Indian WPI Inflation YoY (Apr) Y/Y 8.30% vs. Exp. 4.4% (Prev. 3.88%)

The Indian WPI inflation for April surged to 8.30%, significantly higher than the expected 4.4% and the previous 3.88%.

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Iranian Foreign Minister Araghchi says "In our view, the Strait of Hormuz is open to all commercial ships, but they must cooperate with our naval forces"; adds "hope this situation will end with the lifting of this illegal blockade imposed by America"

[MARKET UPDATE] Crude falls in excess of USD 1/bbl over ten minutes to the benefit of Fixed Income and Equities; no specific driver, potentially among Aragchi comments "do not seek war"

Indian WPI Inflation YoY (Apr) Y/Y 8.30% vs. Exp. 4.4% (Prev. 3.88%)

India is reportedly mulling reducing taxes on taxes on foreign bond investments

Sumitomo Bakelite (4203 JT) is to raise the prices of chip material by 10-20%

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This notable beat indicates escalating price pressures, which may force the Reserve Bank of India to reconsider its monetary policy stance and rate trajectory, potentially impacting the Indian Rupee and broader market sentiment.

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