A Bank of America report identifies South Korea and the United Arab Emirates as the strongest emerging players in the global AI race, citing their unique strengths in semiconductors, government investment, and AI adoption.
China has reportedly told major refiners to sustain high fuel production to ensure domestic supply security as rising U.S.-Iran tensions threaten crude shipments through the Persian Gulf. The move is expected to pressure Asian refining margins.
The British pound traded flat against the U.S. dollar on Monday as currency markets looked past last week's soft payrolls report, focusing instead on the potential for a hawkish Federal Reserve.
Analysts at Bernstein view Bitcoin's current bear market as a positive sign of maturity, noting its ~54% drawdown is far shallower than the 75-90% collapses of previous cycles.
The leading cryptocurrency faced downward pressure amid a broader risk-off sentiment sparked by escalating U.S.-Iran conflict. Minutes from the Federal Reserve's latest meeting also revealed significant uncertainty over the path of interest rates.
The rand weakened alongside other emerging-market currencies as investors sought safer assets amid escalating geopolitical conflict in the Middle East, which also sent oil prices surging.
Ford Motor Co. and Canadian union Unifor have secured a provisional three-year labor agreement, preventing a strike by over 5,600 workers just before the deadline. The deal is expected to set a precedent for negotiations with GM and Stellantis in Canada.
The South African rand traded in a narrow range against the U.S. dollar as markets anticipate the release of Federal Reserve meeting minutes for new signals on monetary policy. A light domestic economic calendar leaves the rand sensitive to global market drivers.
Senior U.S. officials have stated that any de-escalation with Iran is contingent on a public commitment to stop attacks in the Strait of Hormuz and the complete turnover of its enriched uranium stockpile.
