The SEC on Friday proposed formally rescinding a 2024 Biden-era climate disclosure rule that never took effect, calling it a serious overreach of the agency’s authority. The rule had required listed companies to disclose greenhouse gas (GHG) emissions and climate-related risks; the SEC said the rule is “policy-wise unsound.” SEC Chair Atkins said, “We should stick to our lane. Let the EPA carry out its responsibilities; we will focus on our own work.”

South Korea April industrial production YoY +1.5% vs 2.5% expected; prior reading revised up to 3.9% from 3.6%.

The ECB said in a blog a war involving Iran could push euro-area consumers' medium-term inflation expectations higher, strengthening the case for further rate hikes. It noted the 2022 Russia-Ukraine invasion and earlier geopolitical tensions left a "double hit" that has raised the probability households expect faster future price rises; policymakers are concerned energy-cost shocks could feed through into wages and corporate pricing. Short-term inflation expectations have risen markedly while medium-to-longer-term expectations have changed little. Markets largely price a 25bp ECB hike in two weeks; euro-area inflation is 3% and likely to pick up, and the ECB flagged the risk that short-term expectations may be extended into the medium term, creating upside risk to medium-term expectations.