Renewed military exchanges between the US and Iran have heightened tensions in the Middle East, with the impact visible across US equities and crude o…
1/7US Market | US stocks moved lower on Monday as renewed military exchanges between the US and Iran weighed on investor sentiment. The decline came despite the major indexes remaining on track to finish August with monthly gains. The S&P 500 and Nasdaq Composite each fell 0.5%, while the Dow Jones Industrial Average dropped 346 points, or 0.7%.
2/7Crude oil | Oil rose as tensions spiked in the Middle East, with the US and Iran exchanging strikes for the first time in about a month and Tehran claiming a tanker was hit by mines in the critical Strait of Hormuz. Brent for November climbed over 3% to trade near $91 a barrel as West Texas Intermediate futures topped $86, after American forces hit an island in Hormuz and the Islamic Republic responded by launching attacks on the United Arab Emirates and Jordan. European natural gas prices increased too.
3/7India GDP | India’s economy grew 7.8% year-on-year in the April-June quarter (Q1 FY27), exceeding expectations and matching the pace recorded in the previous quarter, according to official data released on Monday. Growth accelerated from 6.8% in the same period last year, underscoring the resilience of domestic demand and investment activity. The GDP print came in ahead of the 7.5% forecast in the CNBC-TV18 poll of economists.
4/7US-Iran war | US President Donald Trump on Monday declared Iran a “failed nation”, claiming the country’s military, economy and leadership are in a state of collapse. In a post on Truth Social, Trump said, “Iran is officially a Failed Nation. IT IS DEAD! They have no Navy, they have no Air Force, they have no currency, they are not paying their soldiers or police, Inflation is at 300%, and their leadership is in total disarray and incapable of properly representing the country.” He accused Iran of relying on what he called “FAKE NEWS from the USA” and alleged that its authorities were killing protesters.
5/7US ISM Manufacturing PMI | The US August Manufacturing Purchasing Managers’ Index (PMI) from the Institute for Supply Management (ISM) is due on Tuesday, September 1. The previous reading in July stood at 55.6, up from 53.3 in June. The July reading was the highest since May 2022.
6/7US JOLTs Job Openings | The US Job Openings and Labour Turnover Survey (JOLTS) for July is due on Tuesday. The previous reading showed 7.359 million job openings in June, down from 7.537 million in May. The July reading is expected to show 7.33 million job openings.
7/7Global earnings | Global earnings due tomorrow include Palo Alto Networks, Medtronic, NIO, GitLab, MongoDB, Swiss Life and Bunzl.
