HSBC Asset Management notes that US equities are at new highs while maintaining their price-earnings premium, supported by robust profit growth expectations around 15% for 2026.

Societe Generale economists report that the Bank of England's (BoE) Monetary Policy Committee (MPC) left Bank Rate at 3.75% with an 8–1 vote. Their base case is for rates to remain unchanged through 2026, though further hikes of 50–75 bps are possible if the US‑Iran conflict persists.

UOB strategists expect the European Central Bank (ECB) to keep policy broadly steady but deliver a single 25-basis-point rate hike at the 11 Jun meeting.

European Central Bank policymaker Peter Kazimir said on Monday that although they are not committed to any fixed interest rate path, they remain firm in their policy approach.

BNY’s Bob Savage argues that the central bank of Norway, Norges Bank’s bias to tighten, driven by domestic and energy-related strength, is largely priced and may not extend Norwegian Krone (NOK) gains.

Investor morale in the Eurozone improved slightly in May, with the Sentix Investor Confidence Index edging higher to -16.4 from -19.2 in April.

According to the European Central Bank's (ECB) quarterly Survey of Professional Forecasters (SPF), inflation rate in the Eurozone is projected to average 2.7% in 2026 before softening to 2.1% in 2027 and 2% in 2028.

Societe Generale economists highlight that Euro area growth nearly stalled in 1Q, with 0.1% qoq GDP and weak confidence indicators. They argue downside risks to growth are rising even as headline inflation is set to climb further.

Turkey Exports up to $25.4B in April from previous $21.9B

Greece S&P Global Manufacturing PMI: 52.4 (April) vs previous 54.5

Austria Unemployment Rate: 7.5% (April)

Austria Unemployment: 320.3K (April) vs previous 322.7K

Spain HCOB Manufacturing PMI climbed from previous 48.7 to 51.7 in April

Here is what you need to know on Monday, May 4:

Commerzbank’s Thu Lan Nguyen notes that EUR/USD has nearly returned to pre-war levels as the Euro (EUR) proves resilient and the US Dollar (USD) retreats. Markets expect the European Central Bank (ECB) to hike in June, but Nguyen doubts pricing for three hikes by year-end.

Turkey Consumer Price Index (YoY) registered at 32.37% above expectations (31.25%) in April

Turkey Consumer Price Index (MoM) registered at 4.18% above expectations (3.28%) in April

UOB strategists note that Brent crude has just recorded its largest monthly percentage decline since December 2025, despite briefly spiking above USD 126/bbl on renewed Strait of Hormuz concerns.

Sweden Manufacturing PMI rose from previous 56.3 to 57.2 in April

Danske Research Team reports that equities ended last week higher, led by tech and growth, even as Iran-related risks and higher Oil prices weighed on sentiment. They note a return of negative correlation between equities and bonds, with yields rising alongside stocks.

The Unified Command of the Iranian armed forces warned on Monday the US Navy not to approach or enter the Strait of Hormuz. It further stated that it will 'respond harshly’ to any threat at any level and in any part of Iran. 

Russia S&P Global Manufacturing PMI: 48.1 (April) vs previous 48.3

India HSBC Manufacturing PMI came in at 54.7, below expectations (55.9) in April

Netherlands, The Nevi Manufacturing PMI climbed from previous 52 to 54.4 in April

Indonesia Trade Balance increased to $3.32B in March from previous $1.28B

Indonesia Imports fell from previous 10.85% to 1.51% in March

Indonesia Exports declined to -3.1% in March from previous 1.01%

Indonesia Core Inflation (YoY) declined to 2.44% in April from previous 2.52%

Indonesia Inflation (MoM) fell from previous 0.41% to 0.13% in April

Reserve Bank of New Zealand (RBNZ) board member Prasanna Gai said on Monday that pre-emptive tightening requires strong synchronization and an active coordination mechanism.