Market Commentary: Tuesday 7th April

Ahead of US President Donald Trump’s 8:00 PM Eastern Time deadline today for a peace deal in Iran, Trump has insisted that the Strait of Hormuz must be part of any agreement to end the war. If a deal is not reached, the US military could target key Iranian infrastructure.

Japan’s Prime Minister is seeking talks with the Iranian President and a call with President Trump to help de-escalate tensions and secure safe passage through the Strait of Hormuz. Brent crude climbed 1.2%, trading above $111 per barrel. Equity sentiment is mixed: S&P 500 futures fell 0.4%, dampened by the risk of further escalation, while the MSCI Asia Pacific Index rose 0.7%, led mostly by technology stocks.

On today’s economic calendar, we have Eurozone March PMI data at 9:00 AM, followed by UK March PMI at 9:30 AM.

• Spot gold is little changed at $4,639.33/oz
• Bitcoin fell 1.7% to $68,679.54
• Ether fell 2.0% to $2,105.42

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