What’s worth watching today?
Today’s macroeconomic calendar is very light (only the Romanian Monetary Policy Committee’s decision at 14:00), so geopolitics is driving the market. Brent crude is rising to around USD 84 per barrel following Iran’s tightening of the conditions for reopening the Strait of Hormuz (lifting of sanctions, end of the blockade, suspension of military operations). Furthermore, the attack on a vessel linked to ADNOC and the Houthi strike on the Aramco refinery in Jazan are opening up a genuine second front in the conflict.
Volatility is currently evident across selected instruments, just before the start of the European trading session. Source: xStation
Trump is focusing on economic pressure rather than new air strikes, which reduces the chances of a deal on the Strait of Hormuz. The BoJ is signalling the risk of excessive inflation and a possible interest rate rise in September – the yen is slightly weaker, whilst other currencies are trading within narrow ranges. Asian stock markets are rising following Friday’s weaker US payrolls figures, which have dampened expectations of rapid Fed rate rises.
European market open and weekly outlook – corporate calendar
DAX and Euro Stoxx 50 futures point to a slightly higher opening despite rising oil prices.
The week picks up pace on Wednesday (CPI: Germany/US) and Thursday (CPI: Poland, GDP: UK), and concludes with Friday’s data from the US and the Eurozone. Source: XTB
The key companies set to report their results this week include Cisco and Applied Materials. Source: XTB
Morning Wrap: No Breakthrough in the Strait of Hormuz; Investors React to Berkshire Hathaway's Earnings
Daily summary: Dollar rout after NFP, Gold back on the rise
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