Reuters Morning Bid

With Japanese markets on holiday and liquidity thin, the yen jumps sharply on what sources suggest may be a second round of official buying. Central banks in Europe lean hawkish despite stagflation concerns, while Apple's earnings beat is tempered by Tim Cook's warning that iPhone prices could rise due to chip shortages.

Today’s recommended read: The UAE dumping OPEC may not affect crude as anticipated, by Clyde Russell

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest

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U.S. President Donald Trump suggested the Iran blockade could last months, sending Brent crude to its highest level since the war began and feeding U.S. inflation expectations. Jerome Powell confirmed he will remain on the Federal Reserve board after his term as chair ends May 15, a move that blocks Trump from immediately filling his seat. Plus, Meta slid around 7% on rising CapEx concerns, while Alphabet surged roughly 7% on the strength of its cloud business.

Today’s recommended read: Iran war stasis brings US inflation expectations back to the boil, Mike Dolan

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest

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Sound engineering and music by Sebastian and Josh Sommer

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OPEC loses its fourth-biggest producer. Jerome Powell prepares to chair what is almost certainly his final Federal Reserve policy meeting with inflation ticking back up. And a quiet Wall Street Journal report about OpenAI missing targets is rattling the entire AI trade - right before Amazon, Apple, Microsoft, and Meta report after the bell.

Today’s recommended read: Transatlantic rate convergence may be a mirage, Mike Dolan

Subscribe to Mike Dolan's Morning Bid ⁠newsletter,⁠ and check out his columns on ⁠Reuters Open Interest⁠

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A rare split vote at the BOJ sharpens the debate over Japan’s next rate move, even as the yen struggles to rally. Oil holds above $100 with the Iran conflict frozen, while tech stocks power ahead into a pivotal earnings week.

Today’s recommended read: 'See through' Iran war? Markets exploit permacrisis instead, Mike Dolan

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest

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Federal Reserve Chair Jerome Powell heads into what could be his last meeting as Fed chair as oil tops $100 and Wall Street seems unfazed by geopolitical tension. AI‑linked stocks lead global markets higher ahead of a big week for tech earnings.

Today’s recommended read: Iran war hands OPEC's swing producer crown to America, Ron Bousso

Subscribe to Mike Dolan's Morning Bid newsletter, and check out his columns on Reuters Open Interest

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Sound engineering and music by Sebastian and Josh Sommer

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