Market News

• Services activity declined, with the PMI at 47.2 (below 50 = contraction), though slightly improved from February at 46.5
• New business fell again, but the pace of decline eased to a 5-month low
• Geopolitical uncertainty (Middle East war) weighed heavily on demand, with clients delaying or pausing projects
• Input costs surged to a 9-month high, driven by fuel, transport, and labor costs
• Firms raised prices, but pricing power was limited due to weak demand and competition
• Employment declined for a 7th straight month, as firms cut staff or didn’t replace workers
• Business Services and Transport sectors saw the sharpest drops in activity
• Despite current weakness, confidence improved to a 6-month high, with hopes for geopolitical resolution and…

The world is dangerously close to a massive escalation in the Iran war, as Trump has threatened to strike Iran's infrastructure, including energy, power and bridges.

Iran has pledged to attack the energy infrastructure and possibly desalization infrastructure of gulf neighbors in response.

Trump set a deadline for 8 pm ET on Tuesday to open Hormuz or face the destruction but Israel has already moved to strike at Iran's energy.

Defence minister Israel Katz today said his military struck Iran's largest ​petrochemical complex at Asaluyeh. Fars news agency reported that 'several' sites had been struck.

Tansim reported that companies that provide electricity, water and oxygen ​to Asaluyeh were attacked, but the facility itself was not damaged.…

•  Asian Stock Markets : Nikkei up 1.23%, Shanghai Composite down 1.00% Hang Seng down 0.70% ASX down 1.06%
• Commodities : Gold at $4,670.85 (-0.18%) Silver at $72.272(-0.89%), Brent Oil at $109.63 (0.60%), WTI Oil at $111.17 (-0.29%)
• Rates : US 10-year yield at 4.356, UK 10-year yield at 4.8460, Germany 10-year yield at 3.0032

• (USD) Non-Farm Employment Change  178K  to 65K  expected

Asian markets showed mixed movement on Monday as investors reacted cautiously to escalating tensions in the Middle East over the weekend. Stocks in Japan and South Korea advanced, while several other regional markets remained closed for public holidays.

On Sunday, U.S. President Donald…

IC Markets Global – Asia Fundamental Forecast | 06 April 2026

What happened in the U.S. session?

The Iran war’s intensification overnight spiked oil prices over 30-40% from recent levels due to Strait of Hormuz risks, overshadowing solid March jobs data and looming hotter CPI from energy shocks, hammering equities (S&P 500 down sharply, erasing trillions), boosting oil futures, and pressuring precious metals as the dollar rebounded.

What does it mean for the Asia Session?

Asian traders entering Monday, 6 April 2026, should position for a thin, holiday‑distorted session dominated by lingering Middle‑Eastern war risk, elevated oil and energy‑linked volatility, and a still‑live “April BOJ hike” storyline that continues to drive JPY and…

IC Markets Global – Europe Fundamental Forecast | 06 April 2026

What happened in the Asia session?

Consolidation after a volatile start to the week, as markets digest the Iran‑war risk premium without fresh major escalations while positioning for upcoming China‑area inflation and activity data. Oil has stabilized in the high‑90s to low‑100s, underpinning gold and weighing on energy‑importing Asian economies.

What does it mean for the Europe & US sessions?

A mix of lingering geopolitical risk, central‑bank‑policy uncertainty, and upcoming inflation data that could sharpen the narrative around rate‑cut timing. Equities in both regions have been trading in a nervous range, supported by still‑healthy U.S. manufacturing activity (ISM PMI above…

Strong Non-Farms Surprises Market – DXY up 0.16%

Global financial markets closed out last week in subdued fashion, with several major financial centres offline for the Easter holiday, leading to thin liquidity and limited price action across key asset classes. With US equity markets closed, investor focus shifted toward geopolitical developments in the Middle East and the release of key US labour market data. Despite the holiday conditions, the US Non-Farm Payrolls report delivered a significant upside surprise, printing at 178k against expectations of just 65k, while the Unemployment Rate edged lower to 4.3%. The stronger data prompted a move higher in US Treasury yields, with the 2-year rising 4.3 basis points to 3.840% and the…

The headline comes from Iran's foreign ministry spokesperson in saying that Tehran has formulated its diplomatic response to the US but will only announce it in due time. We have to wait and see but there is a mixed reception towards all the headlines from the rumour mill in the past 24 hours.

For now, markets are keeping a bit more optimistic. The dollar is down across the board in the absence of European traders while US futures are nudging higher on the day. EUR/USD is up 0.4% to 1.1555 while S&P 500 futures are up 0.4% on the day now. That as oil prices come off the boil with WTI crude dropping from a high of $114 in Asia to $109 levels now.

Despite the financial market optimism though, betting markets are not convinced. The odds of a…

• Tehran has received Pakistan's proposal, it is being reviewed
• Will not accept deadlines or pressure to make a decision
• Iran will not reopen Strait of Hormuz Strait of Hormuz in exchange for a 'temporary ceasefire'
• Believes that US lacks readiness for a permanent ceasefire

If there's any question that Iran might want to strike a deal before tomorrow, that thought is slowly dissipating as the hours continue to roll by. As a reminder, US president Trump delivered a warning to Tehran that tomorrow will be "power plant and bridge day" - alluding to massive strikes against Iran.

The official above confirms that Iran has received Pakistan's peace proposal and are reviewing it. However, they aren't willing to go as far as to accept any 'temporary…