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Belarus adds cryptocurrencies to approved underlying assets for NDF instruments
Belarus has expanded its approved list of underlying assets for non-deliverable OTC instruments to include digital tokens such as cryptocurrencies, including Bitcoin. The change was set out in a joint resolution dated May 23 and published Tuesday, taking effect on Wednesday, May 27, and is expected to support broader integration of crypto into the country's financial system.
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Brent Jumps 2.5% to $99 on May 26 After U.S. Confirms Strikes in Southern Iran
On May 26, Brent crude rose 2.5% to $99 per barrel in European trading as the U.S. military confirmed strikes in southern Iran that it said targeted vessels allegedly trying to deploy mines and missile launch positions. The Strait of Hormuz—through which roughly 20% of global oil supply, or about 20 million barrels per day, transits—returned to focus, while WTI July futures were down 4.1% at $92.79 versus Friday’s close after Monday’s Memorial Day holiday. The report also cited a $3 to $5 per barrel Hormuz risk premium and outlined potential impacts on U.S. energy producers’ free cash flow and capital returns.
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Morgan Stanley CIO Mike Wilson Sees S&P 500 Reaching 8,300 Within 12 Months
Morgan Stanley chief investment officer Mike Wilson says the US is in a "rolling recovery" and argues that equity pullbacks can create entry points for long-term investors. He forecasts the S&P 500 could climb to 8,300 over the next 12 months, citing higher earnings expectations after the firm lifted its S&P 500 EPS estimate by about 5%. Wilson also notes the index is unlikely to rise in a straight line, so corrections may offer opportunities to add exposure.
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