Morning Juice – US Session Prep (25th May)

Sentiment
Global markets pushed to new highs as crude oil fell sharply on hopes the US is close to reaching an agreement with Iran to reopen the Strait of Hormuz and restore oil flows. S&P 500 futures rose 0.9%, Nasdaq 100 futures gained 1.4%, and the dollar weakened against all G10 currencies. The MSCI All Country World Index reached a record close, while Europe’s Stoxx 600 rose for a sixth straight session to its highest intraday level since the Iran war began.

Brent dropped nearly 6% to below $100 a barrel after senior US officials said Washington and Tehran were nearing a deal to reopen Hormuz, though final approval could still take several days and Iran said no settlement was imminent.
Trading volumes were light with several markets closed for holidays. Separately, China launched a tougher crackdown on unlawful cross-border trading, threatening severe penalties for popular brokers and forcing non-compliant accounts to be closed within two years.

Docket
No noteworthy economic indicators or events in observation of the Memorial Day holiday.

Good luck!