📊 Equities
Global markets began the week with a firmer tone overnight despite several major financial centres remaining closed for extended holidays, as investors responded positively to growing optimism surrounding Middle East peace negotiations. Iranian officials were reportedly in Qatar for talks, with markets increasingly hopeful that progress toward a deal is being made — although officials from both Washington and Tehran continue to acknowledge that several key issues remain unresolved. US equity markets were closed for the Memorial Day holiday.
🛢️ Oil
Oil markets saw the sharpest reaction to the shifting geopolitical backdrop, with reports suggesting the Strait of Hormuz could reopen within 30 days of any formal agreement being signed. US officials also confirmed they had carried out “self-defence” strikes in Iran during the session, adding to the volatility. Brent crude fell -7.15% to $96.14 and WTI dropped -6.30% to $90.30.
🥇 Gold
Gold prices rose +1.35% to $4,570.51, continuing to track US dollar dynamics rather than traditional safe-haven demand, as the dollar eased on reduced geopolitical risk premium.
💵 Forex & Bonds
The US dollar eased as geopolitical risk premium declined, providing support for gold. Overall forex market liquidity remained thin due to extended holiday closures across major financial centres.
📌 Today’s Focus
Attention now turns to a much busier session ahead as global markets return to full participation. US Consumer Confidence data is the main item on today’s macroeconomic calendar.