\n MARKET WRAPS <\/p>\n
\n Stocks: <\/p>\n
\n European shares advanced as hopes for further Middle East peace talks steered global markets and investors largely shrugged off the U.S. blockade of Iran . <\/p>\n
\n Brent crude was holding below $100 with both the U.S. and Iran signaling the possibility of a return to the negotiating table . <\/p>\n
\n Trump said the “right people” still wanted a deal. Iran’s foreign minister told his French counterpart that negotiations had made progress on many issues despite failing to reach a deal at the weekend. <\/p>\n
\n “As far as markets are concerned, the expectation remains that this is still likely to be a temporary conflict,” Deutsche Bank said. <\/p>\n
\n The impact of the conflict, however, is filtering through to first-quarter earnings in Europe. <\/p>\n
\n BP said it expected an exceptional oil-trading result while LVMH last night posted weak sales. Luxury competitor Kering is due to report later today. <\/p>\n
\n The IMF\/World Bank Spring Meetings continue with the European Central Bank’s Christine Lagarde set to feature today. <\/p>\n
\n Shares on the Move <\/p>\n
\n European semiconductor companies were on the rise, with ASML Holding, ASM International, Infineon Technologies and STMicroelectronics among the gainers. <\/p>\n
\n Stocks to Watch <\/p>\n
\n LVMH’s underwhelming start to the year will cast a cautious pall over the wider luxury-goods industry , Citi said. <\/p>\n
\n “The slight miss in fashion & leather is likely to set a prudent tone for the reporting season,” Citi said. <\/p>\n
\n Deutsche Bank said the hit from the Middle East conflict can’t explain all of LVMH’s first-quarter weakness: it also looks to have performed worse than expected in Europe. <\/p>\n
\n The bank lowered its target price on the Paris-listed stock. <\/p>\n
\n U.S. Markets: <\/p>\n
\n Stock futures pointed to small gains after all three indexes finished higher in the previous session. <\/p>\n
\n First-quarter earnings from the nation’s biggest banks and Wall Street firms continue to roll in. Tuesday brings BlackRock, JPMorgan Chase, Wells Fargo and Citigroup. <\/p>\n
\n Investors also await U.S. producer price data. <\/p>\n
\n Forex: <\/p>\n
\n The dollar fell to a fresh six-week low against a basket of currencies on hopes for renewed U.S.-Iran talks. <\/p>\n
\n “From here, we’ll need to see clearer progress towards a permanent ceasefire to take the DXY dollar index back to pre-war levels,” ING said. <\/p>\n
\n The Swiss franc was flat against the euro. <\/p>\n
\n Commerzbank said the franc’s recent weaker performance could reflect foreign exchange interventions from the Swiss National Bank. <\/p>\n
\n Bonds: <\/p>\n
\n Treasury yields edged lower, tracking a fall in oil prices. <\/p>\n
\n “Bond markets appear to be growing ‘comfortably numb’ ,” Commerzbank said. <\/p>\n
\n Eurozone government bond yields fell as market sentiment improved. <\/p>\n
\n The prospect of a peace deal, as well as the reopening of the Strait of Hormuz, is key to keeping energy prices–and inflation–in check. This would also mitigate the growth impact of the Middle East war. <\/p>\n
\n Bond supply will be significant in the eurozone on Tuesday. <\/p>\n
\n ING said positive risk sentiment means global 10-year rates can still drift higher even if oil stays around current levels. <\/p>\n
\n This leaves bonds as a weak hedge against further escalation of the Iran situation. <\/p>\n
\n Energy: <\/p>\n
\n Oil prices fell back below $100 a barrel. Signs that the U.S. and Iran see scope to continue negotiations lifted hopes, but a U.S. blockade of the Strait of Hormuz keeps crude elevated. <\/p>\n
\n Prices remained up more than 60% year-to-date. <\/p>\n
\n “The oil market no longer needs a worst-case escalation to justify higher pricing levels,” ANZ said. <\/p>\n
\n “Tight balances alone are sufficient to sustain the price of Brent near or above recent threshold levels.” <\/p>\n
\n Metals: <\/p>\n
\n Gold prices rose , supported by a softer dollar and oil below $100 a barrel. <\/p>\n
\n Traders are now awaiting U.S. producer price data, though the run-up to the Federal Reserve’s April policy decision is otherwise relatively quiet. <\/p>\n
\n RHB Retail Research said Comex gold futures were likely extending sideways movement . <\/p>\n
\n EMEA HEADLINES <\/p>\n
\n Novo Nordisk and OpenAI Partner to Speed Drug Discovery <\/p>\n
\n Novo Nordisk and OpenAI will work together as they seek to harness artificial intelligence to discover new drugs and improve efficiency. <\/p>\n
\n The strategic partnership announced Tuesday will integrate OpenAI’s advanced AI capabilities throughout the drugmaker’s operations, helping employees to analyze data and identify new drug candidates. <\/p>\n
\n Louis Vuitton Owner Misses Revenue Views as Middle East War Dims Rebound Hopes <\/p>\n
\n LVMH Moet Hennessy Louis Vuitton posted weak sales for the first quarter as the war in the Middle East held back growth and weighed on hopes of a rebound in demand for high-end goods. <\/p>\n
\n The French group, regarded as a pacesetter for the industry, on Monday reported first-quarter revenue of 19.12 billion euros, equivalent to $22.42 billion. The figure marked a 6% decline in reported terms from a year earlier, but a 1% increase on an organic basis. <\/p>\n
\n Publicis Posts Top-Line Growth Despite Hit From Middle East War <\/p>\n
\n Publicis Groupe said strong demand for services powered by artificial intelligence drove top-line growth in the U.S. and other key markets in the first quarter, offsetting a hit from the war in the Middle East. <\/p>\n
\n The French advertising group said Tuesday that organic net revenue grew 4.5% in the first quarter, against consensus expectations compiled by the company of 4.3%. The figure was below growth rates of 5.9% and 4.9% Publicis reported for the prior quarter and the year-earlier period, respectively. <\/p>\n
\n BP Sees Exceptional Oil Trading Result as Middle East War Fuels Volatility <\/p>\n
\n BP said it expects an exceptional oil trading result for the first quarter, as the war in the Middle East fueled market volatility. <\/p>\n
\n The U.K. energy major said Tuesday that it expected upstream production for the first quarter to be broadly flat compared with the prior quarter, and that the price environment would result in a working-capital build and an increase in net debt to between $25 billion and $27 billion. <\/p>\n
\n GLOBAL NEWS <\/p>\n
\n Stocks, Bonds Gain on U.S.-Iran Peace Talks Optimism <\/p>\n
\n Global stocks rose and oil pulled back below $100 on optimism that peace talks to end the Middle East conflict would resume. <\/p>\n
\n The dollar hit a six-week low after both the U.S. and Iran signaled willingness to continue negotiations. Iran’s Foreign Minister Abbas Araghchi told his French counterpart that progress was made in weekend negotiations, while President Trump said the “right people” in Iran want a peace deal. <\/p>\n
\n China’s Export Momentum Slows Amid Iran War <\/p>\n
\n China’s export momentum slowed sharply in March, signaling the Middle East war is weighing on global demand and threatening a driver of growth. <\/p>\n
\n Global Oil Demand Heads for Contraction As Iran War Chokes Flows, IEA Says <\/p>\n
\n Global oil demand is set to contract this year as the Iran war and near-closure of the Strait of Hormuz choke supplies and upend supply chains, the International Energy Agency said, marking a sharp reversal from last month’s outlook. <\/p>\n
\n The Paris-based organization-a group of Western nations and their allies-now sees global demand shrinking by 80,000 barrels a day this year, from prior expectations of 640,000 barrels a day of growth. In the second quarter, demand is forecast to fall by 1.5 million barrels a day, the sharpest decline since the Covid-19 pandemic. <\/p>\n
\n The Bond Market Is ‘Moving On’ From the Iran War <\/p>\n
\n Wall Street traders have become preoccupied by one particular market indicator. <\/p>\n
\n Some refer to it as the Treasury breakeven inflation curve and, while that’s a bit of a mouthful, it’s simply the market’s expectation of average inflation over two periods. <\/p>\n
\n Trump’s Blockade on Iran in Strait Begins <\/p>\n
\n The U.S. imposed a blockade on the Strait of Hormuz on Monday after peace talks with Iran collapsed over the weekend, risking another shock to a global economy battered by weeks of war. <\/p>\n
\n President Trump warned that any Iranian fast-attack ships that came near the blockade would be destroyed. <\/p>\n
\n Canada’s Carney Secures Majority Mandate After Electoral Wins, Political Defections <\/p>\n
\n OTTAWA-Canadian Prime Minister Mark Carney has secured a majority government, cementing his hold on power after electoral victories Monday night and defections to his Liberal Party caucus over the past six months. <\/p>\n
\n The political developments give Carney a freer hand to aggressively pursue a policy agenda aimed at rebuilding the struggling Canadian economy through increasing exports to non-U.S. markets, accelerating infrastructure and resource projects, and stabilizing public finances. <\/p>\n
\n Write to gareth.mcpherson@wsj.com <\/p>\n
\n Write to us at newsletters@dowjones.com <\/p>\n
\n We offer an enhanced version of this briefing that is optimized for viewing on mobile devices and sent directly to your email inbox. If you would like to sign up, please go to https:\/\/newsplus.wsj.com\/subscriptions. <\/p>\n
\n This article is a text version of a Wall Street Journal newsletter published earlier today. <\/p>\n
\n (END) Dow Jones Newswires<\/p>\n
\n April 14, 2026 05:13 ET (09:13 GMT)<\/p>\n
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