The session was dominated by the verbal escalation between Trump and Iran over the Strait of Hormuz. Trump demanded compensation for victims of improvised explosive device attacks and extended the claim to include damage in Lebanon, Syria, Yemen, and Gaza, dampening expectations of a quick agreement to reopen the waterway...

The week wraps up with the U.S. nonfarm payroll report taking center stage, showing that payrolls fell by 23,000 in July compared to the 80,000 the market had expected, following a combined downward revision of 103,000 jobs in May and June. The unemployment rate fell to 4.1%, though this was due to a lower labor force participation rate, and the...

This escalation of tensions between the U.S. and Iran led to a nearly 9% plunge in crude oil prices, with WTI closing at $81.94 and Brent at $87.81, triggering a bull flattening of global interest rates, with long-term yields falling more than short-term yields, compressing the yield curve’s slope, with declines of up to 4 bps in Europe and 3 bps at the long end of the...

A positive session for global equities amid a sharp rally in semiconductors and memory companies, leading to a 1.3% gain in the Nasdaq and a 0.9% gain in the S&P 500, following gains in Asia and, to a lesser extent, in Europe. In commodities, crude oil continues to rise, closing 2% above the price...

Global yields rose at the start of the week, led by U.K. gilts, which rose as much as 9 basis points following the confirmation of the new cabinet, followed by Treasuries, which rose as much as 5 basis points amid a new surge in oil prices, with WTI closing at $84 and Brent at $90—the highest level in five weeks...

Inflation in the U.S. in June was significantly lower than expected, with the monthly headline rate falling 0.4% and the core rate coming in at 0.0% (vs. -0.1% and +0.2% expected, respectively), while the annual headline rate was 3.5% and the core rate was 2.6% (vs. 3.8% and 2.8%, respectively). As expected, assets at the...

Trump announced yesterday that the U.S. had reactivated the blockade of the Strait of Hormuz, adding today that they would strike Iran hard today and tomorrow, causing a 10% rise in crude oil prices, with WTI returning to $78 and Brent to $83. In equities, U.S. indices fell, led by the Nasdaq, which dropped 1.55% amid a rise in...

The market continues to bet that this new confrontation between the U.S. and Iran will be limited and short-lived, with risk assets rebounding globally today: major stock indices rose 0.5–1.5%, accompanied by a 2.5% drop in crude oil prices (WTI $72; Brent $76), as well as...

Trump’s back-and-forth with Iraq resumed, with a U.S. attack on Iraqi forces in retaliation for their disruption of shipping traffic through the Strait of Hormuz, while Trump said he “doesn’t expect the war to start again; it will be quick.” Equities fell globally, though they were recovering from...