Daily digest market movers: The domino has fallen
- Tensions flare up in the Middle East after Israel targeted an Iranian military airforce base and triggered a shock across the markets in several asset classes:
- Equities are slumping in the red.
- Bonds are demanded, with yields declining.
- Both the Greenback, the Swiss Franc and the Japanese Yen see substantial inflows.
- In the commodity space, both Brent and Crude are ticking up.
- At 14:30 GMT, Federal Reserve Bank of Chicago President Austan Goolsbee participates in a moderated Q&A at the Association for Business Journalists 2024 SABEW Annual Conference in Chicago.
- Surprise comments from European Central Bank (ECB) member Edward Scicluna, who said that the ECB should even consider a 50 basis point cut at its next meeting as inflation is set to undershoot 2%.
- Equity markets are not doing well on the back of the escalation in the Middle East and trade in the red across the board. However, European and US equity futures are off their lows in the first part of European trading hours.
- According to the CME Group’s FedWatch Tool, expectations are further cementing a no-change to the Fed’s monetary policy in June.
- The benchmark 10-year US Treasury Note trades around 4.59%, rather stable after a brief surge to 4.63% earlier on Friday.
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