Market Commentary: Tuesday 28th April

The White House said US officials have convened to discuss Iran’s latest proposal while maintaining “red lines” on any deal. Crude extended its rally to a seventh consecutive session, with Brent rising 2.9% and briefly moving above $111, as a more prolonged supply shock is increasingly being priced in. The knock-on effect is visible across asset classes: bond yields have edged higher, with the 10-year US Treasury yield rising to 4.35%, while spot gold fell 1% and is currently trading at $4,630.28/oz.

The Bank of Japan voted 6–3 to hold rates at 0.75%, while raising inflation expectations significantly; a hike is expected at the June meeting. Upcoming decisions from the Fed and ECB will be key in shaping the policy outlook against an energy-driven inflation backdrop.

Equities are losing momentum, with Asian stocks slipping — the MSCI Asia Pacific Index dropped 0.3%, and Hong Kong’s Hang Seng fell 1%. US futures also drifted lower, with broader risk appetite constrained despite indices still hovering near recent highs. Technology continues to show relative resilience, supported by the AI theme and expectations for strong earnings. Alphabet, Microsoft, Amazon, and Meta report on Wednesday, followed by Apple a day later.

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