Oil Trims Gains, Futures Rise on Calmer Sentiment: Markets Wrap

(Bloomberg) — Investors began tempering the risk-off positioning that was triggered by the hostilities between Israel and Iran, with oil posting more subdued gains and stocks staging a tentative rebound.

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As traders increasingly anticipate that the conflict between the two arch adversaries is unlikely to draw in more parties, S&P 500 futures rose 0.6%, recovering after the US benchmark shed more than 1% on Friday. European and Asian stocks also gained. Treasuries declined for a second straight day amid concerns that rising oil prices could fuel inflation, with the 10-year yield rising six basis points to 4.46%.

Brent crude prices initially soared as much as 5.5% after a weekend of attacks but quickly pared most of that move to less than 1%. Gold dropped 0.5% from Friday’s all-time high.

If Iran “continues to simply target Israel, and not the regional energy infrastructure, markets will become desensitized to the conflict,” said Marko Papic, chief strategist at BCA Research.

Later this week, the Federal Reserve and the Bank of Japan are among a raft of central banks set to announce interest rate decisions. Leaders of the Group of Seven nations are also meeting.

Some of the main moves in markets:

Stocks

• The Stoxx Europe 600 was little changed as of 8:32 a.m. London time

• S&P 500 futures rose 0.6%

• Nasdaq 100 futures rose 0.6%

• Futures on the Dow Jones Industrial Average rose 0.4%

• The MSCI Asia Pacific Index rose 0.7%

• The MSCI Emerging Markets Index rose 0.6%

Currencies

• The Bloomberg Dollar Spot Index fell 0.1%

• The euro rose 0.3% to $1.1583

• The Japanese yen fell 0.2% to 144.34 per dollar

• The offshore yuan rose 0.1% to 7.1803 per dollar

• The British pound rose 0.1% to $1.3590

Cryptocurrencies

• Bitcoin rose 2.3% to $107,138.11

• Ether rose 5% to $2,629.89

Bonds

• The yield on 10-year Treasuries advanced six basis points to 4.46%

• Germany’s 10-year yield advanced five basis points to 2.59%

• Britain’s 10-year yield advanced three basis points to 4.58%

Commodities

• Brent crude rose 0.7% to $74.73 a barrel

• Spot gold fell 0.6% to $3,413.38 an ounce

This story was produced with the assistance of Bloomberg Automation.

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