France Current Account rose from previous €-0.2B to €-0.1B in May

TD Securities strategists preview the June Federal Open Market Committee (FOMC) Minutes, expecting more insight into the policy debate than provided by Chair Warsh’s press conference.

Geoff Yu at BNY highlights that client flows into United States (US) equities remain geared to inflation risk, even as direct inflation-hedge sectors see reduced inflows. BNY’s iFlow equity inflation style indicator shows a wide gap between inflation-sensitive flows and falling breakevens.

European Central Bank (ECB) policymaker and Governor of the Bank of Spain, José Luis Escrivá, said on Wednesday that the central bank “will keep all options on the table and decide on a meeting-by-meeting basis.”

Standard Chartered economists Anubhuti Sahay and Saurav Anand assess India’s FY27 fiscal deficit outlook, highlighting how lower crude Oil prices reduce the risk of fiscal slippage to about 0.2-0.3% of Gross Domestic Product (GDP) versus 0.5% earlier.

DBS Group Research’s Philip Wee notes that recent Iranian strikes on shipping in the Strait of Hormuz pushed Brent crude from $72 to $76 per barrel and lifted US Treasury 2Y yields, but markets still see no return to full-scale war.

Societe Generale’s Kenneth Broux highlights EUR/SEK reclaiming its 200-day moving average and breaking above a base, signalling a short-term uptrend towards 11.11.

MUFG’s Derek Halpenny argues that June FOMC minutes may already be stale as weaker labour data and lower energy prices challenge the Fed’s hawkish dot plot. He sees OIS pricing as too aggressive, with rate hikes over-priced and a rate cut by March 2027 more likely than another hike.

ING’s Warren Patterson and Ewa Manthey note Aluminium has extended gains after hitting a four‑month low, as lower prices attracted Chinese buying.

The offshore Chinese Yuan (CNH) is capturing market attention following a sweeping set of structural measures announced by the People's Bank of China (PBoC) to cement Hong Kong’s status as a global offshore hub for the Yuan. 

European Union (EU) Foreign Affairs Chief Kaja Kallas said during the European trading session on Wednesday that exchanges of fire between the United States (US) and Iran further complicate already fraught talks to end the war.

Tatha Ghose at Commerzbank expects Poland’s NBP to leave rates at 3.75%, with forwards already reflecting this. With inflation momentum near zero and energy-driven disinflation back, earlier hike bets have been unwound and some analysts now discuss potential easing from Q4 or March 2027.

According to the Iranian State Media, Iran's Top Joint Military Command said, “Tehran considers any location that supports United States (US) attacks on Iran as its legitimate target.” However, there has been no official confirmation from other media outlets.

Commerzbank’s Tatha Ghose notes Czech headline inflation fell to 1.5% year-on-year, below Czech National Bank (CNB) forecasts, with goods and energy prices soft but services still elevated.

Austria Trade Balance up to €-434.1M in April from previous €-563.3M

OCBC Bank’s Sim Moh Siong and Christopher Wong highlight that Oil and tech-led equity weakness have driven a stronger US Dollar, higher global yields and softer Gold.

Deutsche Bank’s Jim Reid highlights that Asian equities are mostly lower as investors digest a sharp escalation in US-Iran tensions and surging Oil prices. KOSPI is down over 5% and the Nikkei and S&P/ASX 200 are weaker, while mainland Chinese indices and the Hang Seng are firmer on tech gains.

South Africa Net $Gold & Forex Reserve declined to $71.338B in June from previous $73.467B

South Africa Gross $Gold & Forex Reserve : $74.115B (June) vs previous $76.58B

South Africa Net $Gold & Forex Reserve up to $71338B in June from previous $73.467B

South Africa Gross $Gold & Forex Reserve dipped from previous $76.58B to $74.12B in June

Sweden Industrial Production Value (MoM) down to 0.2% in May from previous 4.2%

Sweden Industrial Production Value (MoM) dipped from previous 4.2% to 0.6% in May

Sweden Industrial Production Value (YoY) fell from previous 7.1% to 6.9% in May

China has lifted refined fuel export restrictions for July and allowed a private refiner ‌to resume shipments after a four-month pause, Reuters reported on Wednesday, as the world’s biggest refiner returns toward normal after disruptions from the Iran war.

Sweden New Orders Manufacturing (YoY): 1.3% (May) vs previous 6.3%

USD/IDR gains ground after registering modest losses in the previous day, trading around 18,050 during the Asian hours on Wednesday.

Netherlands, The Consumer Spending Volume up to 1.8% in May from previous 1%

Indonesia Consumer Confidence dipped from previous 120.9 to 117.8 in June

The Iranian Islamic Revolutionary Guards Corps (IRGC) said on Wednesday that it “targeted 85 US military sites in Bahrain and Kuwait following the US ceasefire breach.