Multi-Asset Morning Pack — 29 April 2026 (06:00 UK)
Overnight Theme: Risk tone remains fragile as markets balance Iran blockade risk, AI-sector jitters, tonight’s Fed decision and major US tech earnings. Japan was closed for Showa Day, while Hong Kong and mainland China were firmer. US futures are attempting a modest rebound after a softer Wall Street close.
Asian Equities — Overnight Snapshot
Japan was closed for Showa Day, Elsewhere, Hong Kong outperformed and mainland China stabilised, while Australia and Singapore were softer.
| Nikkei 225 | Closed — Showa Day Holiday | |
| Shanghai Composite | 4,094.80 | +0.40% |
| Shenzhen Composite | 15,064.27 | +1.58% |
| Hang Seng | 26,010.62 | +1.29% |
| ASX 200 | 8,691.50 | -0.22% |
| KOSPI | 6,693.00 | +0.78% |
| Straits Times | 4,861.42 | -0.54% |
| NZX 50 | 12,754.34 | -0.08% |
US Cash Close + Futures
US equities closed weaker, led by tech, as AI concerns and Fed positioning weighed on risk appetite. Futures are firmer this morning, led by Nasdaq futures, suggesting dip buyers remain active ahead of the Fed and mega-cap earnings.
| Dow Jones | 49,141.93 | -0.05% |
| S&P 500 | 7,138.80 | -0.49% |
| Nasdaq Composite | 24,663.80 | -0.90% |
| Russell 2000 | 2,756.05 | -1.15% |
| VIX | 17.83 | -1.05% |
| Dow Futures | 49,382 | +0.17% |
| S&P Futures | 7,185.25 | +0.20% |
| Nasdaq Futures | 27,303.25 | +0.50% |
| Russell Futures | 2,775.6 | +0.30% |
Rates & Bonds
Treasuries are slightly firmer with yields drifting lower into the Fed. The market focus is less on the rate decision itself and more on Powell’s tone around oil, inflation risk and financial conditions.
| US 2Y | 3.840% | -0.004 |
| US 5Y | 3.981% | -0.002 |
| US 10Y | 4.348% | -0.006 |
| US 30Y | 4.937% | -0.007 |
FX
Dollar tone is steady to slightly firmer. USD/JPY remains elevated near 160, while EUR/USD and cable are marginally softer. FX remains secondary to the oil/Fed narrative for now.
| EUR/USD | 1.1704 | -0.06% |
| GBP/USD | 1.3511 | -0.04% |
| USD/JPY | 159.62 | +0.01% |
| USD/CNY | 6.8353 | -0.03% |
| USD/CAD | 1.3685 | +0.01% |
Commodities
Oil remains the dominant macro input. Brent is holding above $111 as traders weigh Iran blockade risk against the UAE/OPEC shock. Energy remains the key inflation transmission mechanism into tonight’s Fed.
| WTI Crude | $99.38 | -0.55% |
| Brent Crude | $111.19 | -0.06% |
| Natural Gas | 2.668 | -0.85% |
Top Overnight Headlines
- Stocks retreat on Iran and AI concerns as Fed meeting looms — Reuters
- Morning Bid: Fed sails into uncharted waters as Powell bows out — Reuters
- UAE leaves OPEC in blow to global oil producers’ group — Reuters
- Gold steady as markets await Powell’s comments on Iran war impact — Reuters
- Goldman bars Hong Kong bankers from Anthropic AI use — Reuters
- Trump tells aides to prepare for extended blockade of Iran — WSJ
- Citadel Securities boosts Asia with major hires and block trade push — Bloomberg
- North Korea nuclear arsenal outgrowing US missile defences — Bloomberg
Today’s Key Calendar — Investing.com Logic
Filtered for same-day, market-relevant releases only. ADP removed — it was not a valid 29 April item.
- Germany CPI
- Eurozone Confidence Indicators
- German 10Y Bund Auction
- Federal Reserve Rate Decision
- FOMC Statement
- Powell Press Conference
- Major US Tech Earnings — Microsoft / Amazon focus
Desk Take
This remains a macro-first tape. Oil is the transmission mechanism: if Iran escalation sustains Brent above $110–115, inflation expectations and Fed pricing become materially harder. Futures suggest dip buyers are still present, but tonight’s Fed and mega-cap earnings will decide whether this remains a contained wobble or becomes a broader de-risking move.
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