data: March household spending +1.6% m/m (prior +0.3%) Iran launches boats, missiles and drones at US warships in Hormuz confrontation Chevron chief compares Hormuz crisis to 1970s oil shocks as shortages loom S&P 500 target of 7,600 reaffirmed as Goldman warns on inflation and rate cut constraints Trump tariff refunds to begin May 12 as CBP processes $166bn in claims US edges closer to resuming Iran combat as ceasefire holds by a thread Australia April Services PMI (final) 50.7 (preliminary 50.3, prior 46.3) ECB forecasters slash growth and raise inflation outlook as energy shock bites Reminder, Japanese and mainland China markets are close again today, Tuesday, May 5, 2026 Saudi Arabia demands Hormuz guarantees as Israel braces for rapid Iran escalation Williams: Fed well positioned but energy price surge could prove worse than markets expect IMF says worst-case global economy warning is now the working assumption – oil shock hit investingLive Americas market news wrap: Iran strikes the UAE, oil prices jump At a glance: Crude futures edged lower after the prior session’s gains, with APAC macro newsflow relatively light US military officials indicated they are closer to resuming combat operations against Iran than 24 hours earlier, raising geopolitical tension Iran’s Foreign Minister Araqchi struck a more conciliatory tone, saying there is no military solution to the Hormuz crisis and that Pakistan-mediated talks are making progress, while warning the US and UAE against being drawn into a conflict by “ill-wishers” Trump echoed the cautiously positive tone on talks, offering a brief but notable signal of potential diplomatic engagement Major FX markets traded in narrow ranges, with Japanese and mainland Chinese markets closed for holidays…