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Friday, June 12, 2026
What’s happening: US stocks rose sharply on Thursday as investors monitored the latest developments related to Iran conflict.
What happened: The Dow Jones index jumped more than 900 points after President Donald Trump announced to halt the planned strikes against Iran.
Trump also said that a peace deal between the US and Iran could be signed as soon as this weekend.
Why it matters: President Donald Trump began the day with threats of escalating the war, saying that the US would gain “total control” of Iran’s oil and gas markets.
A few hours after the threats, Trump said that he had called off new military strikes on Iran and that a peace agreement could be signed in Europe as soon as this weekend.
Iran’s Foreign Ministry spokesman Esmaeil Baqaei said in a statement that discussion had not reached “a final conclusion,” while condemning the recent US attacks and terming them as “America’s ongoing policy of armed robbery and State piracy.”
Despite Iran’s statements, Trump’s comments sparked hopes of the reopening of the Strait of Hormuz.
US equity markets extended gains on Thursday, after a sharp selloff in the previous session.
Stocks of chipmaker rose sharply, with the PHLX Semiconductor index notching its biggest single-session percentage gain since April 2025. SanDisk’s stock jumped almost 15%, while shares of Lam Research and Entegris spiked almost 13% on Thursday.
Data released on Thursday showed US producer prices rose by 1.1%. The latest reading came in above market estimates of 0.7% and marked the biggest annual gain in more than three years. The US also reported initial jobless claims, which rose by 4,000 to a three-month high of 229,000 in the latest week, above market estimates of 219,000.
Markets widely expect the Federal Reserve to keep its benchmark interest rates unchanged at its monetary policy meeting next week, while anticipating a rate hike of 25 basis points by yearend.
The Dow Jones index jumped 929.97 points, or 1.86%, to close at 50,848.75 on Thursday, while the S&P 500 surged 1.75% to settle at 7,394.30 on Thursday. The Nasdaq 100 climbed 3.29% to close at 29,446.18. All three stock indices recorded their biggest daily percentage surge since April 8.
What to watch: Investors will continue monitoring peace talks between the US and Iran.
Data on Michigan consumer sentiment (1800 UAE Time) will be released by the US today. The University of Michigan’s consumer sentiment index, which fell to a record low of 44.8 in May, is expected to rise to 46 in June.
Investors will also focus on the SpaceX initial public offering, projected to begin on the Nasdaq today, after the company on Thursday priced the biggest-ever IPO in the US at $135 per share.
Context: The New Zealand dollar fell against the US dollar this morning as investors digested latest economic data.
Details: Data released this morning showed that the Business NZ performance of manufacturing index in New Zealand fell to 49.9 in May, from a reading of 50.4 in April. The figure marked the first contraction in manufacturing since June 2025. The Iran conflict weighed on the index, while the employment sub-index fell to the negative zone.
Visitor arrivals to New Zealand rose 8.0% year-over-year to 288,546 in April, easing sharply from a 15.1% surge in the previous month. The latest gain was the smallest since January, with visitor growth slowing to the weakest level in three months due to the impact of surging oil prices amid the Middle East conflict.
The US dollar fell on easing demand for the safe-haven asset after President Donald Trump said a peace deal with Iran could be signed as soon as this weekend.
Weakness in the US dollar lent some support to New Zealand’s currency this morning. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell around 0.1% to 99.81.
The NZD/USD pair fell more than 0.3% to 0.5818 this morning, while the S&P/NZX 50 Index surged around 1.3% to 13,368.32.
What to watch: Investors will continue monitoring developments related to the US-Iran conflict.
Data on Westpac consumer confidence (0100 UAE Time), services NZ PSI (0230 UAE Time) and electronic retail card spending (0245 UAE Time) will be released by New Zealand on Monday. The Westpac McDermott Miller consumer confidence index, which declined to 94.7 in the first quarter from 96.5 in the previous quarter, is expected to fall further to 92.9 in the second quarter.
Analysts expect New Zealand’s BusinessNZ performance of services index to decline to 48 in May from 48.9 in April, while electronic card transactions are expected to decline 0.6% in May following a 1.3% contraction in April.
Other Markets: European indices closed higher on Thursday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index up by 0.48%, 0.06%, 0.48% and 0.54%, respectively.
A Ukraine-made FP-5 Flamingo cruise missile hit its target deep inside Russia. The news sent the USD/RUB pair higher in forex trading this morning.
Germany’s current account surplus shrank to €13.8 billion in April from €18.7 billion in the year-ago month, exerting pressure on the EUR/USD forex pair.
Peru’s Central Reserve Bank held its benchmark interest rate at 4.25% at its latest meeting, which sent the USD/PEN pair higher in forex trading this morning.
Canada’s building permits declined by 7.6% to C$12.5 billion in April, following a 10.6% gain in the previous month. The latest reading falling short of market estimates of a 3.5% decline lent support to the USD/CAD forex pair.
Mexico’s industrial production grew 2.3% year-over-year in April, after the previous month’s 1.3% contraction. Despite the figure topping market estimates of a 0.8% decline, the USD/MXN pair rose in forex trading this morning.
India’s inflation rate (1430 UAE Time), bank loan growth (1530 UAE Time), deposit growth (1530 UAE Time) and foreign exchange reserves (1530 UAE Time), Brazil’s inflation rate (1600 UAE Time), Canada’s capacity utilization (1630 UAE Time) and new motor vehicle sales (1630 UAE Time), Brazil’s business confidence (1740 UAE Time), car production (1800 UAE Time) and new car registrations (1800 UAE Time), as well as US Michigan 5 year inflation expectations (1800 UAE Time), Michigan current conditions (1800 UAE Time), Michigan inflation expectations (1800 UAE Time), Baker Hughes oil rig count (2100 UAE Time) and Baker Hughes total rigs count (2100 UAE Time).
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