Spanish Inflation Rate MoM Final (Apr) M/M 0.4% vs. Exp. 0.4% (Prev. 1.2%)

The final monthly inflation rate for Spain came in at 0.4%, matching expectations after a significant drop from the previous month’s 1.2%.

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European Movers: Telefonica (TEF SM) +5.2%, ASML (ASML NA) +1%, National Grid (NG/ LN) +1.3%, Burberry (BRBY LN) -4.5%

UKMTO reports an incident 38 nautical miles northeast of Fujairah, UAE; vessel has been taken by unauthorised personnel whilst at anchor and now bound for Iranian territorial waters

Spanish Inflation Rate MoM Final (Apr) M/M 0.4% vs. Exp. 0.4% (Prev. 1.2%)

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"

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This stability at the expected level suggests that inflationary pressures may be leveling off, potentially influencing ECB policy discussions and impacting the euro's valuation in the forex market.

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