Key Takeaways
- U.S. oil futures dropped $1.15 to settle at $99.87/bbl as trade optimism emerged from the Xi-Trump summit in Beijing.
- India's wholesale inflation (WPI) skyrocketed to 8.30% in April, far exceeding the 5.50% estimate and the previous month's 3.88%.
- Hon Hai Precision Industry (HNHPF) posted a strong Q1 net income of NT$49.92B, beating analyst expectations despite a slight revenue miss.
- The Russia-Ukraine ceasefire has officially collapsed, with the Financial Times reporting a barrage of renewed missile and drone strikes.
- UK Chancellor Rachel Reeves warned that a potential leadership challenge by Wes Streeting would plunge the country into "chaos" and paralyze the government.
U.S. crude oil futures fell below the critical $100 threshold on Thursday, settling at $99.87/bbl. Market sentiment shifted toward optimism as Chinese President Xi Jinping praised significant trade progress during high-stakes summit talks with Donald Trump.
India's wholesale price index (WPI) shocked markets by surging to 8.30% in April, a massive jump from the 3.88% recorded in March. This spike was primarily driven by soaring fuel and power costs, which jumped to 24.71%, alongside an 88.06% surge in crude petroleum prices.
Spain's final inflation data for April confirmed a steady 3.2% year-over-year increase, matching preliminary estimates. While the Core CPI remained stable at 2.8%, the EU Harmonized Index accelerated to 3.5%, reflecting ongoing price pressures in the broader Eurozone.
Hon Hai Precision Industry (HNHPF), also known as Foxconn, reported a Q1 net income of NT$49.92B, surpassing the NT$48.43B estimate. Despite revenue of NT$2.12T coming in slightly below the NT$2.15T forecast, the company issued a positive outlook, projecting growth for both Q2 and the full 2026 fiscal year.
Geopolitical tensions escalated as the Russia-Ukraine ceasefire collapsed, leading to renewed missile and drone attacks across Ukraine. Simultaneously, Iranian Foreign Minister Abbas Araghchi claimed Iran has not obstructed the Strait of Hormuz, instead accusing the United States of imposing an illegal naval blockade.
In the equity markets, Australia’s S&P/ASX 200 index managed a modest gain of 0.12% to close at 8,640.70. Meanwhile, in the United Kingdom, the Chancellor warned that a looming leadership challenge against Prime Minister Keir Starmer would create deep political instability at a critical economic juncture.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.