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US S&P Global Composite PMI Flash (Apr) 52.0 (Prev. 50.3, Low. 50.2, High. 51.2); "The overall inflation picture is now the most worrying for almost four years."

The S&P Global Composite PMI flash for April came in at 52.0, significantly above the previous 50.3, indicating a more robust economic activity than expected.

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Iranian sources told the New York Times that Mojtaba Khamenei was surrounded by doctors after being injured in an airstrike, via Al Arabiya

The EU Council confirmed that the introduction of a ban on Russian oil supply by European companies has been postponed, Tass reports; the EU introduces a quota on ammonia imports

US S&P Global Composite PMI Flash (Apr) 52.0 (Prev. 50.3, Low. 50.2, High. 51.2); "The overall inflation picture is now the most worrying for almost four years."

Chinese Vice Premier He Lifeng met with the Blackstone (BX) CEO, Xinhua reports

IKS Health to buy TruBridge (TBRG) for USD 26.25/shr in cash

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  • "Not surprisingly, prices are already spiking higher in this environment, and not just for energy but for a wide variety of goods and services. The overall inflation picture is now the most worrying for almost four years."
  • "...broadly consistent with the economy struggling to manage annualized growth in excess of 1%, with the vast service sector acting as the principal drag."
  • "Balancing the risks of inflation lifting sharply higher against the underlying weakness of economic growth presents policymakers at the Fed with a growing dilemma. However, it will likely be increasingly hard to make a case for rate cuts if inflation follows the path signalled by the PMI while the economy continues to eke out only modest growth."
  • "Orders for services ranging from travel and tourism to financial products barely rose as the war caused hesitancy for spending among both household and business customers, with surging prices and the prospect of higher borrowing costs acting as a further deterrent"
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However, the accompanying commentary highlights a troubling inflationary environment not seen in four years, suggesting the Federal Reserve may face increased pressure to maintain rates despite stagnant growth. This read could signal volatility across FX and fixed income markets as traders reassess the Fed's policy trajectory in light of stubborn inflation versus moderate economic expansion.

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