Wall Street stocks end higher with major corporate earnings in view

NEW YORK, April 22 – Wall Street stocks ended higher on Monday following a market sell-off in previous sessions as investors eyed a busy week for quarterly results from key companies that would provide a glimpse of the US economy’s health.

The benchmark S&P 500 and the Nasdaq rebounded from a decline over the past six sessions which had been caused by investors re-evaluating their expectations on interest rate cuts in the wake of strong economic data, geopolitical tensions, persistent inflation, and commentary from Federal Reserve officials.

All 11 S&P 500 sectors closed higher, with technology and financial stocks leading gains.

Markets were gearing up for quarterly results from megacap companies this week, including some of the so-called Magnificent Seven stocks such as Tesla, Meta Platforms, Alphabet, and Microsoft.

“I think it’s just standard buy-on-the-dip after a 5% pullback that kind of wakes people up to put money to work,” said Lamar Villere, portfolio manager at Villere & Co in New Orleans.

“Investors are looking ahead to this week with hugely significant earnings coming out and with concerns about what the Fed is doing with pushing back any rate cuts,” Villere added.

Money markets are pricing in only about 41 basis points (bps) of rate cuts this year, down from about 150 bps seen at the beginning of the year, according to LSEG data.

In addition to top corporate earnings, markets are also awaiting the release later this week of the March personal consumption expenditure (PCE) data – the Fed’s preferred inflation gauge – to further ascertain the trajectory of monetary policy.

Fed policymakers are in a media blackout period ahead of their policy meeting on May 1.

The S&P 500 gained 43.37 points, or 0.87%, to 5,010.60 and the Nasdaq Composite gained 169.30 points, or 1.11%, to 15,451.31. The Dow Jones Industrial Average rose 253.58 points, or 0.67%, to 38,239.98.

Megacap growth stocks ended higher, with gains in Alphabet, Amazon.com and Apple between 0.5% and 1.5%. Nvidia gained 4.4% to rebound from a 10% drop in the previous session.

“This is predicated on positive technical expectations on tech earnings and traders not wanting to be short in front of it, and the PCE numbers later this week that people are somewhat sanguine about as well,” said Thomas Hayes, chairman of hedge fund Great Hill Capital in New York.

Tesla shares dropped 3.4% as the electric vehicle maker cut prices in a number of its major markets, including China and Germany, following price reductions in the United States.

Cardinal Health fell 5% after the drug distributor said its contracts with UnitedHealth Group’s OptumRx, one of its largest customers, will not be renewed when they expire at the end of June.

Advancing issues outnumbered decliners by a 2.87-to-1 ratio on the NYSE. There were 49 new highs and 76 new lows on the NYSE. On the Nasdaq, 2,682 stocks rose and 1,499 fell as advancing issues outnumbered decliners by a 1.79-to-1 ratio.

The S&P 500 posted 9 new 52-week highs and 4 new lows while the Nasdaq recorded 40 new highs and 184 new lows.

Volume on US exchanges was 10.33 billion shares, compared with the 11.03 billion average for the last 20 days.

(Reporting by Chibuike Oguh in New York; Additional reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Matthew Lewis)

Yields slip as investors move toward safe haven assets

NEW YORK, April 19 – US Treasury yields dipped from near five-month highs on Friday as investors moved toward safe haven assets in the wake of a presumed Israeli attack on Iran.

Tehran played down the incident and indicated it had no plans for retaliation, a response that appeared gauged towards averting region-wide war.

Easing concerns over a broad Middle East conflict will likely continue to pressure Treasuries, which have sold off for much of the week on worries that persistent inflation will prevent the Federal Reserve from cutting interest rates this year.

A number of Fed officials have said this week that they do not feel urgency to cut rates given the strength of the US economy and labor market. Minneapolis Fed President Neel Kashkari told Fox News Channel late Thursday that he also wants to be “patient,” with the first rate cut “potentially” not appropriate until next year.

Chicago Federal Reserve President Austan Goolsbee joined the chorus on Friday.

“Given the strength of the labor market and progress on easing inflation seen over a longer arc, I believe the Fed’s current restrictive monetary policy is appropriate,” Goolsbee told a business journalism group in Chicago. “I think we have to recalibrate and we have to wait and see.”

Markets are now pricing in a total of 40 basis points in rate cuts by the end of the year, down from 48 at the start of the week and sharply lower than the more than 160 basis points in cuts expected at the start of January.

Continued conflict in the Middle East is likely to continue to push up inflation expectations, driving Treasury yields higher, said Thierry Wizman, global FX & rates strategist at Macquarie.

“A scenario of ongoing shadow wars, border wars, and limited wars may keep inflation expectations high and make the Fed’s job harder,” but not cause mass panic needed to drive a flight to safety that bond bulls would hope for,” he said.

The yield on 10-year Treasury notes was down 3 basis points at 4.617%. The yield on the 30-year Treasury bond fell down 3.2 basis points to 4.713%.

The two-year US Treasury yield, which typically moves in step with interest rate expectations, was down 1.5 basis points at 4.975%.

A closely watched part of the US Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was at -35.5 basis points, down approximately 5 basis points from yesterday.

(Reporting by David Randall; Editing by Angus MacSwan, Richard Chang, Cynthia Osterman, and Deepa Babington)

US recap: Dollar mixed as Fed, Middle East, BoJ risks weighed

April 19 – The dollar index was flat on Friday and barely higher on the week as last week’s gains, which came on the Fed’s increasing caution over rate cuts due to stubborn inflation, consolidated amid brief bouts of geopolitical derisking.

Friday’s weakest major currency was sterling, which fell 0.49% on a combination of risk aversion, disappointing UK retail sales, and surprisingly dovish comments from Bank of England Deputy Governor Dave Ramsden on Friday.

Unlike EUR/USD, which rose 0.09%, sterling made new lows for the week and hit its lowest since Nov. 14’s explosive rally. Also unlike EUR/USD, Gilts-Treasury yield spreads resumed their downtrend, with swaps now fully pricing in at least two 25bp BoE rate cuts this year from closer to 40bp before Friday.

Fed rate-cut pricing remains stalled near 40bp for this year.

EUR/USD’s early risk-off drop amid Middle East tensions found support at 1.0611 and just above April’s 1.0601 lows, as Bund-Treasury yield spreads tightened slightly.

The ECB remains modestly favored to cut rates in June, with roughly 70b priced in by year-end.

ECB President Christine Lagarde injected a bit more uncertainty into recent signaling from the central bank regarding rate cuts being likely to commence in June, perhaps as an attempt to support EUR/USD after its 2.6%, 6-day dive from April’s high to its lows.

But ECB policymaker Pierre Wunsch was a shade more dovish, noting the eurozone and US economies had “decoupled” and the gap between the ECB and Fed’s interest rates may widen, which likely aided EUR/USD’s slip away from Friday’s 1.0678 high.

USD/JPY fully recovered from the plunge to 10-day moving average support at 153.59 in Asian trading triggered by Middle East linked safe-haven trading.

Prices remain below Tuesday’s new 34-year high at 154.79 and below the 155 level where BoJ intervention has been expected.

However, comments from the IMF’s Japan mission chief, Nada Choueiri, said the yen’s weakness is a net positive for Japan’s economic growth. She added that BoJ tightening must be gradual and she believed G7 nations — including Japan — were committed to flexible exchange rates.

Whether Japanese policymakers take that guidance remains to be seen. Japanese inflation continues to recede, though most measures have remained above the BoJ’s target for more than two years. The BoJ is not expected to hike at next Friday’s meeting, and probably will not move again until a 10bp hike in July.

That suggests next Friday’s US PCE data and Fed implications will be more important than that day’s BoJ meeting.

(Editing by Burton Frierson; Randolph Donney is a Reuters market analyst. The views expressed are his own.)

Wall Street ‘fear gauge’ flashes as volatility dogs US stocks

NEW YORK, April 19 – A cocktail of interest rate anxiety and geopolitical tensions is keeping US stock investors defensive and driving Wall Street’s most closely watched volatility gauge to its highest level in half a year.

With the S&P 500 down nearly 5% from its late March record closing high, the Cboe Volatility Index broke above 20 overnight as tensions between Iran and Israel escalated, its highest since late October.

Often called Wall Street’s “fear gauge,” the VIX is an options-based measure of investor demand for protection against near-term stock swings. It has climbed in recent weeks as signs of stubborn inflation eroded expectations for how deeply the Federal Reserve will cut interest rates this year and as worries grow over a spreading conflict in the Middle East.

The S&P 500 is still up around 5% year-to-date and stock bulls are hopeful a strong earnings season could bolster investor confidence in the weeks ahead.

Nevertheless, some believe a jump in volatility is warranted following a run that has seen the S&P 500 gain as much as 28% from its October lows.

“In hindsight, the market was a little overbought a few weeks ago and there was a little bit too much optimism, exuberance, FOMO,” said Joe Tigay, portfolio manager for Rational Equity Armor Fund, using the acronym for “fear of missing out.”

“You put some challenges in its way, such as, rising interest rates and a potential war … it makes a lot of sense to back off,” he said.

The VIX has not closed above 20 for 121 straight days, the longest such streak since 2018.

Stocks were weaker on Friday after reports Israel launched an attack on Iranian soil, in the latest tit-for-tat exchange between the two foes. The S&P 500 was recently down 0.4%, on pace for its sixth straight session of losses, the longest losing streak since October 2022.

Market participants noted the VIX is trading 1.26 points higher than its May futures, the index’s largest premium to front-month futures in four months. That is in contrast to a 0.75-point discount the front month futures have typically traded at over the last decade, data from LSEG showed.

Analysts said the so-called “inversion” highlights investors’ preoccupation with near-term threats to the market. It “tells us people are more concerned about the here and now,” said Chris Murphy, co-head of derivative strategy at Susquehanna Financial Group.

Tigay, of the Rational Equity Armor Fund, noted that while the VIX has climbed to its highest point in months, it remains below levels that have in the past marked a crescendo of investor fears.

“Maybe that could be a sign that there could be some more downside to come,” he said.

(Reporting by Saqib Iqbal Ahmed; Additional reporting by Laura Matthews; Editing by Ira Iosebashvili and Chris Reese)

Gold on track for weekly rise as Middle East risks loom

April 19 – Gold prices rose on Friday and logged a fifth consecutive weekly rise, as fears of further tit-for-tat retaliation between Iran and Israel triggered safe-haven demand.

Spot gold was up by 0.7% at USD 2,395.15 per ounce as of 1:45 p.m. ET (1745 GMT), after rising as high as USD 2,417.59 earlier in the session. Prices were up 2.2% this week.

US gold futures settled 0.7% higher at USD 2,413.8.

Explosions echoed over an Iranian city early on Friday in what sources described as an Israeli attack, but Tehran played down the incident and indicated it had no plans for retaliation.

“The escalation and de-escalation situation in the Middle East has taken hold of the markets. If the situation does de-escalate, then gold will pull back or consolidate as safe-haven buying dries up,” said David Meger, director of metals trading at High Ridge Futures.

“However, longer term, higher uptrend in gold will continue as the Federal Reserve might not be cutting rates as soon as the market expects.”

Fed officials have coalesced around the idea that there is no urgency to cut interest rates. The market currently sees a about 67% chance of a rate cut in September.

Elevated interest rates reduce the appeal of holding non-yielding gold.

Gold, which has notched strong gains this year, will rise further on robust Chinese demand outlook and macro uncertainties, Chinese state-backed research house Antaike said.

Spot silver rose 1.6% to USD 28.66.

Meanwhile, HSBC lowered its 2024 average price forecasts for platinum to USD 1,055 per ounce from USD 1,105 and palladium to USD 1,095 per ounce from USD 1,138.

“A feature of both the palladium and the platinum markets has been weak prices in the face of substantial deficit,” it added.

Spot platinum fell 0.4% to USD 931.22, and palladium slipped 0.6% to USD 1,016.91. Both metals posted weekly declines.

(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Christina Fincher and Ravi Prakash Kumar)

Wall St Week Ahead: ‘Crowded’ megacap trade in US stocks awaits earnings test

NEW YORK, April 19 – Next week’s earnings reports from some of the market’s biggest technology and growth companies could prove an important test for the US stock rally, which has flagged as expectations for interest cuts fade.

Tesla, Meta Platforms, Alphabet, and Microsoft – all set to report next week – are part of the group of companies that had been dubbed the Magnificent Seven as they led the S&P 500 to a 24% gain last year.

The companies are seen as important bellwethers due to dominant positions atop their industries, while heavy index weightings give their share price moves an outsize influence on benchmarks such as the S&P 500. Though the market’s rally has broadened this year, megacap stocks remain a portfolio staple, with fund managers in the latest BofA Global Research survey once again naming them the market’s “most crowded” trade.

Many believe their results could be especially important to markets this time around. The S&P 500 has slid in recent weeks, roughly halving its year-to-date gain to 5% as stickier-than-expected inflation erodes the prospects for the Federal Reserve to cut rates this year.

Additionally, the months-long rally in stocks has made the index expensive relative to history at a time when rising Treasury yields are pressuring equity valuations. Disappointing earnings from the market’s heavyweights could give investors less reason to hold stocks.

“Psychologically, the companies coming in at or above expectations is important,” said David Katz, chief investment officer with Matrix Asset Advisors. “There’s a lot of good news built into a lot of these companies.”

Investors will also focus on next Friday’s release of the monthly Personal Consumption Expenditures Price index, a crucial piece of inflation data before the Fed’s April 30-May 1 meeting. Fed funds futures late Thursday were pricing in less than 40 basis points in rate cuts this year, down from 150 bps expected at the start of 2024, according to LSEG data.

The performance of megacaps’ shares has diverged in 2024, after last year’s epic run. Tesla, which reports results on Tuesday, has seen its shares tumble about 40% in 2024 amid concerns about its electric vehicle business.

Meta Platforms, whose shares have jumped over 40% in 2024, is due on Wednesday, while Alphabet and Microsoft, which are logging year-to-date gains of about 12% and 7.5% respectively, are set for Thursday.

Of the other megacaps, Apple and Amazon are set to report the following week, while Nvidia, whose shares have soared 70% this year on optimism over its artificial intelligence chips, reports on May 22.

Six of the seven, excluding Tesla, are expected to post collective earnings growth of 42.1% in the first quarter, UBS strategists said on April 8.

“It appears that the expectations are that they’re really going to deliver again,” said Patrick Kaser, portfolio manager at Brandywine Global. “And so the risk to me is skewed to the downside.”

Excluding the Magnificent 7, S&P 500 earnings have been negative on a year-over-year basis over the prior four quarters, according to JPMorgan analysts, underlining the group’s importance to the market.

Beyond the megacaps, over 300 S&P 500 companies are expected to report over the coming two weeks. Earnings are expected to rise 9% for the full year, according to LSEG data, with added pressure on the results to support overall valuations.

The S&P 500’s forward price-to-earnings ratio has moderated somewhat this month but is still at 20 times, well above its long-term average of 15.7, according to LSEG Datastream.

“In an environment where there is a lot of uncertainty about Fed rate policy, there’s a lot of geopolitical tensions rising, if companies aren’t really pushing the pedal on giving positive outlooks for growth … that could be the factor that weighs on stocks,” said Anthony Saglimbene, chief market strategist at Ameriprise Financial.

(Reporting by Lewis Krauskopf, additional reporting by Chuck Mikolajczak; Editing by Aurora Ellis)

China, Hong Kong stocks end lower on Middle East tensions

SHANGHAI, April 19 – China and Hong Kong stocks declined on Friday, tracking their regional peers, pressured by reports of an Israeli attack on Iran that sparked rising safe-haven bets.

** The latest developments prompted concerns over a widening of the Israel-Hamas war in Gaza to include other countries in the Middle East, causing investors to rush to sweep up typical safe-haven assets.

** Initial U.S. news reports late on Thursday said Israel launched missiles at Iran in retaliation for an April 13 attack on Israel that was in response to an alleged Israeli assault that killed Iranian military leaders on April 1. Iranian officials on Friday told Reuters there was no missile attack.

** “It’s a big dampener on risk assets, including equities and most currencies,” said Christopher Wong, currency strategist at OCBC Bank.

** At the close, the Shanghai Composite index was down 0.29% at 3,065.26 points, while the blue-chip CSI 300 was down 0.79%.

** The financial sector, consumer staples, real estate, and healthcare fell between 0.44% and 1.55%.

** The smaller Shenzhen index ended down 0.73% and the start-up board ChiNext Composite index was weaker by 1.762%.

** The Hang Seng index SI closed 161.73 points or 0.99% lower at 16,224.14. The Hang Seng China Enterprises index fell 0.99% to 5,746.61.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.64%, while Japan’s Nikkei index closed down 2.66%.

** The yuan was quoted at 7.2409 per U.S. dollar at 08:32 GMT, 0.04% weaker than the previous close of 7.2382.

(Reporting by Shanghai Newsroom; Editing by Mrigank Dhaniwala and Varun H K)

Oil steadies after surge following reported Israeli attack on Iran

April 19 – Oil steadied on Friday after prices spiked earlier on reports that Israel had attacked Iran, as market fears of a major escalation to hostilities in the Mideast appeared to ease and a build-up of global oil stocks weighed.

The benchmark contracts surged more than $3 before dipping back down. At 0845 GMT, Brent futures were up 14 cents, or 0.2%, at $87.25 a barrel. The most active U.S. West Texas Intermediate contract climbed 23 cents, or 0.3%, to $82.96 per barrel.

Israel launched an attack on Iranian soil on Friday, sources told Reuters, the latest tit-for-tat exchange between the two countries that threatens to drag the region deeper into conflict.

Iranian media reported explosions, but an Iranian official told Reuters those were caused by air defence systems. State media said three drones over the central city of Isfahan had been shot down.

“The fear is that we are on an escalating tit-for-tat retaliatory path. … The hope is that the retaliatory strikes will be fading in magnitude and then fizzle out,” said Bjarne Schieldrop, commodities analyst at SEB Research.

“The oil market is nonetheless concerned as there is too much oil supply at stake.”

Last weekend Iran launched hundreds of drones and missiles in a retaliatory strike after a suspected Israeli attack on its embassy compound in Syria. Most of the drones and missiles were downed before reaching Israeli territory, with minimal damage and casualties.

Investors have been closely monitoring Israel’s reaction to the April 13 Iranian drone attacks. The geopolitical risk premium in oil prices had been unwinding this week on the perception that any Israeli retaliation to Iran’s attack would be moderated by international pressure.

Meanwhile a rise in global oil storage weighed on prices.

“Visible oil stocks globally have steadily risen, which seems counterintuitive given strong price action recently,” Citi analysts wrote in a note late on Thursday, citing a build of about 1 million barrels per day in crude stocks over the first quarter.

The U.S. also announced sanctions on Iran, an OPEC member, targeting its unmanned aerial vehicle production after the country’s drone strike on Israel. The sanctions on Iran, however, exclude its oil industry.

(Reporting by Andrew Hayley in Beijing, Florence Tan in Singapore and Laila Kearney in New York; Editing by Sonali Paul and Tom Hogue, Kirsten Donovan and Sharon Singleton)

Oil settles slightly higher as Iran plays down reported Israeli attack

NEW YORK, April 19 – Oil settled slightly higher on Friday, but posted a weekly decline, after Iran played down a reported Israeli attack on its soil, a sign that an escalation of hostilities in the Middle East might be avoided.

Brent futures settled up 18 cents, or 0.21%, at USD 87.29 a barrel.

The front-month US West Texas Intermediate (WTI) crude contract for May ended 41 cents higher, or 0.5%, to USD 83.14 a barrel. The more active June contract closed 12 cents higher at USD 82.22 a barrel.

Both benchmarks spiked more than USD 3 a barrel earlier in the session after explosions were heard in the Iranian city of Isfahan in what sources described as an Israeli attack. However, the gains were capped after Tehran played down the incident and said it did not plan to retaliate.

“It was nothing but a big show, and so the markets deflated as quickly as they spiked,” said Tim Snyder, economist at Matador Economics.

Investors had been closely monitoring Israel’s response to Iranian drone and missile attacks on April 13 that was in turn a response to a presumed Israeli air strike on April 1 that destroyed a building in Iran’s embassy compound in Damascus.

Meanwhile, US lawmakers have added sanctions on Iran’s oil exports to a pending Ukraine aid package after Tehran’s strike on Israel last weekend.

Iran is the third largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), according to Reuters data.

The International Monetary Fund expects OPEC+ to begin increasing oil output from July, media reported on Friday.

OPEC+ members, led by Saudi Arabia and Russia, last month agreed to extend voluntary output cuts of 2.2 million barrels per day (bpd) until the end of June. That has helped keep oil prices elevated.

As oil’s risk premium has gradually unwound, prices have fallen around 3% since Monday. Both benchmarks posted their biggest weekly loss since February.

Investors, however, are not ruling out the possibility that Middle Eastern tensions will disrupt supply.

Analysts from Goldman Sachs and Commerzbank raised their Brent crude forecasts on Friday, taking into account geopolitical tensions as well as the prospect of rising demand and restrained supply by OPEC and allies (OPEC+).

“Oil demand is growing at a healthy pace, and supply should be constrained due to the extensions of the voluntary production cuts of OPEC+,” UBS analyst Giovanni Staunovo said.

US energy firms this week added oil and natural gas rigs for the first time in five weeks, energy services firm Baker Hughes said in its closely followed report on Friday.

The oil and gas rig count, an early indicator of future output, rose by 2 to 619 in the week to April 19.

Money managers cut their net long US crude futures and options positions in the week to April 16, the US Commodity Futures Trading Commission (CFTC) said on Friday.

(Reporting by Nicole Jao and Laila Kearney in New York, Robert Harvey and Noah Browning in London, Deep Vakil in Bengaluru, Andrew Hayley in Beijing, Florence Tan in Singapore; editing by Barbara Lewis, Jonathan Oatis, and Bill Berkrot)

Dollar rises with US yields on dwindling Fed cut hopes

April 18 – The dollar index rose 0.18% after hawkish Philly Fed data and comments from Federal Reserve Bank of New York President John Williams reinforced the view rate cuts are off the table unless the US disinflation trend resumes, and though not his baseline forecast, the Fed would hike if data called for it.

Treasury yields rebounded 5-6bp from 2 to 10-year tenors. They had fallen back from Tuesday’s new 2024 highs that came in response far above forecast US retail sales and Fed Chair Jerome Powell and Vice Chair Philip Jefferson then affirming rate cuts would be delayed and were even more data-dependent.

Static, yet still quite low jobless claims, and weaker-than-forecast leading indicators and existing home sales had little impact on markets. Futures now price in a first Fed rate cut in either September or at the Nov. 7 meeting, two days after the US election. And total 2024 cuts of just 39bp are being priced in.

EUR/USD fell 0.26%, as ECB policymakers largely stuck to the view that rate cuts could begin by June and that inflation was likely to retreat further. That as the Bundesbank noted the German economy was doing a bit better, though “there is still no evidence of sustained improvement.” The eurozone’s current account surplus fell in February on weaker trade.

EUR/USD’s rebound from Tuesday’s low by 1.0600 looks like a correction, not the start of a trend reversal.

USD/JPY rose 0.14%, more than reversing earlier 153.96 lows as Treasury-JGB yield spreads rose on the Philly Fed and dwindling Fed rate cut expectations.

Prices still face major resistance by 155 and the potential threat of BoJ intervention to support the yen. That risk gained some credibility due to Wednesday’s US, Japan, and South Korea finance ministers’ agreement to “consult closely” on FX markets.

However, unless US data cool off, an intervention-driven USD/JPY drop would be viewed as a buying opportunity, because the BoJ is seen moving very gradually with any further rate hikes that could narrow very attractive Treasury-JGB yield spreads.

Friday’s Japan CPI data is unlikely to change that view, unless the core inflation rate rises for a second month instead falling to 2.6% from 2.8% in February as forecast.

Somewhat ironically, the Fed’s favored inflation gauge, core PCE due out on April 26, was also at 2.8% in February, though US core CPI inflation held steady for a second month at 3.8%.

Sterling fell 0.11%, led by falling Gilts-Treasury yields spreads, after correcting a small slice of its mid-April plunge. The BoE is now seen a bit more likely to cut rates in Q3 than the Fed, with swaps pricing in 43bp of cuts by year-end. That amid conflicting dovish and hawkish views from Governor Andrew Bailey on Wednesday and policymaker Megan Greene on Thursday.

UK March retail sales are due out Friday and are seen recovering from weak February results.

Risk-off flows into the dollar could rise again as US stocks continue to April’s retreat and pre-weekend geopolitical anxiety may rise.

(Editing by Burton Frierson; Randolph Donney is a Reuters market analyst. The views expressed are his own.)

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