JPMorgan Slashes S&P 500 Year-End Target to 7,200 Amid Oil and Geopolitical Risks

• Indian stock markets show easing bearishness, with Nifty targeting 24,000 and Bank Nifty recovering above 54,000 based on current momentum indicators. • SEBI has approved the initial public offerings (IPOs) for Deepa Jewellers and Cotec Healthcare, while reportedly planning a new work-from-home policy and spending cuts on travel.

• The House of Commons Library has released updated economic indicators focusing on UK government borrowing and debt. • Public sector net financial liabilities (PSNFL), a key metric for the government's wider financial balance sheet, reached 83.6% of GDP by the end of April 2026.

• On May 20, 2026, the Governing Council of the European Central Bank (ECB) met to discuss financial stability issues within the euro area. • The Council authorized the publication of the May 2026 Financial Stability Review, which identifies key vulnerabilities and includes four special features.

• The US Department of Labor (DOL) has proposed new regulations under ERISA to clarify fiduciary duties of prudence regarding the selection of designated investment alternatives. • The proposal establishes a process-based safe harbor for fiduciaries, specifically those incorporating alternative asset exposure, to prioritize decision-making processes over final investment outcomes.

• European stocks experienced volatility on Thursday, eventually reversing initial losses to finish the trading session higher. • The market shift followed an order from Iran's Supreme Leader to keep near-weapons-grade uranium within the country.

• Euro zone economic activity shrank at its fastest rate in over two-and-a-half years during May, according to survey data released Thursday. • The downturn was driven by a war-induced surge in energy prices and living costs, which severely stifled demand for services across Europe.

• Romania has recorded Europe’s highest inflation rate at 9.0%, with Kosovo and Bulgaria following as the next most affected regions. • The data highlights a significant disparity in price stability across the continent, with Eastern European nations facing the steepest increases.

• The European Central Bank (ECB) has released balance of payments and international investment position statistics for the euro area and its member nations. • The data highlights consistency in financial reporting, with 13 countries showing discrepancies below 1% of GDP and 14 countries maintaining discrepancies below 2% of GDP on the financial account side.

• Eurozone inflation has climbed to 3% year-on-year as of May 21, 2026, driven primarily by rising energy costs. • The economic surge is being hindered by an ongoing conflict with Iran, which caused confidence indicators and the composite PMI to drop below the expansion threshold in April.

• Poland and Portugal experienced the strongest real household income growth in Europe over the last two years, with Spain leading among major economies. • Specific growth rates included the Netherlands at 2.3%, Portugal at 2%, Denmark at 1.9%, Greece at 1.8%, and Spain at 1.5%.

• An international assessment team from the Asia-Pacific Group (APG), under the Financial Action Task Force (FATF), recently conducted field visits and discussions with Nepali authorities. • The team urged Nepal to accelerate reforms to strengthen its regulatory enforcement, prosecution, and anti-money laundering mechanisms.

• India will launch its first-ever Index of Services Production (ISP) in July to accurately measure the output of the country's critical services sector. • The new index is designed to track short-term shifts in services production, complementing the existing Index of Industrial Production (IIP).