Rising crude oil prices have kept Wall Street on edge, while a global bond sell-off has gathered pace as inflation fears mount across economies. US Pr…
1/6US Markets | The S&P 500 was largely unchanged on Wednesday as elevated bond yields weighed on sentiment, while concerns over rising oil prices and their impact on inflation kept investors cautious. The S&P 500 traded 0.1% higher, while the Nasdaq Composite slipped 0.1%. The Dow Jones Industrial Average gained 187 points, or 0.4%.
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2/6US-Iran war | The US conducted a second day of strikes on the Islamic Republic overnight, with President Donald Trump threatening more attacks if Tehran responded. Within hours, Iran retaliated against Jordan, Bahrain and Kuwait, countries that host American forces. Tehran has threatened tankers attempting to sail through the narrow waterway without authorisation, impeding energy exports from neighbouring oil-rich Gulf countries.
3/6Crude oil | Oil steadied near the highest closing level in five weeks as hostilities broke out again between the US and Iran, renewing the threat to energy exports from the Middle East. Global benchmark Brent traded under $95 a barrel after surging 4.6% on Tuesday, and West Texas Intermediate was near $90.
4/6US International Trade Balance | Key US economic data due on Thursday include the US International Trade Balance for July and the ISM Services PMI for August. The US goods and services trade deficit stood at $73.3 billion in June, down from $77.6 billion in May. Meanwhile, the ISM Services PMI rose to 54.1 in July, from 54.0 in June, remaining in expansion territory.
5/6Earnings | Global earnings due on Thursday include Dell Technologies, Lululemon, Campbell’s, Ciena, DocuSign, UiPath, Zscaler and M&G PLC.
6/6Yen | The yen strengthened sharply against the US currency, leaving traders hyper-vigilant for evidence that authorities may once again intervene in the foreign-exchange market. The Japanese currency rallied as much as 1.2% to 158.22 per dollar, a sharp move that put market participants on guard for signs that authorities are stepping into the market.
