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Crude oil remains stable ahead of the upcoming US–China summit. Brent oil is holding at a high level of around $107 per barrel after strong gains during the first two sessions of this week.
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US equity index futures are recovering losses following the release of higher US inflation data. The US500 is currently up 0.3%, while the US100 is gaining as much as 0.8%. After yesterday’s declines, media narratives around so-called “buying the dip” have re-emerged. A similar rebound was also observed on the South Korean market.
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Nvidia is rising by up to 2.5% in pre-market trading, supported by reports that Jensen Huang may accompany Donald Trump on his visit to China, potentially opening the door to new chip-related deals.
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Global attention remains firmly focused on Beijing. As a reminder, a two-day visit by US President Donald Trump to China begins tomorrow. Key topics are expected to include Iran and the Persian Gulf, although observers do not anticipate any major breakthroughs.
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France: Today’s April data showed mixed signals. CPI inflation came in at 2.2% y/y and HICP at 2.5%, both in line with expectations. However, the unemployment rate rose to 8.1%, indicating some weakening in the labour market.
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Eurozone: The latest data confirm a slowdown in economic activity. Q1 GDP stood at 0.8% y/y, while industrial production fell by 2.1%, coming in well below expectations and highlighting continued weakness in the manufacturing sector.
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GBPUSD is down nearly 0.2%, testing the 1.35 area amid political uncertainty in the United Kingdom.
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Gold remains stable above $4,700, silver continues its upward trend, while copper has broken above $14,000.
Equities and corporate news:
Deutsche Telekom (DTE.DE) delivered a strong start to the year, reporting a 6.5% increase in adjusted net profit and stable cash flows. The results were strong enough for management to raise its full-year 2026 guidance for operating profit and free cash flow.
Allianz (ALV.DE) generated €53 billion in revenue, while PIMCO and AllianzGI attracted €21 billion in new capital inflows.
Siemens (SIE.DE) reported a mixed set of results: revenue and net income slightly disappointed, but new orders came in strongly at €24.1 billion, significantly beating expectations. Despite some pressure on industrial margins, the company maintained its growth outlook and announced a large share buyback programme of up to €6 billion.
Volatility is visible today across major sectors of the economy. Notably, there is a renewed strong rebound in the technology sector. Source: XTB
Sector dispersion highlights strong gains in ASML and Infineon, while consumer sector stocks are underperforming. Source: XTB
Among the most closely watched companies today are Siemens and Deutsche Telekom, both gaining on strong earnings. Meanwhile, Rheinmetall is extending its recent decline. Source: XTB
Alibaba reports its first operating loss in five years❗
UK bonds attempt a recovery as Starmer remains in place, for now
OIL: EIA points to a deeper supply shock than expected 🔎
Daily Summary: Wall Street Under Pressure After Highest Inflation Reading Since 2023
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