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The Bank of Jamaica maintained its policy rate at 5.50% during its May meeting as the inflation outlook remained highly uncertain amid escalating tensions in the Middle East and rising international commodity prices, particularly crude oil. The central bank noted that higher fuel and transport costs are expected to push headline inflation above the 4–6% target range during the June and September 2026 quarters from 4.3% in April. While inflation is expected to gradually moderate as geopolitical tensions ease and global oil supplies normalize, risks remain tilted to the upside due to the possibility of a prolonged conflict, adverse weather conditions, stronger inflation expectations, and higher domestic spending linked to Hurricane Melissa recovery efforts. Meanwhile, economic growth for fiscal year 2026/27 is projected within a 1.0% to 3.0% range, although risks remain skewed to the downside due to the potential impact of the conflict on tourism and domestic activity.

Bank of Jamaica Holds Base Interest Rate in May

South Korea’s producer prices rose 6.9% year-on-year in April 2026, accelerating from a 4.1% increase in the previous month and marking the strongest rise since October 2022. Manufacturing producer prices climbed 11.3%, led by a 73.9% surge in coal and petroleum products. Prices for computers, electronic and optical equipment increased 17.4%, while chemical products rose 15.6% and basic metal products advanced 11.8%. Service prices also increased 3.8%, driven by a 26.2% jump in financial and insurance activities. Meanwhile, prices for agricultural, forestry, and marine products rose 1%, supported by a 10.4% increase in livestock prices. In contrast, utility prices declined 1.2%. On a monthly basis, producer prices rose 2.5%, accelerating from a 1.7% increase in March.

South Korea Producer Inflation Hits Highest Since 2022

The Ibovespa jumped 1.8% to close at 177,356 on Wednesday, marking the benchmark’s biggest daily gain since early April, as easing oil prices and lower bond yields boosted risk appetite. Oil prices retreated after some ships managed to cross the Strait of Hormuz following 80 days of disruption, raising hopes that global supply conditions could gradually normalize. The pullback in crude prices helped ease inflation concerns and pushed bond yields lower, supporting financial stocks and the broader index. Itaú rose 2.3%, Bradesco gained 2.4%, and Itaúsa advanced 2.7%. Utilities also posted strong gains, with Auren Energia up 2.2%, Sabesp adding 2.1%, and Eneva climbing 4.1%. Other notable performers included Ambev (+2.6%) and Rede D'Or (+2.6%). In contrast, Petrobras fell 3.2% as oil prices declined.

Ibovespa Posts Biggest Daily Gain Since April

The S&P/TSX Composite Index gained 1.2% to close at 34,162 on Wednesday, posting its biggest advance in nearly three weeks as mining, banking, and technology shares led gains. A pullback in oil prices eased pressure on long-term borrowing costs, supporting heavyweight financial stocks. Royal Bank of Canada rose 1.9%, while TD Bank gained 1.4%, and both BMO and Brookfield advanced 2.3%. Mining stocks also moved higher, with Agnico Eagle adding 2.7% and Barrick rising 3.6% as gold prices increased alongside a decline in Treasury yields. The move followed signs of incoming energy supply from the Middle East, which helped temper expectations of further inflation pressure. In the technology sector, Shopify climbed 3.8% ahead of Nvidia’s earnings release, which investors viewed as a key test of the strength of the AI-driven market rally. Nvidia is expected to report its fastest sales growth in more than a year.

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