Asian stocks wavered as investors paused to assess the durability of the relief rally fueled by the US-Iran deal to reopen the Strait of Hormuz. The Bank of Japan raised its benchmark rate as expected to the highest level since 1995. MSCI Inc.’s gauge of Asian shares seesawed between gains and losses after climbing the most since early April on Monday. US equity futures edged lower after the S&P 500 added 1.7% and the tech-heavy Nasdaq 100 rallied 3.1%. Brent crude slipped to trade below $83 a barrel following the biggest drop in more than two weeks. The yen, which has remained under pressure even as the BOJ gradually increases borrowing costs, pared gains against the dollar after the central bank raised its key rate by a quarter percentage point to 1%. Meanwhile, the Reserve Bank of Australia is expected to keep interest rates unchanged on Tuesday for the first time this year amid signs the economy is beginning to soften. The decisions begin a packed week for global central banks, with the Federal Reserve also set to announce a policy verdict on Wednesday. US President Donald Trump and Vice President JD Vance signed an electronic copy of a memorandum of understanding with Iran, a senior US official said in a call with reporters. Hormuz “is already partially opened,” and “it’ll be completely opened” Friday, Trump said during a meeting with French President Emmanuel Macron. Global stocks and bonds climbed on Monday as the US-Iran deal spurred a decline in oil prices and raised hopes that the war that has jolted markets since the end of February may be close to an end. Investors continue to monitor developments in the Middle East, seeking clarity on how the planned reopening of the waterway —which carried about a fifth of all oil supply before the war — is progressing. Morgan Stanley made substantial cuts to its oil-price forecasts for the coming quarters. While key risks remain, this is a key step towards a de-escalation of the conflict and higher oil exports via the Strait of Hormuz, analysts including Martijn Rats wrote in a note, referring to the interim agreement between Washington and Tehran that is slated to be signed in Switzerland on Friday. An index of global equities edged lower on Tuesday after rallying more than 1% in each of the last three sessions. The dollar and 10-year Treasuries held steady. Elsewhere in markets, Bitcoin fell about 1% while gold prices edged higher. Economists expect the Fed to keep its benchmark rate in a range of 3.5% to 3.75% as it meets under new Chairman Kevin Warsh for the first time. Swaps traders are pricing in less than an 80% chance of a quarter-point hike by December. Meanwhile, the Bank of England and Swiss National Bank are widely anticipated to stand pat this week. Their decisions come after the European Central Bank last week raised rates for the first time in almost three years, with President Christine Lagarde warning inflation triggered by the Iran war is widening beyond just energy. Separately, data on Tuesday showed China’s consumer spending contracted for the first time since the pandemic while investment deteriorated, exposing risks still facing the economy even as it benefits from booming exports and a deescalation in tensions around Iran. The nation’s home prices also fell at a quicker pace in May. US After Hours HITI +18.2% sharply higher on earnings; PLAY -9.5% and DOMO -1.8% lower on earnings; Dell +0.4% ticks higher on Air Force award.
Nikkei +0.60% Hang Seng -1.23% CSI +0.13% Shanghai +0.06% Shenzen +1.15%
Eur$ 1.1580 CNH 6.7619 CNY 6.7610 JPY 160.29 GBP 1.3396 CHF 0.7956 RUB 72.3896 TRY 46.2998 WTI$ 80.80 +0.07% Gold 4,327 -0.28% BTC 66,088 -0.61% ETH 1,774 -2.31%
S&P -0.09% Nasdaq -0.14% EuroStoxx +0.05% FTSE -0.10% Dax -0.04% SMI +0.20%
Macro :
- JPMorgan plans Chase expansion into Europe’s largest markets
- EU Says China Trained Russian Troops to Fight in Ukraine War
Keep an eye on :
Keep an eye on :
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