Tuesday, 8 May 2018

Markets rise, oil traders await Trump decision on Iran

Markets rose on Monday.

The S&P 500 rose 0.4 percent, the STOXX Europe 600 rose 0.6 percent and the Shanghai Composite surged 1.5 percent.

Oil prices rose, with West Texas Intermediate settling above US$70 a barrel for the first time since late 2014.

However, oil fell back in electronic trading after US President Donald Trump indicated that a decision was imminent on whether he would decertify a 2015 Iran nuclear pact.

“We’re waiting on more clarity about the Iran deal,” said Mark Martiak, senior wealth strategist at Premier Wealth/First Allied. “But even beyond that, we’re entering the summer driving season and the energy sector has been down for so long that it looks poised for a rebound.”

“I think valuations are fair, but I also expect we’ll see a lot more volatility going forward,” Martiak added.

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