This morning's agenda is shaped by two structural themes: earnings season confirms massive AI infrastructure capex commitments (Alphabet, Amazon, Qualcomm), while the UAE's OPEC exit and stagflation fears across Europe heighten uncertainty around CNB, ECB and Fed rate outlooks. Advisors should prioritise geographic portfolio diversification discussions and the approaching 1 June property tax payment deadline.

Today's dominant theme is the geopolitical premium from the closed Strait of Hormuz, pushing Brent above $100/barrel and feeding through into inflation expectations, earnings season dynamics, and monetary policy on both sides of the Atlantic. CNB rhetoric has shifted toward a possible rate hike, while uncertainty surrounding Warsh's Fed chair nomination adds volatility to global fixed-income markets.

Today's agenda is dominated by the Strait of Hormuz geopolitical escalation — nearly two months of closure has produced the largest energy supply shock in modern history, with WTI crude above $89 and the IMF warning of an inevitable global growth slowdown, while stagflation risk weighs on both fixed-income and equity allocations across all sectors. Simultaneously, the politicisation of the Fed chair nomination and uncertainty around central bank independence are extending volatility across U.S. and global markets.