The Koreas have agreed to officially end war, which includes the pursuit of denuclearization. Markets have welcomed the meetings and announcement.
At 8:30am EST, first-quarter GDP for the US was released; a general slowdown to 2.00% growth was expected. Core PCE was expected to quicken to 2.5%, which could make for significant discussion at the Federal Reserve’s meeting next week.
German leader Angela Merkel visits the White House today. Merkel will be keen to sway President Trump away from an outright trade war with Europe, and will suggest reconsiderations regarding the Iran Agreement.
Oil markets are potentially underestimating the impact involved with the collapse of the Iran nuclear deal and the effects it could have on prices. Analysts have suggested that up to 250,000 to 350,000 barrels of Iranian crude (a day) could be at risk of disruption if sanctions are made. WTI Crude was trading at $67.90 this morning.