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Hello, my name is Justina Lee from Singapore. Welcome to another edition of CNBC’s Daily Open.
US President Donald Trump is considering intervening in a new conflict as the Iranian-backed Houthis target Saudi Arabia.
Investors are focused on earnings season, with major U.S. banks scheduled to report results on Tuesday, as well as the annual meetings of the International Monetary Fund and World Bank, which could provide clues about the global financial outlook.
What you need to know today
The Middle East conflict continues to escalate following a deadly attack on Riyadh’s main airport by Tehran-backed Houthis in Yemen. This development could also draw the United States deeper into regional conflicts.
US President Donald Trump has said he is considering joining Saudi Arabia in retaliation against the Houthis. Two Saudi government officials told MS NOW that they requested “urgent defense assistance” from the United States in the wake of the attack.
President Trump told reporters, “There is a possibility that we (support Saudi Arabia). We will consider it.”
That could further complicate the prospects for a durable solution to ending the Middle East wars. On Saturday, Russian state media reported that President Vladimir Putin conveyed to President Trump the Iranian government’s message calling for a possible end to the Iran war.
Traders in Europe are closely monitoring the Ukraine conflict as President Trump declares an “energy ceasefire” between Russia and Ukraine, although it is unclear whether either side has agreed to a ceasefire. The two countries are trading blows on energy infrastructure. There has been a ceasefire between the two countries since Russia invaded Ukraine in 2022, but it is difficult to maintain.
In addition, Ukrainian President Volodymyr Zelenskiy reportedly rejected President Trump’s call for a new Ukrainian president, saying Russia was solely responsible for his country’s war. His response came after Trump criticized him for high diesel prices.
Turning to financial markets, S&P 500 futures were little changed as investors expected a busy week as major banks such as Bank of America, Citigroup and Goldman Sachs prepare for the start of earnings season. Nasdaq 100 futures rose 0.24%. Dow Jones Industrial Average futures were flat.
Meanwhile, the International Monetary Fund and World Bank will begin their annual meeting in Bangkok, Thailand, on Monday, drawing thousands of people including finance ministers, central bankers, business leaders and asset managers for a week of talks on the strength of the global economy and global financial system.
CNBC will visit the Queen Sirikit National Convention Center on Monday to interview Eknithi Nitisamprapas, Thailand’s Deputy Prime Minister and Minister of Finance. Kattiya Indaravijala, CEO of Kasikorn Bank, one of Thailand’s largest financial institutions, on Tuesday. There’s a lot more coming this week.
The IMF is scheduled to release its World Economic Outlook and Global Financial Stability Report on Tuesday as part of its annual meeting. Investors are also keeping an eye on Friday’s conversation with Federal Reserve Chairman Kevin Warsh.
— CNBC’s Anniek Bao also contributed to this newsletter.
And finally…
The value of Pokemon cards is skyrocketing. What collectors need to know before buying and selling
The record $16.5 million sale of Pokemon cards has brought new attention to the collectibles market, where grade, rarity and authenticity determine whether a card is worth a few dollars or hundreds of thousands of dollars.
“This is one of the fastest growing categories we’ve ever seen and one of the biggest contributors to (our) growth over the past few quarters,” said Adam Ireland, vice president and general manager of merchandise at eBay, an online marketplace that also offers authentication and price guides for TCG and non-sports cards.
“From an investment perspective, it starts with Pokemon,” he said. “Throughout the first half of this year, it was the most searched term within eBay’s collectibles environment.”
— Bob Woods
