Headlines:
Iran maintains that Strait of Hormuz is closed until further noticeUS-Iran talks are still on track according to a CNN diplomatic sourceUS futures nudge up on the session, focus turns to SpaceX IPOECB preview: forget the rate hike and focus on forward guidanceECB rate hike today will be a mere posturing play
Markets:
WTI crude down 0.7% to $89.36European indices nudge higher on the sessionS&P 500 futures up 0.7%, Nasdaq futures up 1.1%USD, CHF lead, CAD lags on the dayUS 10-year yields down 1.9 bps to 4.52%Gold up 0.2% to $4,083Bitcoin up 2.2% to $63,129
It was a quiet but nervy session, even as markets are keeping in calmer and steadier mood for the most part.
US-Iran tensions continue to fill the air but at least for now, Trump is putting off from fresh strikes against Iran. It looks like we’re back to the part where he is threatening to bomb Iran but actually never intending to do so in the end. The good ol’ TACO playbook. Soon enough, we should be back to “a deal is very close” again.
While that is happening, the US is saying that talks are continuing in the background but Iran is now maintaining that the Strait of Hormuz is in full closure. So, make what you will of the situation.
Oil prices are down slightly on the day with WTI crude lower by 0.7% to $89.36. That as the broader market mood remains calmer in European morning trade.
European stocks are holding modest gains while US futures are seen bouncing back after the rough outing yesterday. Tech shares are seen rebounding with eyes now turning to the SpaceX IPO, set to be the biggest one ever.
S&P 500 futures are seen up 0.7% while Nasdaq futures are up 1.1% ahead of the big day tomorrow.
In other markets, the dollar is keeping steadier with little conviction on the session. EUR/USD is flat at 1.1537 with attention turning to the ECB policy decision later today.
Meanwhile, gold is up 0.2% to $4,083 but not able to contest a push back above its March low of $4,099 for now. However, the precious metal is at least seeing a modest bounce off the lows in Asia near $4,024.
It’s on to the ECB next~!
This article was written by Justin Low at investinglive.com.