📊 Equities
US equity markets pushed to fresh record highs overnight as investors continued to lean into risk assets amid growing optimism surrounding President Trump’s trip to China. Technology stocks again led the gains, while Treasury yields and the US dollar both moved higher as markets continued to price in the likelihood of firmer US inflation data and a more patient Federal Reserve.
🛢️ Oil
Prices edged higher as traders continued to monitor shipping activity through the Strait of Hormuz and assess ongoing geopolitical risks in the Middle East. Brent Crude rose +0.94% to $106.62 and WTI gained +1.04% to $102.07.
🥇 Gold
Gold softened through the session, falling -0.78% to $4,651.98, as the stronger US dollar weighed on precious metals.
💵 FX & Bonds
Treasury yields and the US dollar both moved higher as markets priced in the likelihood of firmer inflation data and a more patient Federal Reserve.
💡 Outlook
Attention today is likely to remain firmly on geopolitical developments, with limited macroeconomic data scheduled. Markets will continue to watch for any fresh headlines from the US-China talks along with further developments across the Middle East.