• CXMT scores massive IPO, becomes the most-valuable company in mainland China
• Japan June services PPI 3.2% vs 3.3% prior
• Iran says it will halt strikes so long as US pause continues
• China June industrial profit YTD +18.7% vs +18.8% prior
• Xi tells Lula China ready to strengthen strategic coordination with Brazil
• Nvidia is in talks to provide a roughly $250 billion backstop for OpenAI as part of a massive data center project

Markets:

• WTI crude oil down $4.03 to $85.29
• S&P 500 futures up 52 points to 7499
• Gold up $36 to $4090
• US 10-year yields down 4.2 bps to 4.63%
• EUR leads, USD lags

The US and Iran continued to hold fire on Sunday and that led to a drop in oil prices but note the unease as WTI fell as low as $83.10 before rebounding more than $2. Still, the price action reverberated elsewhere with S&P 500 futures up 0.7% and Nasdaq futures up more than 1%. Gold and the euro also benefitted from peace hopes.

Iran said it would continue to halt strikes so long as the US did the same. It’s a tenuous start to a peace process but it underscores that neither side genuinely envisions a military path to victory.

In China, the huge debut for CXMT is a good sign for the chip-mania that’s gripped markets for more than a year. The DRAM-maker becomes mainland China’s largest listed company.

Overall, it was a promising start to a huge week in the markets that features the Fed decision and 4 of the Mag7 earnings reports. 

This article was written by Adam Button at investinglive.com.