Oil Rally Fuels Inflation Fears; Canada's US Tariffs Kick In

• Brent crude inches closer to $100/barrel due to supply concerns and Middle East tensions, fueling inflation fears.
• Canada imposes retaliatory tariffs up to 50% on US goods, while President Trump threatens to ban Bombardier jets, escalating trade disputes.
• Japanese Yen strengthens to a six-month high, impacting Japanese exporters like Toyota, while European equities show weakness.
• Novartis faces its third clinical trial setback in a week, causing its shares and those of other biotech companies to slide.
• UK 30-year gilt yields rise to levels not seen since 1998, reflecting concerns over government deficits and energy-driven inflation.

Global markets are facing significant headwinds as rising oil prices fuel inflation fears, trade tensions escalate between the US and Canada, and geopolitical risks in the Middle East persist. Central banks' monetary policy decisions and upcoming inflation data are key concerns for investors, leading to broad market caution.