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Japan Bank Lending Growth Accelerates to 5.4% In April

Japan's bank lending growth accelerated in April, with total loans and discounts at major, regional and shinkin banks rising 5.4% year-over-year to 670.647 trillion yen, according to preliminary data released by the Bank of Japan on Wednesday.The pace of growth accelerated from the 4.8% expansion in March. Loans at major and regional banks alone rose 6% to 591.079 trillion yen.Major banks led the increase, with lending climbing 8% to 275.081 trillion yen, while regional banks posted 4.3% growth to 315.998 trillion yen. Foreign banks' yen-denominated lending rose 29% to 7.489 trillion yen.On the deposits side, deposits and certificates of deposit at city, regional and shinkin banks rose 1.9% year over year to 1,080.719 trillion yen in April.

Nikkei 225

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South Korea's Unemployment Rate Slightly Eases to 2.9% in April

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Australian Budget Seen to Improve Long-Term Fiscal Position, Says ANZ Research

The Australian budget for fiscal 2026 to 2027 comprises of significant policy changes, including capital gains taxation, negative gearing and the taxation of trusts, all of which are expected to improve the fiscal position in the long term, ANZ Research said Tuesday.The firm said the underlying cash deficit is projected to be 1% of the gross domestic product (GDP) in the near term, reflecting a modest improvement on estimates from the mid-year economic and fiscal outlook in December 2025.ANZ does not expect any direct impact on near-term growth or inflation forecasts from lower-than-expected net new spending in the 2026 to 2027 period.The headline cash deficit is expected to be 2.1% of GDP in 2026 to 2027 amid a neutral fiscal impulse, and fiscal position is set to return to balance in 2034 to 2035 as per the budget papers."Overall, we see nothing in the budget to dissuade us from our view that the RBA is likely to keep the cash rate at 4.35% through 2026 and 2027," analysts at ANZ said.However, higher prices and costs as reflected in the business survey data, coupled with weaker forward orders present a risk that policymakers may have to make difficult trade-offs in the coming months, it added.

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Quantity Sold at GDT Pulse Auction Exceeds 3,000 Metric Tonnes

A total of 3,019 metric tonnes (MT) of products were sold during the Global Dairy Trade (GDT) pulse auction held Tuesday, with supply ranging from 2,700 MT to 3,050 MT, according to data from the trading platform.The average selling price for anhydrous milk fat was $6,243 per MT, butter averaged $5,595 per MT, and skim milk powder and whole milk powder averaged $3,549 per MT and $3,768 per MT, respectively.

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US Equity Markets Mixed After Hot Inflation Data, Higher Crude Oil Prices

US equity indexes were mixed on Tuesday after hotter-than-anticipated inflation data and higher crude oil prices amid US-Iran peace negotiation deadlock.* The US seasonally adjusted consumer price index jumped by 3.8% in April from 3.3% in the prior month, according to data released Tuesday by the Bureau of Labor Statistics, compared with the 3.7% consensus.* The CPI increased 0.6% in April, as expected, following a 0.9% increase in the previous month. Core CPI gained 0.4%, higher than the consensus estimate for a 0.3% increase.* June West Texas Intermediate crude oil rose $4.22 to settle at $102.28 per barrel, while July Brent crude, the global benchmark, was last seen up $3.53 at $107.75.* Zebra Technologies (ZBRA) shares were up roughly 11%, the highest on the S&P 500, after the company reported higher fiscal Q1 non-GAAP earnings and net sales, and issued fiscal Q2 and 2026 non-GAAP EPS outlook above analysts' estimates.* Shares of Qualcomm (QCOM) and Intel (INTC) dropped nearly 12% and 6.5%, respectively, the steepest slides on the S&P 500 and the Nasdaq, amid a sell-off in the tech sector following the extended closure of the Strait of Hormuz.

Dow JonesNasdaq CompositeS&P 500$INTC$QCOM$ZBRA

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Daily Roundup of Key US Economic Data for May 12

The consumer price index rose by 0.6% in April after a 0.9% gain in the previous month and was up 0.4% excluding food and energy prices after a 0.2% gain.The gain lifted the year-over-year increase to 3.8% from 3.3% in March, while the core measure was up 2.8% year-over-year after a 2.6% rate in the previous month.Food prices rose by 0.5%, while energy prices increased by 3.8%. Gasoline prices alone were up 5.4%.Owners' equivalent rents rose by 0.5% and regular rents were also up 0.5%, both faster than in the previous month and accounting for about one-third of the overall gain.In addition, prices of new vehicles fell by 0.2% after a 0.1% gain in the previous month and used vehicle prices held steady after a 0.4% decline.The National Federation of Independent Business' monthly sentiment index rose to 95.9 in April from 95.8 in March, with gains in seven of the 10 components, particularly the earnings trend."Inflationary pressures continue to be a challenge for Main Street," said NFIB Chief Economist Bill Dunkelberg. "While small business optimism is currently fragile, the benefits of the Working Families Tax Cut Act should start to feed into the private sector over the next few months."The US Treasury reported a $215.02 billion budget surplus in April, smaller than the $258.40 billion deficit reported in April 2025. The fiscal year-to-date gap narrowed to $953.56 billion from $1.049 trillion.Redbook reported that US same-store retail sales were up 9.6% year-over-year in the week ended May 9, stronger than a 7.8% gain in the prior week due to seasonal sales and Mother's Day spending.

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US Treasury April Budget Surplus Smaller Than Expected, Narrower Than Year Ago

The US Treasury posted a $215.02 billion budget surplus in April compared with the $220 billion surplus expected in a survey compiled by Bloomberg and smaller than the $258.40 billion budget surplus a year earlier.The monthly deficit was $164.1 billion in March.Through the first seven months of the fiscal year, the deficit is $953.56 billion, smaller than a $1.048 trillion gap in the same period a year earlier.

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US April Treasury Budget Surplus $215.02 Billion Vs $220 Billion Surplus Expected, April 2025 $258.40 Billion Surplus

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Redbook US Same-Store Sales Accelerate in Week Ended May 9

Redbook US same-store sales rose by 9.6% from a year earlier in the week ended May 9 after a 7.8% year-over-year increase in the previous week.Redbook noted higher sales of seasonal products including clothing, footwear and outdoor goods due to rising temperature and graduation sales.Mother's Day also boosted sales of gifts items including cosmetics, jewelry, cards, flowers and small appliances. However, annual growth was unaffected because Mother's Day occurred during the same period as last year.Through the first selling week for May, sales were up 9.6% compared with May 2025, well above the target for an 8.6% gain, Redbook said.

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Redbook US Same-Store Sales Rise 9.6% Year-Over-Year in Week Ended May 9 After Prior 7.8% Gain

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April US Consumer Prices Rise as Expected, Slower Than in Previous Month

The US seasonally adjusted consumer price index, a measure of inflation, rose by 0.6% in April, as expected and following a 0.9% increase in March, according to data released Tuesday by the Bureau of Labor Statistics.Core CPI, which excludes food and energy prices, rose by 0.4%, higher than the consensus estimate for a 0.3% increase. Core CPI rose by 0.2% in March.Food prices increased by 0.5%, while energy prices were up 3.8%. Gasoline prices were up 5.4%.Owners' equivalent rents and regular rent both increased by 0.5%. There were also notable gains in apparel and airline fares, while medical services prices were flat.CPI excluding food, energy and shelter rose by 0.2% after a 0.1% increase in the previous month.The year-over-year rates for overall and core CPI increased to 3.8% and 2.8%, respectively, from 3.3% and 2.6% in the previous month.The monthly consumer price index, or CPI, reported by the Bureau of Labor Statistics, measures the index level of prices paid by consumers for a basket of goods and services such as food, energy, vehicle, medical care, apparel, and housing.The core measure, which excludes food and energy due to their volatility, is closely watched by markets and the Federal Reserve as a sign of underlying inflation pressures.Rising inflation is a sign of strong US consumer demand, but both stocks and bond normally react negatively to level of price growth that would necessitate higher interest rates.

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US April Core CPI Rises 0.4% Vs. Expected 0.3% Increase, Prior 0.2% Gain

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US April CPI Rises 0.6% Vs. Expected 0.6% Increase, Prior 0.9% Gain

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Oil, Middle East Outlooks Undercut European Bourses Midday

European bourses tracked moderately lower midday Tuesday as crude prices rose after US President Donald Trump and Iranian officials overnight mutually ruled out a peace deal.The Strait of Hormuz, the vital waterway for oil tankers, remains largely closed to traffic.Front-month North Sea Brent crude-oil futures traded up 3.1%, at $107.45 a barrel in midday action.Food and oil stocks led modest gains on continental trading floors, while bank, tech and property shares lagged.Investors also eyed Wall Street futures flashing red amid largely lower closes overnight on Asian exchanges.In economic news, Germany's economic sentiment index came in at negative 10.2 in May versus negative 17.2 in April, the Centre for European Economic Research reported. "There is cautious hope for a potential recovery in the second half of 2026, provided that the Middle East conflict eases," ZEW said.The pan-continental Stoxx Europe 600 Index was off 0.7% red% mid-session.The Stoxx Europe 600 Technology Index was down 1.5%, and the Stoxx 600 Banks Index lost 1.7%.The Stoxx Europe 600 Oil and Gas Index gained 0.4%, and the Stoxx 600 Europe Food and Beverage Index edged 0.2% higher.The REITE, a European REIT index, fell 1%.On the national market indexes, Germany's DAX was down 0.9%, and the FTSE 100 in London lost 0.4%. The CAC 40 in Paris was down 0.5%, and Spain's IBEX 35 eased 0.9%.Yields on benchmark 10-year German bonds were higher, near 3.09%.The Euro Stoxx 50 volatility index was up 3.9% at 22.87, indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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India's Retail Inflation Picks Up in April

India's retail inflation edged up in April, with the Consumer Price Index (CPI) rising 3.48% in April, up from 3.40% in March, according to data released by the Ministry of Statistics and Program Implementation on Tuesday.Rural and urban inflation stood at 3.74% and 3.16%, respectively, in April.Food inflation, measured by the Consumer Food Price Index, climbed to 4.20% in April from 3.87% in March. Rural food inflation was recorded at 4.26%, while urban food inflation came in at 4.10%.Housing inflation for April was provisionally at 2.15%, with rural housing inflation at 2.65% and urban at 1.96%, data showed.

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US Dollar Rises Early Tuesday Ahead of April Consumer Prices

The US dollar rose against its major trading partners early Tuesday ahead of the release of April consumer price data at 8:30 am ET.Overall CPI is expected to rise by 0.6%, with core prices up 0.3%. The year-over-year rate is forecast to accelerate to 3.7% from 3.3%, and the core rate to 2.7% from 2.6%.Weekly Redbook same-store sales are due to be released at 8:55 am ET, followed by an appearance by Chicago Federal Reserve President Austan Goolsbee at 1:00 pm ET and the US Treasury's monthly budget statement for April at 2:00 pm ET.Earlier Tuesday, the NFIB reported that small business sentiment ticked up only slightly in April, noting that inflation concerns remain and that the economic outlook was less positive than in the previous month.A quick summary of foreign exchange activity heading into Tuesday:EUR/USD fell to 1.1744 from 1.1777 at the Monday US close and 1.1772 at the same time Monday morning. Eurozone economic sentiment improved in May but still indicated more pessimism than optimism. The next European Central Bank meeting is scheduled for June 11.GBP/USD fell to 1.3537 from 1.3618 at the Monday US close and 1.3597 at the same time Monday morning. There are no UK data on Tuesday's schedule, but Bank of England Deputy Governor Sam Woods is due to speak at 1:30 pm ET. The next Bank of England meeting is scheduled for June 18.USD/JPY rose to 157.5610 from 157.2476 at the Monday US close and 157.1355 at the same time Monday morning. Japanese household spending declined in March while the Japanese leading index improved in the same month, according to data released overnight. The next Bank of Japan meeting is scheduled for June 15-16.USD/CAD rose to 1.3710 from 1.3678 at the Monday US close and 1.3662 at the same time Monday morning. There are no Canadian data on Tuesday's schedule. The next Bank of Canada meeting is scheduled for June 10.

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Oil, Geopolitics, Inflation Outlooks Damp Wall Street Pre-Bell; Asia Mixed, Europe Off

Wall Street futures pointed moderately lower pre-bell Tuesday as traders weighed rising crude prices, Persian Gulf turmoil, and a still-closed Strait of Hormuz, the vital waterway for oil tankers.In the futures, the S&P 500 fell 0.4%, the Nasdaq declined 0.8% and the Dow Jones was off 0.1%.West Texas Intermediate crude oil traded up 3.7% to $101.69 a barrel, in morning action.Investors also await the April consumer price index (CPI) bulletin from Washington, at 8:30 am ET. The consensus is for the headline CPI to gain 3.7% on year, but for the CPI-core, that strips out certain food and energy bills, to rise by a more-modest 2.7% in the 12-month period to April.Asian exchanges traded mixed on the downside overnight, while European bourses tracked moderately lower midday on the continent.Zebra Technologies (ZBRA) rose 16.6% pre-bell after the workflow and data capture enterprise reported strong fiscal Q1 results and boosted guidance, in morning hours.Federal Reserve New York President John Williams and Chicago President Austan Goolsbee are slated to speak on Tuesday.In premarket action, Bitcoin traded at $80,690, and 10-year US Treasuries offered 4.43%. Spot gold commanded $4,693 an ounce.

Dow JonesNasdaq CompositeS&P 500$ZBRA

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Oil, Earnings, Trump-Xi Outlooks Roil Asian Stock Markets

Asian stock markets churned on Tuesday, as investors mulled the earnings season, rising crude prices, and the pending summit between US President Donald Trump and China leader Xi Jinping.Brent crude oil struck $107.67 a barrel, up 3.3% during Asian trading hours, as Persian Gulf turmoils continued to rattle oil markets.Tokyo finished in the green, while Hong Kong and Shanghai fell back. Other regional exchanges were similarly mixed.In Japan, the Nikkei 225 opened evenly, wobbled, but finished up 0.5% on strength in tech issues and a generally solid earnings season.The benchmark Nikkei 225 rose 324.69 to 62,742.57, as gaining issues outnumbered losers 124 to 99.Leading the upside was Furukawa Electric, gaining 16.1% after reporting earnings, while social-media platform LY Corporation declined 8.6%.In economic news, Japan's leading index of business conditions rose to 114.5 in March from 113.2 in February, striking the highest level since April 2022, reported the Cabinet Office.In Hong Kong, the Hang Seng Index opened steadily but declined to those close, finishing off 0.2% as investors awaited clarity ahead of the Trump-Xi meeting.The broad gauge Hang Seng fell 58.93 to 26,347.91 as losing issues outnumbered gainers 48 to 40. The Hang Seng TECH Index lost 0.7% on the day, while the Mainland Properties Index fell 0.5%.Leading the upside was Xinyi Glass, gaining 4.5%, while computer-maker Lenovo declined 3.4%.On the mainland, the Shanghai Composite fell 0.3% to 4,214.49.On the other regional exchanges, the South Korean KOSPI fell 2.3%; the Taiwan TWSE inclined 0.3%; the Australian ASX 200 declined 0.4%; the Singapore Straits Times Index rose 0.1%, and the Thai Set declined 0.4%. In late trading in Mumbai, the Sensex was down 1.9%.The MSCI All Country Asia Pacific Index fell 0.7% on the day.

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NFIB April US Small Business Index Ticks Higher, Economic Expectations Lower

The National Federation of Independent Business's monthly Small Business Optimism Index rose slightly to a reading of 95.9 in April from 95.8 in March and 95.8 a year earlier."Inflationary pressures continue to be a challenge for Main Street," said NFIB Chief Economist Bill Dunkelberg. "While small business optimism is currently fragile, the benefits of the Working Families Tax Cut Act should start to feed into the private sector over the next few months."There were monthly increases in seven of the 10 component measures, compared with three decreases.The largest increase was seen in the measure of the earnings trend, which rose by six percentage points to a net minus 19%, followed by three percentage point gains to current inventory measures (to a net minus 2%) and plans to raise inventories (to a net minus 2%).A net positive reading indicates that more respondents expect an increase than those expecting a decrease, and vice versa for a net negative reading.The measure of current jobs opening rose by two percentage points to a net of 34%, plans to increase employment rose by one percentage point to 13%, plans to make capital outlays rose by one percentage point to a net 17% and expected credit conditions rose by one percentage point to minus 4%.Providing some offset, the reading for economic expectations fell by seven percentage points to a net 4%, sales expectations fell by four percentage points to a net 3% and timing for expansion fell by four percentage points to 7%.Price gains accelerated in April, and pricing plans suggest that further gains are expected.

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NFIB April US Small Business Index 95.9 vs 95.8 Previous, 95.8 Year-Ago

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US Dollar Rises Early Tuesday Ahead of April Consumer Prices

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