🇪🇺 Spain's national CPI eased in April. The ECB's target measure did not.
🇺🇸 The April retail sales beat doesn't survive contact with the import price data
🇺🇸 Industry in Focus, 14-05-2026: America's Chip Industry Gets a State Investor
🇬🇧 UK gilt vigilantes are back: 30-year yields at a 28-year high as bond markets price Labour's leadership crisis
🇪🇺 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%.
