Record highs
They say that markets are forward-looking, and in that context the US S&P 500 stock market index bottomed on March 27 and has been rising practically ever since.
The market powered on as the week progressed, recovering to hit three consecutive all-time highs, in doing so notching the best single month for the index since 2020 (up by more than 6 per cent).
The NASDAQ index has recorded 13 consecutive daily increases, to also close at a record high - representing yet another amazing rebound for tech sector sentiment.
In effect, the indices have been saying for some time, that as far as markets are concerned anyway, 'war is over'.
While there is still some uncertainty over how the blockade will unfold, the declaration of the Strait of Hormuz being open saw the crude oil price plummet to below $80, before bouncing to $83.
Mark the Ballot (
@Mark_Graph on X) charted the latest fuel prices for Australia, which showed that after the cutting of the fuel excise took effect, prices are steadily on the way back down now, both for unleaded and diesel fuel.
It's true that we've been head-faked plenty before by news from the Middle East, but the overnight news obviously very positive for sentiment.
A caveat is that there is still uncertainty as to whether a blockade will continue on Iranian ships and ports, and there is also a nasty inflationary spike in the short-term that will need to be navigated.
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