Headlines: Trump reaffirms that no money has been given to Iran yet and Hormuz will be toll-free Pakistan says US-Iran technical talks to only resume next week Qatar says LNG production to resume within a few weeks, eyes Strait of Hormuz reopening Oil prices are almost back to…
e-war levels amid Hormuz normalisation, Fed hike risks US futures keep steadier so far today but the real test will come after the closing bell BOJ governor Ueda expects further interest rate hikes as underlying inflation picks up SNB policymaker Tschudin says medium-term inflation pressures are unchanged RBA’s Hauser: We still have work to do to reduce inflation which remains far too high Germany Ifo business sentiment rebounds further in June Markets: WTI crude down 2.8% to $71.11 European equities mixed S&P 500 futures up 0.3%, Nasdaq futures up 0.6% USD leads, NZD lags on the day US 10-year yields down 3.5 bps to 4.46% Gold down 1.6% to $4,040 Bitcoin up 0.6% to $62,788 It was a steady session for the most part, with little notable headlines to really shake things up. The US and Iran are keeping the status quo, pending further technical talks next week
In the meantime, eyes will be on the Strait of Hormuz and how vessel traffic will pick up in the days ahead. The early indications are encouraging but is still very much limited for now. That is keeping oil prices subdued though, with WTI crude down nearly 3% to $71.11 as it moves closer to making the round trip back down.
Besides that, European stocks are more mixed today while US futures are steadier with investors eyeing Micron earnings after the close. That will be the key signal for equities and tech shares especially as we look to the second half of the week. In other markets, the dollar continues to move from strength to strength as it pushes another advance today.