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SocGen's Overnight Economic News Summary

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Societe Generale in its early Wednesday economic news summary pointed out:

Bond sell-off pauses, 30-year United States Treasury off 5.1985% high, 10-year off 4.68% high, German Bund dips from 3.20%. Brent consolidates at US$110/barrel. President Trump repeats his warning that military strikes will resume if Iran doesn't agree to a deal. NATO considering the possibility of helping ships sail through the Strait of Hormuz if not open by early July. China's President Xi: restarting war is even more unacceptable.

G7 finance ministers to cooperate policy responses that should be temporary, targeted and fiscally responsible to protect growth, support economic security. Central banks strongly committed to maintaining price stability, monetary policy is data-dependent, closely monitoring the impact of energy/commodity prices on inflation, inflation expectations, economic activity.

United Kingdom April consumer price index below forecast. Headline slows to 2.8% year over year from 3.3% in March, core dips to 2.5% year ver year, services ease to 3.2%.

Day ahead: FOMC minutes, Federal Reserve speaker Barr, Nvidia results. Eurozone final CPI. Germany benchmark auction. South Africa's CPI.

Nikkei -1.1%, EUR 10-year IRS -1.5bps at 3.20%, Brent crude -0.9% at US$110.3/barrel, Gold -0.9% at US$4,466/oz.

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