Stocks and crypto moved higher on Monday while oil prices fell. Investors are pricing in several developments this week, the biggest being the Trump-Xi meeting in Washington.
Bitcoin (BTC) held above $81,000 and Asian equities advanced, while crude slipped to its lowest in more than a week.
Beijing Becomes the Variable in the Iran Standoff
Trump is scheduled to meet with Xi in Washington on September 24. Traders are treating that meeting as the week’s main event for trade sentiment, and it now carries a second angle tied to the Gulf.
Saudi Arabia has asked Beijing for help with the Houthis, prompting China to privately urge Tehran to use its influence to rein in the Yemen-based group. Reuters reported the request on September 17, citing three Iranian sources familiar with the matter.
The Iran-backed group said it struck sensitive sites in Riyadh on Saturday with missiles and drones. It also hit an Aramco facility at the Red Sea export hub of Yanbu.
Mark Pfeifle, a Republican strategist and former White House national security official, told Al Jazeera that China’s role is the development worth watching this week.
“Now, the Saudis have asked the Chinese to intervene with the Iranians and to hold back the Houthis. So, you’re seeing for the first time, really, China involving themselves,” Pfeifle said.
Meanwhile, Tehran has already made its move. Iran conveyed its conditions for ending the war to Washington through Qatari mediators, security chief Mohsen Rezaei told Al Jazeera on Saturday.
Those terms include ending the war on all fronts, unfreezing Iranian funds, and lifting the naval blockade.
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Global Markets Climb as Oil Slips Over 2%
Now, traders see a chance for diplomacy during UN week. At the same time, Saudi shipments are recovering. The oil shipments through the Strait of Hormuz averaged 2.9 million barrels per day (bpd), up sharply from 700,000 bpd in August.
The developments pushed oil lower. West Texas Intermediate traded near $98 a barrel, down about 2.2%, while Brent slipped about 2.1% to roughly $102.
Equities moved in the opposite direction. South Korea’s KOSPI rose 1.67% to 7,009.27, the Kosdaq added 0.99%, Taiwan’s TAIEX gained 1.10%, and Hong Kong’s Hang Seng rose 0.59%.
S&P 500 futures were up 0.43%, and Nasdaq 100 futures gained 0.61%. Bitcoin added 1.29% to about $81,433. Ethereum (ETH) climbed close to 3% over 24 hours to $2,663. Overall, the market rose 0.089%.
Traders will find out this week whether the Washington summit produces any movement on Iran, or whether the diplomacy track stalls again.
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The post Is the Trump-Xi Summit Now an Iran Summit? Bitcoin, Stocks and Oil Are Trading Like It appeared first on BeInCrypto.
