Morning Brew March 10 2026

Good morning,

Optimistic tones from the US caused risk sentiment to flourish overnight, with indexes reversing losses and ending higher. Oil and the USD are lower, while precious metals are stronger. Donald Trump stated yesterday that the US had inflicted serious damage on Iran and anticipated that the conflict would end well before the initially expected four weeks. Israel declared its aim to overthrow Iran's clerical rule, while US officials mainly focus on destroying Iran's missile capabilities and nuclear program. However, Trump has indicated that the war can only conclude with a compliant Iranian government. The Iranian government has threatened to maintain the lockdown of the Strait of Hormuz as long as US attacks continue.

The Dow rose by 0.50%, the S&P 500 by 0.83%, and the Nasdaq by 1.38%. This morning, the indexes are slightly lower, with the US 500 at 6780, the US 30 at 47632, and the US Tech 100 NAS at 24920. The GER40 is trading at 23670.

Anthropic has sued the Defense Department regarding a supply chain risk designation, and Novo Nordisk and Hims & Hers (up 41%) have agreed to partner on obesity drugs. Volume on U.S. exchanges reached 22.41 billion shares, compared with a 19.99 billion average. Following the announcement of collaborating on the European Starling version, OHB rose by 12%.

Volkswagen reported profits 50% below last year's due to US tariffs and costs related to Porsche. Ten-year yields are back at 4.11%. The USD Index declined to 98.73 as EUR/USD rises to 1.1630, GBP/USD to 1.3450, and USD/JPY falls to 157.55. EUR/CHF tested a break below 0.90 but could stabilize at 0.9038. Gold and Silver recovered to 5180 and 88.80, respectively.

Traders will closely monitor any news surrounding Iran and assess whether Trump's statement about the war ending soon is an attempt to calm markets or if there is any basis to it. Economists are concerned that the combination of a lagging labor market, as shown by last week's data, and inflation due to higher oil prices could result in stagflation—a challenging scenario for any central bank.

Keep an eye out for any comments from the SNB regarding the Swiss Franc. Additionally, Oracle's earnings report after the US close at approximately 21:15 CET will be of interest.

Trade carefully and remember the webinar with Ole and John at 13:00 CET VIP Webinar: War in Iran - scenarios and market risk | Saxo

Tuesday, March 10, 2026

Japan GDP, China Trade, US Existing Home sales,

Earnings: NIO, Kohls, Oracle,
Wednesday, March 11, 2026

Germany Inflation., US CPI.
Thursday, March 12, 2026

Initial Jobless Claims, International Trade, Fed issues quarterly accounts

Earnings. Dicks, Dollar General, Adobe, Wheaton
Friday, March 13, 2026

UK GDP, France CPI, US PCE