Market News

Global Markets:

•  Asian Stock Markets : Nikkei up 2.52%, Shanghai Composite up 0.88% Hang Seng up 0.12% ASX up 1.63%
• Commodities : Gold at $4,601.65 (3.77%) Silver at $73.440 (5.60%), Brent Oil at $96.26 (-3.97%), WTI Oil at $89.17 (-3.52%)
• Rates : US 10-year yield at 4.346, UK 10-year yield at 4.9560, Germany 10-year yield at 3.0135

News & Data:

• (USD) Flash Manufacturing PMI  52.5  to 51.5  expected
• (USD) Flash Services PMI  51.1  to 52.0  expected

Markets Update:  

Asian markets advanced on Wednesday, led by strong gains in South Korean equities, after comments from U.S. President Donald Trump signaled possible negotiations with Iran, improving investor sentiment despite Tehran’s denial of direct talks with…

• Apple foldable iPhone faces delays as engineering issues hit test production phase
• US doubts Iran deadline extension as tough response seen as negotiating tactic (Axios)
• New Zealand Commodity prices jump. Middle East conflict drives near-record ANZ index surge
• Australia spending holds firm as inflation jumps and job ads fall
• Yuan seen strengthening to 6.8 as China resilience offsets seasonal weakness
• SpaceX targets record IPO with huge retail allocation and June roadshow
• WSJ: Hopes fade for deal with Iran ahead of Tuesday-night deadline
• PBOC sets USD/ CNY reference rate for today at 6.8854 (vs. estimate at 6.8773)
• Anthropic plans $200m AI venture with private equity to drive adoption
• Explosion & fire near Panama Canal entrance sparks scrutiny.…

US signals fading patience on Iran deadline but keeps door open to last-minute deal.

Summary:

• US doubts another deadline extension
• Iran’s response seen as tough but tactical
• White House views stance as negotiating posture
• Trump open to any deal outcome
• Military action may still be delayed if talks progress
• Situation remains finely balanced between escalation and diplomacy

Fresh commentary from US officials, cited by Axios, suggests rising uncertainty around the next phase of the US-Iran standoff, with the window for diplomacy narrowing but not yet closed.

According to a US official, Washington has doubts about extending the current deadline again, signalling that patience within the administration may be wearing thin after repeated…

Australia data show resilient spending but rising inflation and softer labour demand.

Summary:

• Household spending +0.3% m/m in Feb, ahead of expectations
• Annual spending growth steady at 4.6%
• Services spending strong, goods modest
• Data predates energy-driven inflation shock
• TD-MI inflation gauge surges 1.3% m/m in March
• Signals renewed inflation pressures, likely fuel-driven
• Job ads fall 3.1% m/m, reversing prior gain
• Labour demand softening, especially in consumer sectors

Australian household spending showed continued resilience through February, though incoming data suggest rising inflation pressures and early softening in labour demand could complicate the outlook.

Data from the Australian Bureau of Statistics showed the Monthly…

Middle East supply shock drives broad commodity surge, pushing ANZ index near record highs.

Summary:

• Commodity prices surged in March amid Middle East conflict
• ANZ index rose 4.1% m/m, near record highs
• Gains broad-based; dairy, aluminium led
• Supply fears triggered precautionary buying
• UAE smelter damage tightened aluminium supply
• NZD weakness boosted local price index to record

Global commodity prices surged sharply in March, with the ANZ World Commodity Price Index rising 4.1% m/m, driven primarily by the escalation of the Middle East conflict that began in late February.

The move pushed the index to its second-highest monthly level on record in world price terms, surpassed only by the spike seen at the onset of the Russia–Ukraine war…

Japanese Household Spending February 2026

• Japan's households reduced spending for a third straight month

-1.7% y/y

• vs. expected -0.7%, prior -1%

+1.5% m/m

• vs. expected 2.6%, prior -2.5%

---- Also ...

Summary:

• Katayama declines to comment on JGB yield levels
• Flags G7 concern over oil-driven market volatility
• Notes close coordination with G7 finance ministers and central banks
• Oil price swings impacting FX and broader financial markets
• Yen remains sensitive to energy prices and global yields
• BOJ normalisation lifting domestic yields adds pressure
• Signals continued monitoring and coordinated messaging

Japan’s Finance Minister Satsuki Katayama refrained from commenting on domestic bond yield levels but flagged rising global volatility driven…

Summary:

• Services PMI falls to 46.3, back into contraction after 26 months
• Composite PMI fell to 46.6 in March, down from 52.4 in February
• Sharp drop from 52.8, weakest since November 2023
• New orders decline, with exports hit by Middle East conflict
• Broad-based weakness, led by finance & insurance
• Input costs surge to multi-year highs on fuel prices
• Output price inflation accelerates sharply
• Employment continues to grow despite activity downturn
• Business confidence falls to lowest in over two years

Australia’s services sector slipped back into contraction in March, as escalating geopolitical tensions and rising cost pressures weighed on activity and demand.

The S&P Global Australia Services PMI Business Activity Index fell sharply to…

• Major US stock indices close today with gains to start the new trading week
• Trump Press Conference: The entire country can be taken out in one night
• Netanyahu urged Trump in a call on Sunday not to go for a ceasefire - report
• Trump: Tuesday Iran deadline is 'final deadline'
• Iran rejects ceasefire in reply to US via Pakistan, wants permanent end to war
• March ISM services index 54.0 vs 54.9 expected
• S&P Global Canada services PMI 47.2 versus 46.5 last month
• Trump Iran ceasefire talks unapproved; Market Uncertainty Persists
• Israel says it conducted a "powerful strike" on Iran's largest petrochemical complex
• The USD is lower to kickstart the new trading week
• Iran says it has formulated a response to the US, will announce it in due time
• Iran reportedly…

Summary:

• Israel prepares expanded strike list targeting Iranian energy and infrastructure
• Plans contingent on U.S. approval, with Trump decision seen as pivotal
• Israeli officials sceptical diplomacy will succeed
• Ceasefire demands include full uranium handover and end to enrichment
• Netanyahu raised concerns directly with Trump in recent talks
• Military coordination discussed following rescue of U.S. pilots
• Signals parallel tracks of diplomacy and escalation
• Energy infrastructure focus raises renewed oil supply risk

Israel has drawn up an expanded list of potential energy and infrastructure targets inside Iran as it prepares contingency plans in the event that U.S.-led diplomatic efforts fail, according to sources cited by CNN.

The…

A low-key sort of session ahead for incoming data. None of this is likely to move markets too much upon release.

Asia will be holding its breath ahead of the latest Trump war deadline:

• Trump extends Iran deadline to Tuesday, aggressively threatens power grid destruction
• Trump: Tuesday Iran deadline is 'final deadline'

This article was written by Eamonn Sheridan at investinglive.com.

Axios reporter Barak Ravid said Trump on and Netanyahu held a call on Sunday night:

Israeli prime minister Netanyahu urged Trump in a call on Sunday not to go for a ceasefire at the moment and expressed concern about the riskes of such a move, an Israeli official said

Trump reportedly circled the importance of nuclear, something he said today was the goal of the war:

Trump told Netanyahu that if Iran agrees to the U.S. demands a ceasefire could happen, but stressed he won't give up on his demand that Iran hand over all of its enriched Uranium and agree not to resume enrichment, according to the Israeli official

Separately, Amichai Stein from the Jerusalem Post writes:

Two Israeli officials, as well as diplomats familiar with the details of the…

As the Pres. starts the press conference:

• 2 year yield 3.852%
• 10 year yield 4.332%
• S&P up 14.25 points or 0.21%
• Nasdaq up 47 points or 0.23%
• Dow +61 points
• Crude oil $112.76
• Gold $4658
• Silver $72.55
• Bitcoin $69,647
• EURUSD 1.1538
• USDJPY 159.76
• GBPUSD 1.3222

Headlines from the Press conference:

• The entire country can be taken out in one night and the one night may be tomorrow night
• We leave no American behind. We don't do it.

Trump is recounting the rescue operation of the downed soldier in Iran (and repeating himself)

Oil is up to $113.77 on the comment about Iran being taken out in one night. Stocks are modestly lower..

The CIA director commended the Pres. for the rescue and the courage to leave no man behind.

Meanwhile, Reuters is reporting

• two Qatar…