Oil jumped, while stocks and bonds fell after President Donald Trump warned the US would hit Iran “extremely hard” over the next two to three weeks, undermining expectations for an imminent resolution to the five-week-old Middle East conflict. Brent crude jumped 5% to above $106 a barrel as the war kept the Strait of Hormuz — a key artery for Middle East shipments — effectively shut, tightening supply. The passage would reopen “naturally” once hostilities subside, the US president said, without providing details or a clear timeline. Stocks sold off after Trump’s speech undermined a nascent global rally, as concerns grew that a prolonged war would keep crude oil prices elevated and weigh on economic growth. A gauge of Asian shares fell 2.1%, while equity-index futures for the US and Europe dropped more than 1.2%, signaling the two-day advance in global equities on expectations of easing tensions is unlikely to hold. The dollar strengthened, reinforcing its appeal as the haven of choice during the war. Treasuries dropped on inflation concerns and precious metals declined. Optimism had been building in the run-up to Trump’s speech after the president had earlier said he foresaw the US ending the war with Iran within two to three weeks. The change of tone in Trump’s speech damped hopes for a quick conclusion of the conflict that has already roiled financial markets and pushed several equity gauges into correction territory as investors pare risk. In the near 20-minute speech, Trump didn’t outline any shift in Iran policy, nor did he provide specifics on how operations would proceed beyond what he has said before. Trump said the core strategic objectives are nearing completion, in a speech from the White House. The president nevertheless suggested that military operations may soon escalate, saying “over the next two to three weeks, we’re going to bring them back to the stone ages where they belong.” The rare prime-time speech came as the president was grasping for an off-ramp in a conflict that has quickly slipped out of control. Hours ahead of the speech, the Iranian president took the unusual step of issuing a letter addressed to Americans, arguing that his country has no enmity with the US and has acted in self-defense. He warned that “continuing along the path of confrontation is more costly and futile than ever before” and noted that attacks on infrastructure directly target the Iranian people. Earlier, Trump said that Iran has asked for a ceasefire, adding that the US would only consider it if the Strait of Hormuz was reopened. Iran’s foreign ministry said the claim of a ceasefire request was “false and baseless,” according to state TV. US After Hours PENG +10.7%, FC +10.3% higher on earnings; CNTB +16.5% sharply higher on insider purchase
Nikkei -2.40% Hang Seng -1.09% CSI -0.75% Shanghai -0.53% Shenzen -1.17%
Eur$ 1.1536 CNH 6.8888 CNY 6.8869 JPY 159.35 GBP 1.3235 CHF 0.7987 RUB 80.6198 TRY 44.4990 WTI$ 105.19 +5.06% Gold 4,671 -2.43% BTC 66,332 -2.70% ETH 2,045 -4.60%
S&P -1.42% Nasdaq -1.80% EuroStoxx -1.96% FTSE -0.91% Dax -1.89% SMI -
Macro :
- Trump Speech Has Markets Bracing for More Escalation: OCBC
- Ackman’s Call to Ignore the Bears Gels With Market Signals
- Ackman’s Call to Ignore the Bears Gels With Market Signals
- Bitcoin Tumbles With Stocks as Trump Signals Harder Iran Strikes
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- Deutsche Börse Says US Court Rules in Favor of Iran Creditors
- JPMorgan Sweetens LBO Debt Pricing Bid: Financials Wrap
- Bear-Case Oil at $120 to Spur 10-Point EPS Hit: Equity Insight
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