Although White House officials have confirmed that President Obama will not meet with Iranian President Hassan Rohani at the United Nations General Assembly, it appears that Iran is preparing to engage and improve its relations with the world's leading superpower. Before departing for New York, Rohani released 80 political prisoners as a sign of goodwill and has made comments which indicate that Iran is ready to close the chapter of three decades of animosity between the two nations. Rohani told world leaders at the United Nations, "I firmly believe the diplomatic path must be tested."
The Case-Shiller Index of property prices across 20 U.S. metropolitan areas has shown an increase of 12.4% since July 2012. This is the biggest rise in property prices over a 12 month period in more than seven years. Household wealth in the U.S. has been significantly boosted by rising stock markets and property values, and this supported higher levels of consumer spending. Consumer spending accounts for the biggest part of the U.S. economy. Overnight, the U.S. dollar continued to firm and recover its losses from the surprise decision by the Federal Reserve not to taper stimulus last week.
U.S. equity markets have eased for a fourth consecutive day as investors concerns over U.S. budget talks and the debt ceiling mount. An apparent thaw that has been underway in tensions between the United States and the Middle East did not seem to impact investor optimism. Homebuilders recorded strong gains as house prices performed well over the past 12 months. The S&P 500 has closed 0.26% lower at 1,697.42. Earlier in Europe, the DAX gained 0.34% while the FTSE rose 0.21%.
Commodity prices were lower once again with the major indexes losing around 0.25%. WTI crude continues to lose ground as a an apparent thaw in U.S./ Middle East relations is underway. WTI lost 0.44% to $103.10. Precious metals have been relatively steady after mixed signs over the past week have seen big swings. Gold is down 0.8% at $1,316 while silver lost another 1.24% to $21.59. Copper is down 1.25%. Agricultural commodities were mostly higher.