IRAN: “IRAN'S FOREIGN MINISTRY SAYS FRIDAY SWITZERLAND MEETING [...]

The ECB’s underlying inflation metrics saw relatively contained increases in April. It’s still too early to get a clear read of energy cost pass-on in the hard inflation data, which keeps focus on tomorrow’s flash PMIs for fresh forward-looking signals.

• The core Persistent Common Components of Inflation (PCCI) series ticked up to 2.18% Y/Y in April, from 2.12% in March. It’s a 10-month high, but essentially in line with the 2025 average.
• Headline PCCI saw a more notable rise to 2.58% Y/Y (vs 2.37% prior), but energy components are included in the calculation of this series.
• Meanwhile, supercore, 10% trimmed mean and weighted median measures each ticked up a tenth versus March. The 30% trimmed mean eased a tenth to 2.3%.
• Separately, MNI’s “Services Common” indicator – a PCA-based series of underlying services inflation pressures – was steady at 3.3% in April, in contrast to the pullback in headline services to 3.0% Y/Y. This chimes with our earlier post noting that the pullback was driven by volatile categories. 

IRGC-linked Fars News reports comments from the speaker of the Iranian Parliament, Mohammad Bagher Ghalibaf: "The enemy's overt and covert manoeuvres indicate that it is seeking a new round of war. The people can rest assured that our military forces have made the best use of the ceasefire opportunity to rebuild their capabilities. The enemy still hopes for the Iranian nation's surrender and mistakenly believes it can force Iran, through continued siege and resumption of war, to give a positive response to America's excessive demands. We will make the enemy regret any renewed aggression against Iran."

• Earlier, the head of the Center for Communications, Media and Cultural Affairs of the Parliament denied reports Ghalibaf had resigned as head of the Iranian negotiating team, calling the claims "a complete lie".
• Speaking to reporters, US President Donald Trump says on Iran "We're going to give this one shot, I'm in no hurry." Following a call between the two leaders, Trump claims that Israeli PM Benjamin Netanyahu "will do whatever I want him to do" regarding Iran.
• Saudi Foreign Minister Prince Faisal bin Farhan posts on X saying Saudi Arabia "...highly appreciates the US President Donald Trump's decision to give diplomacy a chance to reach an acceptable agreement to end the war, restore the security and freedom of maritime navigation in the Strait of Hormuz to its state prior to Feruary 28th, 2026, and address all points of contention in a way that serves the security and stability of the region. [...]."

• +10,000 TYJ6 109 straddles, 138
• Earlier, paper +10,000 wk1 TY 107.5 puts, 12 vs. 108-17.5/0.22% (exp 06/05)