Public Markets 3h Briefing
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Energy & Commodities
Oil futures slipped 1.3% bloomberg.com in early Asian trade as OPEC+ signaled potential output increases, while gold held near $2,340/oz bloomberg.com as a weakening dollar offset risk-on sentiment. A surge in aluminum prices bloomberg.com pushed China Hongqiao's Zhang Bo past the $48 billion mark, cementing his position among Asia's wealthiest industrialists. Meanwhile, aluminum edged higher bloomberg.com as traders assessed the Iran war's duration on disrupting global industrial metal flows, and U.S. airline bonds weakened bloomberg.com after jet fuel costs spiked 8% on Middle East supply fears.
Fixed Income
Japanese government bonds extended gains ft.com tracking overnight Treasury rallies as traders increasingly price in a September Fed rate cut. Conversely, U.S. airline bonds weakened bloomberg.com after jet fuel costs spiked 8% on Middle East supply fears, and Chicago's planned muni bond sale bloomberg.com is testing investor appetite amid geopolitical uncertainty. Vietnam moved to cushion consumers from fuel cost jumps, steadying prices bloomberg.com, while Australia's dollar emerged as an unlikely haven bloomberg.com buoyed by elevated oil and gas prices and bets on an early rate hike.
Equities & Other Markets
The Iran war lifted K-defence company offering cheap Patriot rival ft.com, with LIG Nex1's Cheongung-II success fostering demand for Korean security tech. Conversely, gold's fading appeal may drive investors toward bargain Indian stocks bloomberg.com, as the MSCI India gauge is at its cheapest valuation since late 2023. China's vast oil reserves paid off as war roils Asia refiners bloomberg.com, providing breathing space amid Middle East disruption.