[MARKET ANALYSIS] Bourses firm as oil and yields moderate; Tech benefits after China's CXMT surges 500% on Shanghai debut
Newsquawk Staff ·
- European Bourses began the week firmer (STOXX 600 +0.8%) after oil prices and yields fell after the US halted strikes on Iran. DAX outperforms as top constituent SAP continues to gain post-earnings. Spain's IBEX also performed well as its Retail/Travel components outperform. Underperforming are the FTSE 100 and OMX Copenhagen as Shipping/Oil majors are hit.
- A brief recap of the weekend's geopolitical events: the US paused strikes against Iran for a second consecutive night while Iran refrained from retaliation and held talks with Oman on the Strait of Hormuz; President Trump said all options remain available, while Oman-Iran discussions on maritime navigation reportedly made some progress. Focus remains on the potential resumption of negotiations directly between the US and Iran or any resumption of strikes.
- Sectors are entirely in the green, with the exception of energy and utilities. Components are broadly moving with the geopolitical de-escalation. Retail and Travel & Leisure outperform, with Tech not far behind following memory-maker CXMT's 500% surge on its Shanghai debut.
- US equity futures are firmer in reaction to the cooling of tensions in the Middle East. (ES +0.8% NQ +1.5% RTY +1.3%). Several earnings are due this week, including Microsoft, Meta, Qualcomm, Amazon and Apple, set to test the resiliency of the AI trade.
- CRUDE WRAP: WTI (Z6) SETTLES USD 2.32 HIGHER AT 99.47/BBL; BRENT (Z6) SETTLES USD 4.35 HIGHER AT USD 113.17/BBL
- US President Trump called Musk and asked him to lift Ukraine Starlink (SPCX) restrictions, WSJ reports
- Ukraine President Zelensky says Ukraine is ready for peace talks at G20, but so far no such invitation
- An Israeli military official told Channel 12 that here is no reason to launch an attack on Iran before the elections; If we detect preparations in Iran for an attack, we will act
- US President Trump says "Iran is doing everything they can to drive up the price of Oil prior to the U.S. Midterm Election".
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