Strong price growth in Europe reminded investors that inflation remains far from defeated. Rising energy costs spilled into broader parts of the economy, keeping the euro supported and reinforcing expectations that policymakers may need to maintain a restrictive stance for longer than previously expected.

Across asset classes, the message from the United States was similar. Strong labor market data pointed to an economy that continues to absorb higher borrowing costs, reducing expectations for near-term policy easing. 

Energy markets continued to reflect a world where supply concerns remain unresolved. Brent crude gave back some gains but stayed elevated as uncertainty surrounding Middle East developments kept a premium embedded in oil prices.

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