Inflation Watch (US): The Fed’s preferred inflation gauge accelerated in April to 3.8% year-on-year, with broader price pressure beyond gasoline and signs that cuts may be harder to justify. Household Strain: Americans’ savings rate slid to 2.6% in April, the lowest since 2022, as inflation outpaced pay and spending barely rose. Geopolitics & Markets: Iran-US trade strikes and a fragile ceasefire kept investors focused on oil and rate-path risk, with traders debating odds of a timely Strait of Hormuz reopening. Sanctions (Iran): The US escalated pressure on Iran’s military oil trade, targeting shipping and currency-linked networks and adding a crypto enforcement angle. Trade Policy (Asia-Pacific): APEC ministers pushed WTO reform, trade digitalization rules, and AI-related coordination, while also discussing agriculture and investment facilitation. Trade Pact (India-Korea): India and South Korea agreed to tackle a widening bilateral trade deficit within the CEPA framework, including sub-groups on digital trade and supply chains. Energy Transition (Malaysia): Bank Negara data showed reserve management pressures, while ratings firms backed Malaysia’s renewables ramp-up and financing needs. Corporate Moves (EQT/AI): EQT partnered with Google Cloud to expand AI agent deployment across 300+ portfolio companies. Business & Investment (Europe/US Insurance): Mapfre said it is scaling its “large risks” unit toward Europe and the US, adding cyber and parametric insurance growth themes. Local Economy (UK): Protesters in Edinburgh targeted Aberdeen Group plc over alleged ties to TotalEnergies and the EACOP pipeline, highlighting ESG and financing scrutiny. Japan Security Screening: Japan revised foreign investment rules to tighten prescreening for critical technologies, using a cross-ministerial panel modelled on the US.