President Trump said on Iran he will implement strong oversight.

Eurozone industrial output rose 0.1% MoM in April as firms rushed to fill orders amid fears of price rises and supply disruptions from the Middle East conflict, Eurostat said; March was revised up to +0.4% MoM. Energy shocks are expected to weaken future output: in May input prices rose at the fastest pace in 3½ years and S&P Global’s eurozone manufacturing PMI cooled from 52.2 in April to 51.6. The industrial hit is likely to drag on Q2 growth; the economy showed recessionary signs after Q1 GDP contracted 0.2% QoQ following a 0.2% expansion in the prior quarter. News of a US‑Iran temporary deal to reopen the Strait of Hormuz could ease pressures on energy‑intensive sectors. Deutsche Bank chief economist Joerg Kraemer said a rebound is premature and expects alternating good and bad news over the next two months; Deutsche Bank still forecasts 0.6% growth for the eurozone this year.

Canada April manufacturing inventory-to-shipments ratio 1.62% vs 1.69% prior.