Fed hawkishness and stretched valuations offset Iran deal relief, Deutsche Bank says

Risk assets have barely reacted despite the interim US-Iran deal and a sharp decline in oil prices, with the S&P 500 still below its early-June record high and credit spreads widening. Deutsche Bank's Henry Allen says the market is being pulled by four competing forces, leaving asset prices broadly unchanged. The article is primarily an analyst framing piece rather than a new market-moving event.

Analysis

Risk assets have barely reacted despite the interim US-Iran deal and a sharp decline in oil prices, with the S&P 500 still below its early-June record high and credit spreads widening. Deutsche Bank's Henry Allen says the market is being pulled by four competing forces, leaving asset prices broadly unchanged. The article is primarily an analyst framing piece rather than a new market-moving event.