Market Overview
Key highlights from global markets
- S&P 500 crossed the 7,100 milestone for the first time, boosted by plunging oil prices as Iran announced the Strait of Hormuz was "completely open"
- US stocks recorded historic rebound - S&P 500 never before rallied back to all-time highs in just 11 trading sessions from a 5-10% pullback
- Nasdaq posted its 13th consecutive gain session, longest winning streak since 1992, closing at 24,468.48
- European stocks climbed for a fourth consecutive week, Stoxx 600 rising 1.9% on Hormuz reopening hopes
- Asian markets mixed - Nikkei retreated 1.75% from record highs on profit-booking, Hang Seng down 0.89%
- Netflix plunged 9.72% after weak Q2 guidance despite beating Q1 earnings expectations
Most Eye-Catching Assets
Nasdaq 100
26,672.43
+1.29%
Euro Stoxx 50
6,057.71
+2.10%
Gold Spot
$4,799.48
-0.64%
Brent Crude
$94.73
+4.81%
Silver Spot
$80.34
-0.68%
Risk Indicators
Geopolitical RiskElevated
US Markets
S&P 500, Dow Jones, Nasdaq & Russell 2000
Dow Jones
49,447.43
+1.79%
Nasdaq Composite
24,468.48
+1.52%
Russell 2000
2,231.50
+1.45%
Key Drivers
- S&P 500 crossed 7,100 for the first time, boosted by plunging oil prices as Iran reopened Strait of Hormuz
- Consumer Discretionary and Industrials led gains, rising 1.97% and 1.82% respectively
- Cruise lines and airlines surged on lower fuel costs - Royal Caribbean +7.34%, United Airlines +7.12%
- Energy was the only laggard sector, declining 2.94% on oil's sharp retreat
- Historic rebound: fastest turnaround from 5-10% pullback to all-time highs in 36 years
Top 5 Movers
S&P 500 Gainers
Royal Caribbean285.48+7.34%
United Airlines101.80+7.12%
Carnival Corp29.22+6.99%
Carvana Co387.53+6.98%
Dollar Tree105.93+6.00%
S&P 500 Losers
LyondellBasell66.27-11.98%
Dow Inc35.60-10.82%
Netflix97.31-9.72%
CF Industries112.68-9.65%
Albemarle Corp197.75-8.29%
Top 5 Movers - Dow Jones
Dow Gainers
Sherwin-Williams345.55+3.66%
Home Depot349.40+3.63%
Merck & Co119.07+3.13%
Goldman Sachs925.95+2.88%
Caterpillar794.65+2.85%
Dow Losers
Chevron Corp183.99-2.21%
Johnson & Johnson234.18-0.15%
Verizon46.55-0.49%
JPMorgan Chase310.29+0.11%
Intel Corp68.500.00%
Top 5 Movers - Nasdaq
Nasdaq Gainers
Strategy Inc166.52+11.80%
Analog Devices371.45+4.99%
Marvell Tech139.69+4.74%
Monolithic Power1,468.35+4.67%
Dexcom Inc63.98+4.49%
Nasdaq Losers
Netflix Inc97.31-9.72%
Diamondback Energy180.27-3.42%
Alnylam Pharma309.66-3.27%
Atlassian Corp66.94-2.60%
Adobe Inc244.45-1.49%
European Markets
Major European indices performance
EURO STOXX 50
6,057.71
+2.10%
FTSE 100
10,667.63
+0.73%
Key Drivers
- European stocks climbed for a fourth consecutive week, Stoxx 600 rising 1.9%
- Most gains weighted toward end of week following Iran's announcement that Hormuz was "completely open"
- Brent crude fell from near $104/bbl to as low as ~$86, easing stagflation concerns
- Media, technology and financial services were top-performing sectors
- Energy and utilities lagged, pointing to lower demand for inflation hedges and defensives
- ECB members appear divided as economy lands "in between the baseline and the adverse" scenarios
Top 5 Movers - EURO STOXX 50
Gainers
Infineon Tech48.90+6.29%
Safran SA315.30+5.73%
Ferrari NV321.10+5.24%
Hermes Intl1,741.00+5.23%
Santander11.04+4.90%
Losers
Eni SpA21.76-7.03%
TotalEnergies73.07-5.25%
Mercedes-Benz52.66-1.29%
BASF SE52.77-1.20%
Ahold Delhaize40.92-0.32%
Asian Markets
Major Asia-Pacific indices
Nikkei 225
58,475.90
-1.75%
Hang Seng
26,160.33
-0.89%
Shanghai Comp
4,051.43
-0.10%
Nifty 50
24,196.75
-0.14%
Key Drivers
- Nikkei fell 1.75% to 58,475.90 on profit-booking after reaching record high of 59,518.34 on Thursday
- Sumco Corp led declines, plunging 9.99%, followed by Kioxia Holdings (-9.86%)
- Hang Seng dropped 0.89% to 26,160.33 as property stocks led the decline
- China Q1 GDP grew 5% YoY, meeting Beijing's target; industrial output rose 5.7%
- KOSPI retreated 0.60% to 6,191.19 after surging 2.2% in the prior session
Top 5 Movers - Nikkei 225
Gainers
Shift Inc750.00+11.81%
BayCurrent Inc5,618.00+6.00%
Nintendo Co8,615.00+3.50%
Recruit Hldgs7,524.00+3.42%
TDK Corp2,616.00+2.99%
Losers
Sumco Corp2,095.00-9.99%
Kioxia Hldgs30,530.00-9.86%
Sumitomo Metal10,150.00-7.89%
Screen Hldgs10,510.00-6.83%
Resonac Hldgs12,460.00-5.61%
Top 5 Movers - Hang Seng
Gainers
New Oriental46.32+3.02%
Lenovo Group11.30+1.80%
CCB-H8.68+1.52%
Midea Group-H89.40+1.25%
Anta Sports85.10+1.13%
Losers
WuXi AppTec-H122.90-5.90%
CSPC Pharma8.96-4.17%
SHKP133.00-4.04%
Hengan Intl25.96-3.99%
WuXi Biologics35.72-3.93%
Bond Yields
Global sovereign bond yields
European Bonds
UK Gilts 10Y
United Kingdom
4.76%
-1.75%
Key Drivers
- Treasury yields declined across the curve as safe-haven demand eased on Hormuz reopening hopes
- 10-year yield fell 3bps to 4.27% as geopolitical risk premium compressed
- European bonds rallied dramatically on Friday after Hormuz headlines, front-end leading
- One-year euro swap rate declined 18bps on the week
- UK's record Β£15 billion 10-year gilt auction drew landmark Β£148 billion in bids at 4.9% yield
- Credit markets saw busiest week since January with issuance around β¬100 billion
Currency Markets
Major currency pairs & DXY
US Dollar Index (DXY)
98.30
+0.21%
Key Drivers
- DXY notched third straight weekly decline as banks declared war-driven haven rally over
- Pound and euro both gained against the greenback on improving risk sentiment
- USD/JPY eased to 158.87 as yen strengthened on reduced safe-haven demand
- AUD outperformed, buoyed by rising commodity prices and risk-on flows
- Bitcoin surged above $75,000 with monthly gain of more than 10% on risk appetite
Commodities & Energy
Precious metals and crude oil
Gold Spot
$4,799.48
-0.64%
Silver Spot
$80.34
-0.68%
Brent Crude
$94.73
+4.81%
Key Drivers
- Crude prices whipsawed - surged early week on ceasefire uncertainty, then plunged on Hormuz reopening
- WTI rallied 5.52% as Iran reversed Hormuz reopening, firing on Indian-flagged ships
- Brent climbed back to $94.73 as ceasefire expiry looms with no confirmed talks
- Gold eased 0.64% to $4,799.48 as geopolitical risk premium compressed
- Silver fell 0.68% to $80.34 but remains up 18.24% MTD, outperforming gold
- IEA warned Europe has "maybe six weeks" of jet fuel supplies remaining
Economic Calendar
Key events for 20-24 April 2026
π³πΏ
NZ Trade Balance (Mar)
Exports, Imports
06:45
π¨π³
China Loan Prime Rate 5Y
Apr
09:00
πΊπΈ
3-Month & 6-Month Bill Auction
Treasury
23:30
π¬π§
UK Employment Change
3M/3M (Feb)
14:00
πͺπΊ
Eurozone Consumer Confidence
Apr
22:00
πΊπΈ
US Crude Oil Inventories
EIA Weekly
22:30
π¦πΊ
Australia S&P Global PMIs
Apr
07:00
πΊπΈ
US Initial Jobless Claims
Weekly
20:30
π―π΅
Japan National Core CPI
Mar
07:30
π©πͺ
German Ifo Business Climate
Apr
16:00
πΊπΈ
US Michigan Consumer Sentiment
Apr
22:00
Disclaimers
Important legal information
This material is provided for informational and reference purposes only to the intended recipients and does not constitute an offer, solicitation, or recommendation to enter into any transaction in securities, nor does it constitute investment advice.
The information contained in this publication only reflects current market conditions and the judgment of Ethivo Asset Management (HK) Limited (the "Ethivo") on the date of compilation. It does not represent an accurate forecast of individual securities or market trends, and judgments are subject to change at any time without prior notice. Certain information or data in this document has been obtained from unaffiliated third parties; Ethivo has reasonable belief that such information or data is accurate, complete and up to the date as indicated, but Ethivo makes no warranty or representation as to the completeness and accuracy of data and information sourced from such unaffiliated third parties. Ethivo, nor its shareholders, directors and employees shall not be liable for any errors or omissions in the information provided in this material, and Ethivo shall not be responsible for any loss incurred by any person as a result of reliance on or use of such information.
Investment involves risk. Past performance is not indicative of future performance, future return is not guaranteed, and a loss of your original capital may occur. If necessary, you should seek independent professional advice. The material has been prepared and issued by Ethivo Asset Management (HK) Limited and has not been reviewed by the Securities and Futures Commission.
This material is intended solely for distribution to professional investors and should not be distributed, circulated, or used by persons in any jurisdiction where such distribution or use would be contrary to local law or regulation. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means without the prior written consent of Ethivo.