Geopolitical risk surge lifts oil, weighs on stocks and bonds
Geopolitical risks surged, sending stocks and bonds lower while oil rose, raising inflation and potential Fed-rate pressure concerns.
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Geopolitical risks surged, sending stocks and bonds lower while oil rose, raising inflation and potential Fed-rate pressure concerns.
Vanguard marked 50 years since launching the first public S&P 500 index fund, while the piece argues investors increasingly need to choose among different indexes, not just own the benchmark.
Fundstrat’s Tom Lee told CNBC that the four-year crypto cycle ends next month. He said if the Fed holds rates at its Sep. 15 meeting alongside weaker jobs and CPI, markets could rally very strongly.
Dubai and Qatar fell as they remain more exposed to a potential Strait of Hormuz closure. Saudi Arabia and Oman performed positively. Qatar profits fell 11% in the first half.
European stocks closed firmly lower Monday, with Euro STOXX 50 down 0.9% to 5,426 and STOXX Europe 600 down 0.6% to 651. Higher oil prices reinforced expectations of more ECB rate hikes.
US Strategic Petroleum Reserve crude stocks fell by about 3.1 mln barrels to 286.6 mln barrels last week.
CAC 40 fell 0.8% to close at 8,334 on renewed inflationary pressures tied to the US-Iran war. Oil rebounded after exchanged strikes, while Strait of Hormuz shipping concerns lifted crude and weighed on energy-linked stocks.
The FTSE MIB closed flat at 52,613 on Monday. Oil gains lifted Tenaris, Saipem and ENI, while defense names Avio and Leonardo lagged and utilities weakened.
Bitmine (BMNR) bought 53,501 ETH last week for about $131 million, its biggest weekly addition since June. Holdings total 5,901,112 ETH worth about $14.5 billion, roughly 4.9% of Ethereum supply.
Tanker freight rates have surged to record levels as Strait of Hormuz restrictions squeeze vessel availability. Ship crossings are down more than 80% since Feb. 28; LR2 hit $107.72/mt on Aug. 27.
S&P 500 DOWN
Dubai Leads Most Major Gulf Stocks Lower — Market Talk
In a CNBC interview, the U.S. Treasury Secretary said not to believe he can change the equilibrium price, and added he is working with Vought on a fiscal consolidation package.
In a CNBC interview, the U.S. Treasury Secretary said his belief is that Japan’s central bank will do things that lead to a stronger yen.
In a CNBC interview, the U.S. Treasury Secretary said the U.S. is not in war with Canada, adding that Carney is not doing what is best for Canadian people.
U.S. Treasury Secretary said on CNBC that oil prices are going to come down, aiming to create conditions that participants would want to “come to the table.” He also held a “robust” meeting with China Governor Pan Sunday.
The FTSE MIB edged higher to around 52,700 on Monday, extending gains amid heightened Middle East tensions and Italy’s banking consolidation. Energy stocks rose with crude; Eni gained 1.5% and Tenaris rose more than 2%.
Foreign investors net buyers in Taiwan stocks for August
Kospi reversed early losses and rebounded during the final trading hour, with battery and energy stocks advancing.
Nordic Stocks Tipped to Open Slightly Lower — Market Talk
Nikkei Stock Average ended 0.1% lower at 66,311.93, dragged by machinery stocks.
New Zealand stocks rose 149 points, or 1.1%, to close at 13,917 on Monday, erasing prior two-session losses. The NZX 50 also rose 1.6% for the month, supported by industrials, tech, utilities and real estate.
Shanghai Composite fell 0.5% to 3,931 and Shenzhen Component lost 1% to 13,810. Official PMI rose to 49.5 in August (manufacturing 49.8, non-manufacturing 49.0) but stayed in contraction.
South Korea’s benchmark KOSPI fell more than 2% to around 6,640, extending prior-session losses as US-Iran tensions pushed Brent crude higher and renewed rate-hike expectations raised US Treasury yields. Tech stocks led declines, including Samsung and SK hynix.
Australian equities were little changed early Monday, hovering near 9,090 after the prior session’s rise. Traders looked ahead to Q2 business inventories, company gross profits, July private credit and the monthly inflation gauge.
Nikkei Falls 2.2%, Dragged by Chip Stocks — Market Talk
The Nikkei Stock Average opened 1.1% lower at 65668.51, pressured by electronics and machinery stocks.
SPX Daily Weekly
The S&P/TSX Composite Index fell 0.8% to close at 36,554, pressured by mining and energy. Gold slid after hawkish Federal Reserve Chair Kevin Warsh comments; oil declined on Strait of Hormuz flow increases and an Iran-Oman framework.
US indices closed mostly lower Friday. S&P 500 fell 0.2%, Nasdaq dropped 0.7% and Dow edged lower, while Warsh said underlying inflation isn’t slowing and pledged to fight price growth until it reaches the Fed’s 2% target.