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Hello, this is Justina Lee writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
US President Donald Trump is considering waging another conflict as the Iran-backed Houthis target Saudi Arabia.
Investors are eagerly awaiting earnings season, with major U.S. banks due to report results on Tuesday, with also a focus on the annual meetings of the International Monetary Fund and the World Bank, which could provide clues about the global financial outlook.
What you need to know today
The conflict in the Middle East continues to intensify after a deadly attack on Riyadh’s main airport by the Tehran-backed Houthis in Yemen. This development could also draw the United States deeper into the regional conflict.
US President Donald Trump has said he plans to join Saudi Arabia in its retaliation against the Houthis. The kingdom has requested “urgent defense support” from the United States following the attacks, two Saudi government officials told MS NOW.
“We could (support Saudi Arabia). We’ll think about it,” Trump told reporters.
This could further complicate the possibility of a lasting resolution until the end of the war in the Middle East. On Saturday, Russian state media reported that President Vladimir Putin conveyed Tehran’s message to Trump about a possible end to the war in Iran.
In Europe, traders are closely watching the Ukraine conflict, with Trump declaring an “energy ceasefire” between Russia and Ukraine – but it is unclear whether either side has agreed to a truce. The two countries trade blows over energy infrastructure. Although there have been ceasefires between the two countries since Russia’s invasion of Ukraine in 2022, they have been difficult to maintain.
Additionally, Ukrainian President Volodymyr Zelensky also reportedly rebuffed Trump’s call for a new president in Ukraine, saying only Russia was responsible for the war in his country. His response came after Trump criticized him for high diesel prices.
Moving on to financial markets: S&P 500 futures were little changed as investors expected a busy week with major banks, including Bank of America, Citigroup and Goldman Sachs, set to kick off earnings season. Nasdaq 100 futures rose 0.24%. Dow Jones Industrial Average futures were flat.
Meanwhile, the International Monetary Fund and the World Bank launch their annual meetings in Bangkok, Thailand, on Monday, drawing thousands of people, including finance ministers, central bankers, business leaders and asset managers, for a week of discussions on the global economy and the strength of the global financial system.
CNBC will be on site at the Queen Sirikit National Convention Center, with interviews with Thai Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas on Monday; Kattiya Indaravijara, CEO of Kasikornbank, one of Thailand’s largest lenders, on Tuesday; and many more to come throughout the week.
The IMF is set to release its World Economic Outlook and Global Financial Stability Report on Tuesday as part of its annual meetings. Investors will also be closely watching a conversation with Federal Reserve Chairman Kevin Warsh on Friday.
— CNBC Anniek Bao also contributed to this newsletter.
And finally…
The value of Pokémon cards is exploding. What Collectors Need to Know Before Buying or Selling
The record $16.5 million Pokémon card sale is drawing new attention to a collectibles market where grading, rarity and authentication can determine whether a card is worth dollars or hundreds of thousands.
“It’s one of the fastest-growing categories and one of the biggest contributors to (our) growth over the last few quarters,” said Adam Ireland, vice president and general manager of collectibles at online marketplace eBay, which also provides authentication and pricing guides for TCGs and non-sports cards.
“From an investment point of view, you have to start with Pokémon,” he said. “It was the most searched term in the eBay collectibles environment during the first half of the year.”
— Bob Woods
Gn bussni
