Oil Slides, Japan In Flux

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Which Big Tech stock is set to be the biggest beneficiary of earnings this week? · Alphabet · Meta Platforms · Microsoft · Apple · Amazon Take the survey here and don't forget to share your thoughts in the WSB comments section . Oil slides, Japan in flux An event-packed week has kicked off with global traders on edge, as oil futures and the Japanese yen declined on Monday. Oil futures slid more than 4% as concerns over supply disruptions eased after Israel's strike on Iran steered clear of oil and nuclear infrastructure.

Meanwhile, Japanese Prime Minister Shigeru Ishiba's coalition lost its parliamentary majority, sending the yen tumbling to a three-month low. Middle East watch: Israel on Saturday launched airstrikes against Iran in response to Tehran's retaliatory missile attack earlier this month. The airstrikes, the first time that the Israeli military has openly attacked Iran, targeted aerial capabilities and missile manufacturing facilities.

Israeli Prime Minister Benjamin Netanyahu said the strike "achieved all its goals," while Iranian President Masoud Pezeshkian vowed a "proportionate response." Local media reported that Iran's oil industry is operating normally, without any disruption. "The more targeted response from Israel leaves the door open for de-escalation and the price action in oil this morning suggests the market is of the same view," said Warren Patterson, commodities strategy head, ING.

"Clearly, if we do see some de-escalation, it would allow fundamentals once again to dictate price direction. And with a surplus market over 2025, this would mean oil prices are likely to remain under pressure." Over in Japan: The ruling Liberal Democratic Party's coalition as well as the main opposition party failed to secure the 233 seats required to secure a majority.

This marks the first time that LDP lost its majority in 15 years, highlighting the loss of trust among voters amid funding scandals and higher living costs. The yen ( USD:JPY ) weakened to 153.84 per U.

S. dollar, given potentially lengthy negotiations to form a government and risks to the Bank of Japan's policy normalization. ( 4 comments ) Today's Markets In Asia, Japan +1.

8% . Hong Kong flat. China +0.

7% . India +0.8% .

In Europe, at midday, London -0.3% . Paris +0.

1% . Frankfurt -0.2% .

Futures at 7:00, Dow +0.5% . S&P +0.

6% . Nasdaq +0.7% .

Crude -6.2% to $67.36.

Gold -0.4% to $2,742.90.

Bitcoin +2.3% to $68,554. Ten-year Treasury Yield +1 bp to 4.

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