What was looking like a decent start to the month for global equities in the premarket, got sideswiped by newsflashes like the following:
"Iran Halts Indirect Talks With U.S. Over Lebanon and Gaza Ceasefire Violations - Tasnim News
- Iranian negotiation team to stop dialogue and text exchanges through intermediaries
- Move follows alleged violations of ceasefire conditions, including in Lebanon
- Iranian officials demand immediate halt to Israeli operations in Gaza and Lebanon
- Iran also demands full Israeli withdrawal from occupied areas in Lebanon before talks resume
- Iran and resistance front reportedly resolved to fully block the Strait of Hormuz
- Other fronts, including the Bab al-Mandeb Strait, could also be activated in response"
Yes, markets remain focused on the Iran conflict, despite the major indices floating around their all-time highs... Like I said yesterday (below), the underlying dynamic suggests the market has grown skeptical of resolution prospects:
