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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