Global markets experienced a risk-off shift following President Trump’s address, which dashed hopes for an immediate resolution to the Iran conflict. Trump indicated the conflict would likely continue for another two to three weeks, providing few new details. Brent crude climbed back to almost $109 per barrel, and WTI rose to just over $107 on Thursday after the televised speech.
Asian stock indexes concluded the session negatively, with Japan’s Nikkei falling 2.4% and South Korea’s Kospi sliding 4.7%. European shares also declined by around 1% after opening, and U.S. futures traded in the red before the bell. Concurrently, the dollar index edged upward, regaining the 100 level amid renewed safe-haven demand, while gold prices receded from their two-week high.
Investors are approaching the Easter long weekend with trepidation. The release of the March U.S. employment report on Good Friday adds to the tension, offering further insight into the real economy’s performance. Early prints of March economic data indicate less of a shock than anticipated. The ISM manufacturing survey ticked higher, U.S. consumer confidence unexpectedly rose, and private sector payrolls exceeded forecasts.
In other news, Elon Musk’s SpaceX has reportedly filed for an initial public offering. SpaceX is a space exploration and transportation company that designs, manufactures, and launches advanced rockets and spacecraft. Additionally, Amazon is reportedly in discussions to acquire satellite telecom group Globalstar as it seeks to expand its low-earth-orbit satellite business, positioning itself as a competitor to SpaceX’s Starlink.
