Overnight Headlines 8th April 2026

Multi-Asset Morning Pack – 8 April 2026 (06:00 UK)

Macro Lead

US–Iran ceasefire triggers a sharp de-escalation move.

Oil is collapsing, Asian equities are ripping higher, and US futures are pricing a strong relief rally.

Asia

• Nikkei: +5.34%
• KOSPI: +7.29%
• Hang Seng: +2.81%
• Shanghai: +1.92%
• Shenzhen: +3.87%
• ASX 200: +2.66%

Read-through: Asia is fully embracing the oil shock reversal and de-risking unwind.

Top Overnight Headlines

1. US and Iran Agree to Ceasefire Hours Before Trump Deadline
2. Oil Plunges, Stocks Jump on US-Iran Ceasefire Plan: Markets Wrap
3. Iran Says Safe Passage Via Hormuz Possible for Two Weeks
4. Trump Says US in ‘Heated’ Iran Talks Amid Extension Request
5. Iran Accepts Pakistan’s Two-Week Ceasefire Proposal

Equities

US cash close:

• Dow: 46,584.46 (-0.18%)
• S&P 500: 6,616.85 (+0.08%)
• Nasdaq: 22,017.85 (+0.10%)
• Russell 2000: 2,544.95 (+0.17%)
• VIX: 25.78 (+6.66%)

US futures:

• Dow fut: 47,863.0 (+2.25%)
• S&P fut: 6,820.25 (+2.46%)
• Nasdaq fut: 25,121.5 (+3.08%)
• Russell fut: 2,650.8 (+3.54%)

Read-through: Strong catch-up rally setup into the US open, led by tech and small caps.

Rates

US bond futures higher:

• US 10Y future (TYA): +22 ticks
• US Ultra 10Y (UXYA): +28+
• US Long Bond (WNA): +1-10
• Bund future (RXA): +1.56
• Bobl/Schatz also firmer

Read-through: Bonds are still bid despite the equity rally. That says this is not a clean all-clear risk-on move yet.

Commodities

• WTI Crude (May ’26): 96.89 (-16.06, -14.22%)
• Brent (Jun ’26): 95.31 (-13.96, -12.78%)
• Nat Gas: 2.749 (-4.22%)
• RBOB Gasoline: 2.9762 (-9.95%)
• ULSD Heating Oil: 3.7063 (-17.22%)

Read-through: Oil is the story. This is a violent unwind of geopolitical risk premium.

Market Take

This is a positioning-driven relief rally sparked by the ceasefire and the collapse in crude.

The market is moving from:

• escalation / inflation shock
  to
• de-escalation / lower energy risk / relief bid

Trader Focus

• Oil: does WTI hold below $100 and press toward $95/$90?
• Equities: does the gap higher hold, or get faded?
• Rates: if yields stay heavy, rally can broaden; if yields snap higher, it may cap upside
• Vol: VIX still elevated, so confidence is not complete

Bottom Line

Oil down, everything up.

This is a powerful relief rally driven by ceasefire headlines and a huge unwind in crude, but with bonds still bid and the agreement temporary, it is stronger than it is trusted.