02/04/2026 - General Information

Morning Brief§§§--=--§§§<p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">As markets fear an escalation of the war in Iran after the threat of new military strikes brandished by US President Donald Trump, European stock exchanges are expected to open sharply lower on Thursday.<br> &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Hotel group Accor announced Wednesday evening that it had signed a memorandum of understanding to sell its 30.56% stake in Essendi (formerly AccorInvest) to a consortium consisting of Blackstone and Colony IM for an amount that could reach 975 million euros.<br> Real estate company Argan, specializing in logistics platforms, confirmed Wednesday evening that it aims for a 4% growth in its rental income in 2026, after this indicator increased by 3% in the first quarter.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Luxury group Kering has finalized the sale of a building located in Milan's fashion district for 729 million euros. Ownership of the building at 8 via Monte Napoleone was transferred to a joint-stock company 80% controlled by Qatari investment fund Al Mirqab Group. Kering, however, retains 20% of the shares in this vehicle, and its stake will be accounted for using the equity method.<br> &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Around 7:40 AM, the CAC 40 futures contract was down 1.5%, according to data from broker IG.<br> <!--[if !supportLineBreakNewLine]--><br> <!--[endif]--><o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">As fears of escalating conflict in the Middle East continue to drive up oil prices, European stock market futures were sharply lower on Thursday morning, on the eve of the long Easter weekend. <o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">According to data from broker IG, the DAX 40 futures contract in Frankfurt was down 1.8%, while the FTSE 100 in London fell by 0.8%, around 7:40 AM. <o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">In a speech Wednesday evening, Donald Trump stated that the United States had succeeded on the battlefield and that its military objectives would be achieved "very soon".<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Donald Trump also stated that US allies who depend on Middle Eastern oil should "go into the Strait [of Hormuz] and just take it, protect it, use it for themselves."<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">According to the global economic research department of Commonwealth Bank of Australia, "the idea that a quick resolution will allow a return to pre-conflict relations and a normalization of maritime traffic in the Strait of Hormuz is not very credible". <o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Around 7:40 AM, New York Stock Exchange futures contracts were sharply lower. The Dow Jones index futures contract lost 1.2%, the Nasdaq 100 futures contract dropped 1.8%, and the S&amp;P 500 futures contract fell by 1.4%. On Wednesday, the New York Stock Exchange closed higher despite Donald Trump's martial-toned statements. <br> In Asia, the Nikkei index of the Tokyo Stock Exchange lost 2.5% late Thursday. The Shanghai Composite index fell 0.8%, while the Hang Seng of the Hong Kong Stock Exchange declined by 1.4%.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">On the trade front, the Trump administration is preparing to redefine its steel and aluminum tariff regime, by modifying duties on finished products to simplify compliance for businesses, according to sources cited by the Wall Street Journal.<br> Under a presidential proclamation that could be issued this week, finished products made with steel and aluminum would be subject to a 25% customs tariff. This rate would replace the current 50% duty, which applies only to the value of the steel or aluminum used in a product. The 50% customs duty for basic steel and aluminum products - goods that are almost entirely made of these metals - would remain in effect.<br> &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">The two-year bond yield rose by 5.8 basis points, to 3.87%. Around 7:40 AM, the yield on the ten-year US Treasury bond increased by 6.5 basis points, to 4.39%. <br> &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">The greenback gained 0.4% against the Japanese currency, to 159.41 yen. Around 7:40 AM, the euro lost 0.6%, to 1.1529 dollars. <br> &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">This morning, after falling at the start of trading in Asia, oil futures contracts resumed their upward trend. Around 7:40 AM, the June contract for North Sea Brent crude traded in London gained 6.14 dollars, or 6%, to 107.30 dollars per barrel. The May contract for West Texas Intermediate (WTI) crude traded on Nymex rose by 5.28 dollars, or 5%, to 105.40 dollars per barrel. &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Stephen Innes, manager at SPI Asset Management, believes that the market "had evolved based on anticipation, but when Donald Trump spoke, he did not validate that future. He disrupted it". <o:p></o:p></span></p><p> <span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif; mso-fareast-font-family:Calibri;mso-bidi-font-family:SimSun;mso-ansi-language: FR;mso-fareast-language:EN-US;mso-bidi-language:AR-SA">Stephen Innes indicates that "oil therefore did what oil always does when the illusion cracks. It surged, not because the war suddenly worsened, but because the market had prematurely priced in the prospect of an imminent end to the conflict".</span></p>

01/04/2026 - General Information

OF Morning Brief §§§--=--§§§<p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Buoyed by hopes of an imminent end to the Middle East conflict following statements by US President Donald Trump that the United States would leave Iran "very soon," European stock markets are expected to open sharply higher on Wednesday.<br> &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Media and music holding company Vivendi announced that it has completed the acquisition of Prisma Media's luxury division, owned by Louis Hachette Group, which includes the French license for Harper's Bazaar, Côté Maison, IDEAT, MilK, and The Good Life.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Biotech company Nanobiotix announced on Wednesday that its cash reserves would allow it to finance its activities until early 2028. As of December 31, 2025, its cash reserves amounted to 52.8 million euros, compared to 49.7 million euros as of December 31, 2024.<br> On Tuesday evening, luxury group Kering and cosmetics group L'Oréal announced that they had finalized their strategic partnership in beauty according to the terms communicated on October 19, 2025, after obtaining approval from competition authorities.<br> &nbsp;&nbsp;<br> Cryogenic membrane specialist GTT, for its part, indicated that it received an order in the first quarter from South Korean shipyard Hanwha Ocean for the design of tanks for two new LNG carriers.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Electronic payments specialist Worldline announced the success of its capital increase of nearly 392 million euros. The operation, aimed at financing the "North Star 2030" recovery plan, was oversubscribed by 121%, Worldline said in a statement.<br> Argan will publish its first-quarter revenue on Wednesday after the close of the Paris Stock Exchange.<br> Around 7:40 AM, the CAC 40 futures contract gained 1.8%, according to data from broker IG.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Following Wall Street and Asian markets, European equity futures are sharply higher on Wednesday morning, as investors hope for a swift resolution to the Middle East conflict.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Around 7:40 AM, the DAX 40 futures contract in Frankfurt gained 2.1%, while the FTSE 100 in London rose 1%, according to data from broker IG.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Donald Trump stated on Tuesday evening, during a press conference in the Oval Office, that the United States would leave Iran "very soon." The United States would not need to stay in the region for more than "two or three weeks," he affirmed.<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">White House spokeswoman Karoline Leavitt indicated that the US President intends to deliver a speech on Wednesday evening to give "an important update on Iran." <br> US Secretary of Defense Pete Hegseth, for his part, stated that the coming days of the war with Iran would be decisive, adding that the United States would "negotiate with bombs" until Tehran renounces its ambitions.<br> "Iran knows this, and there's almost nothing they can do militarily about it," he affirmed on Tuesday during a press briefing.&nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Meanwhile, the United Arab Emirates are preparing to help the United States and other allies open the Strait of Hormuz by force, Arab officials said. Emirati diplomats urged the United States and military powers in Europe and Asia to form a coalition to open the strait by force, a UAE official stated.<br> On Tuesday, the New York Stock Exchange recorded its strongest gain in ten months as oil prices fell due to hopes of de-escalation in the Middle East.&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Following another decline, the market reacted very favorably to reports that Donald Trump was ready to end the war with Iran even without reopening the Strait of Hormuz. Iranian President Massoud Pezeshkian, for his part, affirmed on Tuesday that his country was willing to end the war, but wanted guarantees that hostilities would not resume.&nbsp;<br> The Dow Jones index gained 2.5% on Tuesday, to 46,341.51 points, and the S&amp;P 500 rose 2.9%, to 6,528.52 points. The technology-heavy Nasdaq Composite climbed 3.8%, to 21,590.63 points.<br> In Asia, the Nikkei index of the Tokyo Stock Exchange jumped 4.9% on Wednesday at the end of the session. The Shanghai Composite index gained 1.6%, while the Hang Seng of the Hong Kong Stock Exchange rose 2.3%.<br> &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">The two-year bond yield fell 3.7 basis points, to 3.77%.&nbsp;Around 7:40 AM, the yield on the ten-year US Treasury bond lost 3.3 basis points, to 4.29%. <br> &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">The greenback was stable against the Japanese currency, at 158.71 yen.&nbsp;Around 7:40 AM, the euro gained 0.2%, to 1.1578 dollars. <br> &nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">&nbsp;</span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">After their sharp decline the previous day, oil futures are rising this morning. Around 7:40 AM, the June contract for North Sea Brent crude traded in London gained 26 cents, or 0.3%, to 104.21 dollars per barrel. The May contract for West Texas Intermediate (WTI) crude traded on Nymex rose 66 cents, or 0.7%, to 102.04 dollars per barrel. &nbsp;&nbsp;<o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Priyanka Sachdeva, an analyst at Phillip Nova, indicated that prices are more influenced by diplomatic signals than by physical flows. <o:p></o:p></span></p><p class="MsoNormal"><span style="font-size:14.0pt;line-height:107%;font-family: &quot;Bookman Old Style&quot;,serif">Unless the Strait of Hormuz fully reopens, investors will likely continue to buy on dips. The conflict restricts supply faster than demand can adjust, she specifies. <o:p></o:p></span></p><p> <span style="font-size:14.0pt;line-height:107%;font-family:&quot;Bookman Old Style&quot;,serif; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;mso-bidi-font-family: &quot;Times New Roman&quot;;mso-bidi-theme-font:minor-bidi;mso-ansi-language:FR; mso-fareast-language:EN-US;mso-bidi-language:AR-SA">Even after a potential ceasefire, transportation costs and tanker traffic will likely take time to return to normal levels. The actual damage to oil infrastructure will also only be assessed after the fact, she adds.</span></p>

31/03/2026 - General Information

OF Morning Brief

30/03/2026 - General Information

Morning Brief Following the entry into the Middle East conflict of Yemen's Houthi rebels, allies of Iran, European stock markets are expected to open lower on Monday, as oil prices continue their ascent. IT services group Atos announced on Saturday that the Southern District of New York court had ordered its US subsidiary Syntel to pay $236.9 million, or 204.1 million euros, to TriZetto in compensatory damages. This verdict was rendered as part of the litigation that has pitted Syntel against US technology services company Cognizant and its subsidiary Trizetto since 2015 for misappropriation and copyright infringement. Pharmaceutical group Sanofi, for its part, announced on Saturday positive trial results from three Phase 3 studies of its experimental treatment amlitelimab for atopic dermatitis. Around 7:40 AM, the CAC 40 futures contract was down 0.5%, according to data from broker IG. As the widening Middle East conflict increases concerns about the economic repercussions of the war, European stock market futures were down on Monday morning. Around 7:40 AM, the DAX 40 futures contract in Frankfurt was down 0.6%, while the FTSE 100 in London lost 0.4%, according to data from broker IG. As a Marine expeditionary unit arrived in the Middle East, bringing the number of US troops in the region to approximately 50,000, Iran warned on Sunday that it would "destroy" any attempt at a ground invasion by the United States. Yemen's Houthi rebels announced on Saturday that they had entered the conflict by firing missiles at Israel. According to Stephen Innes, manager at SPI Asset Management, "the Houthis' entry into the fray redraws the battlefield. What seemed contained now looks like a fault line running through the entire energy complex." US President Donald Trump is considering a military operation to remove nearly 1,000 pounds (about 450 kg) of uranium from Iran, according to US officials. However, Donald Trump stated on Sunday that the United States had negotiated with Iran for the passage of oil tankers through the Strait of Hormuz. "They gave us, out of respect I think, 20 oil tankers, big, big oil tankers that are going to go through the Strait of Hormuz, and that starts Monday morning for the next few days," the US president assured, as quoted by Franceinfo. On Friday, the New York Stock Exchange closed sharply lower, marking a fifth consecutive week of decline, concerned by the deepening Middle East conflict and its repercussions on oil prices and the economy. The Dow Jones Industrial Average closed down 1.7% at 45,166.64 points. The S&P 500 index also lost 1.7% to 6,368.85 points, and the Nasdaq Composite dropped 2.2% to 20,948.36 points. Philadelphia Federal Reserve (Fed) President Anna Paulson stated on Friday that the war in Iran increased risks "for both inflation and growth," during a Q&A session following a speech. The central banker expressed particular concern because the US economy is approaching this potential oil shock with inflation already above the Fed's 2% target. In Asia, Tokyo's Nikkei index was down 3.2% late on Monday. The Shanghai Composite index gained 0.2%, while Hong Kong's Hang Seng index fell 1%. The two-year yield fell 4.3 basis points to 3.89%. Around 7:40 AM, the yield on the ten-year US Treasury bond lost 4.7 basis points to 4.39%. The greenback lost 0.3% against the Japanese currency, at 159.73 yen. Around 7:40 AM, the euro gained 0.1% to $1.1515. This morning, as the Middle East conflict widened with the involvement of Yemen's Houthis, who are threatening Red Sea shipping, oil prices continued their rise, according to ANZ Research analysts. The May contract for light sweet crude (WTI) traded on Nymex rose $1.24, or 1.2%, to $100.88 per barrel. Around 7:40 AM, the May contract for North Sea Brent crude traded in London gained $2.33, or 2.1%, to $114.90 per barrel. According to JPMorgan analysts, in addition to their ability to disrupt commercial maritime traffic, "operationally, the Houthis' most significant leverage is their ability to threaten Saudi Arabia's Yanbu export terminal on the Red Sea, where the East-West pipeline terminates." Such a situation threatens Riyadh's ability to bypass the Strait of Hormuz, these analysts add, specifying that these increased risks could add $20 to the price per barrel.

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