Key Stories from the past week: Geopolitical uncertainty means market uncertainty

Note: This is marketing material.

A week peppered with market action but overshadowed by geopolitical risks. The Israel-Iran conflict (with US involvement) took centre stage impacting oil prices, haven assets and nuclear names. Markets digested policy rate decisions from the FOMC, SNB, Norges Bank, BoJ, and the BoE. The US had a bank holiday on Thursday. And silver rallied to an all-time high before retracing.  More below on this week’s key stories. 


Oil marks a third weekly gain on the continuing middle east tensions
The oil market remains volatile, with prices swinging within a wide range as traders digest a constant flow of news and developments in the Israel-Iran war. A ten-dollar risk premium may evaporate on a solution, while an escalation leading to supply disruption could add ten dollars or more to current prices.
What history says when conflicts threaten supply

FOMC
As expected, the Fed’s policy rate was left unchanged this week. Economic projections showed growth revised lower while inflation and unemployment were revised higher. This suggests an uncomfortable stagflation outlook. Greenback edged slightly higher but has now settled largely unchanged.
FOMC gives dollar a minor bump

Robotaxi launch…..finally
Sunday 22^nd of June sees the long-awaited robotaxi launch from Tesla, a critical juncture for investors and the wider automotive sector. For Tesla, the success of this launch could have a material impact on short-term price action and long-term valuations.
Tesla's robotaxi launch: a breakthrough moment or another Musk mirage?

AMD surges through key support (200-day SMA at $117)
AMD rallied following a positive analyst upgrade from Piper Sandler who maintained their rating of ‘overweight’ and increased the price target to $140. Expected product launches, anticipated AI business growth, and potential for an expanded partnership with Amazon Web Services are all seen as reasons to be bullish.
AMD: What's going on?


Next week Fed Chair Jerome Powell will be giving testimony at the Semi-annual Monetary Policy Report to Congress over both Tuesday and Wednesday. Other key economic announcements include preliminary June PMI readings from US, EU, and UK (Mon). US June CB Consumer Confidence (Tues). US Crude Oil inventories (Weds). US May Durable goods orders, US Q1 GDP (third reading), US Initial Jobless claims (Thurs). US May Core PCE, Jun Michigan Consumer Sentiment, Atlanta Fed Q2 GDP now (preliminary) (Fri). Earnings highlights from Fedex, Carnival (Tues), Micron, General Mills (Weds), Nike, Hennes & Mauritz, Walgreens (Thurs).