Morning Bid: Weekend wars

By Mike Dolan

June 29 (Reuters) -

What matters successful U.S. and planetary markets contiguous

By Mike Dolan, Editor-at-Large, Finance and Markets

Is it implicit oregon not? World markets that assumed the Middle East struggle was implicit and done with got a rude awakening implicit ‌the play aft the United States conducted caller strikes connected Iran successful effect to attacks connected Gulf shipping.

But lipid markets hardly ‌got a accidental to respond successful aboriginal trading today, arsenic the 2 sides agreed to halt hostilities and resume bid talks erstwhile again.

I'll get into that and much below.

But ​first, perceive to the latest occurrence of the Morning Bid regular podcast. Subscribe to perceive Reuters journalists sermon the biggest quality successful markets and concern 7 days a week.

WEEKEND WARS

Crude prices didn't respond overmuch to the weekend's hostilities, maintaining their caller descent to pre-war levels heading into the week, with parts of the lipid marketplace already seeing oversupply owed to a resumption of Gulf shipping. Brent crude was inactive trading astatine nether $73 per tube connected Monday ‌morning, aft slipping much than 10% past week.

However, ⁠the wobbly tech assemblage remains connected borderline aft past week's whipsaws and selloffs, mostly owed to profit-taking aft a spectacular 4th for spot stocks.

Real concerns are inactive swirling connected that front. Despite Micron Technology's blowout net study past ⁠week, the tech abstraction was besides rocked by merchandise terms rises from Apple connected soaring representation costs, arsenic good arsenic reports of a imaginable hold to OpenAI's planned IPO.

Combined with the bid woody uncertainty, those worries helped support Asia markets jittery connected Monday, with large indexes closing lower. Things looked steadier elsewhere, ​with ​Wall Street futures successful the greenish earlier the doorbell and European shares holding their ​ground successful aboriginal trading.

Meanwhile, the dollar was poised for ‌its biggest monthly summation against large peers successful astir a year, fired higher by Federal Reserve rate-hike bets.

The week volition beryllium shortened by Friday's Independence Day vacation stateside, with the June payrolls study acceptable for merchandise connected Thursday. That should springiness a further work connected the outlook for Fed policy.

Elsewhere connected the calendar for the week, caller Fed Chair Kevin Warsh volition marque a code connected Wednesday astatine the European Central Bank's yearly symposium successful Sintra, Portugal, which kicks disconnected today.

And Andy Burnham, the starring contender to go the adjacent UK premier minister, was acceptable to present ‌his archetypal keynote code connected a program for authorities connected Monday morning. He ​is expected to outline a semipermanent imaginativeness for raising surviving standards and giving much ​power to determination authorities.