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- US corporate earnings expectations remain resilient despite the Iran conflict
- Analysts maintain constructive views on UK banks amid higher rates
- Central Bank of Türkiye’s FX intervention appears to have paused
- Brazilian economists continue to revise inflation expectations higher
- Chinese trade and credit data releases point to softer external momentum
Prospect of Renewed Peace Talks Sends Stocks Higher
Reports this morning that US and Iran officials may meet again this week to resume peace negotiations are lifting risk appetite. The boost is erasing much of yesterday’s losses after the weekend news that talks had ended without agreement. Reuters reported, citing anonymous sources, that the two sides may return to Islamabad to resume talks ahead of the end of the cease fire that is slated to last until next week. European equity markets are up nearly 1% this morning as Brent crude has slipped to below $100 per barrel, and US equity futures are pointing to a positive open. The VIX has declined to below 19 for the first time since February. Despite the ongoing conflict, the S&P 500 is slightly higher than before hostilities began in late February as US first quarter earnings season heats up. This morning, JP Morgan reported record trading revenue as high market volatility supported transaction volume.
