Multi-Asset Morning Pack
Wednesday 13 May 2026
06:45 UK
Asian equities traded mostly higher overnight, led by Korea and Japan, as investors balanced persistent inflation concerns against renewed AI optimism and Trump/Xi summit positioning. Oil eased modestly after its recent spike, though Hormuz tensions remain firmly in focus, while long-end Treasury yields continue to pressure broader risk sentiment.
| Market | Level | Move |
|---|---|---|
| S&P Futures | 7,440.25 | +0.19% |
| Nasdaq Futures | 29,299.5 | +0.44% |
| US 10Y Yield | 4.463% | +3bp |
| Brent Crude | $106.25 | -1.41% |
| USD/JPY | 157.71 | +0.06% |
Asia-Pacific
| Index | Level | Move |
|---|---|---|
| Nikkei 225 | 63,316.04 | +0.91% |
| Shanghai Composite | 4,225.96 | +0.27% |
| Shenzhen | 15,975.72 | +0.95% |
| Hang Seng | 26,385.09 | +0.14% |
| ASX 200 | 8,624.30 | -0.54% |
| KOSPI | 7,831.18 | +2.46% |
| STI | 4,991.02 | +0.91% |
Korea outperformed overnight amid strong semiconductor flows after reports Nvidia CEO Jensen Huang will join President Trump during his China visit. Japanese equities also remained firm as USD/JPY pushed back toward 158, supporting exporters.
Overnight Headlines
• Stocks rise with futures while bonds remain under pressure after inflation concerns intensify.
• Trump confirms Nvidia CEO Jensen Huang will join China visit.
• Trump says he will ask Xi to “open up” China during summit talks.
• JPMorgan set to reshuffle investment bank chiefs amid wider management overhaul.
• Wall Street increasingly concerned about long-term inflation expectations.
• Oil dips after sharp three-day rally as traders monitor Hormuz developments.
• Britain to deploy drones and Typhoon jets to secure Strait of Hormuz shipping lanes.
• Copper climbs toward record highs amid tightening global supply.
• Senate confirms Kevin Warsh to Federal Reserve Board.
• US intelligence reportedly says Iran still retains roughly 70% of missile inventory.
• Trump confirms Nvidia CEO Jensen Huang will join China visit.
• Trump says he will ask Xi to “open up” China during summit talks.
• JPMorgan set to reshuffle investment bank chiefs amid wider management overhaul.
• Wall Street increasingly concerned about long-term inflation expectations.
• Oil dips after sharp three-day rally as traders monitor Hormuz developments.
• Britain to deploy drones and Typhoon jets to secure Strait of Hormuz shipping lanes.
• Copper climbs toward record highs amid tightening global supply.
• Senate confirms Kevin Warsh to Federal Reserve Board.
• US intelligence reportedly says Iran still retains roughly 70% of missile inventory.
Rates
| US 2Y | 3.988% |
| US 5Y | 4.119% |
| US 7Y | 4.287% |
| US 10Y | 4.463% |
| US 20Y | 5.017% |
| US 30Y | 5.022% |
FX & Commodities
| EUR/USD | 1.1734 |
| GBP/USD | 1.3544 |
| USD/CNY | 6.7914 |
| WTI | $100.75 |
| Brent | $106.25 |
| Nat Gas | 2.819 |
Today’s Calendar — Wednesday 13 May 2026
| Time UK | Event | Forecast | Previous |
|---|---|---|---|
| 09:00 | IEA Monthly Report | — | — |
| 09:00 | EUR GDP QoQ Q1 | 0.1% | 0.2% |
| 09:00 | EUR GDP YoY Q1 | 0.8% | 1.2% |
| 09:00 | EUR Industrial Production MoM Mar | 0.3% | 0.4% |
| 10:00 | OPEC Monthly Report | — | — |
| 12:15 | German Buba Vice President Buch Speaks | — | — |
| 12:30 | US Core PPI MoM Apr | 0.3% | 0.1% |
| 12:30 | US PPI MoM Apr | 0.5% | 0.5% |
| 14:00 | BoE MPC Member Mann Speaks | — | — |
| 14:30 | US Crude Oil Inventories | -2.000M | -2.313M |
| 14:30 | US Cushing Crude Oil Inventories | — | -0.648M |
| 17:00 | BoE MPC Member Mann Speaks | — | — |
| 17:00 | US 30-Year Bond Auction | — | 4.876% |
| 17:15 | FOMC Member Kashkari Speaks | — | — |
| 19:00 | ECB’s Lane Speaks | — | — |
| 19:15 | ECB President Lagarde Speaks | — | — |
Bottom Line: Markets are attempting to stabilise after yesterday’s inflation-driven wobble, supported by renewed AI optimism and stronger Asian risk appetite. However, elevated oil prices, persistent Hormuz tensions and higher long-end Treasury yields continue to reinforce the broader inflation risk narrative.
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