Ceasefire, Inflation, Elections: 5 themes driving global markets this week

Global markets this week are focused on five key themes: the temporary US-Iran ceasefire that has eased regional conflict concerns and pushed oil prices lower; upcoming US PCE inflation data that will shape Federal Reserve policy expectations; corporate earnings from Micron Technology and FedEx offering signals on AI demand and broader economic activity; Australian inflation and labour market data influencing Reserve Bank of Australia rate path; and Colombia's presidential runoff between business-friendly De La Espriella and leftist Cepeda, with markets favouring the former. Investors remain cautious as geopolitical risks persist despite improved near-term sentiment.