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Energy prices are ratcheting higher once again as fighting in the Middle East rages unabated, suggesting that President Donald Trump’s efforts to find a diplomatic off-ramp have not met with success thus far. Brent crude is trading above $100 a barrel, West Texas Intermediate is clinging to the $90 threshold, and European gas benchmarks are climbing, reversing yesterday’s retreat* which came...
• Risk reversal. Comments by Pres. Trump saw oil prices fall & sentiment improve. USD weaker. AUD ticked up, but AUD also underperforms on crosses.• Fragile markets. Situation in Middle East remains fluid. More volatility likely. Impact on global economy from the energy supply shock still in the pipeline.
Global Trends
Markets continue to be whipped around by developments in the Middle East,...
Oil prices are tumbling and currency markets are snapping back toward pre-war levels after President Donald Trump said that Washington and Tehran had held “very good and productive conversations” over the preceding two days, and that he had ordered the Pentagon to postpone planned strikes on Iranian power plants and energy infrastructure for five days. The announcement, which came just...
• Market nerves. Concerns about the duration of the Middle East conflict & global economy remain. Equities fell on Friday, bond yields rose. AUD underperforms.• Risk radar. Situation in Middle East remains in the driver’s seat. More volatility likely. Macro headwinds for AUD & NZD still in place.
Global Trends
Developments in the Middle East and energy markets remain in the driver’s...
Global energy benchmarks are approaching last weekend’s panic-driven highs as the Middle East conflict shows signs of spiralling out of control. Brent is trading above $115, West Texas Intermediate is flirting with $100, and European natural gas futures are up another 25 percent after Iran struck infrastructure targets in Kuwait and Saudi Arabia and carried out missile attacks on critical natural...
• Negative vibes. Another jump in energy prices & upward repricing in interest rates dampened risk sentiment. USD firmer. AUD & NZD underperform.• Macro news. Asia exposed to higher energy costs. Growth in Australia set to slow. US Fed looks to be in no hurry to cut again. AU jobs report out today.
Global Trends
The positive sentiment that ran through markets over recent days gave way overnight,...