Headlines:<\/p>\n
Markets:<\/p>\n
WTI crude oil down 0.7% to $95.30USD and major FX little changedEuropean indices sit higher but early gains reduced, S&P 500 futures up 0.3%US 10-year yields down 1.3 bps to 4.19%Gold drops down 1.1% to $4,950Bitcoin down 2.0% to $73,036<\/p>\n
It was a more tentative session as markets continue to wait on further developments from the Middle East.<\/p>\n
The Strait of Hormuz remains shut for business and the only positive news for energy markets was that we did see a major breakthrough with the reopening of the Iraq-Turkey Pipeline (ITP). That being said, it is a mere drop in the bucket of water in terms of compensating for the loss of oil exports from the Hormuz blockade. But at least for now, Iraq has a tiny outlet to make up for loss of over 3 million barrels per day in exports. The opening level for the pipeline is 250,000 barrels per day for now.<\/p>\n
Oil prices were not too volatile, with lesser headlines involving Iran attacks as well. However, traders remain guarded overall still. WTI crude oil is down 0.7% to $95.30 but off early lows of $91.45 seen in Asia trading at least.<\/p>\n
In other markets, stocks continue to stay in search of a brighter outlook this week. European indices are sitting higher but have reduced gains during the session, the same for US futures. The DAX is up 0.5% currently but was up around 0.9% earlier in the day. Meanwhile, S&P 500 futures were up as much as 0.6% but have halved gains to 0.3% now.<\/p>\n
While the main focus stays on the Middle East, just be reminded that there is also the FOMC meeting to come later today.<\/p>\n
With that, major currencies also remain guarded with light changes all around. The dollar is looking rather tepid and lacking direction during the session. EUR\/USD is flat at 1.1537 with USD\/JPY also flat now at 159.05 after a brief trip lower to 158.65 earlier in the day.<\/p>\n
Elsewhere, precious metals are looking softer with gold down 1.1% to $4,950 and silver down 0.8% to $78.63 on the day. In the bond market, 10-year Treasury yields continue to retreat on the week with yields down 1.3 bps to 4.19% at the moment.<\/p>\n","protected":false},"excerpt":{"rendered":"Headlines: Markets: WTI crude oil down 0.7% to $95.30USD and major FX little changedEuropean indices sit higher but…\n","protected":false},"author":2,"featured_media":544650,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[45,49,48,46],"class_list":["post-544649","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-ca","tag-canada","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/544649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=544649"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/544649\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/544650"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=544649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=544649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=544649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}