Asian stocks pared early declines while S&P 500 futures rose as the US issued a second temporary waiver allowing purchases of Russian oil to help curb surging energy prices. A gauge of Asian shares was down 0.7% after dropping 1% earlier. S&P 500 futures advanced 0.4%, suggesting some relief for US markets after the underlying benchmark slid 1.5% to its lowest since November. Brent was little changed, trading slightly over $100 a barrel after rallying 9.2% on Thursday. Brent crude oil is trading near $100 as the IEA says this is the largest supply disruption ever in the history of the global oil market. Bloomberg’s Alaric Nightingale reports. The latest US measure, which is for crude that was loaded onto vessels before March 12, is broader than a directive earlier this month that only cleared India to boost buying of Russian oil. Separately, the US administration plans to waive a century-old maritime law that requires American ships be used to transport goods between US ports. Investors remained concerned that the Iran war will further crimp energy supplies and stoke inflation. US President Donald Trump and Iran’s new supreme leader have both struck defiant tones, with the latter saying the Strait of Hormuz should remain shut. Preventing Iran from having nuclear weapons and threatening the Middle East is “of far greater interest and importance to me” than the cost of oil, Trump said in a social media post. Goldman Sachs Group Inc. warned that prices could exceed the 2008 peak if flows via the Strait of Hormuz remain depressed through March. Brent rallied to a high of $147.50 that year. The Iran war is causing unprecedented turmoil in oil markets, hitting 7.5% of global supply and an even bigger swath of exports, the International Energy Agency said. As energy costs have surged, a gauge of global equities has fallen more than 5% from a record high on Feb. 25. The MSCI Asia Pacific Index is on course for a second straight week of declines. Treasuries were steady on Friday after falling across the curve in the previous session as inflation worries grew. The policy-sensitive US two-year yield climbed nine basis points to 3.74% Thursday and the 10-year rose three basis points to 4.26%. Volatility in Treasuries has jumped to a nine-month high as the Iran war upended traders’ expectations for the Federal Reserve’s policy path. Before the war broke out at the end of February, traders were pricing in about 61 basis points of cuts by year-end, and now that has fallen to just under 20 basis points. With the Fed widely expected to hold rates steady next week, investors will be closely watching for any shifts in its outlook, as Trump renews calls for the central bank to ease policy. A gauge of the dollar was little changed after closing at its highest level in almost two months. Investors will also be on the lookout for US inflation data due later, although the backward-looking measure may do little to alter investors’ thinking given the geopolitical uncertainty. US After Hours PD -14%, ULTA -7.5%, ADBE -7.3%, TTAN -6.3%, S -4.9% lower on earnings; RBRK +3.1% higher on earnings; PAR -22.4% on convertible notes offering
Nikkei -1.01% Hang Seng -0.48% CSI -0.02% Shanghai -0.22% Shenzen -0.18%
Eur$ 1.1505 CNH 6.8862 CNY 6.8842 JPY 159.40 GBP 1.3344 CHF 0.7869 RUB 79.6035 TRY 44.1908 WTI$ 95.59 -0.17% Gold 5,110 +0.55% BTC 71,360 +1.68% ETH 2,115 +2.41%
S&P +0.35% Nasdaq +0.24% EuroStoxx +0.26% FTSE +0.39% Dax +0.28% SMI
Macro :
- Spain’s Ibex 35 Index Unchanged After Quarterly Review
- S&P COMPOSITE 1500 COMMODITY CHEMICALS INDEX CLOSES UP 8%
- Tether Investments Chief to Step Down After Leading Deals Spree
- Putin’s ‘Hidden Hand’ Guides Iran’s Strikes in Widening War
Keep an eye on :
Keep an eye on :
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