As a Pivotal Week begins, US Futures Rise but Oil Falls – Europe Market Wrap

A sense of relief washed over markets as Israel’s retaliatory attacks against Iran avoided oil facilities, with crude falling and US stock futures climbing at the start of what is building up to be a critical week for investors.

Iran stated that its oil industry was running regularly following Israel’s attacks on military targets throughout the nation. This helped to alleviate geopolitical concerns as markets prepare for a week of critical economic data and corporate results.

Among them are statistics from five of the “Magnificent Seven” big-tech behemoths, as well as Eurozone and US economic growth figures and a monthly payrolls report. Then there’s the presidential election on November 5th, with markets increasingly predicting a stock-boosting triumph for Donald Trump and the Republicans.

Oil fell more than 6%, and gold also declined. Israeli jets targeted military targets in Iran on Saturday, fulfilling a promise to react for a missile bombardment earlier this month, albeit the attack was more restrained than anticipated. The Israeli shekel strengthened the most among approximately 150 currencies.

Equity-index futures pointed to a rebound on Wall Street after the S&P 500 fell for the first time in seven weeks. Airlines, whose fuel costs are related to oil prices, were among the best performers in premarket trade, while energy stocks slumped. Boeing slumped after announcing a $19 billion share sale to address liquidity concerns.