Daily Updates

US equities fell again as the standoff in the Persian Gulf continues and US Treasury yields jumped. The 30-year Treasury yield hit its highest level since 2007. The risk-off tone and rising expectations for a US interest rate hike later this year drove the US dollar index to a six-week high.

Equities on Wall Street traded mainly lower overnight, dragged down by concerns over possible US air strikes on Iran. However, the losses were cut late in the session as the US President said strikes had been called off, for now.

Wall Street finished last week with the strongest losses since late March, while oil prices and government bond yields picked up, after a disappointing outcome of the US-China summit, particularly with respect to the outlook for the war in the Middle East.

Further optimism about the artificial intelligence revolution took the S&P 500 and tech-heavy Nasdaq to fresh record highs, with the former surpassing the 7,500-point mark for the first time.

The S&P 500 and Nasdaq bounced to fresh record highs overnight, as investors’ attention turned back to artificial intelligence and away from the US-Iran war.

The S&P and Nasdaq eased from record highs last night, while government bond yields rose further, as US CPI inflation surprised to the upside.