Asia Market Movers: Trump weighs return to combat as Iran nuclear talks falter, CNN reports

Tuesday, 12 May, 2026 Commodities Trump weighs return to combat as Iran nuclear talks falter, CNN reports Trump is more seriously weighing a return to major combat operations against Iran, frustrated by the Hormuz closure and stalled nuclear talks, with his national security team reviewing options, CNN re Central Banks PBOC is expected to set the USD/CNY reference rate at 6.7945 – Reuters estimate The People’s Bank of China is due to set the daily USD/CNY reference rate at around 0115 GMT (2115 US Eastern time), a fixing that remains one of the most closely watched signals in Asian foreign exch Learn more News Trump delays beef tariff cut after rancher and Republican pushback Via a Wall Street Journal reporter, news that Trump held off on signing a planned suspension of beef tariff-rate quotas, the White House confirmed, offering no explanation. The delay followed pushback Central Banks Bessent heads to Tokyo pressing Japan on yen weakness and intervention US Treasury Secretary Bessent arrives in Tokyo pressing Japan to favour BOJ rate hikes over yen intervention, as large-scale currency support operations raise concern over spillover into US Treasury m Central Banks BOJ 'Summary" - Japan rate hike back on table as BOJ signals next move still likely upward The Bank of Japan held rates at its April meeting but warned upside inflation risks are rising as crude oil prices surge, with several members flagging possible hikes as soon as the next meeting. Summ News Japan March household spending fell 2.9% y/y (expected -1.5%, prior -1.8%) Japan March household spending data for March is poor. Fell 2.9% y/y expected -1.5%, prior -1.8% For the m/m the fall was 1.3% expected +0.6%, prior -1.5% Central Banks New Fed Chair Warsh could be locked in as soon as Tuesday Kevin Warsh, Trump's nominee for Federal Reserve chair, cleared a key Senate procedural vote on Monday, moving him toward confirmation as early as Tuesday for a 14-year term as Fed governor. A separat News UK consumer spending falls for first time since 2024 as Iran war bites UK consumer spending fell 0.1% in April, the first annual decline since late 2024, as Iran war fears drove households toward savings and away from big-ticket and travel spending, Barclays and BRC data Learn more Central Banks Goldman Sachs pushes Fed rate cut forecast to December 2026 Goldman Sachs has pushed its Federal Reserve rate cut forecast back to December 2026, citing sticky inflation near 3% and a resilient jobs market, with its terminal rate view held at 3% to 3.25%. Summ

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