Market Summary
Equity Futures Rise as Oil Prices Retreat: With US markets closed for a public holiday today, US and European equity futures advanced as oil prices declined and investors looked past fresh Houthi attacks on Riyadh’s main airport. S&P 500 and Nasdaq 100 futures rose 0.3%, while European futures gained 0.5%. Asian markets lagged, with the MSCI Asia Pacific Index falling 0.3% and South Korea’s KOSPI dropping 2.9% as trading resumed following a long weekend. The Indian rupee strengthened 1% after the central bank announced fresh measures to support the currency.
Oil Falls Despite Continued Supply Risks: Brent crude fell 0.8% to $103.91 a barrel, reversing an earlier rise as traders weighed resilient Middle Eastern energy flows and President Trump’s claim that Russia and Ukraine had agreed to an energy ceasefire. No further details accompanied the announcement, while continued disruption through the Strait of Hormuz and the risk of a wider conflict kept supply concerns in focus. Elsewhere, China and the EU reached a 16-point consensus covering trade, investment, export controls and intellectual property rights.
Inflation Data and Bank Earnings in Focus: Attention this week turns to US and European inflation data, a scheduled appearance by Fed Chair Kevin Warsh and the start of US bank earnings. The US 10-year Treasury yield approached 5.4% last week, its highest level since 2002. Markets remain sensitive to any inflation surprise that could strengthen the case for further rate increases and test whether earnings growth can continue to offset higher borrowing costs.
Key Market Moves Today
- S&P 500 Futures: +0.24% (7,878)
- Crude Oil: -0.72% ($91.20)
- Spot Gold: -0.19% ($4,187)
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