North Sea oil prices hit record highs overnight as Iran maintained control over Hormuz. The FT reported Washington-Tehran ceasefire agreement failed to stem the global energy crunch. Commodity prices and bond yields remain unlikely to return to pre-conflict levels quickly.
Asia-Pacific markets traded mixed today as investors assessed Trump's hardened rhetoric on Iran war. The dollar held firm before the extended deadline while gold stayed steady. Treasury yields held flat after Friday's upbeat jobs data.
NCLH Norwegian Cruise and RCL Royal Caribbean faced fresh disruption as Alaska cruise operators avoided Tracy Arm excursions following a massive landslide. The travel sector absorbed compounding pressures as oil volatility persisted.
Average new car costs neared $50K pressuring discretionary spending across markets. The AP highlighted buyers growing increasingly anxious as F Ford and GM GM navigated elevated price points. Tribal gas stations offered reprieve from pump prices during war-driven energy chaos.
European equities closed higher Friday despite energy volatility. The FT noted US markets remain more immune from shocks given healthy American conditions. European stocks emerged as losers in Iran war fallout as regional exposure to commodity prices created systematic pressure.
India struggled to stabilize the rupee as war created depreciation pressure. Foreign exchange reserves declined sharply highlighting the RBI's reluctance to let currency float freely.
BAC Bank of America reports Tuesday kicking off Q1 earnings season. NFLX Netflix follows Wednesday as streamers face subscriber growth scrutiny amid defensive rotation.
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