Daily Updates

Mixed messages about the US-Iran conflict were reflected in a quite choppy session on Wall Street last night, with the S&P 500 and Nasdaq closing virtually flat.

The S&P 500 and Nasdaq started their trading week with fresh record highs, but this was largely catching up to other stock markets after a long weekend, with performance mixed across sectors.

The gains in the global markets continued last night, while oil prices and government bond yields fell further, as investors preferred to see the glass half full about the prospect of a US-Iran peace deal.

Further hopes for progress in the peace process between the US and Iran sent US stocks even higher on Friday. Oil prices declined despite the contradictory messages coming from the White House, taking Brent futures below US$100 a barrel for the first time since early May.

Following a weak start, the US share market ended the trading day in black, supported by hopes for resolution to the war in the Middle East. These hopes were fuelled further by comments from the US Secretary of State Marco Rubio, who said that there were ‘some good signs’ in the US-Iran peace talks.

US and European stocks jumped last night, while oil prices and government yields dropped, in reaction to press reports about several oil tankers passing through the Strait of Hormuz and signs of some progress in US-Iran talks.