By Chibuike Oguh<\/p>\n
NEW YORK, June 22 (Reuters) – Global stocks were mostly flat on Monday while oil prices fell, as optimism over progress in U.S.-Iran talks was offset by expectations of higher interest rates that \u200cpushed U.S. Treasury yields up.<\/p>\n
U.S. Vice President JD Vance said in Switzerland that Iran agreed to allow \u200cnuclear inspectors into the country, with conversations over the inspections possibly beginning as soon as this week.<\/p>\n
The U.S. Treasury Department authorized Iranian sales of crude \u200boil and petrochemical and petroleum products through August 21, easing decades-old sanctions, as the United States pushes toward a final peace deal with Iran in return for commitments on nuclear inspections and free transit through the Strait of Hormuz.<\/p>\n
On Wall Street, the benchmark S&P 500 and the Nasdaq finished lower, dragged down by communication services and consumer discretionary stocks. The Dow ended \u200chigher.<\/p>\n
The Dow Jones Industrial Average rose 0.29%, the \u2060S&P 500 fell 0.37% and the Nasdaq Composite fell 1.32%.<\/p>\n
Europe’s STOXX 600 index rose 0.58%. MSCI’s gauge of stocks across the globe fell 0.03%.<\/p>\n
Markets are being driven by the Fed’s hawkish \u2060outlook and reduced expectations that new Fed Chair Kevin Warsh would move to begin cutting rates, said Gerry Sparrow, chief investment officer at Sparrow Capital Management.<\/p>\n
“The market was somewhat surprised by the new Fed chair’s action as it was under the expectation that \u200bhe was \u200bgoing to be a little easier on rates,” Sparrow said.<\/p>\n
The \u200bFederal Reserve last Wednesday held interest rates steady, \u200cbut policymakers expect a hike in borrowing costs later this year amid growing concerns about inflation lodged above the U.S. central bank’s 2% target.<\/p>\n
The yield on benchmark U.S. 10-year notes rose 5.78 basis points to 4.509%.<\/p>\n
The apparent progress in U.S.-Iranian discussions pushed Brent crude futures to settle lower by 3.38% to $77.90 a barrel, far below its May peak of $126.41.<\/p>\n
“The progress in peace talks is good, but the only negative surprise was the new Fed wasn’t a little bit more accommodative during its most \u200crecent announcement,” Sparrow said.<\/p>\n
UK POUND RISES AFTER STARMER RESIGNS<\/p>\n
The pound rose \u200bafter Prime Minister Keir Starmer announced his resignation, paving the way for \u200bBritain’s seventh leader in 10 years.<\/p>\n
The pound reversed earlier \u200blosses and was up 0.11% at $1.3244.<\/p>\n
Former Manchester Mayor Andy Burnham is the favorite to succeed \u200cStarmer, but investors said a key question for nervous \u200bUK bond markets would be \u200bwho becomes finance minister.<\/p>\n
The euro eased 0.36% to $1.1427, after hitting a three-month low on Friday at $1.1418.<\/p>\n
The dollar was up 0.19% at 161.58 yen, with only the threat of Japanese intervention preventing the currency from rising to 2024’s \u200b40-year high of 161.96.<\/p>\n
The dollar index, which \u200cmeasures the greenback against a basket of currencies including the yen and the euro, rose 0.17%. Spot \u200bgold rose 0.72% to $4,190.17 an ounce.<\/p>\n
(Reporting by Chibuike Oguh in New York; Additional reporting by Wayne Cole \u200band Harry Robertson; Editing by William Maclean and Will Dunham)<\/p>\n","protected":false},"excerpt":{"rendered":"By Chibuike Oguh NEW YORK, June 22 (Reuters) – Global stocks were mostly flat on Monday while oil…\n","protected":false},"author":2,"featured_media":755443,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48,269658,9316,5897,9891,57761],"class_list":["post-755442","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ca","tag-canada","tag-gerry-sparrow","tag-interest-rates","tag-iran","tag-oil-prices","tag-u-s-treasury"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/755442","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=755442"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/755442\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/755443"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=755442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=755442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=755442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}