• As weekend missile exchanges between Israel and Iran shook global markets, US futures rose cautiously at the close on Sunday night, as oil inched up, following last week’s rally to levels not seen since January. Gold also rallied, capturing safe-haven flows as volatility increased. Such geopolitical tension is added to other market concerns already being created by uncertainty about tariffs.

• In the Eurozone, the ECB believes tariffs will weigh on Eurozone economic growth and prices for years, while Vice President Luis de Guindos softened inflation fear of hitting levels too low as viewing risks to be weighed. Investors were in a defensive “wait-and-see” mood when markets opened on Monday, while Brent crude’s early surge shortly pared back.

• Meanwhile, as that develops, The Washington Post is investigating a cyberattack on email accounts belonging to journalists and initial reports suggest the potential involvement of a foreign government in attacking national security and economic policy reporters. Already boosted by President Trump’s confrontational tariff policy and central bank diversification away from the dollar, gold prices continued their rally driven by the heightened Middle East tensions.