Why Kharg Island and Bab el Mandeb Matter to Markets
What’s in Today’s Report:
- Why Kharg Island and Bab el-Mandeb Matter to Markets
Markets were risk-on/”war-off” overnight (equities up, oil futures down) after the WSJ reported Trump is ready to end the U.S.-Iran war even if the Strait of Hormuz remains shut. Oil has rebounded since though, which is has tamped down risk-on money flows.
Economically, the EU HICP Flash was cooler-than-feared, rising to 2.5% vs. (E) 2.7%
Looking into today’s session, there are a handful of potentially market moving economic reports including the Case-Shiller Home Price Index (E: 1.4%), Consumer Confidence (E: 88.5), and JOLTS (E: 7.0 million) with the latter two being the key data points to watch.
Additionally, there are a handful of Fed speakers today with Goolsbee (12:00 p.m. ET), Schmid (1:10 p.m. ET), Barr (3:00 p.m. ET), and Bowman (5:10 p.m. ET) all due to deliver remarks.
Finally, some earnings reports to watch include: MKC ($0.61), TE ($0.03), NKE ($0.29), and RH ($2.21).