Market Information Thursday 02 April 2026

Trump’s televised address wrong-footed markets expecting a ceasefire announcement, as he vowed to strike Iran “enormously hard” over the next two to three weeks. Oil surged 5.1% to $106.28 per barrel while S&P 500 futures pointed to a 1% decline, with major Asian indices falling between 1% and 3%. US pump prices have risen to $4.06 per gallon from $2.98 a month ago, eroding public support for the war to just 28% of Americans.

The S&P 500 has fallen into a recurring weekly pattern since the Iran war began, gaining early in the week before cratering on Thursdays and Fridays, with cumulative Thursday and Friday losses totalling 9%. Investors are trimming positions ahead of weekends to avoid being caught off-guard by Trump’s tendency to launch major escalations when markets are closed. This week followed the same script, with early gains of over 3% on ceasefire optimism evaporating after Trump’s Wednesday address pledging further strikes.

Germany and Italy are pushing for sweeping powers to block foreign stablecoins from the EU unless their home countries meet equivalent regulatory standards, a move that could effectively shut out major dollar-pegged operators. The proposal would hand the European Banking Authority a hard kill switch to ban any stablecoin whose reserve transfer mechanism fails or whose issuer breaches its rules. The proposal does not yet represent an official EU position, but as an informal document backed by the eurozone’s two largest economies, it carries significant weight in the ongoing MISP legislative negotiations.

The 6M Euribor decreased with 5 basis points to 2.48% compared to previous business day. The 10Y Swap decreased with 3 basis points to 3.04% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.