Headlines:

Markets:

• WTI crude down 3.5% to $91.70, Brent crude down 3.4% to $97.95
• European stocks little changed, more mixed on the day
• S&P 500 futures up 0.1%
• NZD leads, USD and JPY lag on the day
• US 10-year yields down 2 bps to 4.33%
• Gold up 1% to $4,735
• Bitcoin down 0.7% to $80,825

The market mood is a little calmer today as traders and investors continue to wait on more concrete evidence that the US and Iran will be headed for a deal.

Things have settled down since yesterday and we’re reverting back to a more cautiously optimistic scene today. And that comes despite US president Trump trying to gas up the stock market. Just before going to bed yesterday, he teased a leak to the US jobs report in saying that: “Jobs & 401-K’s are BOOMING!!!”

And this morning, he followed that up with a post with a snapshot of the Dow close yesterday.

It’s doing just enough to keep US futures a little higher, with S&P 500 futures up 0.1% – the same for Nasdaq and Dow futures.

As hopeful optimism is the name of the game, oil prices are sent lower still with WTI crude dropping by over 3% to $91.70 on the day.

Meanwhile, the US dollar is lagging across the board with EUR/USD up 0.2% to 1.1765 and AUD/USD up 0.3% to 0.7255 currently. USD/JPY remains cautious amid intervention fears, with the pair keeping flat at 156.38 on the day.

In other markets, bond yields are coming off the boil but are still keeping at elevated levels. 10-year Treasury yields sit at 4.33% with 30-year yields at 4.92%, both down slightly by 2 bps on the day.

As for precious metals, the rebound continues amid the better market mood with gold up 1% to $4,735 and silver up 4.5% on the day to $80.90.