Flash PMIs Show War's Impact

2026-05-21 08:20:00 ET

There have been no further developments to fuel optimism about the Strait of Hormuz. Polymarket shows little change in the assessment that there is around a 35% chance that the Strait is open by the end of next month and 47% chance it opens by the end of July. Still, Brent and WTI are trading with a slightly heavier bias today. Equities are mostly firmer, as are bonds. Most of the preliminary May PMI estimates have shown the impact of the war with softer readings and higher prices....

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