Market Summary
Oil Falls as US-Iran Talks Improve Risk Sentiment: Improved risk sentiment saw oil extend its decline and Treasury futures rally after President Trump hailed productive talks with Iranian envoys in New York. The president’s earlier UN address warned the regime of “annihilation” should it fail to meet US demands. However, markets were encouraged by his more conciliatory tone later in the day. Brent crude traded below $99, while Asian technology stocks continued to gain.
Burnham Offers Few Clues on Fiscal Policy: Andy Burnham’s speech focused on tackling Russian disinformation and creating a new AI standard but revealed little about the government’s near-term fiscal plans. Next month’s Budget will be the prime minister’s first major fiscal event, with scrutiny likely to focus on the fiscal rules and any expansion in government spending. GBP/USD was marginally lower.
Geopolitics and Trump-Xi Summit Remain in Focus: A light economic calendar this week keeps the focus on geopolitics and the upcoming Trump-Xi summit, where trade policy is expected to feature heavily. Treasuries may find support from any further easing of inflation concerns or progress on critical mineral exports, which have dominated negotiations so far.
Key Market Moves Today
- S&P 500 Futures: +0.09% (7,838)
- Brent Crude: -0.85% ($98.41)
- Spot Gold: -0.68% ($4,328)
- Bitcoin: +0.4% ($85,624)
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