Global stock markets remained focused Thursday on the progress of negotiations for peace in the Middle East while also dealing with a new wave of corporate results.
In Europe, Paris lost 0.14% and Milan 0.27%. London gained 0.29% and Frankfurt 0.36%.
In New York, for the second consecutive session, the Nasdaq index and the broader S&P 500 index set new closing records, gaining 0.36% to 24,102.70 points and 0.26% to 7,041.28 points, respectively. The Dow Jones rose by 0.24%.
“At Wall Street, the momentum is in full swing,” commented Patrick O’Hare of Briefing.com to AFP. “And investors are pushing the movement to see how far they can go.”
According to the analyst, Wall Street is benefiting from “constructive signals” around the conflict in the Middle East, particularly through recent comments from the American president.
Donald Trump announced Thursday that Iran had agreed to hand over its enriched uranium, one of his requirements for a deal with Tehran, and declared 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 the term he uses to refer to stocks of enriched uranium, adding, “There is a very good chance that we will reach an agreement.”
The Islamic Republic has not immediately confirmed this information, as negotiations are still 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 –
“Caution remains” regarding the situation in the Middle East, however, Jose Torres of Interactive Brokers noted the new increase in oil prices on Thursday.
After initially remaining relatively stable at the beginning of the session, the price of a barrel of Brent crude from the North Sea for delivery in June eventually rose by 4.70% to $99.39.
Its American counterpart, the West Texas Intermediate (WTI) barrel for delivery in May, increased by 3.72% to $94.69.
Moreover, the Strait of Hormuz, through which typically a fifth of the global oil supply transits, remains locked by Tehran.
“On the physical oil market, (…) prices remain extremely high,” observed Stephen Schork of The Schork Group to AFP.
Even considering barrels diverted through pipelines and the few ships that passed via Hormuz, the loss of Gulf oil has reached “around 13 million barrels per day,” according to ING.
“If the war were to escalate again and the Strait of Hormuz remained closed for several months, prices should once again rise sharply,” warned Arne Lohmann Rasmussen, an analyst at Global Risk Management.
– Barry Callebaut falls in Zurich, Tesco praised in London –
Another focal point for the markets is the ongoing earnings season on both sides of the Atlantic.
In Zurich, cocoa supplier Barry Callebaut plummeted more than 15% after reporting results below expectations for the first half and revising its objectives 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 fiscal year on Thursday but expressed concerns about the consequences of the Middle East war on its current fiscal year’s results. Its stock rose by 4.13%.
In Paris, the French spirits group Pernod Ricard lost some ground (-0.54%) due to results impacted by the Middle East conflict and negotiations for a merger with American company Brown-Forman, owner of Jack Daniel’s whiskey.
On Wall Street, the American snacks and beverages giant PepsiCo (+2.28%) reported significant earnings growth for the first quarter, driven by strong beverage sales in its main market, North America.
