Market Commentary: Tuesday 27th May

Markets remain on the quieter side. US equities held firm on Friday after a test lower, as Trump extended the deadline to impose 50% tariffs on the EU to July 9th, allowing time for further negotiations. The EU has since stated it plans to fast-track its talks—signs of de-escalation between the two major trading partners.

Gold and oil have settled after testing lower last week. XAU is back above $3,300, currently sitting $100 higher than the 50-day moving average ($3,213). WTI crude sits at $61.35 a barrel as investors await the OPEC+ meeting later this week on May 31st, with demand expectations remaining healthy amid easing trade tensions.

Demand for Japanese debt has waned rapidly this year, prompting the nation's finance ministry to step in and stabilize the market by consulting participants on what they view as sensible issuance levels. This has shifted bets toward a cut in debt issuance, bringing added demand for US Treasuries, where 30-year yields have now dipped back below 5%, currently at 4.98%.

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