US-Iran Ceasefire Remains Fragile; Starmer Intends to Stay as PM; CPI | Bloomberg Brief 5/12/2026

Summary

The Bloomberg Brief covers escalating geopolitical tensions between the US and Iran, with oil prices remaining elevated as the ceasefire is described as fragile. UK political turmoil is pressuring gilt yields and the pound, while credit markets are discussed in the context of AI-driven issuance and European opportunities. CPI data and Fed nominee Kevin Warsh are also key themes.

• US-Iran ceasefire is on 'life support' as President Trump dismisses Iran's proposal, keeping oil above $100.
• UK Prime Minister Starmer faces calls to resign, sending 30-year gilt yields to their highest since 1998.
• Apollo's John Cortese sees European credit as a diversification opportunity away from US AI-concentrated issuance.
• Peel Hunt's Kallum Pickering warns of bond market instability amid crowding out and inflation pressures.
• Roche Diagnostics receives EU approval for its Alzheimer's blood test, aiming to address underdiagnosis.
• CPI data and the confirmation of Kevin Warsh as Fed chair are major market events for the day.
• Equity futures point lower as the VIX nears 19, reflecting geopolitical and macro uncertainty.