Brazilian government says it will support companies affected by international conflict, especially exporters to Persian Gulf countries.

At the open, most-active domestic futures contracts were mixed: Shanghai crude (SC) rose over 3%; fuel oil, container freight (Europe route), low-sulfur fuel oil (LU) and soybean meal climbed nearly 2%; palm oil, Shanghai silver, rapeseed meal and lithium carbonate gained more than 1%. On the downside, alumina fell over 1%; synthetic rubber, eggs and live hogs declined about 1%.

HSBC strategist Dhiraj Narula says HSBC finds long-dated US TIPS attractive. TIPS real yields are at multi-decade highs after a sharp rise in recent weeks while inflation breakevens have plunged and remain low despite oil gains tied to renewed Middle East tensions. Narula attributes the divergence mainly to several Fed officials delivering firmer price-stability signals and reaffirming commitment to a 2% inflation target.