Major investment banks issued several notable stock upgrades this week, with BofA turning bullish on T-Mobile, Deutsche Bank highlighting a valuation opportunity in First Solar, and Evercore upgrading Occidental Petroleum on efficiency gains.
The International Maritime Organization's governing council has condemned Iran's creation of an authority to manage traffic in the Strait of Hormuz, calling on member states to reject Tehran's sovereignty claims over the vital waterway.
Chicago wheat futures surged to their highest level in six weeks as traders anticipated a key U.S. Department of Agriculture report expected to show a reduction in domestic supply estimates.
Gold prices are on track for a weekly loss as rising crude oil prices, fueled by escalating U.S.-Iran tensions, intensify concerns that the Federal Reserve will maintain a hawkish monetary policy to combat inflation.
U.S. Central Command has affirmed the Strait of Hormuz remains open and that its forces are prepared to ensure freedom of navigation. The statement follows a military exchange with Iran and Tehran's subsequent claim to have closed the vital waterway.
The British pound hovered near its strongest level since mid-June as a quiet U.S. data calendar kept the dollar range-bound ahead of key Federal Reserve meeting minutes.
U.S. Treasury yields climbed on Tuesday as investors anticipated a hawkish tone in the forthcoming minutes from the Federal Reserve's June meeting. European bond yields also rose on signs of improving investor confidence.
Euro zone government bond yields, particularly short-term debt, rose Wednesday amid a spike in oil prices from renewed U.S.-Iran tensions and investor caution ahead of Federal Reserve minutes.
The British pound lost ground against a broadly stronger U.S. dollar, as rising oil prices from Mideast tensions and investor positioning ahead of Federal Reserve meeting minutes fueled safe-haven demand.
