Market Commentary: Thursday 16th April

Global equities pushed to fresh record highs as optimism around a potential extension of the US–Iran ceasefire kept oil prices contained and helped unwind war-driven risk premiums. The MSCI All Country World Index rose for a 10th consecutive session, while Asian equities gained 1.3% and have now largely erased losses tied to the conflict. US and European futures pointed to further gains, with renewed strength in technology stocks and resilient earnings helping to drive the recovery.

The rally reflects growing confidence that easing tensions will keep oil prices contained and support growth, with Brent holding around $95 a barrel, well below recent peaks. A weaker dollar has also supported risk appetite, with the Bloomberg Dollar Spot Index heading for its longest losing streak since 2006, though EUR/USD is still struggling to sustain a move through 1.18.

On the data front, we have had strong GDP numbers out of the UK this morning, with MoM growth at 0.5% versus 0% expectations. Later this morning, we have Eurozone CPI, followed by US jobless claims this afternoon.

• S&P 500 futures +0.2%
• Nasdaq 100 futures +0.3%
• Euro Stoxx 50 futures +0.3%
• US 10-year yield −1 bp to 4.27%
• Bitcoin +0.2% to $75,047
• Gold +0.8% to $4,829
• WTI +0.4% to $91.66

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