Izidor Flajsman at TD Securities analyses past US equity ‘lost decades’ and finds that headline indices delivered flat to negative real returns, while Small Cap, Value, Energy and Non-Durables outperformed.

United States (US) Secretary of State Marco Rubio reiterates after meeting with leaders from Gulf nations that Iran’s toll system near the Strait of Hormuz, a vital passage to almost 20% of global energy supply, is unacceptable.

Royal Bank of Canada (RBC) strategists argue that while the United States (US) consumer has remained resilient in 2026, persistent inflation and the earlier energy price shock have eroded households’ ability to absorb further price increases.

TD Securities strategists expect May United States (US) core Personal Consumption Expenditures (PCE) Price Index inflation to firm, driven by services, while headline PCE is lifted by higher energy prices.

South Africa Producer Price Index (MoM) dipped from previous 3% to 2.6% in May

South Africa Producer Price Index (YoY) rose from previous 4.8% to 7.8% in May

ING’s Frantisek Taborsky highlights persistent Polish Zloty weakness versus Central and Eastern European (CEE) peers as EUR/PLN breaks above its prior range toward 4.290. He attributes vulnerability to the National Bank of Poland’s (NBP) dovish stance and global risk-off conditions.

Commerzbank’s Michael Pfister argues that enhanced Federal Reserve communication has lowered average implied volatility in the US Dollar but concentrated it on FOMC meeting days.

Danske Research Team notes that Brent crude has dropped back toward USD 72 and near pre-war levels, with Oil pressured by a stronger US Dollar and growth concerns rather than supply alone.

According to a senior oil ministry official, Iraq will be compelled to consider all available options if its OPEC quota is not significantly increased, Reuters reports.

United Kingdom (UK) Chancellor of the Exchequer Rachel Reeves confirms during the European trading session on Thursday that Greater Manchester Mayor Andy Burnham will be the next Prime Minister (PM), following the resignation of PM Keir Starmer.

UBS’s Chief Economist Paul Donovan focuses on United States (US) consumers ahead of May income and spending data, stressing their persistent willingness to spend despite tariff and Oil price shocks.

US Secretary of State Marco Rubio criticizes Iran for considering a tolling system near the Strait of Hormuz, a critical chokepoint to all 20% of global energy supply, saying, “Hormuz tolling would set an unacceptable precedent” during the European trading session on Thursday.

Deutsche Bank strategists report that Micron’s strong revenue outlook has reignited hopes for AI-driven growth, boosting NASDAQ 100 and S&P 500 futures after recent losses.

Italy Industrial Sales n.s.a. (YoY) down to 3.2% in April from previous 4.4%

Italy Industrial Sales s.a. (MoM) declined to 0.3% in April from previous 2%

Italy Industrial Sales s.a. (MoM) down to 0.3% in April from previous 2%

Commerzbank notes that the Bank of Thailand (BoT) kept its policy rate at 1.0% and signalled a cautious stance, prioritizing growth risks over inflation. USD/THB has risen for five consecutive sessions, up 0.9% to 33.43.

Societe Generale notes that Indian money markets have continued to unwind tightening expectations, with the 1-year swap rate dropping to 5.75% and the 10-year IGB yield easing to 6.80%.

European Central Bank (ECB) policymaker Isabel Schnabel reiterates that the central bank is not done with monetary tightening yet, according to her remarks released by Econostream released during the European trading session on Thursday.

Spain Gross Domestic Product (QoQ) meets forecasts (0.6%) in 1Q

Spain Gross Domestic Product (YoY) meets expectations (2.7%) in 1Q

France Consumer Confidence meets forecasts (84) in June

Germany GfK Consumer Confidence Survey registered at -29.2, below expectations (-27.5) in July

The United States (US) Bureau of Economic Analysis (BEA) will publish the Personal Consumption Expenditures (PCE) Price Index data for May on Thursday at 12:30 GMT. 

Bank of Japan (BoJ) board member Naoki Tamura said on Thursday that Japan has already achieved the Bank of Japan’s (BoJ) 2% inflation target and the central bank must raise rates near neutral to avoid underlying inflation from overshooting above target.

The USD/CHF pair edges lower to around 0.8110, retreating from an 11-month high during the early European trading hours on Thursday.

Japan Coincident Index rose from previous 117.9 to 118.1 in April

Japan Leading Economic Index came in at 116.1, above expectations (115.9) in April

USD/IDR loses ground after three days of gains, trading around 17,970 during the Asian hours on Thursday. The pair depreciates as the Indonesian Rupiah (IDR) gains ground on improved domestic market sentiment.