The global stock markets remained focused on the developments in the Middle East peace negotiations on Thursday, while also digesting a new wave of corporate results.
In Europe, Paris lost 0.14% and Milan dropped 0.27%. London gained 0.29% and Frankfurt rose 0.36%. In Zurich, the SMI fell 0.35%.
In New York, for the second consecutive session, the Nasdaq index and the broader S&P 500 index set closing records, gaining 0.36% to 24,102.70 points and 0.26% to 7,041.28 points, respectively. The Dow Jones rose 0.24%.
According to analyst Patrick O’Hare from Briefing.com, “the momentum is underway” on Wall Street. “And investors are driving the movement to see how far they can go.”
The analyst pointed out that Wall Street is benefiting from “constructive signals” surrounding the conflict in the Middle East, particularly through recent comments by the US president.
Donald Trump stated on Thursday that Iran had agreed to transfer its enriched uranium, one of his demands for an agreement with Tehran, and announced a ceasefire on the Lebanese front of the conflict.
“They have agreed to give us the nuclear dust,” the president told reporters at the White House, using his term for enriched uranium stocks, adding: “There is a very good chance that we will reach an agreement.”
The Islamic Republic did not immediately confirm this information, as negotiations are ongoing under the auspices of Pakistan to organize a second round of talks, following the failure of the first in Islamabad last weekend.
– Oil prices rise –
“The caution persists” regarding the situation in the Middle East, tempered by Jose Torres from Interactive Brokers, who pointed out the new rise in oil prices on Thursday.
After remaining relatively stable at the beginning of the session, the price of a barrel of Brent crude for June delivery climbed 4.70% to $99.39.
Its American counterpart, the West Texas Intermediate (WTI) for May delivery, rose by 3.72% to $94.69.
The Strait of Hormuz, through which a fifth of the world’s oil typically passes, remains closed by Tehran.
“On the physical oil market, (…) prices remain extremely high,” noted Stephen Schork from The Schork Group.
Even considering the barrels diverted through pipelines and the few ships that passed through Hormuz, the loss of Gulf oil has reached “about 13 million barrels per day,” according to ING.
“If the war were to intensify again and the Strait of Hormuz remained closed for several months, prices should rise sharply again,” warned Arne Lohmann Rasmussen, an analyst at Global Risk Management.
– Barry Callebaut falls in Zurich, Tesco praised in London –
Another focus of the markets is the ongoing earnings season on both sides of the Atlantic.
In Zurich, the cocoa supplier Barry Callebaut plummeted over 15% after reporting results below expectations for the first half and revising its outlook for the full year due to the rapid decline in cocoa prices.
In London, Tesco, the leading British supermarket chain, announced a profit increase for its 2025-2026 financial year on Thursday but expressed concerns about the consequences of the Middle East conflict on its current year’s results. Its stock rose by 4.13%.
In Paris, the French spirits group Pernod Ricard lost some ground (-0.54%) after results affected by the Middle East conflict and negotiations for a merger with American Brown-Forman, owner of Jack Daniel’s whiskey.
On Wall Street, the American snack and beverage giant PepsiCo (+2.28%) announced significantly higher results for the first quarter, driven by strong beverage sales in its main market, North America.
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