Before Iran deadline, Oil prices Rise & S&P 500 Futures Fall – Asia Market Wrap
Crude oil rose in tumultuous trade, while equities fell as investors remained cautious ahead of Trump’s deadline for Iran to reach a peace accord, with tentative truce signs dampened by the prospect of additional escalation.
Brent climbed 1.2% to above $111 per barrel, after fluctuating between gains and losses in the run-up to Trump’s Tuesday 8 p.m. Eastern Time deadline.
Global markets, which had risen on Monday on the anticipation of a ceasefire, fluctuated as investors remained cautious about the war. US stock index futures fell 0.4%. Asian shares rose 0.5% after trimming initial gains, boosted by technology firms, which are seen as less vulnerable to the six-week Middle East crisis. Contracts predicted a slow start for European stocks.
In other market news, gold fluctuated between gains and losses, trading at roughly $4,650 per ounce. Treasury 10-year rates rose 1 bps to 4.34%. Bitcoin slid more than 1.5% to over $68,700.
On Monday, Asian and US shares rose amid optimism of a cease-fire. According to Axios, US allies are urging Iran to reach a last-minute compromise, citing people familiar with the negotiations.
