\n<\/p>\n
By Mike Dolan<\/p>\n
April 2 –<\/p>\n
What matters in U.S. and global markets today<\/p>\n
By Mike Dolan, Editor-at-Large, Finance and Markets<\/p>\n
Market hopes that President Trump might signal an immediate end to the Iran conflict were dashed overnight after his prime-time address talked of another two \u200cto three weeks of war and offered few new details.<\/p>\n
Another risk-off turn was the result, with oil prices pushing back higher, global \u200cstocks retreating and the dollar edging up.<\/p>\n
I\u2019ll get into that and more below.<\/p>\n
But first, check out my latest column on the real economy’s apparent resilience to the oil shock so far – \u200bplus a closer read of the latest macro releases.<\/p>\n
And listen to the latest episode of the Morning Bid daily podcast. Subscribe to hear Reuters journalists discuss the biggest news in markets and finance seven days a week.<\/p>\n
NO EASTER TRUCE<\/p>\n
Brent crude climbed back to almost $109 per barrel and WTI to just over $107 on Thursday after Trump\u2019s televised speech, in which he said the U.S. military had nearly achieved its goals in Iran but would \u201chit them\u201d over the coming weeks and \u201cbring \u200cthem back to the Stone Ages\u201d.<\/p>\n
Although Trump noted that \u201cdiscussions \u2060are ongoing\u201d, he gave little detail on access through the critical Strait of Hormuz.<\/p>\n
Asian stock indexes ended the session in negative territory, with Japan\u2019s Nikkei down 2.4% and South Korea\u2019s Kospi sliding 4.7%. European shares slid by around 1% \u2060after the open, while U.S. futures were in the red before the bell.<\/p>\n
Meantime, the dollar index edged up after two days of losses, regaining the 100 level as safe-haven demand reemerged, while gold eased back from the two-week highs it touched on Wednesday\u2019s glimmers of hope. U.S. Treasuries were also down.<\/p>\n
Investors are heading into a \u200blong \u200bEaster weekend with a degree of nervousness about what happens next. Adding to the \u200btension, Good Friday will see the release of the March \u200cU.S. employment report, which will give another read on any real-economy impact.<\/p>\n
For now, though, early prints of March economic data point to less of a shock than many expected. ISM\u2019s manufacturing survey ticked higher, U.S. consumer confidence rose unexpectedly, private sector payrolls beat forecasts and full-year corporate earnings growth estimates are actually increasing.<\/p>\n
Maybe the hit will come with a delay, but for now the picture is one of steep input price rises and resilient activity – which will keep central banks on their toes.<\/p>\n
Elsewhere, as NASA heads back around the moon for the first time in half a century, Elon Musk\u2019s SpaceX \u200cfinally filed for an initial public offering – which could become the largest in history, \u200band a test of investor appetite for big-ticket risk assets against an unsettled market backdrop.<\/p>\n<\/p><\/div>\n
Meantime, \u200bAmazon is in talks to buy satellite telecom group Globalstar as \u200bit ramps up efforts to build its own low-earth-orbit satellite business to rival SpaceX’s Starlink, the Financial Times reported.<\/p>\n
Chart of \u200cthe day<\/p>\n
Air travel in and out of the United Arab \u200bEmirates is only slowly recovering from the \u200binitial shock of the Iran war, with Trump indicating overnight that there would likely be two to three weeks more of the conflict.<\/p>\n
Today’s events to watch<\/p>\n
* U.S. weekly jobless claims (8:30 a.m. EDT), February trade balance (8:30 a.m. EDT)<\/p>\n
* Dallas Fed’s Lorie Logan speaks (10:15 a.m. EDT)<\/p>\n
Want to \u200breceive the Morning Bid in your inbox every weekday \u200cmorning? Sign up for the newsletter here. You can find ROI on the Reuters website, and you can follow us on \u200bLinkedIn and X.<\/p>\n
Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the \u200bTrust Principles, is committed to integrity, independence, and freedom from bias.<\/p>\n
(By Mike Dolan)<\/p>\n<\/p><\/div>\n