Japan’s Finance Minister Satsuki Katayama said on Monday that the volatility in Oil prices is affecting the forex market. Speaking to reporters after the first day of the G7 Finance Ministers meeting in France, she added that she is seeing speculative moves in the financial markets.

Alex Loo at TD Securities highlights that China’s April data were weak, with soft retail sales and falling investment, while exports and housing prices offered some relief.

UOB economist Jester Koh highlights a strong rebound in Singapore’s Non-oil Domestic Exports (NODX), led by electronics and pharmaceuticals, with petrochemicals slightly softer.

A White House official said that the US President Donald Trump will swear in Kevin Warsh as the next Fed Chairman on Friday, May 22nd, at the White House.

ING’s Lynn Song highlights that China’s April data showed broad-based weakness in domestic activity, with retail sales, industrial production and fixed asset investment all disappointing.

Standard Chartered’s Madhur Jha assesses how the effective closure of the Strait of Hormuz and the current energy shock could challenge AI optimism. The bank highlights near-term risks to semiconductor input supplies and longer-term risks to AI investment and demand.

United States NAHB Housing Market Index above expectations (35) in May: Actual (37)

Nordea's Chief Economist Helge J. Pedersen argues that rapidly rising defense spending in Europe represents a historic fiscal expansion that can support GDP in the short term but raises medium‑term risks.

TD Securities strategists reiterate their view that the Reserve Bank of Australia (RBA) will likely need to raise the cash rate to 4.60% in this cycle. They note that the May policy statement suggests hesitation to hike in June, and expects the RBA minutes to clarify this.

Commerzbank’s Dr. Henry Hao notes that China’s post-Q1 recovery lost momentum in April, with industrial output at a three-year low and fixed-asset investment shrinking. Domestic consumption remains fragile as retail sales barely grew and youth unemployment rose.

Deutsche Bank’s Sanjay Raja expects the United Kingdom (UK) labour market to remain weak after a surprise drop in the jobless rate driven by self-employment.

According to the International Monetary Fund (IMF) staff, the Bank of England (BoE) doesn’t need to raise rates this year, based on the current energy price outlook.

TD Securities strategists judge China’s April data as weak, citing higher Oil prices and soft consumer sentiment. They expect targeted fiscal stimulus focused on infrastructure and see the PBoC remaining cautious on easing.

Deutsche Bank strategists note that the S&P 500 has extended its run to seven consecutive weekly gains, the longest since 2023, even as rising bond yields and Oil prices triggered the worst daily decline since March.

Standard Chartered strategists note that China’s April data showed weaker domestic demand, with both consumption and investment slowing even as exports supported industrial production.

According to a Reuters report, the Japanese government plans to issue fresh debt as part of its funding for a planned extra budget, a scenario that would undermine the Japanese Yen (JPY) and boost yields on Japanese Government Bonds (JGBs).

ING’s Chris Turner highlights that rising US Treasury yields and a bearish yield curve steepening are pressuring the Federal Reserve (Fed) to sound more hawkish, even without immediate hikes. He notes high Oil prices and higher yields are negative for risk assets but supportive for the Dollar.

USD/JPY continues its winning streak for the sixth consecutive day, trading around 158.90 during the European hours on Monday.

United States (US) President Donald Trump said in an interview with Fortune, released during the European trading session on Monday, that Iran is dying to sign a deal with Washington. “I can tell you one thing—they’re dying to sign [a deal]," Trump said.

OCBC strategist Christopher Wong notes that Silver dropped around 9% to below US$76/oz, extending a sharper correction than Gold.

Italy Trade Balance EU declined to €-1.08B in March from previous €-0.652B

Italy Global Trade Balance registered at €4.709B, below expectations (€5.2B) in March

Bank of England (BoE) Monetary Policy Committee (MPC) member Megan Greene said on Monday, “the second-round effects of energy price shock won't show up for another year.”

According to the state media, Iran's foreign ministry spokesperson said during the European trading session on Monday that technical teams from Iran and Oman met last week in Oman to negotiate a mechanism for safe transit in the Strait of Hormuz.

Societe Generale’s team notes that the European Central Bank's (ECB Economic Bulletin stresses that a Middle East-driven Oil shock would hit inflation more than activity, but confidence effects could weigh on 2027 growth.

Japan Chief Cabinet Secretary Seiji Kihara said during the European trading session on Monday that the administration is watching market moves, including long-term rates, with a very high sense of urgency. However, Kihara denied commenting on potential intervention in forex markets.

Turkey Consumer Confidence rose from previous 85.5 to 85.8 in May

United Kingdom (UK) Deputy David Lammy to Prime Minister (PM) Keir Starmer said during the European trading session on Monday that the PM will not set out a timetable for his departure from Downing Street, according to Sky News. "There will be no timetable for departure," Lammy told, adding that he

ING analysts Warren Patterson and Ewa Manthey say Brent remains supported as the oil market reprices ongoing supply disruptions linked to the US-Iran standoff and tensions in the Persian Gulf.

Danske Research Team reports that global equities fell on Friday and remain weak, with Asian markets and US and European futures softer.