Market news: Compared with previous forecasts, in 2023 the federal government is expected to reduce tax revenue by 9.8 billion euros, state governments by 6.6 billion euros, and local governments by 700 million euros.

GBP/USD was down 0.50% on the day at 1.2560.

OPEC Monthly Report: Secondary data shows that Libyan crude oil production decreased by 24,000 barrels per day in April to 1.135 million barrels per day.

OPEC Monthly Report: Secondary data shows that Iraqi crude oil production decreased by 203,000 barrels per day to 4.139 million barrels per day in April.

OPEC Monthly Report: According to secondary data, Nigerian crude oil production in April decreased by 170,000 barrels per day to 1.18 million barrels per day compared with the previous month.

OPEC Monthly Report: According to secondary data, Iraqi crude oil production in April decreased by 203,000 barrels per day from the previous month to 4.139 million barrels per day.

The South African rand fell further against the dollar, down more than 2% on the day.

OPEC Monthly Report: The 2023 euro zone economic growth forecast remains unchanged at 0.8%.

OPEC Monthly Report: Keep the U.S. economic growth rate unchanged at 1.2% in 2023.

Alliance West Bank quarterly deposits rose $1.8 billion.

Iraq sent a formal request to Turkey to restart the northern oil export pipeline, three sources said.

[Financial Blog Zero Hedge Comments on U.S. April PPI: The Fed has more room to pause interest rate hikes] The CPI announced yesterday has cooled slightly. Slow down further. After falling 0.5% MoM in March, PPI rose 0.2% MoM in April (less than 0.3% expected), which slowed the year-on-year growth to 2.3% (2.7% previously, 2.5% expected). The annual rate of core PPI also slowed. This trend in PPI and CPI is now showing deflationary signals. Finally, of all the "price stability" indicators that track the collapse in M2, PPI appears to be leading the pack. All of this gives the Fed more room to pause rate hikes (or cuts).

OPEC Monthly Report: The forecast for non-OPEC supply growth in 2023 remains unchanged at 1.4 million barrels per day.

The U.S. 2-year and 10-year Treasury yield curves have inverted by 47 basis points.

JPMorgan Chase CEO Dimon: He is more worried about geopolitical issues than the US recession.

JP Morgan CEO: Consumers are spending through their excess savings.