Latest Irish Life weekly markets update

Key talking points include:

• Global markets tumbled last week, as investors digested escalating conflict in the Middle East in the wake of US and Israeli military strikes on Iran, rising energy-driven inflation risks and an unexpectedly weak US jobs report.
• Oil prices surged amid concerns about potential supply disruptions and broader geopolitical spillovers. Uncertainty about the conflict’s duration and its potential impact on energy markets drove bond yields higher as investors reassessed inflation risks and the outlook for interest rates.
• The S&P 500 fell by 2.0% (MTD -2.0%, YTD -1.5%) while the Euro Stoxx 600 declined by 5.6% (MTD -5.6%, YTD 1.1%).
• This week, developments in the Middle East will dominate. Overnight, oil prices rose by 29% to $119 per barrel at one stage before dropping back below $110 on news that the G7 group of countries will meet to discuss a co-ordinated release of national strategic reserves. Asian and European equity and bond markets opened lower on Monday. Investors will also be watching key US data relating to jobs and inflation ahead of next week's Federal Reserve rate committee meeting.