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US index futures are trading in the green despite early session losses triggered by the breakdown of US-Iran peace talks and the announced blockade of the Strait of Hormuz. Relief arrived following Donald Trump's comments that Iran "still wants a deal" and a CBS report highlighting ongoing dialogue between representatives from both nations.
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Small-cap stocks are leading the gains (US2000: +1%), followed by the S&P 500 and Nasdaq (US500, US100: +0.5%). The DJIA (US30: +0.3%) also erased its earlier losses despite heavy pressure from the Goldman Sachs sell-off.
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Chicago Fed President Austan Goolsbee stated that sustained oil prices above $90 per barrel will eventually spill over as inflationary pressure into other sectors of the economy. He emphasized that while the consumer is the economy's foundation, the current situation is clearly weighing on sentiment.
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Goldman Sachs shares fell 3.8% despite a strong Q1 earnings beat driven by equity trading and advisory growth. Investors were discouraged by weaker-than-expected FICC (Fixed Income, Currencies, and Commodities) results and a lower-than-anticipated CET1 capital ratio.
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US Home Sales fell more than expected, dropping from 4.13 million in February to 3.98 million in March (against a forecast of 4.07 million).
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European indices closed the session with moderate optimism. Amsterdam led the gains (NED25: +0.45%), even though 16 companies within the AEX index recorded losses today. German DAX (DE40) futures are up 0.3%, while markets in Paris and London finished flat. The Spanish IBEX35 (SPA35) recorded losses of 0.2%.
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The Dollar is losing ground against all G10 currencies (USDIDX: -0.1%) as safe-haven demand recedes amid hopes for a return to US-Iran negotiations. Antipodean currencies are today’s strongest performers (AUDUSD: +1.1%, NZDUSD: +0.9%), while the Japanese Yen—which lagged all session—is also gaining (USDJPY: -0.1%). EURUSD is up 0.55% at 1.1734.
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Brent crude trimmed its earlier gains (OIL: from +7.5% to +4.9%), slipping slightly below $100 per barrel. Meanwhile, precious metals pared their losses, with gold currently down 0.6% at $4,730 per ounce.
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