EU Market Open: Europe set for a firmer open as energy benchmarks moderate on geopolitical optimism

• Crude futures extended their declines after falling around 5% yesterday as geopolitical developments appeared more constructive.
• Iran's Deputy Foreign Minister said US minesweepers are very good targets if they enter the region.
• APAC stocks were mostly in the green following the gains on Wall Street, where sentiment was underpinned amid Strait of Hormuz optimism, lower oil prices and a drop in yields.
• US equity futures were indecisive following recent gains and as participants brace for NVIDIA earnings; European equity futures indicate a mildly positive open.
• AUD/USD outperformance was seen following firmer-than-expected monthly inflation data, which remained above the RBA's 2%-3% price target.
• Looking ahead, highlights include US Durable Goods (Jul), PCE (Jul), GDP 2nd (Q2), Atlanta Fed GDP (Q3). Comments from ECB’s Cipollone. Supply from Germany, Italy and the US. Earnings from NVIDIA, Salesforce & CrowdStrike.

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