Market Commentary: Tuesday 10th March

Stocks rose and crude oil fell as President Donald Trump signalled the Iran war may be nearing an end, helping boost sentiment after Monday’s selloff in risk assets. The sharp reversals indicate just how sensitive markets have become to headlines from the Middle East conflict.

Trump said he would waive oil-related sanctions and have the US Navy escort tankers through the Strait of Hormuz. He vowed bombing “at a much, much harder level” if Iran disrupted oil supplies.

The MSCI Asia Pacific Index climbed 3.1%, with technology shares leading gains. European stocks were also set to advance, with contracts indicating a 1.4% jump at the open.

In other corners of the market, the dollar weakened 0.2%, marking a third day of decline. Treasury 10-year yields climbed one basis point to 4.11% after halting a five-day increase on Monday. Gold and silver advanced.

It is a light news day, with US CPI tomorrow being the largest data release of the week.

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