Looking ahead, a worried tone in minutes from April’s RBA meeting may stoke global slowdown fears. The downbeat mood may be reinforced if the German ZEW analyst sentiment survey and US industrial production data fall short of forecasts, echoing the tendency to disappoint on recent macroeconomic news-flow. That may trigger broad-based risk aversion. Cycle-sensitive crude oil prices may fall in this scenario, although weekly API inventory flow data may muddy the waters a bit. It will be judged against expectations of a 1 million barrel rise to be reported in official DOE figures Wednesday. As before, the response from ... (full story)