Nikkei May Rise on Hopes for U.S.-Iran Peace Deal

Author: Miles Brown…

Nikkei May Rise on Hopes for U.S.-Iran Peace Deal

Japanese stocks may rise thanks to continued hopes for a U.S.-Iran peace deal. Treasury Secretary Scott Bessent said the two countries are within reach of an agreement to wind down the war. Nikkei futures are up 1.9% at 65,770 on the SGX. The dollar is at 159.25 yen.

Markets Focus on Peace Developments

Investors are focusing on developments in the Middle East and their implications for energy prices. The Nikkei Stock Average fell 0.5% to 64,693.12 on Thursday. Reports of a potential peace deal weighed on oil prices and pushed bond yields lower.

Bitcoin and Crypto Markets Decline

Bitcoin dropped over 3% to below $73,000 for the first time in over a month, following the April PCE report showing inflation rising to 3.8% year-over-year. Higher inflation and potential Fed rate hikes reduced appeal for cryptocurrencies. Bitcoin ETF outflows reached $733.4 million.

U.S. Treasury Yields Fall

Demand for Treasurys picked up as the U.S. economy showed signs of weakening and the U.S.-Iran standoff dragged on. The 10-year yield fell 0.026 percentage point to 4.454%, while the two-year slipped 0.008 p.p. to 4.024%.

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