US-Iran Sanctions Jitters Fail to Deter Markets, Bitcoin Surges

Global markets regained their composure on Tuesday after investors shrugged off US plans to expand sanctions against Iran. The U.S. Treasury Department's warning to countries to cut financial ties with Iran or face secondary sanctions had triggered a modest overnight pullback in oil prices and government bond yields.

The market's resilience was also due to the fact that the Treasury Department did not impose any actual penalties, as had been feared.

However, the US-China tensions are escalating, with Beijing warning it would retaliate against any Chinese companies caught up in the sanctions. This comes ahead of a meeting between Trump and Xi Jinping next month.

In the cryptocurrency market, Bitcoin surged past $80,000 for the first time since mid-May, driven by concerns about dollar debasement.