Peace de Résistance
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What is the main topic discussed in this episode?
The US Corps PCE Deflator shows the highest inflation level since 2023. A ship is fired on in the Gulf and tech stocks hit by very positive micron earnings. It's not a rising tide for everyone in the tech world it seems. Plus yesterday's Australian employment data. It is Friday. It's the twenty-sixth of june twenty twenty-six. It's the morning call from NAB. Good morning. Well, oil prices are back on the rise. WTI is up two point six percent, Brent up two point three percent. Brent did dip to seventy two a barrel. It's up uh around seventy five fifty now. The US dollar has fallen back a bit today as well, down a quarter percent on the DXY, the Aussie up a quarter percent to around sixty-nine point two US cents.
Very small moves in bond yields. Aussie ten years fell three basis points yesterday to four point seven three percent. A mixed story for US equity. The NASDAQ is down 0.3%, the SP up 0.2%. A clearer picture in Europe, though, where the DAX is up 1%, the FTSE closing up 0.7%, and the Eurostocks 50 up almost 0.9%. Here's an Absray at all. So interesting moves in there in big tech stocks. A 2% fall in Nvidia. Apple is down 4.5%. Microsoft losing 2.5%. But Micron. after uh stellar earnings yesterday and uh and upping their forecast as well, up sixteen percent.
But uh no, some real overs and unders aren't there in the tech sector.
Why are crude oil prices climbing after a tanker was fired upon in the Strait of Hormuz?
And it is actually the Nasdaq is falling away a little bit as we're recording just ahead of the New York Stock Exchange close. It was sort of flitting in and out of unchanged. I think it's down about half a percent last time I've looked. But um but yes, we had those micron earnings really at the beginning of our day yesterday and they Um knock the lights out as far as their um Q four revenue estimate was concerned. Um but I think it was expected about forty three billion and they're forecasting fifty billion dollars. So we had a double digit increase in after hours trading that's obviously followed through into today. But then um, you know, against that Apple has announced uh what a twenty percent price cut for iPads and map computers and and and that's really dragged
How did the Singapore‑tanker incident affect global oil benchmarks like WTI and Brent?
Like the uh you know, drag the broader index down given obviously the weight that Apple has in the in the tech sector earnings. So um yeah, so Nasdaq definitely is a bit of an underperformer in what otherwise has been a you know a small upday for for US stocks, but um um but heard a little bit I think by higher oil prices, which we'll come on to in a second.
So Apple prices are going up, they're not going down. So so don't go out looking for bargains. But it is interesting, isn't it, that, you know, uh one tech stock goes up. Uh it's not a rising tide for everybody right now. You know, enthusiasm is being tempered. One can do well, even though Micon uh for example, it's not it's not just Apple and Microsoft as well, down two and a half percent. Some of these companies, uh Micon are delivering to. So you would have thought if they're doing well, you'd assume that their companies the customers have been doing well as well. But anyway, yes, oil is interesting because a ship has been fired at crossing the Strait of Hormuz. I don't think there's direct confirmation as yet that it is Iran.
It's assumed it is, but Tehran, of course, has been saying ships couldn't shouldn't cross the strait without their permission. Tankers have been turning around as well. So it's not such plain sailing in the strait.
No, it seems not. I mean the only thing I've seen a Wall Street Journal report saying it was a Singapore tanker and I think they have uh identified Iran as the as the culprit. Not that I think anybody would think it would be anybody uh other than that at least, anyway. So um and we also had reports that um uh Israeli IDF forces had struck his Hezbollah operatives in southern Lebanon. So it just does really highlight the the fragile nature, I guess, of The 60 day ceasefire, despite the uh the positive mood music that continues to come from those involved in the peace talks. But uh so the upshot is that uh WI crude WTI crude uh was trading sub $70 during our day yesterday, which put it back to the levels um that prevailed just prior to the first um uh US strikes on Iran.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:01–1:26
2
Why are crude oil prices climbing after a tanker was fired upon in the Strait of Hormuz?
1:26–2:10
3
How did the Singapore‑tanker incident affect global oil benchmarks like WTI and Brent?
2:10–5:16
4
What drove the mixed performance of major tech stocks after Micron’s stellar earnings?
5:16–5:46
5
Why did Micron’s forward guidance boost its shares while Apple and Microsoft fell?
5:46–15:26