Market Commentary: Wednesday 1st April

Asian markets staged a sharp rebound, with stocks posting their biggest gain in a year and bonds extending their rally, as investors grew optimistic that the US–Iran conflict may soon de-escalate.

The surge followed comments from President Donald Trump suggesting the war could end within weeks, boosting global risk appetite. Asian equities jumped 4.7% after a prolonged slump, while Wall Street gains and rising European futures reinforced the positive sentiment. Oil prices eased, the dollar weakened slightly, and US Treasuries continued to climb, reflecting expectations that easing tensions could stabilise energy supplies and support economic growth.

Despite the optimism, uncertainty remains high. Analysts caution that volatility could persist given unclear timelines, ongoing military activity, and risks around the Strait of Hormuz. While safe-haven assets like gold and the dollar have shown mixed movements, markets are still sensitive to geopolitical developments and potential policy responses to elevated energy costs. Investors are also watching upcoming corporate earnings for signs of economic strain. Overall, while markets are pricing in a potential resolution, scepticism lingers about how quickly and smoothly the conflict will truly end.

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