On June 24, Brent crude futures fell below $74 a barrel as tensions involving Iran eased and tanker traffic through the Strait of Hormuz resumed. International Air Transport Association data show average jet fuel prices slid from a February peak above $170 a barrel to $119.17 a barrel in the week to June 19. The drop lowers airlines’ biggest cost, but it has not fed through to ticket prices.

Markets are bracing for the Personal Consumption Expenditures Price Index, with economists expecting it to rise to 4.1%, well above the Federal Reserve’s 2% target. CME Group’s FedWatch tool shows traders have sharply raised the odds of a second rate hike by the Fed by the end of December. The shift has reinforced expectations for higher rates and kept pressure on richly valued technology stocks, leaving Nasdaq futures struggling to rebound while Dow futures turned lower. Micron’s after-hours earnings are expected to be strong, but analysts say the stock’s pattern of post-earnings declines may do little to ease broader valuation concerns in tech.

Cerebras reported its first earnings since its IPO, posting Q1 revenue of $193.4 million, up from $99.5 million a year earlier, and an adjusted net loss of $2.5 million, narrower than expected. The company guided for Q2 gross margin of 36% to 38%, above expectations but still well below AI chip rivals such as Nvidia. Cerebras’ reliance on a $20 billion multiyear OpenAI deal, alongside concerns about yields and costs for its very large chips, weighed on sentiment as the stock fell 7.8% in after-hours trading.

European share futures fell early Tuesday, with STOXX 600, DAX and CAC 40 futures down 1.1%, 1% and 0.8%, respectively. Markets have reinforced expectations that the Federal Reserve will raise rates by a total of 50 basis points by year-end, while the European Central Bank is also seen adding another 25 bps later this year. Higher borrowing costs are weighing on firms’ ability to finance AI-related spending, pressuring the previously leading European tech sector and dragging on the main indexes.

Indian fintech firm CRED said it will raise about $900 million from Meta Platforms at a post-money valuation of $4.5 billion. The deal is aimed at accelerating CRED’s growth and preparing for an eventual stock market listing. Meta did not disclose the accounting treatment for the investment, and there was no indication it would amount to a material capital expenditure or a strategic shift, according to Reuters. The announcement does not involve Meta’s operating performance, dividends, buybacks, regulatory risk or business-model changes and is not a direct price driver for META.O shares.

Asia’s crude imports are projected at 22.18 million barrels per day in June, rebounding from May but still below pre-war levels. Refined product exports are seen at 9.20 million bpd, 13% under pre-war shipments, as inventories of diesel and gasoline continue to fall. In Singapore, gasoline is up 30.6% from Feb. 27 and jet fuel has gained 20.4%, while refining margins around $11.51 a barrel point to tight fuel supply. The premium in fuel prices is providing tangible support for crude and fuel-linked assets.

China’s refined oil product exports excluding Hong Kong and Macau rose 40% in May from April but plunged 69% from a year earlier, customs data showed. The drop comes as export restrictions tied to the Iran war were imposed to safeguard domestic supply, according to Reuters. Gasoline exports were 32,838 metric tons and diesel exports excluding Hong Kong and Macau were 216,196 tons, both still at low levels. Australia received 79,000 tons of jet fuel and 20,255 tons of diesel under agreed volumes.

Indian equities fell on Friday, snapping a five-session advance as technology stocks sank, with the Nifty IT index sliding 3.7% to a three-year low. The Nifty 50 closed down 0.64% and the BSE Sensex fell 0.78%. The selloff followed Accenture’s warning that clients remain cautious on technology spending, raising concerns about demand for Indian IT exporters, Reuters reported.

The Indian rupee has climbed 0.8% this week to a six-week high, supported by stronger inflows into Indian bonds and a slowdown in foreign equity outflows. Importers and exporters have also shifted toward more two-way hedging activity. The move comes as India takes steps to attract dollar inflows and crude oil prices plunge after the U.S.-Iran peace deal, even as the dollar index rises 1% this week to 100.92 on the Fed’s hawkish signals.