Market recap

A start to the week still dominated by the Gulf Financial markets began the week with a fragile balance: on the one hand, the possibility of a truce in the Strait of Hormuz supported the recovery of risky assets, while on the other, the clashes between the United States and Iran continued to keep tensions high on oil prices and inflation expectations. Following the mutual attacks of recent days, Washington and Tehran are moving toward new indirect talks in Doha, with Qatar on

The week changes center of gravity: less war, more growth The second half of the week shifted the markets' focus. Geopolitical risk remained: Iran reclaimed control of the Strait of Hormuz, a commercial ship was hit, and the United States responded by attacking Iranian missile installations, drone depots, and coastal radar. However, the market no longer priced in the worst-case scenario of a total energy shutdown. Instead, it began to look elsewhere: a strong dollar, high rea

Geopolitics: The Strait is no longer just a theoretical threat The start of the week presented markets with a delicate balance: less panic over oil, but more nervousness over stocks. Over the weekend, Iran announced a renewed closure of the Strait of Hormuz, accusing Israel of violating the ceasefire in Lebanon. The news could have caused an immediate shock for crude oil, as approximately 20% of the global oil and LNG flow passes through Hormuz. Yet the market reacted more co

A week caught between two opposing forces The second half of the week brought markets back into a very clear dynamic: on the one hand, geopolitical relief, on the other, the return of interest rate risk. The agreement between the United States and Iran has at least partially reopened the Strait of Hormuz and reduced the immediate pressure on oil; at the same time, however, the Fed and the Bank of England reminded investors that inflation is not yet a closed chapter. The resul

The market anticipates, geopolitics chases The start of the week on financial markets began with a very sharp move: investors began pricing in a reduction in geopolitical risk in the Middle East even before the normalization of trade flows was truly visible. The key news was the preliminary agreement between the United States and Iran, also brokered by Pakistan, with a formal signing expected on June 19th in Switzerland. The key issue is not only diplomatic, but economic: the

From geopolitical fear to tactical relief The second half of the week clearly illustrated the current state of affairs for financial markets: not true calm, but a constant alternation between shock and relief. The Middle East remained the center of attention, with Iran striking US bases in Bahrain, Kuwait, and Jordan in response to American attacks in the Strait of Hormuz, and the United States subsequently launching new strikes against targets inside Iran. In a matter of hou

Oil relief is no longer enough The start of the week on financial markets told a less linear story than it might seem at first glance. Usually, when oil prices fall sharply, investors interpret the move as a relief: less pressure on energy costs, less imported inflation, more room for central banks. This time, however, the decline in crude oil wasn't enough to sustain risk appetite. Brent crude fell to $89.95 a barrel and WTI to $86.35 , a decline of around 5% . However, glob

Geopolitical risk is once again driving stock markets In the second half of the week, financial markets changed tack. After days dominated by the idea that the US economy could slow enough to soften the Fed's stance, Friday, June 5, 2026, delivered a different message: US jobs remain solid, yields are rising, the dollar is strengthening, and the most rate-sensitive assets—technology, gold, and bonds—are coming under pressure again. The geopolitical landscape did the rest. In

The week starts with two opposing forces The start of the week was dominated by a very clear tension in financial markets: on the one hand, optimism about artificial intelligence, on the other, geopolitical risk in the Middle East. Wall Street remained buoyant, with the S&P 500 and Nasdaq posting eight consecutive record closes , while in Europe, the STOXX 600 rose 0.9% to 627.06 points , led by the technology sector, which rose 2.6% . STMicroelectronics, in particular, gaine

Oil remains the barometer of risk The second half of the week had a very clear center of gravity: the Strait of Hormuz. Every market movement, from European stocks to bond yields, was interpreted through a single question: will energy flows from the Persian Gulf really return to normal? The strongest signal came from Fujairah, the United Arab Emirates' key energy hub: petroleum product inventories fell to around 5.5 million barrels , a new low, after weeks of progressive eros

The weekend that changed the tone of the markets The start of the week for financial markets was dominated by a single variable: the Strait of Hormuz. After weeks in which oil, interest rates, and stock markets lived to the rhythm of the Middle East war, between Saturday and Monday, investors began to price in a more favorable scenario: a possible agreement between the United States and Iran to reopen the most sensitive sea passage for global energy. Donald Trump hinted that

Asia is weak as markets await AI's verdict. The second half of the week began with a cautious signal from Asia. The MSCI Asia-Pacific ex-Japan index fell 0.7% on Wednesday, marking its fourth consecutive session of decline, while the Japanese Nikkei fell 1.5% , its fifth straight decline. The message was clear: ahead of Nvidia's results, the market was reluctant to overexpose itself. The problem wasn't just technological, but also macroeconomic: US yields had rebounded sharpl

The weekend that reignited risk premiums The start of the week for financial markets began with a clear feeling: diplomacy still exists, but geopolitical risk has by no means abated. In the Gulf, clashes linked to Iran continued to affect the region's energy and financial heartland. The United Arab Emirates declared that drones had targeted the area near the Barakah nuclear power plant, while Saudi Arabia announced it had intercepted three drones from Iraqi airspace. This is

A week ended with more questions than answers. The second half of the week brought financial markets back to a fragile equilibrium: on the one hand, macroeconomic data still capable of positive surprises; on the other, the simultaneous return of three very concrete pressures: high oil prices, rising bond yields, and geopolitical risk in the Strait of Hormuz. The result was a movement typical of mature market phases: indices remain near their highs, but it doesn't take much to

A weekend where the risk did not go away The start of the week for financial markets began with a clear feeling: geopolitics is no longer just a backdrop, but a variable that directly impacts the prices of oil, bonds, currencies, and stocks. Between Friday and the weekend, the most sensitive point came from the Persian Gulf: according to a CIA assessment reported by Reuters, Iran could withstand a US naval blockade for about four months before experiencing truly severe econom

The week ends with a market that buys technology and hope The second half of the week revealed a financial market still willing to look beyond the geopolitical noise, but not to ignore it. On the one hand, Wall Street updated its all-time highs, Asia continued to rally thanks to semiconductors, and the FTSE MIB hit new records. On the other, the Strait of Hormuz remained the nerve center of global risk: the United States and Iran continued to trade blows, while diplomacy atte

The weekend when politics started moving prices again The weekend of May 2-3 brought a difficult combination of trade war, energy risks, and military diplomacy back to the forefront of markets. Donald Trump confirmed his intention to raise tariffs on European cars and trucks to 25% , compared to the previous agreement, which had set an overall threshold of around 15% . This is a politically charged step for Brussels: the Commission rejected the American accusation of non-comp

Three days in which the market chose to look beyond the risk Between Wednesday, April 29th, Thursday, April 30th, and Friday, May 1st, financial markets experienced an almost symbolic sequence: on one side, the US-Iran war, oil prices above $100, European inflation rising, and the Fed still stuck; on the other, Wall Street was able to revise all-time highs, buoyed by corporate earnings and the strength of the technology sector. It was a week in which the market decided not to

A weekend where diplomacy counted more than budgets Between the weekend and the trading sessions on Monday, April 27th and Tuesday, April 28th, financial markets experienced a seemingly contradictory phase: Wall Street reached new highs, but beneath the surface, oil, rates, the dollar, and safe-haven assets began to move again. The common thread was once again the Middle East. On Saturday, Trump canceled the trip to Pakistan by US envoys Steve Witkoff and Jared Kushner, deemi

Three days in which the market bought hope, but priced risk Between Wednesday, April 22nd and Friday, April 24th, financial markets experienced one of those classic weeks where the apparent direction of the indices only tells half the story. On the one hand, Wall Street continued to show strength, with the S&P 500 and the Nasdaq capable of closing at new all-time highs. On the other, oil, emerging market currencies, UK inflation, and tensions in the Strait of Hormuz reminded