Market Commentary: Wednesday 15th April

In the context of the year so far, markets are relatively subdued. Stocks continue to extend their rally on optimism around renewed US–Iran talks, with several major markets now erasing losses linked to the conflict. The MSCI All Country World Index rose for a ninth straight session, its longest winning streak since September, while Asian equities gained 0.9%, led by strength in Korea. US futures were steady, and European markets pointed lower.

The recovery reflects growing confidence that tensions may ease, with the S&P 500 now approaching its pre-conflict highs and global benchmarks continuing to retrace declines. Brent crude held below $100, while Treasuries remained supported and the dollar steadied after recent weakness, with EUR/USD so far struggling to sustain a break through 1.18.

On the data front, we have French CPI shortly, then this afternoon there are mortgage applications and the Empire Manufacturing Index out of the US.

• S&P 500 futures unchanged
• Nasdaq 100 futures unchanged
• Euro Stoxx 50 futures −0.4%
• US 10-year yield unchanged ~4.25%
• Bitcoin −0.2% to $74,022
• Gold −0.4% to $4,821
• WTI +0.3% to $91.55

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