India Bank Loan Growth climbed from previous 16.2% to 17.7% in May 18

Iran’s IRNA news agency releases the major terms of the Memorandum of Understanding (MoU) discussed with the United States (US). Earlier a report from Bloomberg showed that the MoU will be signed in Geneva on Sunday.

Nordea’s Jan von Gerich expects Kevin Warsh’s first FOMC meeting on 17 June to deliver a more neutral policy stance, with earlier projected rate cuts likely removed from the dot plot and some hike calls appearing.

The University of Michigan (UoM) will release the preliminary estimate of June’s Consumer Sentiment Index on Friday.

Deutsche Bank’s European economists highlight that the ECB delivered its first rate hike since 2023, lifting the deposit rate to 2.25% and pairing it with hawkish messaging from President Lagarde.

India’s Consumer Price Index data for May has come in at an annualized pace of 3.93% in May, slower than 4% estimates, but higher than the previous reading of 3.48%.

Commerzbank’s Tatha Ghose highlights that President Karol Nawrocki has rapidly accumulated a record number of vetoes, blocking key legislation on crypto assets, taxation and healthcare. Ghose expects Nawrocki to continue obstructing reforms until the 2027 elections.

China M2 Money Supply (YoY) came in at 8.6%, above forecasts (8.5%) in May

According to a Bloomberg report, senior officials have said that the United States (US) and Iran are edging closer to signing an agreement to reopen the Strait of Hormuz as the Group of Seven (G7) world leaders are set to meet next week.

BNY’s Bob Savage analyzes U.S. equities using iFlow data, highlighting declining institutional cash balances, elevated valuations and record IPO issuance such as SpaceX.

Deutsche Bank’s Sanjay Raja expects the Bank of England (BoE) to leave Bank Rate at 3.75% at the June meeting, with a likely 7–2 vote and Huw Pill and Megan Greene backing a hike.

Societe Generale notes that the Government of India and Reserve Bank of India (RBI) are prioritising capital inflows to support the Indian Rupee (INR) rather than tightening policy.

Here is what you need to know on Friday, June 12:

United Kingdom Consumer Inflation Expectations increased to 4% from previous 3.2%

United Kingdom Consumer Inflation Expectations: 3.5% vs 3.2%

Iran’s Mehr news agency has reported in the European trade on Friday that the draft with the United States (US) regarding the permanent peace deal needs finalization by relevant authorities.

European Central Bank (ECB) Governing Council member Martin Kocher stated in the European trade on Friday that it is too early to discuss what the central bank will do in the July meeting.

Societe Generale’s Kenneth Broux and colleagues note Brent has fallen below $90 per barrel after US-Iran deal hopes and President Trump’s cancelled strikes. Their technical view highlights a sustained downtrend after losing the 50-DMA and breaking an ascending trend line.

European Central Bank (ECB) Governing Council member and Governor of the Central Bank of Ireland, Gabriel Makhlouf, said during the European trade on Friday that the central bank needs to act quickly before inflation starts accelerating further.

Turkey Current Account Balance: $-5.695B (April) vs $-9.672B

Spain Consumer Price Index (MoM) meets forecasts (0.1%) in May

Spain Harmonized Index of Consumer Prices (MoM) meets expectations (0.1%) in May

Spain Harmonized Index of Consumer Prices (YoY) meets forecasts (3.6%) in May

Spain Consumer Price Index (YoY) meets forecasts (3.2%) in May

ING analysts Warren Patterson and Ewa Manthey say Brent has fallen below $90/bbl on renewed hopes for a ceasefire and resumption of energy flows through the Strait of Hormuz.

France Inflation ex-tobacco (MoM) fell from previous 1% to 0.1% in May

According to Danske Research Team, global equities rallied strongly as investors reacted to signs of a potential US‑Iran peace agreement that could reopen the Strait of Hormuz and curb nuclear ambitions.

EUR/GBP inches lower after two days of gains, trading around 0.8630 during the Asian hours on Friday. The currency cross remains subdued following the release of economic data from the United Kingdom (UK) and Germany.

German revised Harmonized Index of Consumer Prices (HICP) data for May has arrived at 2.7% Year-on-Year (YoY), as expected. On a monthly basis, the HICP growth declined by 0.1%.

United Kingdom Total Trade Balance rose from previous £-9.658B to £-8.435B in April