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The dollar is on course for its strongest monthly performance since July and Brent crude is tracking what could be a record monthly gain as the US-Israeli war against Iran devolves into a protracted regional conflict. In an interview with the Financial Times last night, US president Donald Trump said “To be honest with you, my favourite thing is to take the oil in Iran but some stupid people back in...
• Conflict concerns. Risk sentiment negative. Oil prices higher. Equities lower. USD edging up. AUD & NZD on the backfoot. AUD ~4.7% from its March peak.• Global economy. More volatility likely. Impact on world economy from energy supply shock still in the pipeline. Cyclical/growth-linked assets under pressure.
Global Trends
Middle East related nervousness kept sentiment negative at the end...
• Negative vibes. Ongoing concerns about the Middle East conflict weighed on sentiment. Equities lower, oil & yields higher. USD firmer. AUD under pressure.• Twists & turns. Situation in Middle East remains uncertain. More volatility likely. Impact on world economy from energy supply shock still in its infancy.
Global Trends
Middle East related concerns weighed on risk sentiment once again...
Good morning. Risk appetite is deteriorating across the financial system as the Middle East conflict shows little sign of easing ahead of President Trump’s deadline for resuming military strikes against Iranian power plants and energy infrastructure tomorrow. Although there are clear signs of political exhaustion in Washington, Iran yesterday rejected the administration’s maximalist overtures,...
A wave of cautious optimism is washing over financial markets after the United States reportedly offered Iran a 15-point peace plan, reinforcing the belief that Washington is looking for an exit from the conflict. Details of the proposal are unclear, but investors are turning more hopeful* even as the Strait of Hormuz remains effectively closed, attacks continue on both sides, and more American troops...
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...