Markets dare to hope as US, Iran put war on hold
SPY•Key data on the agenda
Key developments that could influence markets on Monday:
- German Ifo business sentiment for July
- U.S. durable goods for June
Markets take a tentative de-escalation cue
A fragile truce seems to have settled on the Gulf as the U.S. military ceased its attacks, in part because of concerns it was running out of ammunition, and Iran said it would pause for as long as the U.S. held off.
The Houthis complicated things by attacking oil facilities in Saudi Arabia, but investors have chosen to take it all as a step toward de-escalation and knocked Brent down around 4% to $92.80. It does look like the $100 mark is where the U.S. blinks, suggesting oil needs to stay near enough to that to keep the two sides talking.
