Morning Report

Global markets were mixed as optimism for a US-Iran peace deal was countered by reports of defensive military strikes in the Middle East. While the S&P 500 hit a fresh high, US bond yields fell and Australian yields rose amid shifting geopolitical headlines.

Key Takeaways

• 1.Global markets are balancing optimism for a permanent US-Iran deal against reports of 'defensive' US strikes, highlighting geopolitical fragility.
• 2.US equities (S&P 500) reached new record highs, while European and Australian markets declined due to skepticism over Middle East peace durability.
• 3.US Treasury yields fell significantly as oil price caps eased inflation fears, while Australian bond yields rose on reports of military escalations.

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