Heading into the latest US 3-day holiday weekend, there was a lot of saber rattling from the US president, this time at Iran.
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However, Russia's Putin voiced his support for Iran's current regime, and the war drums along the Potomac grew quiet.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. Speaking of war drums, according to one report, Beijing is stockpiling crude oil, seen as a strategic preparation for possible conflict with the US and its “allies”.
Morning Summary: While US markets are closed for yet another pointless holiday, this one celebrating presidents of the past, global markets continue to register concern over the present president. One investment fund manager I work with sent me a message late Friday with two news stories attached, one from Reuters with the teaser, “US military preparing for potentially weeks-long Iran operations” the other from the Washington Post, “U.S. orders second aircraft carrier to Middle East…”. The message included his editorial comment, “Next file dump must be soon…There was a time when Congress had to approve this…”. As this past weekend unfolded, the self-declared president of Venezuela was reportedly thinking of pulling recently deployed US warships back out of the Middle East after Russia’s Vlad the Invader expressed his support for the existing regime in Iran. The decision by the wannabe Grand Poohbah of Greenland will eventually come down to how much perceived political damage there could be in the latest files. If nothing else, this past decade has taught us what the word “diversion” means. In other news, China’s Lunar New Year holiday starts on Tuesday, meaning there could be some activity from the world’s largest commodity buyer Monday.
