Markets on Edge as US Sanctions Loom
Global markets are on edge as investors await details of threatened U.S. sanctions on Iran. Oil prices have eased, falling more than 1%, ahead of an announcement from Treasury Secretary Scott Bessent.
The tech sector is also under scrutiny, particularly Nvidia, which is set to report its quarterly results this week. Analysts expect the chipmaker to nearly double its revenue to around $92 billion and provide full-year earnings guidance in a range of $103 billion to $105 billion.
Markets are also looking ahead to Federal Reserve Chair Kevin Warsh's speech in Jackson Hole, Wyoming, on Friday. While his 'regime change' agenda may dominate the discussion, analysts expect little clarity on U.S. interest rates, with markets implying a 40% chance of a rate hike by September 16.
Meanwhile, Canada has imposed tariffs on U.S. steel and dairy products in response to U.S. trade actions, leading to a decline in the Canadian dollar against its U.S. counterpart.