Morning Wrap: Risk appetite is back despite new exchange of US-Iran strikes (11.06.2026)

Tensions between the U.S. and Iran escalated for a second consecutive day — both sides exchanged strikes despite an existing ceasefire. Markets are showing signs of recovery, however, after the U.S. military declared the operation "completed."

Futures are recouping a portion of yesterday's losses: Nasdaq (US100: +0.9%), Russell 2000 (US2000: +0.7%), S&P 500 (US500: +0.55%), Dow Jones (US30: +0.4%). European EU50 also up 0.2%.

🌎 U.S.–Iran war

• The U.S. targeted Iranian military infrastructure; Iran responded with attacks on U.S. assets in Bahrain, Kuwait, and Jordan

• Reports of tanker attacks near the Strait of Hormuz raised energy market concerns — shipping traffic through the waterway is reportedly continuing

🛢️ Commodities

• Brent and WTI (OIL, OIL.WTI) are down 0.8% and 0.9% respectively (Brent at $94/bbl), pulling back after an initial surge before midnight

• Gold halted its sell-off at $4,080/oz following a drop of as much as 4.6% in the prior session — the largest single-day decline since March

• Silver recovers 0.8% to $63.80/oz

📈🌏 Equities — Asian Session

• Nikkei 225 futures rebounding sharply (JP225: +1.9%), followed by Australia (AU200.cash: +0.8%) and Singapore (SG20.cash: +0.8%)

• South Korea's KOSPI — initially pressured by hotter-than-expected U.S. CPI, geopolitical tensions, and an AI stock sell-off — is now trading flat as sentiment stabilises

• Chinese Hang Seng remains in the red (CHN.cash: -0.6%), as technology-heavy markets face concerns over elevated valuations and aggressive earnings expectations

🪙 FX

• The U.S. dollar is weakening against most currencies (USDIDX: -0.1) despite the military escalation — a sign that safe-haven demand for the dollar may be exhausting

• Risk currencies lead gains: Australian dollar (AUDUSD: +0.2%), New Zealand dollar (NZDUSD: +0.15%)

• Japanese yen remains the weakest G10 currency (USDJPY flat, CHFJPY: +0.2%); EURUSD up 0.12% to 1.155

₿ Crypto

• Bitcoin +2.2% to $62,650; Ethereum +2.5% to $1,650 — broad gains confirming a recovery in risk appetite