Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
AZIONI
Markets largely picked up where they left off as the new week got underway this morning. Yesterday’s seizure of an Iranian tanker by the US Navy caused several gaps to appear as markets opened for the day, particularly in precious metals, but currencies have mostly shrugged off the weekend’s events. Gold is currently maintaining its position around $4,800 per ounce, while silver managed to recoup early losses to climb back above $80. Asian stocks opened high this morning and pushed higher still, with the Nikkei 225, Kospi and Hang Seng indices all gaining around 1% at the time of writing. US stocks markets continued their ascent last Friday, with the S&P 500 and Nasdaq Composite indices pushing further into record high territory and the Dow Jones gaining a commendable 1.8%, but the latest developments surrounding Iran have caused US futures to fall ahead of the US open later today.
Crude oil prices plummeted last Friday following comments from Iranian and US officials, with both parties signalling a willingness to reach an agreement. Brent Crude briefly fell down to $86 as optimism swept through oil markets, while WTI sank as low as $79 per barrel. Both benchmarks rebounded sharply this morning however, lifting Brent back up to $95 and WTI to $87 per barrel. Peace talks between the two belligerents are scheduled to continue in Islamabad later today, although Iran has apparently not committed to attending the event.
The economic calendar is a little light this week, with very little of note to capture people’s imagination. Canadian inflation figures are hardly the most riveting of publications, but unfortunately they are the only item on offer this afternoon. UK unemployment figures and US retail sales bring a little to the table on Tuesday, followed by UK inflation data on Wednesday. Thursday delivers the usual update on US jobless claims, while Friday closes out the week with Japanese inflation, UK and Canadian retail sales, and finally the Michigan Consumer Sentiment index. A few heavy hitters make their appearance on the earnings calendar this week, including Tesla (TSLA) on Wednesday and Intel (INTC) on Thursday, both after market close. Whether the peace talks in Pakistan go ahead later today is anyone’s guess, but markets are looking for some reassurance regarding the safe passage of ships in and out of the Persian Gulf.
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