BNZ Markets Today
Hopes for a diplomatic breakthrough to de-escalate the conflict pushed oil prices lower and lifted equities, while SpaceX’s strong debut added to Wall Street optimism. The record-breaking IPO rose 19% on its first trading day, helping support a 0.5% gain in the S&P 500 and broader strength across global equity markets. President Trump had said a deal with Iran could be finalised imminently though this looks increasingly unlikely following Isreal’s weekend strike on Beirut. Lower oil prices have eased inflation concerns and the market pushed expectations for the next Fed rate hike into next year. Currency markets were stable, while treasuries were little changed.
BNZ Markets Today
Risk appetite improved this morning after President Trump brought a halt to military actions and threats against Iran and said there was approval by a range of parties on “discussions”. US equities jumped higher, US Treasury yields fell and the NZD recovered from 0.5775 to 0.5820. Brent crude has fallen to USD90.
BNZ Markets Today
A renewed flare-up in US-Iran tensions lifted oil prices and weighed on risk sentiment. President Trump said the US would resume attacks on Iran later today, raising doubts over whether the fragile ceasefire will hold. Brent crude rebounded from near US$91 to above US$94 per barrel, while the S&P 500 is down more than 1% in afternoon trade. Currency and rates markets were little changed, with US CPI broadly matching expectations.
BNZ Markets Today
Investors have been focused on Middle East headlines, with risk appetite improving overnight after a soft start to the week. After trading on reports of military strikes, a ceasefire of sorts is now in place between Israel and Iran. Oil prices have retreated after earlier strength, US equities are higher, the US 10-year rate has pared an earlier rise, and the NZD has edged a little higher.
The week opened with reports of Iran firing missiles into Israel, Trump working the phones with media outlets and Israeli PM Netanyahu in an attempt to calm tensions, and Israel launching missiles at Iranian military targets despite Trump’s warning not to retaliate. This flexing of military muscle was a reminder that the conflict was continuing despite the so-called ceasefire being in force. A US-Iran peace deal remained elusive, with both sides seemingly no closer to an agreement.
BNZ Markets Today
Stronger-than-expected US labour market data drove a sharp repricing across markets into the weekly close, pushing rates higher and lifting the US dollar. Equities, which were already under pressure through the Asian session, extended losses after the data amid an accelerating rotation out of mega-cap technology and semiconductor names. The S&P 500 fell almost 2%, while the Nasdaq dropped 4%. Brent crude declined towards US$92 per barrel, while spot gold fell 3%, fully erasing this year’s gains.
BNZ Markets Today
US equities recovered from earlier weakness indicated by futures markets, although performance diverged across the major indices. The Dow rose more than 1.5% toward a record high, while disappointing Broadcom guidance weighed on technology stocks. The S&P 500 was about 0.5% higher in afternoon trading and European equities also posted solid gains. Brent crude fell towards US$95 per barrel as a conditional ceasefire between Israel and Lebanon eased a sticking point in US-Iran peace talks. Moves in G10 currencies were small and Treasury yields edged lower.
BNZ Markets Today
Risk sentiment weakened following reports of increased military action in the Middle East. The US-Iran conflict continues to drag on, with no imminent sign of a peace deal. US economic data showed further positive momentum in growth and inflation. Oil prices and global rates are higher, US and European equities are weaker, and the USD is broadly stronger. The NZD has underperformed further, unwinding last week’s rally.
BNZ Markets Today
After a soft start in Asia, equity markets recovered overnight. The S&P 500 posted modest gains, trading above 7,600 and reaching fresh record intraday highs, supported by technology stocks. European equities performed strongly, with the Euro Stoxx rising more than 1%. President Trump said he remains optimistic the US can soon reach an interim peace deal with Iran, even as the Islamic Republic threatened to suspend talks following Israel’s escalating attacks in Lebanon. Brent crude traded near US$96 per barrel, while US Treasury yields rebounded from session lows after resilient labour market data.
BNZ Markets Today
It has been a rollercoaster ride in markets since NZ’s Friday close, not helped by newsflow on US-Iran developments, illustrated by Brent crude trading between USD91.50 and nearly USD98. US and Iran talks are apparently back on, but the backdrop remains tense and uncertain. After a strong run into month-end, the NZD is currently weaker at 0.5940. US and Australian yields are higher from where we left them Friday.
BNZ Markets Today
Risk sentiment improved overnight after an Axios report that outlined the terms of a memorandum of understanding agreed by Iran and ready to be approved by President Trump. Brent crude is trading with a USD93 handle. US equities show modest gains to a fresh record high, the US 10-year rate is 8bps lower from the NZ close and the USD is broadly weaker, with soft US data adding to the move. The NZD has outperformed, rising to 0.5930 and with gains on all the key crosses.
BNZ Markets Today
Net market movements overnight have been modest, with a lack of newsflow and mixed messages on Middle East peace talks, although the latter hasn’t prevented Brent crude falling to USD94. US equities and Treasuries show little change. The NZD has made an incremental gain overnight in addition to the support it received after the RBNZ’s hawkish hold yesterday. It trades this morning near 0.59 and is higher on all the key crosses.
BNZ Markets Today
Risk sentiment is softer as the market awaits progress on a US-Iran peace deal and following military clashes near the Strait of Hormuz. A modest lift in US equities reflects a catch-up for the cash market after Monday’s US holiday. The futures market is modestly weaker overnight and the US 10-year rate shows little change near 4.5%. The NZD has underperformed, with lower domestic interest rates leading into today’s much anticipated RBNZ MPS update.
BNZ Markets Today
Oil and the US dollar fell while global equities rose as markets reopened for the week. Investor risk appetite improved on hopes a deal to reopen the Strait of Hormuz may be close, with senior US officials saying negotiations with Iran were advancing despite unresolved language. S&P 500 futures rose 1% and Nasdaq 100 futures 1.4%, though US cash markets were closed for Memorial Day. In Europe, the Euro Stoxx gained 2%, while the Nikkei rose 3%, lifting the MSCI All Country World Index to a record high.
BNZ Markets Today
Global equities ended last week on a firm note, with the S&P 500 rising 0.4% to extend its longest weekly winning streak since December 2023, while Asian and European markets also moved higher. The gains came despite ongoing uncertainty around the Middle East conflict, as reports of a possible US-Iran deal has contributed to volatility across oil and bond markets in recent sessions. Brent crude closed near $104 a barrel, 10-year Treasury yields edged lower, and the US dollar index traded in a relatively narrow range.
BNZ Markets Today
US equities lacked a clear directional bias as investors assessed the likelihood of a diplomatic solution to the Middle East conflict. The S&P was close to flat in afternoon trading, while key European indices posted only small net moves. Tehran is reportedly responding to a US proposal that, according to an Iranian news agency, “has narrowed the gaps to some extent”. Treasury yields were modestly lower across the curve, while initial gains in the US dollar faded.
BNZ Markets Today
Risk sentiment improved on hopes that the Middle East conflict is nearing an end, supported by comments from President Trump and signs of increased traffic through the Strait of Hormuz. Brent crude plunged 6% to USD105, global rates have fallen notably, and US and European equities are significantly stronger. The USD is broadly stronger overall, and the NZD and AUD have outperformed, with the NZD recovering to 0.5870.
BNZ Markets Today
Risk sentiment is weaker with concerns about the inflation and fiscal outlook returning, pushing up global rates. US equites show a modest fall. Net currency moves have been small. The NZD and AUD are slightly weaker, with the NZD pushing below 0.5840. Brent crude is trading with a USD111 handle.
BNZ Markets Today
Risk sentiment started the week with a risk off tone, with higher oil prices, higher global rates and weaker equity markets. While markets have been yippy, the move has been largely sustained overnight, although there has been a reversal in currency markets, with USD strength reversing, seeing the NZD recover to 0.5860. UK gilts and GBP have outperformed following a fading of UK political risk premia.
BNZ Markets Today
A meltdown in global bonds cast a softer tone over risk-sensitive assets into the weekly close. Markets are adjusting to the prospect that inflation will remain elevated, forcing central banks to keep policy tighter for longer amid elevated oil prices. Equities fell sharply, with the S&P 500 down more than 1% and major indices in Asia and Europe were also weaker. US 30-year Treasury yields traded above 5.10%, while Japan’s 30-year bond yield hit 4% for the first time. The US dollar strengthened broadly, pushing the NZD below 0.5840.
BNZ Markets Today
US equities continue their record-breaking run, supported by retail sales data showing signs of a resilient US consumer. US Treasuries have traded a tight range. There were no immediate market implications from the first day of the Trump-Xi summit. Oil prices are relatively steady. The US is broadly stronger overnight, with GBP underperforming on political developments that will ultimately see PM Starmer lose his leadership.
BNZ Markets Today
US equities rebounded after an early dip, with the S&P reaching another intra-day record high. Gains were led by technology stocks as markets looked through a larger-than-expected rise in producer prices. European equities also advanced, with the Euro Stoxx up almost 1%. Treasury yields were little changed and the US dollar was firmer against most G10 currencies. Brent slipped toward US$106 barrel. The International Energy Agency warned global oil inventories are falling at a record pace and that the market would remain severely undersupplied even if the conflict is resolved in the near term.
BNZ Markets Today
Risk sentiment is weaker, with hope fading for a US-Iran peace deal, higher US CPI inflation, bubbling political risk in the UK and a chunky fall in semiconductor stocks all weighing. US and European equity markets are lower, global rates are higher, oil prices are higher and the USD is broadly stronger.
BNZ Markets Today
The lack of a peace deal in the latest round of negotiations between the US and Iran drove up oil prices and nudged up global rates, but the impact on equity markets and currencies has been minimal. The NZD trades this morning at 0.5965, about where it closed at the end of last week.
Markets opened the new week with a risk-off tone after President Trump saw Iran’s response to the one-page US peace plan as “TOTALLY UNACCEPTABLE”. Overnight, Trump has added more colour saying Iran’s response was “a piece of garbage” and that he didn’t even finish reading it. Sources suggest that Iran’s plan continued to include control over traffic through the Strait of Hormuz. This highlights the massive gap between the two sides. Trump added that a diplomatic solution was still “very possible”, but the ceasefire was on “massive life support”. He said he’s considering reviving the “Project Freedom” plan to escort ships through the Strait as part of a larger military operation.
BNZ Markets Today
A stronger-than-expected US jobs report lifted risk appetite and contributed to further gains for equity markets. The S&P 500 rose nearly 1% to a fresh record high and extended a run of gains to six consecutive weeks. Brent crude prices remained steady near US$101 per barrel. Treasury yields declined and the US dollar fell against most G10 currencies. Over the weekend, Iran said it had sent its response to the US proposed memorandum of understanding to end the war. Details of the memorandum and Iran’s reply have not been released.
BNZ Markets Today
Global markets paused after recent gains, with equities easing from record highs while Brent crude rebounded as investors looked for signs the Middle East conflict is de-escalating. Attention is on whether the US and Iran can restart talks aimed at ending the war. CNN said Iran has outlined new rules for vessels transiting the Strait, a move seen as an attempt to formalise control despite US warnings, contributing to a softer risk tone. The S&P fell to session lows after the Wall Street Journal reported the US is looking to restart Project Freedom as early as this week.
BNZ Markets Today
Global equities rallied after a report suggested the White House believes the US and Iran are close to agreeing a one‑page memorandum to end the Middle East conflict. The S&P rose 1% in afternoon trade, extending the rally to a fresh record high. European stocks also gained, with the Euro Stoxx up 2.7%. Sovereign yields declined alongside a fall in crude prices, while the US dollar was mixed against G10 currencies after dropping in Asian trading yesterday.
BNZ Markets Today
US equities gained and oil prices declined as indications that a US-Iran ceasefire is still in place reduced fears about a re-escalation that could impact the economic outlook. US officials have downplayed down Iran’s recent actions, including Iran’s targeting of American warships and attacks on other vessels in the Strait of Hormuz saying they were below the threshold for restarting the war. The recovery in equities drove the S&P back towards recent all-time highs. Treasury yields edged lower and the US dollar was generally weaker against G10 currencies.
BNZ Markets Today
Risk appetite soured overnight after reports of missile attacks in the Middle East, following Trump’s “Project Freedom” to help ships stuck in the region. Brent crude peaked over US115 per barrel, US and European equity markets are lower, global rates are higher, and the USD is broadly stronger. The NZD is trading down at 0.5870.
BNZ Markets Today
Friday marked a calm conclusion to a hectic week, with US equities reaching new record highs and crude oil prices declining for the second day in a row. Bonds and currencies experienced minimal overall movement. The NZD ended the week near 0.59.
The US-Iran conflict remains unchanged. On Friday, Iranian media reported that Iran is open to diplomacy if the US abandons its expansionist approach, threatening rhetoric, and provocative action. Iran submitted the text of its latest negotiation proposal to mediator Pakistan, although details were not made public. The WSJ indicated the proposal included signs of compromise aimed at reviving negotiations. Nevertheless, sources noted that the parties are still far apart on substantial issues, including reopening the Strait of Hormuz and Iran’s nuclear programme. President Trump stated he was dissatisfied with the deal.
BNZ Markets Today
Risk sentiment improved overnight despite the lack of positive news coming out of the Middle East. We await President Trump’s next move in the region to break the deadlock. US equities show strong gains to a fresh record high, buoyed by strong earnings from IT companies and capping off a very strong month. The ECB and BoE have joined other central banks in keeping policy steady despite upside pressure on inflation. Global rates are lower. The USD is broadly weaker, and JPY has outperformed following official intervention. The NZD has recovered strongly, breaking up through 0.59.
BNZ Markets Today
Risk sentiment has weakened after signs that the Strait of Hormuz will likely remain closed for an extended period, with the US naval blockade in place until there’s a deal on Iran’s nuclear programme. Brent crude surged towards USD120 per barrel, exceeding the March peak. Global rates are much higher while equities are softer. The Fed’s policy update slightly added to the higher rates backdrop. NZD and AUD have underperformed, with the NZD falling below 0.5820. The NZD is weaker on all key crosses and with NZD/AUD probing fresh lows not seen since 2013.
BNZ Markets Today
Risk sentiment is slightly weaker as investors await further updates on the US-Iran conflict. Brent crude has climbed above USD110 per barrel, global interest rates are rising, equity markets are softer, and the US dollar is broadly stronger. The NZD has fallen back below 0.59.
The US-Iran conflict remains unresolved. President Trump’s social media posts continue to be unhelpful in resolving the situation. Overnight, he posted, “Iran has just informed us that they are in a ‘State of Collapse.’ They want us to ‘Open the Hormuz Strait’ as soon as possible, as they try to figure out their leadership situation (Which I believe they will be able to do!).” Meanwhile, CNN reported that mediators in Pakistan are expected to receive a revised proposal from Iran in the coming days aimed at ending the war.
BNZ Markets Today
Oil prices continue to climb, with Brent crude nearing USD110 per barrel, as the Strait of Hormuz remains closed and the US-Iran conflict persists. Despite this, the USD has been broadly weaker since Friday’s NZ close, and the NZD is trading above 0.59. US equities are also at record highs. US Treasuries remain in a range, with the 10-year yield just above 4.3%.
BNZ Markets Today
Risk sentiment has weakened with only bad news emanating from the Middle East conflict and the Strait of Hormuz remaining effectively closed. Brent crude has pushed up through USD105, US equities are weaker, US rates are a little higher and the USD is broadly stronger. The NZD has underperformed, trading around 0.5865 and lower on all the key crosses.
BNZ Markets Today
Oil prices have pushed higher as the market awaits fresh developments in the Middle East, following the lack of peace talks between US and Iran this week and an extension of the ceasefire. US Treasuries and currency markets have traded tight ranges. The NZD is trading just over 0.59. US equities are ignoring the stand-off and are trading stronger.
BNZ Markets Today
Risk sentiment has weakened overnight with some doubt hanging over whether US-Iran peace talks are imminent. Crude oil is higher, US and European equities are weaker, global rates are higher and the USD is broadly stronger. The NZD is flat from this time yesterday, and is stronger on the key crosses, following higher than expected Q1 CPI data that drove NZ-global rate spreads higher.
BNZ Markets Today
Market reaction has been well contained to the negative weekend developments around the Iran conflict and the US seizure of an Iranian cargo ship in the Gulf of Oman. The market remains hopeful for a speedy resolution to a peace deal and a reopening of the Strait of Hormuz. US equities show a modest fall, and relative to the last week’s close, US Treasuries are little changed and currencies show small net movements. Brent crude has been hovering around USD95-96 per barrel.
BNZ Markets Today
Risk sentiment improved Friday night on a view that the US-Iran conflict was nearing an end, with talk of reopening the Strait of Hormuz. Oil prices plunged, with Brent crude futures closing near USD90 per barrel. European and US equities showed solid gains and global rates fell, with the US 10-year rate down 6bps to 4.25%. Currencies swung but most showed little net change, with the NZD closing the week near 0.5885. Developments have soured since Friday’s close, with tensions in the Middle East ratcheting up a notch.
BNZ Markets Today
Markets are trading cautiously ahead of the weekend, with oil prices up nearly 5%, US Treasury yields a little higher and the USD a little stronger overnight. The NZD has slipped back below 0.59. US equities continue their record-breaking run, although the S&P500 is only just holding up in positive territory for the day.
BNZ Markets Today
US equities remained well-underpinned as optimism grew around a potential Middle East peace deal. The S&P traded above 7,000 to a fresh record high. Markets have been steadily pricing out much of the risk premium that built up after the conflict began, as the US and Iran move toward a second round of negotiations. Brent crude was up less than 1% to around $96 a barrel as the US maintained a naval blockade of the Strait of Hormuz. US Treasury Secretary Bessent said waivers for purchases of Iranian and Russian oil would not be renewed. Treasury yields are higher and US the dollar was little changed.
BNZ Markets Today
US equities extended recent gains as hopes for renewed US-Iran peace talks pushed oil prices lower. The S&P 500 rose nearly 1%, while European and Asian shares also advanced on expectations that a deal could help normalize energy flows. Brent crude fell almost 4% to around $95 a barrel, still marginally above levels that prevailed before the US naval blockade of the Strait of Hormuz. The pullback extended after the US Treasury eased some restrictions on transactions involving Russian oil. The US dollar remained under pressure, while Treasuries were little changed.
BNZ Markets Today
Asset markets started the week under pressure after President Trump threatened to blockade the Strait of Hormuz in response to the collapse in talks with Iran. S&P futures opened more than 1% lower yesterday, but risk appetite has recovered despite oil prices remaining higher than Friday’s level. US equities rose to session highs after President Donald Trump said Iran still wanted to make a deal despite stalled peace talks. The S&P is up close to 0.5% and is currently near its highest level since early March. Meanwhile, Treasuries recovered from an initial sell-off alongside a pullback in the US dollar.
BNZ Markets Today
Recent gains in risk-sensitive assets stalled on Friday as investors looked ahead to US-Iran talks for clues on whether the fragile ceasefire can hold. The S&P ended the session close to flat, and Treasury yields edged higher, with US inflation data closely matching economists’ expectations. Brent crude declined towards US$95 per barrel, and currency markets were broadly stable. The talks in Pakistan ended without an agreement, which was confirmed by Iranian state media. US Vice President Vance said Iran would not commit to not seeking a nuclear weapon, marking a setback to efforts to resolve the conflict. The lack of a peace deal will likely see higher oil prices and weigh on market sentiment to begin the week.
BNZ Markets Today
Risk sentiment has improved further, with Israel scaling back its bombing of Lebanon, improving the chance of a peace deal and an eventual reopening of the Strait of Hormuz. US equities are stronger, US Treasury yields have range traded and the USD is broadly weaker, seeing the NZD recover further.
BNZ Markets Today
Risk sentiment catapulted after the announcement of a two-week ceasefire in the Middle East, that paves the way for a reopening of the Strait of Hormuz. Oil prices plunged, global equities showed strong gains, global rates fell and the USD was broadly weaker. The NZD got some added support from an RBNZ policy update that tilted in a more hawkish direction. Overnight, there has been no follow-through price action, with the ceasefire deal on shaky grounds, signs of attacks still taking place, and the Strait of Hormuz remaining effectively closed.
BNZ Markets Today
Global markets are broadly stable overall as investors remain cautious ahead of President Trump’s 12pm NZT deadline for an Iran truce, with little indication a deal is close. Trump intensified his rhetoric overnight, warning he would erase Iran’s civilization if Tehran fails to meet US demands. Iran has halted direct communications with Washington, though cease-fire mediator channels remain active. U.S. equities are softer — the S&P is modestly lower but off the session lows — while FX and rates markets have been relatively contained.
BNZ Markets Today
Markets have been largely range-bound to start the week as investors await clearer signals on whether the Middle East conflict would de-escalate or broaden. Iran rejected a US cease-fire proposal and submitted an alternative 10-point response, according to IRNA. Media reports have also suggested the administration explored a potential 45-day cease-fire, despite more escalatory public messaging. President Trump has said the US would target Iranian civilian infrastructure absent an agreement to reopen the Strait of Hormuz by Tuesday. The S&P is near flat currently and the US dollar and treasuries are little changed.
BNZ Markets Today
Risk assets extended gains on hopes the Middle East conflict may be nearing an end. The S&P 500 rose 1%, adding to the near-3% surge in the prior session, while European and Asian equities also advanced. The US dollar slipped and Brent briefly fell below $100 a barrel. Treasury yields rebounded after firm US labour-market and retail-sales data. Investor risk appetite has improved after President Donald Trump said the US could exit the Iran conflict within two to three weeks, arguing key military objectives have largely been met. He also said there could be a deal with Tehran, but that an agreement isn’t required for Washington to step back.
BNZ Markets Today
After a horrid March, risk sentiment is ending the month on a more positive note, on hope that the war can end soon rather than any sign that conditions in the Middle East have changed. US equities have surged, rates are lower, and oil prices are down. Most major currencies have gained against the USD overnight and the NZD is modestly higher at 0.5735.
BNZ Markets Today
Risk sentiment improved a little overnight after a cautious start to the week during the local trading session. Traders have wound back Fed rate hike bets, supporting US bonds. Brent crude has fallen back down to USD112. Currency traders aren’t drinking the Kool-Aid, with broad USD strength driving most currency majors to fresh monthly lows. The NZD has fallen towards 0.57.
BNZ Markets Today
Global equities extended their selloff, putting the S&P 500 on track for its worst month since 2022 and a fifth straight weekly decline, as Middle East tensions kept risk appetite fragile. The Nasdaq slipped into correction territory, despite President Trump pausing strikes on Iran’s energy sector to allow talks. Brent crude prices surpassed US$110 per barrel, treasuries were mixed and the dollar edged higher. Reports the Pentagon is considering sending up to 10,000 additional troops to the region reinforced fears of escalation, sustaining pressure on global risk assets.
BNZ Markets Today
Risk sentiment is weaker, as investors lose hope of any speedy resolution to the Iran conflict. Global equity markets are weaker, global rates are higher, oil prices are higher and the NZD and AUD have underperformed, probing fresh lows since the conflict began.
BNZ Markets Today
Financial markets have maintained the cautiously positive tone on hopes that the conflict in the Middle East may be getting closer to a resolution. Investors are largely looking through the lack of a clear response from Tehran for now, betting instead that President Trump is searching for a diplomatic offramp. The gains seen in US equity futures in Asia yesterday have been maintained with the S&P currently 0.6% higher in a largely directionless US session. European and Asia indices closed higher. Brent crude prices oscillated near US$100 per barrel, global sovereign bond yields are lower, and the US dollar is broadly firmer against G10 currencies.
BNZ Markets Today
Following yesterday’s short-lived recovery in risk assets, markets have traded with a more cautious tone, as the news coming out of the Middle East still seems to be mostly bad. US equities are weaker, US rates are higher and the NZD has fallen below 0.58. Brent crude is trading at its high for the day around USD105 per barrel.
BNZ Markets Today
Market price action has been whippy, but the net result is improved sentiment after Trump backed down on his weekend threat to obliterate Iranian infrastructure. Equities have bounced higher, global rates have fallen and oil prices have tumbled. Net currency moves from last week’s close have been modest, but the NZD has traded a 1.25 cents range overnight, recovering from a hefty loss.
BNZ Markets Today
It was a risk off session on Friday night as investors factored in a more prolonged war in the Middle East. Equity markets were much weaker and global rates surged as investors built in the likelihood of tighter monetary to combat higher inflation. The NZD and AUD underperformed as the risk off vibe reverberated. Over the weekend, the conflict has escalated further, with the US, Israel and Iran hurling threats and Iran bombing two cities in Israel and showing off its long-range ballistic missile capability.
BNZ Markets Today
Global markets remained volatile overnight, with equities under pressure as Middle East headlines lifted energy prices and pushed global yields higher. The S&P is 0.6% lower in afternoon trade with larger falls in European markets. Brent briefly spiked to about $119 per barrel. Government bond yields are sharply higher led by the front end of the curve. Central banks (ECB, BoE and BoJ) followed the Fed in holding policy steady but flagged a tightening bias if the conflict keeps energy prices elevated.
BNZ Markets Today
Global equity indices declined and oil prices jumped after explosions in the world's largest gas field ahead of the Federal Reserve’s interest-rate decision. Brent crude prices increased to $110 a barrel, reversing an earlier decline, after Israel struck Iran’s South Pars gas field, which Tehran shares with Qatar. Treasury yields increased as producer prices accelerated and the US dollar gained set against the weak risk backdrop with NZD dipping below 0.5820 before recovering. The CAD was little changed after the Bank of Canada kept rates steady with oil sensitive currencies outperforming.