Stocks and Treasuries sold, while oil surges as Middle East tensions escalate – Newsquawk US Market Wrap

SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar up, Gold down. REAR VIEW: Yemeni Houthis reportedly on the verge of complete control over the Bab al-Mandab Strait; Iran is reportedly producing ballistic missiles again; Houthis take control of Red Sea City, maintain view that Red Sea navigation isn’t safe for Saudi vessels; Very strong US 30yr auction; ECB hikes rates by 25bps as expected; US admin yet to decide on refined copper tariffs; US Existing Home Sales decline as expected; Chinese AI chipmakers have reportedly lifted prices amidst higher memory prices. COMING UP: Data: UK GDP (Jul), US CPI (Aug),…