Stocks are rallying on optimism over renewed US-Iran talks, with a number of major markets erasing the declines they had made some the Middle-East conflict began. China’s CSI 300 Index became the latest gauge to recoup losses since the conflict started in late February, joining Taiwan and Singapore. Wall Street benchmarks have already reclaimed those levels, with the S&P 500 closing in on its record high set in late January. Optimism that the US and Iran will enter further negotiations is also helping to keep oil below $100 a barrel. Copper advanced to erase losses sustained since the war in the Middle East began more than six weeks ago. The MSCI All Country World Index rose 0.2% on Wednesday, extending its rally to a ninth session — the longest winning streak since September. Market sentiment has improved on expectations that easing in Middle East tensions after more than a month of hostilities will help moderate oil prices and inflation, while supporting economic growth. The US and Iran are seeking a second round of talks in the coming days, as tensions in the Strait of Hormuz deepen the global energy crisis ahead of next week’s ceasefire expiry. The fact that Asian markets, which were among the hardest hit by the Iran war, are starting to recoup war-related losses signals investors are growing more confident that tensions in the Middle East will ease. In one sign of optimism, the offshore yuan strengthened for an eighth straight day on Tuesday. MSCI’s Asia Pacific equity index rose 1.3% on Wednesday. South Korea led gains, with its benchmark — the world’s second-best performer this year — jumping 3%. Brent crude fluctuated. The commodity edged up 0.3% to $95 a barrel, having earlier fallen to as low as $93.93 after President Donald Trump told Fox News that he sees the war as close to ending. Elsewhere, gold edged lower to about $4,830 an ounce. Treasuries held their gains as lower oil prices eased inflationary pressures, while the Bloomberg gauge of the dollar was little changed after seven days of losses. Trump said talks may resume “over the next two days” in Pakistan, the New York Post reported, building on a marathon yet inconclusive session in Islamabad on Saturday night. Even so, the US pressed ahead with a naval blockade of the Strait of Hormuz to curb the Islamic Republic’s oil exports, as the battle for control of the strategic waterway intensifies. Traders are also focused on first-quarter earnings at a time when the war in the Middle East is weighing on the outlook for the economy. JPMorgan Chase & Co. shares slipped despite a record quarterly trading revenue haul. Citigroup Inc. rose after reporting its highest quarterly return in five years on tangible common equity. BlackRock Inc. took in a net $130 billion of client cash in the first quarter, with investor money continuing to pour in despite volatility in the public and private markets and protracted uncertainty over the war in Iran. Shares rose 3%. US After Hours AVGO +3.2% on expanded partnership with Meta; GTLB +6.3% on expanded partnership with Google; SPWR -8.9% after disclosing material weakness in prior quarterly results.
Nikkei +0.43% Hang Seng +0.46% CSI -0.12% Shanghai +0.19% Shenzen -0.35%
Eur$ 1.1794 CNH 6.8153 CNY 6.8174 JPY 158.97 GBP 1.3567 CHF 0.7814 RUB 75.7914 TRY 44.7387 WTI$ 90.95 -0.36% Gold 4,825 +0.30% BTC 74,400 +0.35% ETH 2,333 +0.76%
S&P -0.05% Nasdaq -0.10% EuroStoxx -0.24% FTSE -0.02% Dax -0.03% SMI -0.10%
Macro :
- David Einhorn Says He’s Focused on Capital Protection: CNBC
- SEC Approves Plan Removing Day-Trading Limit for Small Investors
Keep an eye on :
Keep an eye on :
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