Gold Price Falls as Fed Rate Hike Fears and U.S.-Iran Tensions Weigh on Bullion 
Wall Street Ends Lower as AI Stocks Drag Markets, Fed Rate Outlook Shifts 
Morgan Stanley Sees Chinese Auto Market Recovery Gaining Momentum in Late Summer 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
China Sets 1.25% Overnight Reverse Repo Rate Below Market Expectations 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Oil Prices Rise as US-Iran Tensions Threaten Strait of Hormuz Oil Shipments 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Oil Prices Decline Amid Easing Middle East Tensions
Oil prices fell sharply in early Asian trading on Monday, driven by reduced fears of a Middle East conflict after Israel’s recent military strike on Iran was less damaging than anticipated.
Impact of Israeli Strike on Oil Prices
Brent Oil Futures for December delivery decreased by 4.1%, settling at $72.97 per barrel, while West Texas Intermediate crude futures dropped 4.2% to $68.76 per barrel as of 19:57 ET (23:57 GMT). Both contracts approached their lowest levels since early October. The Israeli strike targeted several Iranian military installations but notably avoided major oil production and nuclear sites, assuaging fears of a significant escalation that could disrupt oil supplies from this crude-rich region.
Iran’s Response and Ongoing Conflict
While Iran downplayed the attack’s impact, it threatened retaliation. Although the recent strike alleviated concerns about an immediate conflict escalation, the broader situation in the Middle East remains tense, with Israel continuing its offensive against Hamas and Hezbollah.
Upcoming Economic Data Influencing Oil Demand
Beyond geopolitical tensions, this week will see the release of crucial economic data that could further influence global oil demand. Reports on U.S. and eurozone gross domestic product (GDP) are expected soon, alongside the PCE price index, which is the Federal Reserve's preferred inflation gauge. Additionally, the Purchasing Managers' Index data from China, the world’s largest oil importer, will provide insights following significant recent stimulus measures.
