"Early Signs Of A Turn In US Consumer Discretionary," UBS Says

"Early Signs Of A Turn In US Consumer Discretionary," UBS Says Brent crude futures tumbled below the $80-per-barrel level earlier this morning for the first time since March as traders priced in the U.S.-Iran peace deal and the expected reopening of the Strait of Hormuz maritime chokepoint on Friday. Goldman Sachs and RBC Capital Markets both slashed their fourth-quarter Brent crude forecasts, reinforcing the view that the war-risk premium is rapidly deflating. If oil has peaked...

By Tyler Durden