A record-breaking rally in global equities stalled in Asia as investors trimmed positions ahead of the weekend while awaiting progress on extending the US-Iran ceasefire. The MSCI All Country World Index — the broadest barometer of global stocks — slipped 0.1% after a 10-day rally that drove it to a record high on Thursday. While Wall Street gauges also closed at all-time highs, momentum faded in Asia, with regional shares slipping 1% as traders awaited signs of progress in talks aimed at sustaining a US-Iran truce set to expire next week. Global crude benchmark Brent dropped 1.2% to $98.20 a barrel after President Donald Trump expressed optimism about securing a permanent ceasefire with Iran. Gold was a touch higher at about $4,800 an ounce, while Treasuries and a Bloomberg gauge of the dollar were little changed in a cautious end to the week. Investors are awaiting progress in talks that could reopen the Strait of Hormuz, easing crude flows and relieving pressure on economies after oil prices surged following the conflict’s onset in late February. While crude has pared its war-driven premium and stocks have climbed to record highs, policymakers are warning that markets may be underestimating the war’s economic toll. Trump claimed, without evidence, that Iran had agreed to terms it has long resisted, including giving up ambitions for a nuclear weapon and turning over nuclear material. The deal would also include “free oil” and an opening of the Strait of Hormuz, the President said. The prospects for a deal with Iran are “looking very good,” Trump said. Tehran hasn’t confirmed it’s made those concessions. Earlier, Trump announced a 10-day ceasefire between Israel and Lebanon. His announcement on Thursday made no mention of Hezbollah. Israeli Prime Minister Benjamin Netanyahu confirmed in a video message that he’d agreed to the truce. Optimism over easing Middle East tensions has helped several equity markets unwind war-driven risk premiums. Benchmarks in Singapore and Taiwan, and China’s CSI 300 Index had all reversed losses that came after the US and Israel attacked Iran in late February. On Thursday, Japan’s Nikkei 225 Stock Average ended the day at a new record high, erasing its losses from the Iran war on optimism the new peace talks may hasten the end to the conflict. Traders are also focused on the dollar, which has weakened after rallying on haven demand since the war began in late February. Deutsche Bank AG and Wells Fargo & Co. are among banks declaring the greenback’s war-driven haven rally is likely over as the fragile ceasefire between the US and Iran prompts investors to seek riskier assets. Elsewhere, Netflix Inc. slid in after-hours trading after issuing a second-quarter forecast that missed analysts’ expectations. Contracts for the tech-heavy Nasdaq 100 Index edged 0.1% lower. US After Hours NFLX -9.1% lower on earnings/guidance; AA -3.6%, KNX -2.8% also lower; NI +2.4% on new energy deal with Alphabet.
Nikkei -0.87% Hang Seng -1.32% CSI -0.30% Shanghai -0.30% Shenzen +0.04%
Eur$ 1.1783 CNH 6.8253 CNY 6.8249 JPY 159.45 GBP 1.3524 CHF 0.7833 RUB 76.3802 TRY 44.8536 WTI$ 93.39 Gold 4,800 +0.15% BTC 74,828 -0.55% ETH 2,330 -0.86%
S&P +0.07% Nasdaq -0.03% EuroStoxx -0.10% FTSE +0.17% Dax +0.06% SMI -0.16%
Macro :
- Citadel Securities Looks at Prediction Markets as Trading Scales
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