Bank of New Zealand
June 2, 2026
Research Markets Today
Daily UpdateFXCommoditiesEquitiesEnergyInformation Technology
Global markets are experiencing volatility driven by intensifying Middle East tensions and fluctuating US-Iran peace deal reports, despite strong US manufacturing data and record-high equities.
Key Takeaways
- 1.Middle East geopolitical tensions (US-Iran) have caused significant market volatility, specifically in oil prices with Brent crude trading between USD 91.50 and USD 98.
- 2.US manufacturing data came in stronger than expected with the ISM manufacturing PMI hitting 54.0, its highest level in four years.
- 3.US equities continue to reach record highs despite geopolitical tensions, supported by anticipation of major upcoming IPOs like Anthropic and SpaceX.
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Authors
Jason WongStephen ToplisDoug SteelStuart RitsonMike Jones
Securities
NZD/USDS&P 500Brent CrudeAnthropicSpaceX
Themes
Geopolitical Risk and Energy VolatilityUS Economic ExceptionalismRecord Equity Market Run
Regions
North AmericaAsia PacificMiddle EastNew ZealandUnited StatesChina