Investors shift focus to easing US-Iran tensions, lifting gold prices and supporting risk assets ahead of US market open.
Gold prices surged 2.3% to $4,170 as expectations of reduced US-Iran tensions lowered inflation and Fed tightening risks. The move followed reports of progress in Strait of Hormuz negotiations, though Iran delayed finalizing an agreement pending US threat reductions.
European equities advanced, while S&P 500 futures climbed 0.4% after a record-breaking session on Wall Street. US 10-year yields dipped 1.6 bps to 4.61%, and WTI crude steadied at $76.00, up 0.3%. The UK’s July services PMI rose to 52.1, beating preliminary estimates.
Currency markets saw GBP outperform and NZD lag, while Bitcoin edged down 0.3% to $64,087. Focus remains on US tech shares, with Nasdaq futures signaling continued strength.