-- Societe Generale in its early Thursday economic news summary pointed out:
-- Risk metrics consolidate after melt-up on Wednesday, slide in Brent to intra-day low of US$96.75/barrel. Euro Stoxx futures +0.1%, Australian dollar (AUD) and South Africa's rand (ZAR) buying stalls. Iran state media signals that parts of the United States proposal (one page Memorandum of Understanding to reopen the Strait of Hormuz, lift blockade, defer nuclear talks) remain unrealistic to the leadership.
-- United Kingdom: Prime Minister Starmer drawing up plans for a speech after Thursday's local election which could trigger a leadership challenge. Speech planned for Monday will commit to closer relations with the European Union to boost economic and national security. Sterling (GBP) positioning short, resilience flattered by US dollar (USD) selling (Japanese/Asia intervention), correlation with risk.
-- Sweden's Riksbank on hold at 1.75% as expected, policy rate appropriate, "recent inflation outcomes clearly lower than forecast in March."
-- Norway's Norges Bank hikes 25bps to 4.25%, signals further rise to 4.50% by year-end. Statement: inflation is too high and there are prospects that inflation will remain elevated ahead.
-- Day ahead: Federal Reserve speakers Kashkari, Hammack, Williams. U.S. jobless claims and Challenger job cuts. European Central Bank's Muller, Villeroy, Guindos, Lane, Schnabel. U.K. local elections. Bank of England's Lombardelli, Taylor, Mann. France and Spain bond auctions. Czech central bank forecast to stay on hold, Mexico's Banxico forecast to cut 25bps. Mexico's consumer price index.
-- Nikkei +5.8%, EUR 10-year IRS unchanged at 3.03%, Brent crude +0.2% at US$101.5/barrel, Gold +0.6% at US$4,713/oz.