Market Commentary: Thursday 26th March

Equities and bonds edged lower as rising oil prices and ongoing uncertainty around Middle East ceasefire talks weighed on sentiment. Asian equities fell 1.1%, snapping a two-day run, while US and European futures pointed to further losses as earlier optimism around a potential resolution began to fade. Brent crude climbed back above $104 after conflicting signals from the US and Iran, reinforcing inflation concerns, with Treasury yields rising and markets increasingly pricing a “higher-for-longer” policy backdrop. Israeli defence forces confirmed they completed a further wave of strikes on Tehran.

Gold and silver both declined as risk sentiment weakened, while Bitcoin also moved lower. Overall, markets remain volatile, with direction continuing to hinge on geopolitical developments and their implications for inflation and growth.

A quiet morning on the data front is followed by jobless claims out of the US, and then the SARB is expected to keep rates on hold this afternoon.

• S&P 500 futures −0.3%
• Nasdaq 100 futures −0.3%
• Euro Stoxx 50 futures −0.6%
• US 10-year yield +3 bps to 4.36%
• Bitcoin −1.3% to $70,072
• Gold −1.2% to $4,451
• WTI +2.2% to $92.32

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