Global Shares Fall Awaiting US President's Statement
Market participants await US President’s announcement on deal with Iran. WTI crude prices overcame $70 a barrel for the first time since November 2014 on Monday. Crude prices were down about 1%, easing from 2014 highs, which had boosted Wall Street in the past two sessions. US stock indexes were on track to open lower today as investors braced for President Donald Trump's decision on Iran nuclear deal.
It is expected that US President Donald Trump will announce the non-compliance of US interests with the agreement on the Iranian nuclear program signed in 2015 by the United States, Russia, China, Britain, France and Iran. The US withdrawal would tighten economic sanctions on Iran, curtailing the country's output that could bolster this year's 13% oil rally.
Markets are currently pricing in a 92% chance that there will be no change to interest rates of the Bank of England this month and just an 8% chance of a rise. Poor retail sales, slower inflation, disappointing growth figures and comments from Mark Carney playing down the chances of a rise have all impacted sentiment.