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(Bloomberg) — Oil dropped and US equity futures rose early Monday after the US refrained from striking Iran for a second straight night, easing concerns over disruptions to Middle East crude supplies following weeks of escalating conflict.
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Brent crude fell below $90 a barrel, while Nasdaq 100 contracts advanced more than 1%. The dollar edged lower against major peers, with the Australian dollar and euro leading gains as investors trimmed demand for haven assets.
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After striking Iran for 13 days, the US has apparently held off since late Friday without explanation, raising questions about President Donald Trump’s next move. Iran’s army said Sunday that Tehran had also suspended its military response. The pause came as Iranian and Omani officials held talks over shipping through the Strait of Hormuz, raising hopes that the key oil transit route may avoid further disruption.
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Whether the lull in hostilities proves durable is likely to determine the direction of global markets this week. Investors will also be watching a trio of major central bank meetings, led by the Federal Reserve on Wednesday, for clues on how policymakers assess the inflation risks from higher energy prices and whether the recent surge in oil alters the outlook for interest rates.
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In Asia, Samsung Electronics Co. won a contract worth more than $200 billion to supply chips to Broadcom Inc., highlighting robust demand for AI infrastructure even as geopolitical uncertainty clouds the broader market outlook. Samsung and domestic peer SK Hynix Inc. are accelerating their global push for AI chip orders amid intensifying competition from rivals such as Taiwan Semiconductor Manufacturing Co.
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Meanwhile, Nvidia Corp. will invest $1 billion in Naver Corp. to help finance an AI data center in South Korea, extending a wave of investment by the world’s most valuable company that continues to bolster sentiment toward the region’s technology sector.
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Three days of Group of Seven central bank decisions begin with the Fed on Wednesday, followed by the Bank of England and the Bank of Japan. While none is widely expected to change policy, officials are likely to emphasize vigilance over the inflationary impact of higher energy prices.
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The Fed meeting has become considerably more uncertain over the past two weeks. Cooler-than-expected June inflation data initially strengthened the case for holding rates steady, but uncertainty in the Middle East and elevated oil prices have complicated the outlook.
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Corporate Highlights:
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- Intel Corp.’s upbeat quarterly report, which handily beat Wall Street estimates, still left a major question: how soon the chipmaker will line up outside customers for its factories.
- Qualcomm Inc., the biggest maker of smartphone processors, plans to increase prices by a percentage in the double digits, a move that’s likely to ripple through much of the tech industry.
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Some of the main moves in markets:
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Stocks
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- S&P 500 futures rose 0.7% as of 7:03 a.m. Tokyo time
- Nasdaq 100 futures rose 1.2%
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Currencies
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- The euro rose 0.3% to $1.1398
- The Japanese yen rose 0.1% to 163.60 per dollar
- The offshore yuan was little changed at 6.7701 per dollar
- The Australian dollar rose 0.4% to $0.7005
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Cryptocurrencies
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- Bitcoin rose 0.8% to $65,107.86
- Ether rose 1.3% to $1,936.7
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Commodities
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- Spot gold rose 0.9% to $4,090.45 an ounce
- West Texas Intermediate crude fell 5.6% to $84.31 a barrel
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This story was produced with the assistance of Bloomberg Automation.
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