Equity markets stabilized and crude oil gave up part of its early surge as President Donald Trump raised pressure on nations to help reopen the Strait of Hormuz and said the US was talking to Iran. Contracts for the S&P 500 Index advanced 0.5% after the underlying gauge dropped for four consecutive days as Trump commented on the talks, although the Islamic Republic said it hadn’t asked for negotiations or a ceasefire. The MSCI All Country World Index — the broadest measure of global equities — was little changed, following three days of declines. Asian shares edged down 0.1%. Also helping the mood was a decline in the dollar, with Bloomberg’s gauge of the greenback falling 0.2%. The currency, which emerged as the haven of choice during the Middle East conflict, weakened against almost all its major peers. Brent traded around $104 a barrel after earlier climbing as high as $106.50 following US strikes on military targets on Kharg Island, the terminal that handles almost all of Iran’s oil exports. West Texas Intermediate traded below $100 a barrel. Comments from Iranian Foreign Minister Abbas Araghchi that the Strait of Hormuz was only shut to ships from “enemies” also helped soothe some nerves. Two tankers carrying liquefied petroleum gas to India sailed through the strait — a route that normally handles about a fifth of the world’s oil supplies. The US strike on Kharg Island had threatened to inject fresh volatility into energy markets already grappling with some of the biggest swings in oil in decades. Oil’s surge since the war began has rippled across asset classes, pushing Treasury yields higher on inflation concerns, boosting the dollar and weighing on global equities. Trump said late Friday that US forces struck military targets on Kharg Island and warned attacks may expand to energy infrastructure if Tehran interferes with transit through the Strait of Hormuz. Traffic through the waterway has nearly halted since the war began, and Iran’s supreme leader said the strait should remain shut if it continues. JPMorgan’s Mixo Das says investors can “just choose to look through this volatility” when it comes to geopolitical events. The US president also urged other countries to send warships to keep open the Strait of Hormuz but offered no specifics or commitments from the US side. He said he hoped China, France, Japan, South Korea and the UK would take part. In other corners of the market, US Treasuries gained, with benchmark 10-year yields dropping two basis points to 4.26% to head for their first decline in five sessions. A Bloomberg gauge of US government bonds turned negative for the year after losing 1.7% since the end of February as the surge in oil prices added to inflation jitters. Gold fell for a fourth day to trade around $5,000 an ounce. Some other positives also emerged. The International Energy Agency indicated oil from an unprecedented stockpile release will be made available immediately in Asia as buyers seek to replace disrupted Middle East supply. The agency’s statement came after it received implementation plans for the record 400-million-barrel reserve release announced last week. The Trump administration plans to announce as soon as this week that it has formed a coalition with a number of countries to escort ships through the strait, the Wall Street Journal reported on Sunday. Still under discussion, however, was whether such an operation would begin before or after the missile strikes end, the report said.
Nikkei -0.20% Hang Seng +1.31% CSI -0.12% Shanghai -0.48% Shenzen -0.15%
Eur$ 1.1435 CNH 6.9019 CNY 6.8994 JPY 159.31 GBP 1.3254 CHF 0.7905 RUB 80.5479 TRY 44.1849 WTI$ 98.74 +0.03% Gold 5,035 +0.30% BTC 73,708 +2.75% ETH 2,266 +6.46%
S&P +0.58% Nasdaq +0.63% EuroStoxx +0.52% FTSE +0.45% Dax +0.51% SMI +0.50%
Macro :
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- Iran Tests NATO’s Boundaries With Missiles Fired at Turkey
- Hedge Funds Eye Exotic Options to Play Huge Cross-Asset Swings
- Hedge Funds Eye Exotic Options to Play Huge Cross-Asset Swings
- Fitch Maintains Italy's Issuer Default Rating Amid High Government Debt; Outlook Stable
- Chinese Vice Premier He Lifeng Leaves Venue of US Trade Talks
- Gulf Economies at Risk of Worst Slump Since 1990s on Iran War
- Apollo's Zito on Private-Equity Valuations in Software: 'All the Marks are Wrong': Audio Recording -- WSJ
- Chinese Economy Surprises With Rebound But War Risks Loom
- Over the weekend, Yemeni Houthis threatened to block Bab el-Mandeb Strait in support of Iran; The first measure could be the official declaration of a naval blockade against the United States and Israel
Keep an eye on :
Keep an eye on :
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