The ANZ Australian Morning Focus for 2 June 2026 highlights market volatility driven by conflicting reports on US-Iran negotiations and strong US manufacturing ISM data. While global equities rose slightly, oil prices and US bond yields increased as geopolitical supply risks persisted.
Key Takeaways
- 1.US-Iran negotiations are volatile but reportedly continuing, fluctuating risk sentiment in global markets.
- 2.US manufacturing momentum is strengthening, with the ISM index reaching a four-year high of 54.0 in May.
- 3.Energy markets face significant supply risks due to Middle East conflict and potential disruptions at key maritime chokepoints like the Bab el-Mandeb Strait.
Table of Contents
- Highlights
- Today (AEST)
- Global markets overview
- Data/event pulse
- Key themes and views
- Commodities
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Authors
Jack ChambersBrian MartinDaniel Hynes
Securities
SPXCLAUDUSDUS 10y Treasury
Themes
Middle East Geopolitical VolatilityResilient US Industrial GrowthEnergy Supply Disruptions
Regions
North AmericaAsia PacificMiddle EastAustraliaUnited StatesIran