Markets Quiet as Investors Digest US-Iran Talks and UK Political Change

Equity and commodity markets are relatively quiet to start the new trading week as investors digest a weekend of geopolitical and political developments. After threats from both sides, the US and Iran completed 18 hours of high-level negotiations, with lower-level talks expected to continue through the week. Meanwhile, in the UK, speculation ended with Prime Minister Starmer announcing his resignation this morning, with a replacement expected to be named before the end of the summer.

Canada consumer prices came in hotter than expected at 3.2%, above the Street at 3.0% and the previous reading of 2.8%, indicating growing inflation pressures. NASDAQ futures are up 0.2%, while Dow futures are also up 0.2%. In Asia, the Nikkei gained 1.6%, while the Hang Seng slipped 0.6%. In Europe, the DAX is up 0.1% and the FTSE is up 0.5%.

Commodities are mixed, with Crude Oil down 0.5% and trading near $75.00/bbl, Gasoline up 0.1% near $3.00/gallon, Gold down 0.5%, Copper steady, and Silver up 0.3%. In rates, the US 10-year Treasury note yield is steady near 4.50%, while the US 30-year Treasury note yield is steady near 4.95%. The US Dollar is quiet as traders digest weekend events, while the Euro is down 0.1%, the Loonie is flat, and the Pound is up 0.2%.

Looking ahead, flash PMI reports, offering the first look at June economies around the world, are due tomorrow morning. FedEx reports after the close on Tuesday, but otherwise it is shaping up to be a quiet week for earnings reports.

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