US equity markets were in a buoyant mood last week as optimism around de‑escalation in the Middle East conflict pushed US indices to record levels. Friday’s announcement of a ceasefire in the Lebanon–Israel war added further momentum, with oil prices falling sharply. The S&P 500 recorded a weekly gain of +4.5% (in dollar terms), with companies across the artificial intelligence (AI) value chain particularly strong. This was reflected in a +6.8% surge in the Nasdaq, with US growth equities outperforming their value counterparts for a third consecutive week. Treasury yields also retreated, with the closely watched ten‑year yield declining by eight basis points (bps) to 4.24% by Friday’s close. It is worth noting, however, that the situation shifted again over the weekend, as the reported opening of the Strait of Hormuz to commercial vessels proved short‑lived, with several ships reporting attacks.

Equity market returns were more muted elsewhere, although most major indices still recorded positive weekly gains. The MSCI Europe ex UK advanced by +2.3% (in euros), reflecting improved sentiment around developments in 100 rose by a modest +0.6%, with performance constrained by the index’s heavy exposure to the oil sector, which retreated as oil prices fell, alongside weakness in mining and utilities. By contrast, the FTSE 250 enjoyed a much stronger week, with the mid‑cap‑focused index rising by +3.8%. Turning to Asia, Japan’s Nikkei 225 gained +2.7% (in yen) to reach a fresh record high, supported by strength in AI‑related stocks and solid quarterly earnings. Meanwhile, in China, the Shanghai Composite climbed by +1.6% (in renminbi), as equities rebounded modestly, aided in part by a better‑than‑expected first‑quarter GDP release.

Concluding with commodities and as already mentioned, oil prices retreated on growing hopes of a resolution to the Middle East conflict. Brent crude ended the week down ‑4.7% at $91 per barrel, having fallen as low as $86 before paring some of those losses. However, following developments over the weekend, prices have rebounded and were trading back above $95 during early Monday morning trade. Elsewhere, gold edged higher, with the precious metal rising by +1.8% to $4,886 per ounce, supported by a modest weakening in the US dollar. Copper also advanced over the week, posting gains of +3.6%.

SJP Approved: 20/04/2026

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