Australian Morning Focus

Global markets are in a risk-on mood following reports that a deal between the US and Iran to reopen the Strait of Hormuz is close. This has led to a sharp drop in oil prices and a rally in gold and European equities.

Key Takeaways

• 1.Energy markets have corrected sharply on optimism surrounding a potential US-Iran deal to reopen the Strait of Hormuz.
• 2.European equity markets rose and bond yields fell as geopolitical risk premium eased, while US and UK markets remained closed for holidays.
• 3.Australian inflation data (CPI) scheduled for tomorrow is a critical focus, with markets watching for second-order pass-through of higher input costs.

Table of Contents

• Highlights
• Today (AEST)
• Global markets overview
• Data/event pulse
• Key themes and views
• Commodities
• Important Notice

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