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Just passing through
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Thursday 21st May 2026
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There were strong moves in positive sentiment today as several vessels sailed through the Strait of Hormuz, accompanied by hopes of some sort of deal with Iran. Brent Crude dropped in price and bond yields fell, particularly in Europe. NAB’s Gavin Friend says yields had started to fall on the back of weaker than expected CPI data in the UK. The Fed’s minutes this morning showed more members leaning towards rate rises this year. Australian employment data is out today. The unemployment rate is likely to remain at 4.3%, but it was so close to 4.2% last time that’s a possibility too. And NVIDIA earnings beat expectations, but the forecast wasn’t as bullish as some had hoped.
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