Sarepta/ Roche Duchenne therapy to face new late-stage trial targeting EU nod
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The benchmark US equity indices surged to new territory entering price discovery, reflecting a market that appears to be looking past immediate geopolitical risks in favour of potential de-escalation and corporate strength.
On Wednesday the S&P 500 closed 0.8% higher at 7,022 points, up on the day and surpassing its previous peak from January of this year.
The S&P 500 is now 11% higher since it bottomed on 30 March and after it first dropped 9% during last month.
The Nasdaq Composite also posted a record, rising 1.6% to over 24,000 points while the Dow Jones Industrial Average edged 0.15% lower and continues significantly below its all-time high.
The advance comes despite persistent headwinds.
Shipping through the Strait of Hormuz, a critical chokepoint for roughly one-fifth of the global oil supply, has been severely disrupted since late February following Iranian actions and a subsequent US naval blockade.
Traffic has dropped sharply, with Iran declaring the strait closed to vessels linked to the US, Israel and their allies.
The US Central Command also confirmed its blockade of Iranian ports took full effect earlier this week, stating that “ten vessels have now been turned around and ZERO ships have broken through since the start of the US blockade on Monday”.
Oil prices, while easing in the last two weeks, remain elevated.
At the time of writing, Brent crude stands at around $96.5 per barrel and WTI at $92.5, still well above pre-war levels and contributing to inflationary concerns.
The International Monetary Fund has responded by lowering its global growth outlook. In its latest World Economic Outlook, released on Monday, the IMF cut the 2026 forecast to 3.1% from 3.3% previously projected, citing energy price spikes and supply disruptions.
Headline inflation is now seen at 4.4% for the year, under a reference scenario assuming a short-lived conflict, with risks of even weaker growth and higher prices if tensions escalate and prolong.
The modest decline in energy prices followed reports that the two-week ceasefire is holding and that fresh talks between the US and Iran could resume soon.
US President Donald Trump also indicated that negotiations for lasting peace might restart by the end of the week.
Investors appear to be pricing in an eventual reopening of the Strait of Hormuz and a contained negative impact of the war in general.
Speaking to Euronews, Alan McIntosh, chief investment officer of Quilter Cheviot Europe, explained that “although the first round of talks led to no agreement, a likely extension of the ceasefire gives optimism that an early resolution can be reached”.
“Assuming a fairly swift end to hostilities and a resumption of oil shipments, the economic damage to global inflation and growth should be fairly limited,” he added.
Analysts point to several factors behind the market resilience.
Hopes of a swift end to hostilities have encouraged risk-taking, while corporate America is showing strength. Bank executives highlighted a strong US consumer and a healthy pipeline for deals and initial public offerings.
Earnings expectations for the first quarter have been revised higher, with S&P 500 companies now forecast to report combined profits of over $605 billion (€513bn), up from earlier estimates.
Tech shares, particularly those linked to AI, provided additional support. The Nasdaq’s outsized gain reflected renewed enthusiasm for growth-oriented stocks even as broader economic projections softened.
McIntosh told Euronews that “the capital spending boost relating to AI shows no sign of slowing down so this continues to support US economic growth. We have just started the US quarterly results season and so far there is limited evidence of a negative impact from the current Middle East conflict”.
The indices also include defence companies that have all performed well with the war in the backdrop pushing governments, in particular the US, to increase military budgets.
History also offers context for the current rebound. In past US-involved wars, equity markets have frequently experienced short-term volatility followed by recovery and gains.
During the 2003 Iraq War, for example, the S&P 500 rose over 25% in the first full year after the invasion began.
The Gulf War of 1990-1991 saw an initial 11% decline in the index, but a strong relief rally followed the swift coalition victory, delivering positive returns in the subsequent year.
Similar patterns emerged in the Korean War and Vietnam War eras, where stocks posted solid long-term advances despite prolonged uncertainty.
Data compiled by the Royal Bank of Canada and other sources indicate that, across multiple conflicts, equities rose in the first year of hostilities around 60% of the time.
Markets have tended to focus on eventual outcomes rather than immediate shocks, rewarding resolution and economic adaptability. The latest record for the S&P 500 and the Nasdaq underscore this enduring pattern.
While risks remain if the Iran conflict worsens, investors are currently betting that diplomacy and corporate fundamentals will prevail.
TSMC in charts: 3nm chips drive 25% of wafer revenue in Q1, with advanced nodes (7nm and below) at 74%
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Oleksii Liskonih
U.S. and Iranian negotiators made significant progress in talks on Tuesday, moving closer to a framework agreement to end the war, according to a report by Axios citing two U.S. officials.
Mediators from Pakistan, Egypt, and Turkey are working urgently to bridge
Temas Resources launches C$1.5M flow-through share private placement
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The European Commission on Wednesday imposed anti-dumping duties on glass fibre —a key input for the EU’s renewable industry— produced by Chinese companies operating in Egypt, Bahrain and Thailand.
The move confirms the EU’s push to curb Chinese imports entering the bloc via Belt and Road routes to sidestep tariffs on products officially labelled “made in China.”
Brussels seeks to shield its market from a surge of low-cost imports from the Asian giant, targeting goods it considers heavily subsidized or sold in the EU below production cost in China.
The tariffs on glass fibre from the three countries will range from 11% to 25.4% of the product’s value.
“The investigation confirms the existence of unfair practice, which is an important signal,” Ludovic Piraux, President of Glass Fibre Europe, said.
But he added that the measures adopted “remain insufficient to fully address the predatory strategies pursued through these investments in third countries.”
China has invested $1 trillion through the Belt and Road initiative – a large-scale infrastructure programme which replaced the former silk road initiative and is aimed at strengthening connectivity, trade and communication across Eurasia, Latin America and Africa. The programme spans more than 150 countries, supporting infrastructure, transport, raw materials extraction and the relocation of industries and state-owned enterprises abroad.
As early as 2010, following an industry complaint, the Commission imposed anti-dumping duties on Chinese glass fibre imports. In the years that followed, Chinese producers established factories in Bahrain and Egypt, from which exports to the EU resumed.
By 2024, glass fibre imports from those countries, along with Thailand, accounted for 24% of the EU market. Egyptian imports alone reached 18%, with Glass Fibre Europe warning the situation could worsen.
This is not the first time the Commission has targeted Chinese products made in third countries under Belt and Road arrangements. It has previously imposed measures on aluminium foil from Thailand and glass fibre produced in Türkiye.
European glass fibre manufacturers have been pushing for action for more than a decade, alongside unions seeking to protect jobs in the sector.
The complaint which lead to Wednesday’s anti-dumping duties was first reported by Euronews in January 2025.
The industry directly employs more than 4,500 workers in the EU and says it supports hundreds of thousands of indirect jobs along the value chain.
Judith Kirton-Darling, General secretary of industriAll Europe, warned that “in the longer term”, the situation could worsen if the EU does not take “a stronger” stance on Chinese dumping.
“It is more than likely that we will face plant closures in Europe which will fundamentally undermine our industry,” she said.
European stocks were mostly steady on Wednesday as investors weighed signals from Washington that a diplomatic breakthrough in the Iran war could be imminent.
The pan-European Stoxx 600 had ticked down 0.1%, Germany’s Dax edged 0.11% higher and the FTSE 100 climbed 0.11%. The CAC 40 in France fell by a slightly greater margin, at 0.65%.
US President Donald Trump said fresh talks between Washington and Tehran “could be happening over the next two days” in Islamabad, signalling a possible diplomatic breakthrough, and added that the war was “very close to over” — despite continued uncertainty over key sticking points in negotiations.
Asian markets were broadly higher.
Japan’s Nikkei 225 gained 0.5%, South Korea’s Kospi jumped 3.0% and Hong Kong’s Hang Seng edged up 0.7%.
The Shanghai Composite added 0.2%, while Australia’s S&P/ASX 200 was little changed, up less than 0.1%.
On Wall Street, the S&P 500 added 1.2% to its gains from the previous day, and the index at the heart of many 401(k) accounts is now just 0.2% below its record set in January.
The Dow Jones Industrial Average rose 317 points, or 0.7%, while the Nasdaq Composite climbed 2%.
On Wednesday, benchmark US crude inched up by 1 cent to $91.29 a barrel.
Brent crude added 48 cents to $95.27, or less than 1%, after falling 4.6% the previous day. While that is still above its roughly $70 level from before the war began in late February, it remains well below the peak of $119.
Lower oil prices help reduce costs for businesses across the economy. However, some analysts noted that the war is still ongoing, warning that the optimism may prove unfounded.
“The counterintuitive decline in crude appears driven by growing hopes that a second round of peace talks between Washington and Tehran could soon materialise, after the first attempt fizzled out,” said Tim Waterer, chief market analyst at KCM Trade.
“Traders are clearly choosing to price in the possibility of de-escalation rather than the immediate reality of restricted flows,” he added.
Asian nations depend on access to the Strait of Hormuz, a narrow waterway that is the main route for crude oil produced in the Persian Gulf to reach customers worldwide. Disruptions there have kept oil off the global market, driving up prices.
Global inflation this year is expected to accelerate to 4.4% from 4.1% in 2025, according to the International Monetary Fund, which had previously forecast a slowdown to 3.8%.
The IMF also downgraded its forecast for global economic growth to 3.1% this year, from 3.3% projected in January.
Overall, the S&P 500 rose 81.14 points to 6,967.38. The Dow Jones Industrial Average gained 317.74 points to 48,535.99, while the Nasdaq Composite climbed 455.35 points to 23,639.08.
In the bond market, Treasury yields eased as falling oil prices reduced inflationary pressure. The yield on the 10-year Treasury fell to 4.25% from 4.30% late Monday.
In currency trading, the US dollar edged up to 159.03 Japanese yen from 158.79 yen. The euro stood at $1.1780, down from $1.1797.
US stocks climbed to the brink of a record high on Tuesday, while oil prices eased as hopes grew that Washington and Tehran may resume talks to end their war.
The S&P 500 rose 1.2%, leaving it just 0.2% below its January peak. The Dow Jones Industrial Average gained 0.7%, while the Nasdaq Composite jumped 2%, tracking broader global market gains.
Investors are betting that renewed diplomacy could prevent a prolonged surge in oil prices and inflation, allowing focus to return to corporate earnings.
Brent crude for June delivery fell 4.6% to $94.79, down from recent highs, though still above pre-war levels.
However, volatility remains high, with markets sensitive to developments around the Strait of Hormuz, a key route for global oil supply.
Wednesday’s Economic Calendar
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Earnings Call Insights: Gloo Holdings (GLOO) Q4 fiscal 2025
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Northrop Grumman's unit wins $475M contract modification
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OpenAI releases new Cyber model one week after Anthropic's Mythos Preview made waves
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Oilfield services providers NOV, Trican Well Services downgraded at RBC
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Chicago Fed’s Goolsbee: Inflation shocks from the energy markets crisis will delay interest rates in 2026
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Viktor Orbán has positioned Hungary as a European centre for Chinese electric vehicle manufacturers, while disregarding the EU’s tariffs on them.
Now his political successor, Péter Magyar, appears less inclined to reverse that policy in a radical way.
At a press conference on Monday following a landslide victory against Orbán, Magyar praised China as “one of the most important, largest, and strongest countries in the world.”
“I am very happy to travel to Beijing, and we are very happy to welcome Chinese leaders here in Hungary,” he added.
Magyar also said he would “review” Chinese investments in Hungary – particularly on electric vehicles – but “not with the aim of shutting them down or preventing them from happening.”
In recent years, Hungary was eager to attract Beijing’s largeness, with BYD building its first European passenger EV factory in Szeged in 2024 and major firms such as CATL, NIO and EVE Energy investing heavily in the country.
But that open-door policy has increasingly clashed with the EU’s push to tighten scrutiny of Chinese investments, as China floods Europe with low-cost imports and as many as 600,000 job losses are projected in the EU in the bloc’s auto sector this decade amid intensifying competition from Chinese manufacturers.
Magyar will also have to deal with concerns over alleged forced labour involving Chinese workers at Hungarian plants of EV giant BYD, as well as a recent European Commission probe into unfair subsidies at the same site. Those developments have tarnished the company’s reputation and raised concerns over Beijing’s investments.
At his press conference on Monday, the leader of Hungary’s Tisza party did not enter details. But he made clear that Hungary would align its policy more closely with Brussels.
“Rather, the goal is to ensure that those projects comply with European Union and Hungarian environmental regulations, health procedures, and labour safety standards, and contribute to the performance of the Hungarian national economy,” Magyar added.
He also appeared determine to distance himself from Orbán’s wariness of a recent European Commission proposal on “Made in Europe,” which targets China.
The draft law, currently discussed by EU governments and MEPs, would impose stricter conditions on foreign direct investment above €100 million in sectors such as batteries, electric vehicles, solar panels and critical raw materials.
Under the proposal, investors from countries holding 40% of global market share in a given sector would be required to hire at least 50% of EU workers. Additional conditions could include foreign ownership caps below 49%, joint ventures with European partners and technology transfers.
“What we do not want — and will not accept — is for foreign companies to come, receive significant Hungarian state support, employ very few Hungarians, create little to no added value for the Hungarian economy, and at the same time endanger the quality of Hungary’s land, air, and water,” Magyar added, signalling his intention to align policy more closely with Brussels.
Performance Shipping to sell Aframax Vessel M/T P. Aliki for $42.6M
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J&J raises 2026 outlook as oncology products power Q1 beat
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PetroTal (PTALF) reported a robust start to 2026, with Q1 production averaging 14,907 barrels of oil per day (bopd), outpacing management’s internal expectations.
While production saw a slight 2% sequential decline, the company maintained a strong liquidity position with $128.1 million in total
Trading on Tuesday began with high expectations that the Iran war is inching to a close, fuelling gains across major stock markets and pushing oil back under $100 a barrel.
Investors remained hopeful for a lasting de-escalation of the conflict, now in its seventh week, as the US and Iran are said to be weighing a second round of talks before a temporary ceasefire agreement expires next week.
The US military on Monday began a blockade of Iranian ports as Washington steps up pressure on Tehran, following weekend ceasefire talks between the two sides that ended without agreement.
Trump also suggested on Monday that the United States is still willing to engage with Tehran.
“I can tell you that we’ve been called by the other side,” he said, without elaborating further.
Oil prices continued to pull back on Tuesday from earlier gains.
Brent crude, the international standard, was down 0.8% at $98.62 per barrel, nearing 8 am CET.
It reached nearly $104 early on Monday amid Iran war concerns and limited progress in weekend ceasefire talks.
Benchmark US crude fell 1.7% early Tuesday to $97.40 a barrel.
The global energy shock stemming from maritime traffic disruptions in the Strait of Hormuz, through which roughly a fifth of the world’s oil is typically transported, has led to surging fuel prices and threatens to push up inflation in many countries and weigh on economic growth.
Investors were quick to recover after the dismal first trading day on Monday. Asian markets were mostly up on Tuesday morning, tracking Wall Street gains.
Tokyo’s Nikkei 225 was up 2.4%, while South Korea’s Kospi jumped more than 3% to 6,004.30.
Hong Kong’s Hang Seng rose 0.4% to 25,759.75, while the Shanghai Composite climbed 0.6% to 4,010.45.
This comes as China on Tuesday reported worse-than-expected export growth.
The world’s second-largest economy expanded its exports by 2.5% in March year on year, significantly slower than the previous two months as uncertainties rose from the Iran war and its impact on energy prices and global demand.
The March data missed analysts’ estimates and was sharply down from the 21.8% export growth recorded in January and February.
Wall Street rose on Monday. The S&P 500 gained 1%, the Dow Jones Industrial Average climbed 0.6% and the Nasdaq Composite added 1.2%.
Shares in Goldman Sachs fell 1.9% despite the investment bank posting better-than-expected quarterly profits.
In other trading, gold and silver prices rose on Tuesday. Gold was up 0.6% at $4,796.60 (€4,219.62) an ounce, while silver gained 1.8% to $77.05 (€67.80) per ounce.
The US dollar fell to ¥159.08 from ¥159.45. The euro was trading at $1.1766, up from $1.1759.
US and Iran mull second meeting in bid to revive ceasefire talks: report
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Supply shock coming as last oil tankers leaving Hormuz before Iran war to unload in next few days
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The publication’s shift in leadership signals both continuity and evolution—positioning the storied magazine for its next phase of growth.
After 15 years at the helm of Global Finance Magazine, Andrea Fiano is stepping into a new role as Editor at Large, marking the close of a defining chapter for the publication and the beginning of a new era under Paul Curcio.
Fiano, who led the magazine since 2011, played a central role in shaping its authoritative voice while expanding its digital and print reach. He expressed confidence in the transition, noting he is “incredibly grateful” for his time leading the publication and optimistic about its future.
“I am confident Paul Curcio will lead the publication to new heights,” Fiano said.
During his tenure, Fiano upheld rigorous editorial standards, drawing on breaking news and features from a worldwide network of correspondents. He also guided Global Finance Magazine through defining market events—from the aftermath of the Dot-com Bubble and the Global Financial Crisis to the upheaval of the COVID-19 market crash and recovery. His leadership helped reinforce the publication’s standing among top movers and shakers, including CEOs, CFOs, and institutional leaders worldwide.
In his new position, Fiano will continue contributing strategic insight and thought leadership.
Curcio steps into the role immediately, determined to build on that legacy.
“I’m excited to join the team at Global Finance during this pivotal moment in its evolution. I’m grateful for the strong foundation and legacy left by my predecessor, Andrea Fiano, and I look forward to working with the team to chart a vibrant course for the publication that resonates with our audience,” he said. Curcio previously held leadership roles at InvestmentNews, TheStreet and The Associated Press.
With more than 50,000 subscribers worldwide, the leadership shift signals both continuity and evolution—positioning Global Finance for its next phase of growth.
Founded in 1987 by Joseph D. Giarraputo, Global Finance has long served as a trusted voice on financial globalization, reaching senior decision-makers across 163 countries. With offices in New York, London, and Milan, the magazine has built a reputation for authoritative coverage of banking, corporate finance and economic policy.
“I want to thank Andrea for 15 years of inspired leadership and wise council that we will all miss,” Giarraputo said. “And welcome, Paul. I’m sure he will build on what Andrea has left behind.”
