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The mess in Iran this week turned into a great contrarian indicator for equity markets as stocks ripped off the lows which geopolitical concerns forced equities to earlier in the week. Oil reversed off of its recent highs as well, with the crude-positive headlines offering an excellent chance to sell the news for a third time this year. European data has improved somewhat of late, part of a broader upturn in global economic surprises that has seen PMIs mostly return to expansion. Credit markets have confirmed that economic upturn and the equity market rally, and with the Fed likely to remain dovish thanks to weak wage growth revealed in the December Employment Situation Report released today, it’s easy to see why stocks have been so quick to shrug off the Iran mess.
In this week’s Bespoke Report, we provide our take on everything going on in the market this week, including the action in international markets, global economics, and cross-asset price action. To read the report and access everything else Bespoke’s research platform has to offer, start a two-week free trial to one of our three membership levels. You won’t be disappointed!