Evolution of the international financial markets and evaluation of the main events and economic indicators of the previous day session. Available in English.
During yesterday's session, market volatility continued to be elevated as the conflict in the Middle East approached its third week. Energy prices continued to rise as tensions intensified in the Strait of Hormuz, despite the International Energy Agency announcing the record release of 400 million barrels from their oil reserves, which investors see as insufficient.
Yesterday’s session reflected a risk-on tone in European and Asian markets, as investors reacted to late Monday remarks from President Trump suggesting that the Middle East conflict could end soon. Asian equities rebounded sharply, with Japan’s Nikkei-225 rising around 3%, and the Spanish IBEX-35 outperforming European peers.
Yesterday, investors remained focused on developments in the Middle East conflict. After an eventful weekend, which saw increased tensions and Mojtaba Khamenei appointed as Iran’s new Supreme Leader, Brent prices surged to nearly $120/barrel during yesterday's session. Prices have since retraced, however, after President Trump suggested late yesterday that the war could be close to ending, leaving Brent trading around $93/barrel this morning.
Friday’s session began on a risk-on footing, with European equities moving higher in early hours. Sentiment later turned more cautious following remarks from Qatar’s energy minister suggesting that oil market normalization could take weeks to months after hostilities end. Brent crude spiked over $90/barrel and is trading above $100 as of this morning.
Heightened geopolitical tensions kept markets volatile as the Middle East conflict entered its sixth day. Energy prices moved higher, with Brent crude rising to $85/barrel and TTF gas to €50/MWh. Equities extended their sell-off in the US and the euro area after their short rebound on Wednesday, while the dollar strengthened, pushing EUR/USD toward 1.16.
Geopolitical tensions in the Middle East persist, although yesterday brought some relative calm after the sharp volatility seen earlier in the week. Brent crude traded in a $80–85/barrel range before settling near $81, after President Trump said the US would protect shipping routes in the region. European natural gas prices fell back below €50/MWh. Equity markets continued to slide in Asia but recovered in the US and Europe, while the dollar stabilized around 1.16 against the euro.
Elevated volatility persisted as the Middle East conflict intensified, heightening concerns over sustained disruptions to energy supplies. Brent crude advanced to USD 85/barrel and TTF natural gas rose above EUR 55/MWh (briefly nearing EUR 60 intra-session), up roughly 25% and 100%, respectively, since mid-February. Global equities experienced a sharp sell-off, with Asian and European markets underperforming US indices.
Yesterday's session showed sharp risk-off moves amid escalating Middle East tensions, with volatility picking up across assets. Brent rose to $77/barrel (briefly touching $80 during the day) and European natural gas climbed to EUR 44/MWh. Equities sold-off in Asia (-1%) and the euro area (-2%), while US markets showed relative resilience. The US dollar strengthened, gold advanced, and sovereign yields moved higher globally as investors moved into safe-have assets.
In the latest session, investor caution prevailed amid lingering concerns over the profitability of AI, a somewhat more hawkish tone from the Fed, and an escalation of tensions between the US and Iran.
Yesterday, markets traded cautiously amid the uncertainty over negotiations between the US and Iran, as well as lingering concerns around the AI profitability after Nvidia’s results failed to impress the investors. Equity markets moved lower, with losses led by the technology sector.
Risk sentiment recovered during yesterday’s session, as concerns over AI disruptions eased and global tech stocks advanced, with the Nasdaq gaining +1% in the session and global stocks recording gains overall. Against this backdrop, sovereign bond markets had a quiet session, with yields posting slight movements on both sides of the Atlantic.
During yesterday's session, investors continued to digest the implications of the US Supreme Court's ruling to strike down US emergency tariffs. While the global tariff stands at 10%, the Trump administration is reportedly working to increase it to 15%. Against this backdrop, government bond yields closed flat on both sides of the Atlantic, in a day of choppy trading.