Iran-US tensions lift WTI; Fed hike odds rise to 63.9%
WTI crude jumped after escalating clashes between U.S. and Iranian forces and a new oil development agreement with Venezuela. U.S. equities slid early as Treasury yields rose, while September Fed hike odds reached 63.9%.
Path Trading Partners' Bob Iaccino runs through the latest multi-asset market moves, noting early declines across U.S. equities alongside rising Treasury yields.
WTI crude surges following escalating clashes between U.S. and Iranian forces and a new oil development agreement with Venezuela.
Meanwhile, expectations for a September Fed rate hike jump, with probability reaching 63.9% and pressuring gold and stocks.
Iaccino also looks ahead to upcoming earnings and a heavy slate of global economic data, including Chinese manufacturing PMI, global CPI figures, and the Reserve Bank of Australia's interest rate decision.