IRAN: Reports of a Final Draft Agreement Circulating, Risk Sentiment Bounces
May-21 17:25
* Iran's ILNA news agency is citing Al Arabiya that a a final draft agreement between the United S...
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USD: Vance Trip on Hold Fuels Latest Leg of Risk Off, Boosts USD
Apr-21 17:22
- Fresh concerns around the stalling of peace negotiations have weighed on risk sentiment Tuesday, and the latest headlines on VP Vance’s trip to Pakistan being on hold has fuelled the next leg higher for crude, with US dollar indices receiving notable support to session highs.
- From the piece: "Vice President JD Vance’s diplomatic trip to Islamabad, where he was expected to press Iranian negotiators for a nuclear deal, has been put on hold after Tehran failed to respond to American negotiating positions, according to a U.S. official with direct knowledge of the situation."
- This has helped some of the major pairs breakout from their contained ranges, with EURUSD slipping back below 1.1725 and GBPUSD hitting fresh session lows below 1.3480.
- The Swedish Krona and Australian dollar are now the worst performing G10 currencies amid the risk off, and while NZD remains a relative outperformer following the overnight inflation data, NZDUSD has edged into negative territory in recent minutes, printing session lows below 0.5880.
US STOCKS: Late Equities Roundup: Utilities & Industrials Underperforming
Apr-21 17:19
- Early support for US equity indexes evaporated by midday Tuesday amid ongoing uncertainty over US/Iran peace talks hosted by Pakistan today - one day before the ceasefire timer runs out late Wednesday.
- Axios reported that US delegates Vance, Witkoff and Kushner have not left for Islamabad, while Iran's state news agency FARS reported participation in talks remains undecided.
- As such, oil and gas stocks continued to outperform with crude prices rising (Jun'26 WTI contract at $90.30/bbl), trading 2%-4.25% higher: Halliburton, APA Corp, Occidental Petroleum, Valero Energy, Diamondback Energy and Marathon Petroleum.
- Stronger than expected pending home sales data underpinned homebuilders: DR Horton Inc, PulteGroup Inc and Lennar Corp gaining 1.6 to 7.1%.
- On the flipside, utilities and Industrials sector shares underperformed: Tractor Supply leading the decline at -10.4% while General Electric Co, Northrop Grumman Corp, EchoStar and Prudential Financial trade -5.6-6.0%.
- Earnings expected to be released after today's close include: Interactive Brokers Group, Capital One Financial, United Airlines Holdings, Intuitive Surgical and EQT.
GLOBAL: US/Iran Diplomatic Process Paused, Vance Trip to Pakistan On Hold
Apr-21 17:14
- "*VANCE’S TRIP TO ISLAMABAD ON HOLD: NYT"
- "*US-IRAN DIPLOMATIC PROCESS IS PAUSED WITHOUT IRAN RESPONSE": NYT
- From the piece: ""Vice President JD Vance’s diplomatic trip to Islamabad, where he was expected to press Iranian negotiators for a nuclear deal, has been put on hold after Tehran failed to respond to American negotiating positions, according to a U.S. official with direct knowledge of the situation.""
- Fuels the latest leg of risk off trade, with energy price seeing some upward pressure and the USD extending highs.
