Morning Bid: No Easter truce

• Brent crude climbed back to $110 and WTI to just over $107 following Trump's remarks, while Asian stocks fell sharply with Japan's Nikkei down 2.4% and South Korea's Kospi sliding 4.7%
• Despite the oil shock, early March economic data shows unexpected resilience with ISM manufacturing, consumer confidence, and private payrolls all beating expectations, while corporate earnings estimates are actually increasing
• The dollar index regained the 100 level on safe-haven demand while gold retreated from two-week highs, with investors nervously awaiting the March U.S. employment report releasing on Good Friday

Market Summary: No Easter Truce

Key Developments:

President Trump's televised speech dashed hopes for an immediate end to the Iran conflict, indicating another 2-3 weeks of military operations. Trump stated the U.S. would "hit them" and "bring them back to the Stone Ages," while providing few new details and offering no clear timeline on reopening the Strait of Hormuz.

Market Impact:

• Oil: Brent crude climbed back to $111; WTI rose above $107
• Equities: Global stocks retreated—Japan's Nikkei down 2.4%, South Korea's Kospi fell 4.7%, European markets down approximately 1%, U.S. futures in the red
• Currencies: Dollar index regained the 100 level on safe-haven demand
• Safe havens: Gold eased from two-week highs; U.S. Treasuries declined

Economic Resilience:

Despite geopolitical tensions, early March economic data shows surprising strength:

• ISM manufacturing survey improved
• Consumer confidence held steady
• Private sector payrolls robust
• Corporate earnings growth estimates rising

This suggests steep input price increases but resilient activity, keeping central banks alert for potential delayed impacts. The March U.S. employment report releasing on Good Friday will provide further clarity.

Corporate News:

• SpaceX filing for IPO, potentially the largest in history
• Amazon reportedly acquiring satellite telecom group Globalstar to compete with SpaceX's Starlink

Regional Impact:

Air travel in/out of UAE remains depressed following initial conflict shock.

Investors face a nervous Easter weekend awaiting conflict developments and employment data.