The past week saw US‑Iran tensions ease following peace talks, with shipping through the Strait of Hormuz resuming. Meanwhile, macro data pointed to continued resilience in the US despite persistent price pressures; activity improved modestly in the eurozone, strengthened in Japan, and eased in India while remaining robust. China kept policy rates steady and introduced measures to improve liquidity management and policy transmission. Major global stock markets closed the week mixed, while US Treasury yields declined, the dollar strengthened and oil prices eased. Global inflation surprises turned positive in May for ... (full story)