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The US and Iran wrangled over terms to end the war and reopen the Strait of Hormuz. Donald Trump called Tehran’s reply to his proposed peace plan “totally unacceptable.” BBG
China confirms US President Trump's visit to China on May 13th-15th: Xinhua
In an interview airing Sunday on 60 Minutes, Israel's Netanyahu says Iran war is "not over" until highly enriched uranium is removed. Benjamin Netanyahu told CBS he wants to end the US’s $3.8 billion a year in military aid to Israel over the next decade. CBS
Trump will press Xi Jinping over China’s approach to Iran and hammer out details on a new board of trade when they meet later this week, senior US officials said. BBG
China’s factory-gate inflation neared a four-year high in April, continuing a reversal from a long period of deflation as war in the Middle East keeps fueling higher energy costs. PPI (+2.8% vs. the Street +1.8% and up from +0.5% in Mar) and CPI (+1.2% vs. the Street +0.9% and up from +1% in Mar). WSJ
US housing lenders and state agencies are raising concerns that the Trump administration could wind down a financing programme, The FY27 budget projects no new commitments for the programme: Semafor
US Energy Secretary Chris Wright told NBC that the White House is “open to all ideas,” when asked about suspending the federal gas tax. States in the Midwest have seen the steepest increases in gas prices, with a 72% jump in Ohio. BBG
China's domestic car sales fell for a seventh straight month in April amid intense competition in the world's biggest auto market but exports stayed strong as automakers increasingly targeted overseas markets. Sales at home dropped 21.6% from a year earlier, but EV and plug-in hybrid vehicle exports shot up 111.8% from a year earlier, outpacing an 80.2% increase in overall car exports, as rising global fuel prices triggered by the U.S.-Israeli war on Iran bolstered EV demand in overseas markets. RTRS
Prime Minister Narendra Modi has appealed to Indians to save fuel by working from home and using public transport, as the world’s third-largest oil importer tries to halt escalating economic disruption from higher energy prices. FT
An American and a French passenger linked to the Hondius cruise ship outbreak have tested positive for the Andes strain of hantavirus, health authorities said. Seventeen US citizens are being repatriated from the vessel. BBG
Goldman is pushing back the final two Fed rate cuts in our forecast by one quarter to December 2026 and March 2027. With energy cost passthrough likely to keep year-over-year core PCE inflation closer to 3% than 2% all year, we think that a combination of lower monthly inflation prints after the oil shock fades and further labor market softening will likely be needed for the FOMC to cut this year. The bank still expects that bar to be met but now expect it to take a bit longer.
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