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Market optimism evaporates as Trump says strikes on Iran to last another 2-3 weeks. Emini S&P 500 futures dropped 1.3% early this morning, gold fell to near $4,550/oz and 10-year Treasury yield rose to almost 4.4%.
Headlines hinting at Middle East deescalations and Market sources have indicating that Trump 'is pulling out,' amidst a clear loss of support from key European states and a widening economic toll on the world sent risk soaring.
Nasdaq falls 0.8% and finds temporary support from September lows, while precious metals bounce, and the dollar break key resistance as the US economy will be far less impacted by the energy supply crisis than Asian and Europe, from both an inflation & growth perspective.
Risk off across the markets on Friday with S&P 500 down -1.7%, Nasdaq -1.9%, Nikkei down -2.8% this morning.
Financial markets are really breaking. Despite Trumps new delay (6th April, 8pm EST), temporary relief turned back to instant pain.
The bond market was yesterday’s big mover, continuing to implode as inflation expectations ramp higher.
Headlines overnight ranging from US deploying troops to Iran, to a 1-month ceasefire for peace talks.
Equities jumped 3.6% as Trump blinked but then sold off on the realisation that he’s just postponing the next escalation into the weekend when markets will be shut.
Monday opens with another wave of selling: Kospi -6.5%, Nikkei -3.9%, gold -7.1%, silver -7.9%, S&P futures -1.1%, while 2-year yields rise 8bp - all following heavy moves on Friday.
Big week in central banking, as Fed, Bank of England and ECB all hold rates unchanged.
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