Market Commentary: Friday 6th March

Stocks stabilised at the end of a volatile week as investors reassessed the impact of the Middle East conflict and a weaker dollar supported risk sentiment. Asian equities edged up 0.2%, reversing earlier losses and led by gains in Chinese technology stocks. Futures pointed to a stronger start in Europe and a modestly firmer open for US markets.

Oil remained the central focus as traders weighed the impact of disruptions in the Strait of Hormuz. Brent briefly fell earlier in the session before trimming losses as ship traffic through the key oil route slowed significantly. The conflict between the US, Israel, and Iran has driven crude toward its largest weekly gain since 2022, fuelling concerns about another potential inflation shock just as markets await fresh signals on US monetary policy.

Attention turns to NFP this afternoon, which could shape expectations for the Fed’s rate path after inflationary concerns pressed higher over the week. The dollar eased slightly while Treasuries were broadly steady, as investors balanced geopolitical risks against signs that the conflict may not escalate into a prolonged global disruption.

• S&P 500 futures +0.1%
• Nasdaq 100 futures +0.2%
• US 10-year yield unchanged ~4.14%
• Bitcoin −0.6% to $70,687
• Gold +0.8% to $5,121
• WTI −0.6% to $80.50

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