The week is shaping up to be heavy on economic data and business reports, in addition to the spring meetings of the International Monetary Fund, events that could influence the global narrative.
At the start of the week, Wall Street shows signs of a modest rise, contrasting with the decline in oil, the dollar and bond pricesall while investors kept concerns about middle East following the weekend attacks carried out by Iran against Israel.
Tehran deployed an offensive that included more than 300 missiles and drones, however, Friday’s sell-offs and calls for restraint by world powers partly eased the tension, which is reflected in the market movements this Monday.
Oil prices, which rose 10% in the last month due to the conflict, are down 1%, while the Israeli index is up 1.3%. On the other hand, US futures and the pan-European STOXX 600 index show a slight increase, although mainly driven by defense values.
Even though the goldwhich has been hitting all-time highs in recent weeksincreases 0.3%, the dollar and government bonds, considered safe havens in times of geopolitical tensions, show a decrease.
Wall Street: the data analyzed by the market
The week is shaping up with a significant load of economic data and business reports, in addition to the spring meetings of the International Monetary Fundevents that could influence the global narrative.
The Middle East region is in suspense due to the latent threat of an open war between its main actors, Iran and Israel, while the resistance posture of the United States adds an additional factor of uncertainty. US President Joe Biden has warned the Israeli Prime Minister, Benjamin Netanyahuabout the United States’ non-participation in a possible counteroffensive against Iran.
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In the oil market, Traders had already largely discounted a possible retaliatory attack by Iran., which could trigger tougher sanctions against Iranian oil. As a result, Brent crude futures hit a high of $92.18 per barrel last week, their highest level since October.
However, the 1% decline recorded on Monday placed Brent below $90 per barrel, while US West Texas Intermediate crude futures fell below $85 per barrel. Meanwhile, gold showed a slight rise, reaching $2,351 per ounce.
Source: Ambito
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