Morning Juice – Europe Session Prep

Good Morning Traders.
It is Friday the 8th of May. Here is what to look out for today.

Sentiment
Keir Starmer is awaiting the results of one of the most consequential rounds of local elections in recent British history, a vote that could determine his future as prime minister and shape national policy in Europe’s second-largest economy. The US struck military targets in Iran after the country fired on three Navy destroyers sailing in the Strait of Hormuz, an escalation that threatened to fracture a fragile ceasefire and reignite hostilities even as the two sides say they’re discussing an end to the war. Oil jumped following renewed clashes between US and Iranian forces, jeopardizing the outlook for a deal to end the 10-week war. Japanese workers’ real wages rose in March for a third consecutive month, supporting the Bank of Japan’s case for further interest rate hikes even as the Middle East conflict clouds the economic outlook. President Donald Trump’s 10% global tariffs were declared unlawful by a federal trade court in a fresh blow to the administration’s economic agenda, just months after the US Supreme Court vacated earlier levies he’d imposed. Federal Reserve Bank of Boston President Susan Collins said she agreed with colleagues who dissented at last week’s monetary policy gathering over wording in the Fed’s post-meeting statement that suggested the central bank would eventually resume rate reductions.

Docket
02:00 ET
German Industrial Production
YoY – Forecast: -1.9% | Prior: 0% | Range: -0.5% / -3.7%
MoM – Forecast: 0.4% | Prior: -0.3% | Range: 1.5% / -1.5%
German Trade
Balance – Forecast: 17.8B | Prior: 19.8B | Range: 20.1B / 10.2B
Exports MoM – Forecast: -1.5% | Prior: 3.6% | Range: -0.1% / -3.5%
Imports MoM – Forecast: 0.5% | Prior: 4.7% | Range: 2% / -4%