[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"

The sharp decline in crude oil prices over a brief period reflects a market reaction likely spurred by Aragchi's comments indicating a preference for diplomacy rather than conflict.

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Spanish Core Inflation Rate YoY Final (Apr) Y/Y 2.8% vs. Exp. 2.8% (Prev. 2.9%)

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 Food Index YoY (Apr) Y/Y 1.98% (Prev. 1.85%)

Indian WPI Manufacturing YoY (Apr) Y/Y 4.62% (Prev. 3.39%)

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This drop is benefiting fixed income and equities, suggesting that investors might be viewing the lower oil prices as easing inflationary pressures, which could support a more favorable outlook for growth and risk assets.

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