- The Wall Street session is unfolding in a very positive mood following the March PPI release. Major US indices are posting solid gains, with the S&P 500 up over 1%, the Nasdaq rising by nearly 1.8%, and the Dow Jones gaining 0.5%.
- The March PPI reading came in significantly below expectations (0.5% m/m versus 1.1% expected; core 0.1% versus 0.5%), signaling weaker inflationary pressure. However, persistently high energy prices continue to support inflation, which could delay Federal Reserve rate cuts later this year.
- According to recent media reports, the US and Iran may resume talks as early as this week, while Donald Trump suggested that key decisions could be made within the next two days. At the same time, tensions are rising around the Strait of Hormuz, where the US is reportedly restricting parts of maritime traffic as part of pressure on Iran.
- The European session also traded in a positive mood, with major indices closing higher. The UK’s FTSE 100 gained more than 0.2%, France’s CAC 40 rose by over 1.1%, Germany’s DAX advanced by more than 1.2%, while Spain’s IBEX 35 climbed by nearly 1.5%.
- On the FX market, the US dollar is weakening against most major currencies. Ongoing peace negotiations are contributing to capital outflows from the US currency, which is traditionally seen as a safe-haven asset.
- Commodity markets are also seeing a return of positive sentiment. Gold is up nearly 2% and hovering around $4,850, while silver is rising by about 5% and testing the $80 per ounce level.
- Progressing peace talks are also weighing on oil prices, which are moving lower. Brent crude is down around 3% and testing the $95 per barrel level.
- Optimism is also visible in the cryptocurrency market. Bitcoin is up more than 2% and testing $75,000, while Ethereum is gaining over 5% and trading above the $2,300 level.
- Today we also received earnings from several major US financial institutions, which overall showed a solid start to the earnings season, although market reactions were mixed.
- BlackRock reported strong earnings growth, supported by robust inflows into its funds and solid performance in asset management and investment solutions.
- JPMorgan also delivered very strong results, beating expectations once again with record revenues and solid performance in investment banking and trading. However, some metrics such as net interest margin and a more cautious outlook for interest income slightly tempered investor enthusiasm.
- Wells Fargo, on the other hand, reported weak results that disappointed the market. Despite some signs of stabilization, weaker revenues and concerns over earnings quality led to a negative assessment of the report.
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