Morning Juice – US Session Prep (13th May)

Sentiment
A barometer of the dollar climbed for a third day before US PPI data, while long-term Treasury rates remained above 5% ahead of a 30-year auction. Long-term Treasury rates remained above 5% ahead of the 30-year sale. Trump reiterated war threats against Iran ahead of a trip to China, the Islamic Republic’s largest oil client and vital diplomatic partner.
Trade negotiators led by US Treasury Secretary Scott Bessent and China’s Vice Premier He Lifeng met in Seoul to prepare for this week’s summit of the world’s two biggest economies.
According to the International Energy Agency, oil inventories are plummeting at an unprecedented rate around the world and will continue to fall for months as the disruption to Middle Eastern supplies caused by the Iran war worsens. Dip buyers pushed technology stocks higher, with traders wagering that chip makers’ record-breaking rise had more space to run. Oil ended a three-day winning streak despite the fact that the Strait of Hormuz remained closed

Docket
08:30 ET
US PPI for April
YoY – Forecast: 4.8% | Prior: 4% | Range: 5.4% / 4.2%
MoM – Forecast: 0.5% | Prior: 0.5% | Range: 1% / 0.3%
Core YoY – Forecast: 4.3% | Prior: 3.8% | Range: 4.4% / 4.1%
Core MoM – Forecast: 0.3% | Prior: 0.1% | Range: 0.5% / 0.2%

10:30 ET
US Weekly EIA Crude Oil Inventories
Forecast: -2.004M | Prior: -2.313M | Range: 1M / -3M

13:00 ET
US sells $25 bln 30-Year Bonds
Prior High Yield: 4.876%
Prior Bid-to-cover: 2.39

13:30 ET
Bank of Canada Meeting Minutes

Speakers
11:30 ET
Fed’s Collins gives remarks and participates in a fireside chat with the Boston Economic Club, Federal Reserve Bank of Boston.
Text: Yes. Q&A: Yes, moderator & audience.

13:00 ET
BoE’s Mann speaks at the London School of Economics on the UK’s “international exposures and vulnerabilities.”
A text of the speech will be published at 15:00 UK time.

13:15 ET
Fed’s Kashkari participates in a moderated discussion at St. Paul Area Chamber event
Text: No. Q&A: Yes, moderator & audience.

15:00 ET
ECB’s Lane gives a speech at a dinner organized by the Centre for European Reform (CER) in London.
The text and slides will be made available on the ECB’s website.

15:15 ET
ECB’s President Lagarde gives a speech at the dinner preceding the Charlemagne Prize ceremony in Aachen, Germany.
The text will be made available on the ECB’s website.

Earnings
16:05 ET
Cisco Systems Q3 2026 Earnings
Est. EPS $1.03
Est. Rev $15.57B

Good luck!