🇪🇺 German inflation hits 2.9%, Nagel calls for ECB rate hikes, and the bank has no clean path forward
🇺🇸 Tariff costs are moving into the selling chain, and the CPI print at 3.8% is probably a floor
🌐 Geopolitics, 12-05-2026: The Hormuz closure turned Trump's Beijing summit into an energy negotiation, and Washington has the stronger hand
🇨🇳 Trump's tariff escalation authority was stripped before Beijing. The CEO delegation is the substitute.
🌏 EM's synchronized easing cycle is coming apart faster than markets priced
🇬🇧 UK 10-year gilt yields break 5.00% for the first time since 2008. Back then, debt-to-GDP was 40%.
🇪🇺 Eurozone sentiment bounced hard in May, but German inflation at 2.9% has the ECB eyeing hikes into an economy where the current-conditions gauge sits near recessionary lows
🇺🇸 April CPI at 3.8%: supercore stuck for a third straight month, and the Fed has no clean move
🇨🇳 China's 41-month deflation streak is over. The energy shock that ended it puts the PBOC in a bind.
🌏 EM central banks can't cut their way out of the 2026 oil shock
