π° Morning Briefing (00:00-08:00) | 2026-06-24
US-Iran talks stall over inspection terms; Hormuz Strait to stay open; Gold crashes below $4100; Korean stocks plunge in Black Tuesday; Trump approval hits 34% low
π° Morning Briefing (00:00-08:00) | 2026-06-24
π Market Snapshot
- Gold XAUUSD 4098.55 (-0.27%), crashed over $100 intraday, broke below $4100
- Silver dropped below $61/oz (-0.87%)
- WTI Crude 73.280 (-0.52%)
- SPDR Gold Trust holdings decreased by 4.567 tons to 1017.637 tons
π₯ Key Overnight News
Middle East:
- US-Iran talks hit stalemate β Trump claimed Iran agreed to “unlimited” inspections, Tehran denied
- Trump agreed to allow Hormuz Strait to remain open, abandoning naval blockade (Oman to coordinate)
- Sporadic clashes resume in southern Lebanon, fragile ceasefire under threat
US Politics & Economy:
- Majority of Americans disapprove of Iran military action; Trump approval drops to 34% (second-term low)
- US House passes affordable housing bill with overwhelming vote, sent to Trump for signing
- Options market sees large contrarian bets against aggressive rate hike pricing via SOFR contracts
Markets & Tech:
- Global AI trade “freezes”; Korean stocks plunge in “Black Tuesday”; US dollar and Treasuries rally
- MSCI market classification review results out β Korea’s promotion to developed market status under spotlight
- NVIDIA demands 10% PCB price cut? Manufacturers call reports “significantly exaggerated”
- SpaceX completes largest-ever IPO; investors bet on eventual Tesla-SpaceX merger
π§ Outlook
US-Iran talks appear to be moving forward on the surface but remain stuck in a stalemate over inspection terms and frozen asset access β a substantive deal remains unlikely in the near term.
Hormuz Strait open commitment eases supply fears, but crude’s muted reaction suggests markets have already priced in the de-escalation.
Gold’s $100+ intraday crash with SPDR outflows signals profit-taking and position unwinding β risk-on sentiment may continue to weigh on the metal.
Korean stocks’ Black Tuesday combined with AI sector freeze drives capital into US Treasuries for safety β short-term risk appetite remains under pressure.
Trump’s record-low approval amid Iran policy controversy may push him to pivot aggressively toward domestic economic agenda.
π Key Data Calendar Today
- βββ 07:50 BOJ publishes June Opinion Summary (released)
- βββ 09:30 Australia May CPI (YoY, unadjusted)
- ββ 16:00 Germany June IFO Business Climate Index
- TBD 2026 Shanghai World Mobile Congress