Multi-Asset Morning Pack – 21 April 2026 (06:00 UK)
Sell-side style overnight handover
Macro / Overnight Narrative
Markets are attempting a controlled bounce, led by Asia, as Middle East tensions show tentative signs of stabilisation.
Korea and Japan outperformed overnight, oil has eased modestly, US equities closed slightly softer, and early US futures are pointing higher.
Rates are drifting up rather than rallying, suggesting there is no meaningful flight-to-quality bid underneath the move.
Bottom line: the market has shifted from escalation panic to cautious de-escalation optimism, but conviction still looks fragile.
Bottom line: the market has shifted from escalation panic to cautious de-escalation optimism, but conviction still looks fragile.
Top Overnight Headlines
- Trump signals Iran deal push as ceasefire deadline approaches
- Global stock rally resumes, oil dips on Iran talks
- Three ships including an Iranian vessel attempt Hormuz transits
- Apple names John Ternus as CEO successor to Tim Cook
- Amazon to invest up to $25bn in Anthropic as AI infrastructure race intensifies
- Chinese manufacturing growth overtaken by finance amid IPO boom
- Hong Kong bourse plans zero-day options launch in early 2027
- London Tube strike set to cause commuter disruption
Asia Session
| Nikkei 225 | 59,587.53 | +1.30% |
| KOSPI | 6,359.41 | +2.26% |
| Hang Seng | 26,394.86 | +0.13% |
| Shanghai Comp | 4,072.392 | -0.24% |
| Shenzhen | 14,854.077 | -0.75% |
| ASX 200 | 8,932.10 | -0.24% |
Read-through: risk-on in North Asia, with Korea the standout leader, while mainland China lagged.
US Close
| Dow | 49,442.56 | -0.01% |
| Nasdaq | 24,404.393 | -0.26% |
| S&P 500 | 7,109.14 | -0.24% |
| Russell 2000 | 2,792.959 | +0.58% |
| VIX | 18.87 | +7.95% |
US Futures
| Dow Fut | 49,724.0 | +0.17% |
| S&P Fut | 7,160.75 | +0.18% |
| Nas Fut | 26,829.0 | +0.30% |
| Russell Fut | 2,809.9 | +0.20% |
Rates / Bonds
| US 2Y | 3.724% | +0.008 |
| US 5Y | 3.857% | +0.007 |
| US 7Y | 4.041% | +0.004 |
| US 10Y | 4.252% | +0.002 |
| US 30Y | 4.88% | -0.001 |
Mild bear-steepening bias, with no meaningful haven bid despite the geopolitical backdrop.
Commodities
| WTI (May) | 88.59 | -1.14% |
| Brent (Jun) | 94.84 | -0.67% |
| Nat Gas (May) | 2.664 | -0.93% |
| RBOB Gas | 3.102 | -0.47% |
| ULSD Heating Oil | 3.519 | -0.62% |
Oil has eased on diplomacy hopes, but the risk premium remains meaningful with Brent still holding in the mid-$90s.
Desk Take
Short-term: relief rally conditions.
Medium-term: still oil- and headline-driven.
What matters today: Iran diplomacy headlines, Hormuz shipping flow, and whether oil stays on the back foot.
Best one-line summary: risk is rebounding, but not yet relaxed.
Medium-term: still oil- and headline-driven.
What matters today: Iran diplomacy headlines, Hormuz shipping flow, and whether oil stays on the back foot.
Best one-line summary: risk is rebounding, but not yet relaxed.
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