WS #8159
The dominant narrative remains the U.S.-Iran peace deal, but with mixed signals. Trump told negotiators not to rush into a deal, while a proposed 60-day ceasefire extension to reopen the Strait of Hormuz is reported. Japanese stocks hit record highs on Iran deal optimism, and US stock futures jumped on hopes of a deal, with oil prices falling. Separately, a deadly coal mine blast in China's Shanxi province caused coking coal prices to jump by the daily limit, signaling tighter supply. India raised diesel and gasoline prices for the fourth time this month, and the RBI governor indicated the rupee may be undervalued. A California toxic chemical tank explosion risk is being monitored. The Iran deal narrative is stable but with mixed signals, keeping oil markets volatile. The coal explosion is bullish for coal stocks and bearish for steel producers.
Key developments
- Trump tells US negotiators not to rush Iran deal; 60-day ceasefire extension proposed to reopen Strait of Hormuz
- China coking coal jumps by daily limit after deadly Shanxi mine blast
- India raises diesel and gasoline prices for fourth time this month
- Japanese stocks hit new intraday high on Iran deal hopes
- California crews race to prevent toxic chemical tank explosion