Stocks Retreat as Quick Peace Deal Hopes Fade

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A day after hopes for peace talks in the Iran War sparked a global market rally, indications that Iran has reviewed the US 15-point proposal but has no plans to enter formal talks and is instead looking to solidify a program to charge tolls to ships sailing through the Gulf of Hormuz have thrown a bucket of cold water on investor enthusiasm.

This morning finds US index futures trading down 0.7% to 1.0%, giving back much of yesterday’s gains. Major European indices are down across the board, with the DAX and the FTSE losing 1.4% and 1.2% respectively.

Energy and metals are also reversing course today. US Crude is up 4.3%, trading back above $90.00/bbl, while Brent Crude is up 4.9%, trading above $105.00/bbl. Gasoline is back above $3.00/gallon with a 2.2% rise. Meanwhile, metals are giving back previous gains, with gold down 2.5%, silver down 6.3%, and copper down 0.8%. Treasury yields are on the rise again, and the US Dollar is up 0.2% against the Loonie and the Euro. Bitcoin is down 2.2%.

With two days left in President Donald Trump’s pause on attacks against Iran’s energy infrastructure, he has been ramping up his threats again. In a time of war, markets remain volatile, as sentiment can quickly shift based on news and rumours.

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