Morning Juice – Europe Session Prep

Good Morning Traders.
It is Monday the 11th of May. Here is what to look out for today.

Sentiment
Oil advanced after US President Donald Trump rejected Iran’s latest response to his proposal to end the war in the Middle East, prolonging the effective closure of the crucial Strait of Hormuz Prime Minister Keir Starmer will make a last-ditch effort to save his premiership on Monday with a politically charged address designed to hold back calls for a change in leadership atop Britain’s governing Labour Party. Several would-be contenders are sitting on the sidelines, weighing whether to join a scramble for the prime minister’s job as soon as the premier stops talking. China’s factory prices grew at the fastest pace since July 2022 as the fallout from the Iran war pushed up costs for companies, while cheaper food keeps consumer inflation in check. Investors are awaiting a key inflation report to gauge how long the Federal Reserve – under Kevin Warsh – can afford to hold interest rates steady as Middle East turmoil keeps oil prices elevated. Australia’s upcoming budget will take aim at soaring home prices and seek to make it easier for people to gain a foothold in the housing market. Treasurer Jim Chalmers said. President Donald Trump is likely to press President Xi Jinping over China’s approach to Iran when they meet later this week, senior US officials said Sunday.