Australia S&P Global Manufacturing PMI Final

European natural gas futures are expected to jump on Monday as escalating Middle East tensions threaten global LNG supplies. U.S. and Israeli strikes on Iran have raised regional instability, with Tehran blocking traffic through the Strait of Hormuz, a key chokepoint for nearly 20% of global LNG trade, including exports from Qatar. While Qatari volumes account for about 15% of Europe’s LNG imports, any disruption would likely hit Asian buyers hardest, intensifying competition for alternative cargoes and tightening the global market, with knock-on effects for Europe. The risk is amplified by low EU gas storage levels, now below 31% versus 40% a year ago. Germany’s storage stands at 20.5% and France’s at 21%, leaving the region more exposed to supply shocks.

TTF Gas Prices Poised to Jump on Middle East Supply Fears

Silver prices are poised to surge when trading resumes Sunday night, driven by renewed safe-haven demand after US and Israel's attacks on Iran sharply escalated tensions in the Middle East. In retaliation, Iran moved to restrict traffic through the strategic Strait of Hormuz, a vital route for about one-fifth of the world’s oil and substantial natural gas flows, and launched attacks across neighbouring states, including the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq and Syria. Silver had already been on the rise, trading above $92 per ounce on Friday, and hitting nearly two-month highs as investors rotated into precious metals amid intensifying trade and geopolitical risks.

Silver Prices Positioned for Strong Gains

Saudi Arabia’s benchmark stock index, TASI, fell by as much as 5% to 10,214 at Sunday’s open, its lowest level since March 2023, before recovering to around 10,700 as investors assessed the implications of U.S. and Israeli strikes on Iran. In retaliation to attack, Iran moved to restrict traffic through the strategic Strait of Hormuz, a critical transit route for roughly one-fifth of global oil supply and significant volumes of natural gas, and launched attacks across neighbouring states, including Saudi Arabia. While escalating tensions in the Middle East are likely to disrupt regional economic activity and weigh on investor sentiment, oil prices are expected to surge. Higher crude prices could provide support to Saudi Arabia’s economy, given its position as one of the world’s leading oil exporters.

TASI Falls 5% at the Open

Gold prices are poised to surge when trading resumes Sunday night, driven by renewed safe-haven demand after US and Israel's attacks on Iran sharply escalated tensions in the Middle East. In retaliation, Iran moved to restrict traffic through the strategic Strait of Hormuz, a vital route for about one-fifth of the world’s oil and substantial natural gas flows, and launched attacks across neighbouring states, including the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq and Syria. Bullion had already been on the rise, trading at 1-month highs of $5,278 on Friday and approching an all time high of $5,500 hit at the end of January as investors anticipated and attack and weighed aggressive US trade policies against persistently elevated inflation data.

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Australia S&P Global Manufacturing PMI Final