UK 10-year gilt yields dropped below 4.9% to their lowest level since April 21, after the sharpest weekly decline since 2024, as investors cheered progress in US-Iran negotiations and trimmed Bank of England rate hike expectations amid weak economic data. Brent crude dropped below $100 per barrel after US President Donald Trump stated that a memorandum of understanding between the two nations had been “largely negotiated” and would reopen the Strait of Hormuz. Meanwhile, data last week showed April retail sales slumped 1.3%, nearly double forecasts, while inflation and labor market data also came in softer than expected. May PMI readings signaled the first private sector contraction in a year, reinforcing the shift in rate expectations. Investors now await speeches from BoE policymakers later this week for monetary policy signals, as well as political developments surrounding Prime Minister Keir Starmer after Labour’s regional election defeats this month.

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