Thursday’s session delivered the week’s defining second in a single hour. Iranian missile and drone strikes on Kuwait and a US air base drove WTI again towards $91 and despatched the greenback surging — then an Axios report confirmed Washington and Tehran had tentatively agreed to a 60-day ceasefire extension pending Trump’s approval. Oil reversed. The greenback collapsed. Equities ripped to contemporary file highs. The pace of that reversal set the tone for the whole lot the approaching week shall be measured in opposition to.
The weekend added a secondary geopolitical complication. Israel launched its broadest floor incursion into Lebanon in 25 years, crossing the Litani River as Hezbollah fired greater than 300 projectiles at Israeli forces and northern Israel. Critically, Iran has demanded that any US-Iran peace deal embrace an finish to the Lebanon battle — successfully tying the 2 negotiations collectively. A two-hour Scenario Room assembly on the White Home on Friday produced no announcement, the newest blended sign on deal prospects heading into the week.
The calendar is back-loaded. Monday’s ISM Manufacturing PMI is the lone top-tier US print earlier than Wednesday, when ADP and ISM Providers set the desk for Friday’s jobs complicated: NFP, common hourly earnings, and the unemployment charge all land at 12:30pm GMT on June 5 alongside Canada’s employment figures.
