In European Equity Markets the pan-European Stoxx 600 was 0.3% lower at the closing bell, with tech stocks up more than 1.3% while oil and gas stocks gave back 0.5%, having previously jumped on the back of U.S.-Iran escalations. British luxury car-maker Aston Martin fell more than 16% after issuing a profit warning on Tuesday morning. French pharmaceutical company Ipsen climbed 5.8% after announcing a newly designed delivery system for its Somatuline Autogel.

 

In Currency Markets the safe-haven yen and Swiss franc pulled back from recent highs against the dollar on Tuesday as financial markets stabilized, with investors turning more hopeful that tensions between the United States and Iran would not escalate into an all-out war. Better-than-expected U.S. non-manufacturing sector and factory orders data also lifted the dollar. The yen fell from a three-month high versus the dollar, although sentiment remains fragile amid nagging worries about the impact of the deterioration in U.S.-Iran relations.

 

In Commodities Markets oil prices fell about 1% on Tuesday, surrendering some of the gains of recent days as investors reconsidered the likelihood of immediate supply disruptions in the Middle East after the United States killed a top Iranian military commander last week. Brent crude was down 71 cents, or 1%, at $68.20 a barrel. U.S. West Texas Intermediate (WTI) crude fell 67 cents, or 1.1%, to $62.60 a barrel. Prices jumped during the previous two sessions, with Brent reaching its highest since September while WTI rose to its strongest since April.

 

In US Equity Markets the S&P 500 and the Dow Jones Industrial Average fell marginally on Tuesday, led by losses in oil and healthcare stocks, with investors nervously awaiting the latest in the U.S.-Iran standoff. The tech-heavy Nasdaq remained buoyant as chip-makers resumed their strong rally from 2019. Shares in Apache Corp soared 25% after it and France’s Total SA said they made a major oil discovery off the coast of Suriname at the closely watched Maka-Central 1 well.

 

In Bond Markets Euro zone government bond yields edged up from around three-week lows on Tuesday as market fears of an all-out conflict between the United States and Iran abated, easing demand for safe-haven assets for now. Most 10-year euro zone bond yields were steady to marginally higher but above lows hit on Monday. Germany’s benchmark Bund yield was little changed around -0.28% — rising from more than three-week lows on Monday at -0.31% but below last week’s seven-month highs.

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