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From the FT in London, here's the latest on markets. Sterling is still clinging on to those gains, trading comfortably above $1.28 in the wake of this week's announcement of a snap election. The betting continues to be that the election will in some way help Prime Minister Theresa May to soften up the terms of the UK'S exit from the EU. Some investors are saying they just don't get this rationale and that the currency is still in line for a kicking, but yet again, today, taking the other side of the bet is painful.
Elsewhere, oil prices have steadied after a heavy drop yesterday based on data showing a large rise in US inventories. If oil remains under pressure, particularly with the chances of US tax reform cooling, that's another blow to the global reflation trade. Only today, new data showed German producer price inflation at a more than five-year high on higher energy costs in March, while in far-away New Zealand, inflation has also hit a 5 and 1/2 year high.
And Japan has once again shown its sensitivity to moves in the yen, with imports growing at the fastest pace in three years with the abruptly stronger currency.
