The upcoming Asia-Pacific session is likely to be a volatile one.
The first fear is that the call between Biden and Netanyahu today will preceed strikes against Iran, including against oil infrastructure. Axios reports that a ‘major attack against Iran’ could be coming, though it doesn’t speculate on the timeline.
The report says that Israel’s security cabinet won’t convene until Thursday so there is likely another day to wait but I hardly believe anything in the fog of war. A separate report from the WSJ said the US is frustrated that Israel has so far refused to divulge attack plans to Washington.
So far, the White House has only said today’s call “was direct” and “productive.”
The second major event is the landfall of Hurricane Milton, which should take place close to midnight Florida time. Right now the track is slightly south of Tampa Bay but that could easily change and will be a major catastrophe regardless of where it hits the coast. For markets though, it’s a limited event though a notable distraction.