investingLive Americas market news wrap: Gold/oil tumble after Iran signals deal progress

Markets:

• Gold down $113 to $4878
• US 10-year yields up 0.6 bps to 4.06%
• WTI crude up down 64-cents to $62.28
• S&P 500 up 0.1%
• NZD leads, GBP lags

The volatility didn’t disappear on Tuesday despite some of the net changes on the day being modest. There was a swing in risk sentiment and some big dollar bids into the London fix that totally unwound afterwards.

In terms of news, there weren’t any market movers aside from Iran’s foreign minister who sounded upbeat on deal talks with the US today. That led to a quick $1 drop in oil and a $60 drop in gold. At one point gold totally bounced back but oil stayed lower on the day (though off the lows).

The euro was sold into the fix in a slide down to 1.1800 but it held the big figure and steadily climbed to 1.1850 from there. Cable was beaten up by the central bank talk earlier and fell as low as 1.3495 before bouncing to 1.3563.

Similarly, we saw 50 pip swings in the commodity currencies and yen.

The kiwi was the top performer as we count down towards the RBNZ meeting and some in the market brace for an RBA-style surprise, or at least some hawkish rhetoric.

In equity markets, Apple led a comeback from a 50 point drop in the S&P 500 early in the day. Airlines and banks also bounced in chopping trade that was in a narrower range than most of last week. After hours, Palo Alto Networks initially rallied on earnings but is now 7% lower. That’s a repeat of the kind of price action we saw throughout the past three weeks.