Latest Irish Life weekly markets update

Key talking points include:

• Ongoing tensions between Israel-Iran weighed on markets last week. Tensions in the region further escalated after the US carried out strikes on three Iranian nuclear facilities over the weekend. Oil futures are higher this morning as investor concerns turn to the Strait of Hormuz and the possibility that global oil shipping may be impacted.
• The Federal Reserve held interest rates steady for the fourth consecutive meeting (as expected). Policymakers expect to make two interest rate cuts through the remainder of the year, however, expectations for inflation and unemployment by the end of 2025 both rose.
• The S&P 500 fell by 0.2% (MTD 0.9%, YTD 1.5%) while the Euro Stoxx 600 fell by 1.5% (MTD -2.2%, YTD 5.7%).
• Developments in the Middle East are likely to remain in focus this week. Elsewhere, consumer confidence data on Tuesday and US job numbers on Thursday are likely to be of interest.