Multi-Asset Morning Pack – 11 May 2026
Asia Overnight
Asian markets traded mixed after Friday’s strong US tech-led close, with China and Korea outperforming while Japan, Hong Kong and Australia softened. The overnight tone was dominated by renewed Iran headlines, a sharp move higher in crude oil, stronger China inflation data and expectations of Trump-Xi talks covering Iran, trade, nuclear issues and AI.
| Index | Last | Move |
|---|---|---|
| Nikkei 225 | 62,697.74 | -0.03% |
| Shanghai Composite | 4,219.13 | +0.94% |
| Shenzhen Composite | 15,895.75 | +2.13% |
| Hang Seng | 26,318.37 | -0.29% |
| ASX 200 | 8,687.50 | -0.65% |
| Kospi | 7,855.13 | +4.76% |
| Straits Times | 4,937.09 | +0.31% |
| NZX 50 | 13,179.41 | +0.03% |
Overnight Headlines
- Trump and Xi set for talks spanning Iran, nuclear, trade and AI.
- US stock futures slide as investors monitor the latest Iran war negotiations.
- Trump rejects new Iran peace offer as “totally unacceptable”.
- Oil jumps over 3% after US-Iran peace deal falls through.
- Gold falls on oil-driven inflation worries as US-Iran peace talks falter.
- Dollar strengthens as Trump says Iran peace offer is “unacceptable”.
- Netanyahu says he wants to wean Israel off US military support.
- ECB official attacks German opposition to UniCredit’s bid for Commerzbank.
- Hong Kong bad-debt bankers ramp up fire sales and liquidations.
- Streeting signals readiness for Labour leadership if contest is triggered.
US Close
| Index | Last | Move |
|---|---|---|
| Dow Jones | 49,609.16 | +0.02% |
| Nasdaq Composite | 26,247.08 | +1.71% |
| S&P 500 | 7,398.93 | +0.84% |
| Russell 2000 | 2,861.21 | +0.76% |
| VIX | 17.19 | +0.64% |
Wall Street ended firmer on Friday, led by another strong Nasdaq session, but futures faded into the new week as geopolitical risk and the oil spike drove a more cautious tone.
US Futures
| Contract | Last | Move | Implied Open |
|---|---|---|---|
| Dow Fut | 49,582.0 | -0.22% | -119.16 / -0.24% |
| S&P Fut | 7,411.5 | -0.10% | -11.43 / -0.15% |
| Nasdaq Fut | 29,334.0 | +0.01% | -9.99 / -0.03% |
| Russell 2000 Fut | 2,858.1 | -0.33% | -21.11 / -0.73% |
Rates
| Treasury | Yield | Change |
|---|---|---|
| US 1Y | 3.759% | +0.021 |
| US 2Y | 3.926% | +0.033 |
| US 3Y | 3.951% | +0.034 |
| US 5Y | 4.046% | +0.033 |
| US 7Y | 4.217% | +0.031 |
| US 10Y | 4.394% | +0.030 |
| US 20Y | 4.959% | +0.025 |
| US 30Y | 4.969% | +0.022 |
Yields were firmer across the curve as the oil shock added to inflation concerns and reduced appetite for duration.
FX
| Pair | Level |
|---|---|
| EUR/USD | 1.1751 |
| GBP/USD | 1.3581 |
| USD/JPY | 157.10 |
| USD/CAD | 1.3694 |
| AUD/USD | 0.7226 |
| NZD/USD | 0.5941 |
| USD/CNY | 6.7963 |
| USD/CNH | 6.7934 |
| EUR/GBP | 0.8652 |
The dollar strengthened as geopolitical risk, higher oil prices and a more cautious equity-futures tone supported defensive FX positioning.
Commodities
| Commodity | Last | Move |
|---|---|---|
| WTI Crude | 100.19 | +5.00% |
| Brent Crude | 105.81 | +4.46% |
| Natural Gas | 2.808 | +1.85% |
| RBOB Gasoline | 3.6266 | +2.83% |
| Heating Oil | 4.037 | +3.54% |
| Gold | 4,674.04 | -0.86% |
| Silver | 80.394 | +0.09% |
Oil was the clear macro driver overnight, with WTI back above $100 and Brent above $105 as traders priced renewed Middle East supply-risk premium. Gold slipped despite geopolitical stress, weighed by dollar strength and oil-led inflation concerns.
Economic Calendar / What to Watch
| Time | Event | Focus |
|---|---|---|
| Overnight | China CPI / PPI | CPI +1.2% Y/Y; PPI +2.8% Y/Y — stronger than expected |
| Today | Iran / US headlines | Negotiation risk, Hormuz risk and oil supply premium |
| Today | Trump-Xi talks | Iran, nuclear, trade and AI agenda |
| Today | Oil market reaction | Inflation expectations, rates and equity-sector rotation |
| Today | ECB / European banks | UniCredit / Commerzbank political pushback |
| Today | UK politics | Leadership speculation and Europe policy headlines |
Desk Take
The overnight setup is classic geopolitical inflation shock: oil sharply higher, dollar firmer, yields edging up and US futures softer despite Friday’s strong close. China is the relative bright spot after stronger inflation data and renewed Trump-Xi engagement, while the broader market tone remains hostage to Iran headlines and energy-price volatility.
Source: user-provided CNBC, Bloomberg, Reuters, Investing.com, Telegraph and LiveSquawk screenshots, captured around 05:44–05:55 UK.
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