Oil tumbles and Brazil stocks plunge as markets brace for a pivotal week
Brent crude is down more than 6% from Friday’s high, trading just below $110 a barrel as hopes of a deal between the US and Iran ease fears of further escalation. The Financial Times reports that Iran is hosting officials from Saudi Arabia, Pakistan and Turkey, following a visit by Qatari officials.
Brazil’s stock market fell 20% after President Luiz Inácio Lula da Silva unexpectedly secured a fourth term in office. The iShares MSCI Brazil ETF is down 26% in pre-market trading.
Bitcoin is holding just above $80,000, while gold trades slightly above $4,000 an ounce. The Invesco QQQ Trust is flat in pre-market trading despite persistent concerns about the AI trade. The US Dollar Index remains firm just below 102, while the US 10-year Treasury yield sits just below 5%.
Microsoft and Amazon report quarterly earnings this week, alongside interest-rate decisions from the Federal Reserve, Bank of Japan and European Central Bank.
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