investingLive European session wrap: Markets watching US-Iran progress; Starmer resigns
Headlines:
- We have made a lot of good progress on Iran talks, says Vance
- Iran ramps up crude oil exports via Strait of Hormuz as Switzerland talks conclude
- Further US-Iran technical talks reportedly set to continue later today
- UK's Starmer: I will resign as prime minister
- UK politics: Streeting folds, decides to back Burnham for prime minister bid
- ECB policymaker Escriva says the ECB needs to monitor for second-round effects on wages
Markets:
- WTI crude down 0.8% to $75.15
- USD and GBP lead, JPY lags on the day
- European equities little changed; S&P 500 futures down 0.1%
- US 10-year yields up 3 bps to 4.49%
- Gold up 1.1% to $4,206
- Bitcoin up 2.1% to $64,580
The big news on the session came from London where UK prime minister Starmer announced his plans to resign. He will stay on until his next successor is voted in, with it likely being Andy Burnham now that Wes Streeting has pulled out of the race.
The end to the uncertainty saw a mild recovery in sterling, with GBP/USD moving up from 1.3190 to 1.3230 levels on the day. That comes as the dollar continues to hold steadier but also seeing early gains pull back a little.
The broader market mood continues to be driven by US-Iran developments, with the US continuing to talk up how "good" of a deal that has been struck. So far, markets are keeping cautiously optimistic and that is reflected in the action so far today.
The US account continues to vary with what Iran is saying, so we'll have to wait and see what is real and what is not on the accord.
Activity on the Strait of Hormuz will be key but all we know so far is that Iran has already stepped up its own oil exports along the waterway, quickly taking advantage of the US sanctions that were lifted. As for everyone else, it remains to be seen how "open" the strait will be.
Oil prices are down slightly as the pressure continues with WTI crude lower by 0.8% to $75.15.
Meanwhile, the dollar is mostly steadier with USD/JPY up to 161.70 in flirting with the 2024 highs. Besides that, EUR/USD is down 0.1% to 1.1453 and AUD/USD also down 0.1% to 0.7002 on the day.
In other markets, equities are keeping more tentative with European indices little changed across the board. US futures are also more tepid with S&P 500 futures down 0.1% awaiting the return of Wall Street from the long weekend.
Elsewhere, gold is up 1.1% to $4,206 as precious metals hope to keep a bounce after three straight weeks of declines since the turn of the month.
This article was written by Justin Low at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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