{"id":655,"date":"2026-06-01T07:07:15","date_gmt":"2026-06-01T07:07:15","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=655"},"modified":"2026-06-01T07:07:15","modified_gmt":"2026-06-01T07:07:15","slug":"morning-bid-who-needs-oil-when-theres-ai-to-buy","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=655","title":{"rendered":"Morning Bid: Who needs oil when there’s AI to buy?"},"content":{"rendered":"
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June 1 (Reuters) – A look at the day ahead in European and global markets from Wayne Cole.<\/div>\n
It seems investors are concluding no news is good news when it comes to the Gulf peace talks. President Trump \u200bhad said he was meeting last Friday to decide on whether to sign off \u200con an extension to the ceasefire, but since then it’s been silence, well apart from comparing himself to Elvis.<\/div>\n
Defence Secretary Hegseth did pop up to say the U.S. could restart attacks on Iran if a suitable deal was not \u200bagreed. Indeed, news came Monday that U.S. forces had struck Iranian targets over the weekend, while Iran \u200bsaid it had targeted an air base used in what it called a U.S. \u2060attack and Kuwaiti defences were reported to be intercepting missile and drone strikes.<\/div>\n
As it is, shipping through \u200bthe Strait of Hormuz remains at a trickle with eight vessels heading outbound on May 30, and \u200bonly two of those tankers. Pre-war the daily average was 136 or so.<\/div>\n
Commodity analysts have for some time been warning that mid-June would be when global oil inventories would be so run down that actual shortages would emerge, so the \u200bclock is ticking. Yet Brent is well under $100, even after rising 2.5% today to $93.40.<\/div>\n
Asian share markets \u200bare too focused on AI to care, and who can blame them? South Korea’s main index climbed 28% in May, \u200cwhile \u2060Taiwan added 15% and the Nikkei 12%. Samsung Electronics (005930.KS)<\/svg>, opens new tab<\/span> was up 10% on Monday alone as it began shipping a new type of faster chips.<\/div>\n
The boom in tech was clear in some truly astounding trade numbers from South Korea where exports were up 53% in May on a year earlier at almost $88 billion. Exports \u200bof semiconductors rose 169% \u200band computers 291%.<\/div>\n
And yet \u2060the Korean won is not far from all-time lows, suggesting Korea’s dollar earnings are staying in dollars and not being converted. Presumably much of that \u200bis held in Treasury paper, so the AI boom is indirectly helping the \u200bU.S. administration \u2060fund its massive budget deficit. Swings and roundabouts.<\/div>\n
Nvidia (NVDA.O)<\/svg>, opens new tab<\/span> boss Jensen Huang kicks off the Computex trade show in Taipei on Monday with a speech about AI in which he is expected to tout his company’s latest \u2060products as \u200bwell as the mountain of investment he’s planning for Taiwan.<\/div>\n
Key \u200bdevelopments that could influence markets on Monday:<\/div>\n
– EU unemployment for April, EU PMIs, German retail sales<\/div>\n
– US ISM manufacturing survey for \u200bMay, US PMI<\/div>\n<\/div>\n

Read more Asia stocks extend AI bull run, oil up on Gulf hostilities<\/a><\/p>\n

Read more Taiwan fans seek divine help to secure K-pop band BTS concert seats<\/a><\/p>\n

Read more China tightens overseas investment rules after blocking Meta-Manus deal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A look at the day ahead in European and global markets from Wayne Cole.<\/p>\n","protected":false},"author":1,"featured_media":654,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nMorning Bid: Who needs oil when there's AI to buy? - Reliable Moving Crews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reliablemovingcrews.com\/?p=655\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morning Bid: Who needs oil when there's AI to buy? - Reliable Moving Crews\" \/>\n<meta property=\"og:description\" content=\"A look at the day ahead in European and global markets from Wayne Cole.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/reliablemovingcrews.com\/?p=655\" \/>\n<meta property=\"og:site_name\" content=\"Reliable Moving Crews\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-01T07:07:15+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/reliablemovingcrews.com\\\/?p=655#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/reliablemovingcrews.com\\\/?p=655\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/reliablemovingcrews.com\\\/#\\\/schema\\\/person\\\/34f02a869ba60b78ae3d994f205e0d24\"},\"headline\":\"Morning Bid: Who needs oil when there’s AI to buy?\",\"datePublished\":\"2026-06-01T07:07:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/reliablemovingcrews.com\\\/?p=655\"},\"wordCount\":473,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/reliablemovingcrews.com\\\/?p=655#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/reliablemovingcrews.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/43eee8b4c1b433fb5ee24dd8d0c88f26.avif\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/reliablemovingcrews.com\\\/?p=655#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/reliablemovingcrews.com\\\/?p=655\",\"url\":\"https:\\\/\\\/reliablemovingcrews.com\\\/?p=655\",\"name\":\"Morning Bid: Who needs oil when there's AI to buy? 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