Global markets reacted to heightened geopolitical tensions driving Brent crude above $100 a barrel. This surge in oil prices fueled inflation concerns and pushed Treasury yields higher, impacting broad market sentiment.
Brent crude broke past $100, prompting warnings of increased inflation and potential central bank responses. The US EIA hiked oil price forecasts, as the Bank of England warned UK inflation could exceed 4%. European natural gas prices also climbed.
US Treasury yields jumped, with a planned $6 billion debt repurchase operation failing to fully alleviate market disappointment. Treasury Secretary Scott Bessent warned investors against shorting the yen.
Apple unveiled its new $1,999 foldable iPhone Duo, pushing its lineup further upmarket. JPMorgan was cited as a top risk/reward opportunity, potentially becoming the first $1 trillion market cap bank.
Watch for continued geopolitical developments and central bank commentary on inflation.