investingLive European markets wrap: A more tepid mood as US-Iran talks hit a snag again

Headlines: Iran foreign ministry spokesperson says proposal to the US was "not excessive" US futures subdued but not under any pressure despite US-Iran setback Oil prices rebound into triple digit levels amid lack of US-Iran breakthrough Heads up: Trump-Xi summit due for later this week ECB policymaker de Guindos says comparison to energy price shock in 2021-22 is not right ECB policymaker Kocher says waiting in April meeting was a justifiable decision BoE's Greene: Worth waiting before deciding on rate hikes Markets: WTI crude up 2.5% to $97.80, Brent crude up 2.5% to $103.80 US dollar a little higher across the board USD/JPY inches above 157.00, intervention risks eyed European stocks mostly lower, French benchmark index down 1% US futures more tepid, S&P 500 futures down by just 0.1% US 10-year yields up 2.6 bps to 4.39% Gold down 0.9% to $4,671 Bitcoin down 1.2% to $81,166 Well, it looks like we're going back to the drawing board on the US-Iran conflict. There was much hopeful optimism at the end of last week but all of that has come undone over the weekend. That after Iran has claimed that the US is making "unreasonable demands", with the US responding that Iran's peace proposal itself also containing "excessive demands" in return. US president Trump even responded in saying that the proposal was "TOTALLY UNACCEPTABLE!". So, that pretty much sums things up. With Trump set to visit Beijing later this week, we will likely be sidetracked to focus on US-China relations in the coming days. As such, the US-Iran conflict will continue with the status quo until next week at least. That isn't going down well with the oil market with prices climbing again to start the week. WTI crude briefly hit the $100 mark earlier but backed off after, though still up 2.5% on the day to $97.80. In other markets, equities are taking things in stride or should I say US futures mostly. European stocks are mostly lower while S&P 500 futures are down by just 0.1% amid a more subdued mood but nothing too pressuring. Tech shares continue to stay on the hunt to build on six straight weeks of gains, following the record close on Friday. As for major currencies, the dollar is sitting a little higher with EUR/USD down 0.1% to 1.1767 while USD/JPY is creeping up by 0.3% to 157.10 on the day. The latter is one to watch out for amid potential intervention risks as it crosses the 157.00 threshold once again. Besides that, bond yields are holding higher while precious metals are mixed with gold sitting lower on the day. Gold is down 0.9% to $4,671 as traders lose some appetite but silver is trying to go in search of a breakout, climbing 1.4% to $81.40. Of note, silver is looking for a potential break of its 100-day moving average of $80.60 currently. All in all, the market mood remains a bit more mixed. While there is a setback to US-Iran developments, there isn't much of a negative risk reaction - at least nothing major. So, we can only wait and see how things progress in the days ahead. Are traders too complacent or are the potential concerns about the situation overblown? This article was written by Justin Low at investinglive.com.