Asia Market Quick Take – 02 April, 2026

Asia Market Quick Take – 2 April, 2026

Key points:

• Macro: Trump signals end of conflict in weeks; Addressing the nation later
• Equities: Equities rally further on potential end to war; Intel gains 8.8% on 
• FX: Dollar eases with oil; USDJPY near 158.8; banks advocate bullish yen
• Commodities: Gold up a fourth day; WTI slips below $100
• Fixed income: US Treasuries mildly twist‑flattened as early gains faded on firmer data

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Disclaimer: Past performance does not indicate future performance.

Macro: 

• Trump is set to give a prime-time address Wednesday on the Iran war, signaling U.S. operations could end in two to three weeks.While retaining options for limited “spot” attacks. He earlier claimed Iran sought a ceasefire but said any deal requires it to stop blocking the Strait of Hormuz, a charge Iran denied.
• The IEA warned the worst energy crisis in modern history is just beginning, with April set to be much worse as the Iran war’s full impact hits markets.
• The US ISM Manufacturing PMI rose to 52.7 in March 2026, the strongest since August 2022 and above forecasts, with faster output growth, slightly weaker new orders, continued job contraction, and the highest prices index since June 2022, as firms increasingly cited the Iran war and policy uncertainty as headwinds.
• US retail sales rose 0.6% in February 2026, the strongest gain in seven months and above forecasts, with broad increases led by department, health, clothing, and auto stores, partly offset by weaker food and furniture sales. Core retail sales climbed 0.5%.
• US private payrolls rose by 62,000 in March 2026, beating expectations and signaling a still‑resilient labor market, with gains led by education and health and losses in trade, transportation, utilities, and manufacturing.
• China’s central bank signaled stricter oversight of intermediary fees to cut hidden financing costs and ease borrower burdens, Financial News reported. 

Equities:

• US - U.S. stocks rallied Wednesday as hopes grew that the war in the Middle East may be nearing a conclusion. The S&P 500 rose 0.7% to 6,575.32, the Nasdaq 100 gained 1.2%, and the Dow Jones Industrial Average rose 0.5%. Globalstar shares surged more than 20% in late trading on a Financial Times report that Amazon is in talks to acquire the satellite provider.Intel shares rallied 8.8% after the company agreed to pay $14.2b to buy back the 49% stake in its Ireland-based microchip factory it sold to Apollo Global Management in 2024. In after-hours trading, Penguin Solutions shares jumped 13% after raising its full-year adjusted earnings per share forecast, while Microchip Technology fell 7.8% to $60.30.
• EU - European stocks rallied Wednesday as comments from both sides of the Middle East war gave conviction for a near-term end to hostilities. The FTSE 100 closed up 1.9% at 10,364.79, the DAX rose 2.7% to 23,298.89, and the Stoxx Europe 600 Index climbed 2.5% to 597.69. HSBC Holdings contributed the most to the FTSE 100 gain, increasing 5.3%, while Babcock International Group had the largest increase, rising 9.5%. In Germany, Rheinmetall had the largest increase, rising 9.5%.ASML Holding contributed the most to the Stoxx 600 gain, increasing 6.1%. 
• Asia - Asian markets opened higher Thursday on continued optimism about a potential end to the Iran war. South Korea's Kospi Index opened 1.3% higher at 5,551.69, building on Wednesday's massive 8.4% rally that was driven by Samsung Electronics' 13% gain, its biggest since December 2001, and SK Hynix's nearly 11% rise. Japan's Nikkei 225 Stock Average opened 0.6% higher at 54,066.83, with the Topix Index rising 1.1%. Chugai shares were untraded and set to rise after Foundayo U.S. approval. MCJ Co. fell 5.1% to 2,201 yen, the worst performer among its peers. The MSCI AC Asia Pacific Index gained 0.5%.

Earnings this week:

• Thursday: Acuity, Lindsay and AngioDynamics

FX:

• The Bloomberg Dollar Spot Index fell 0.8% over two days as President Trump prepared to stress that the conclusion of operations in Iran may come in two to three weeks. 
•  All G-10 currencies advanced against the USDWednesday, led by theCHF, with the Bloomberg Dollar Spot Index falling more than 0.3%. 
• GBPUSD climbed 0.6% to 1.3305, up 0.9% in two days, while USDJPY fell 0.1% to 158.52, down three days in a row.
• CNH extended gains both onshore and offshore, lifted by a weaker dollar as hopes grew that the war in the Middle East may be nearing a conclusion. USDCNH fell 0.17% to 6.8774, down four days in a row.

Commodities:

• Oil pushed lower as traders focused on signs President Trump is seeking to end the Iran war. WTI fell as much as 1.8% to $98.37 a barrel after shedding 1.2% on Wednesday. Brent crude briefly fell below $100 a barrel and settled at $101.16.
•  Gold rose for its fourth straight session, climbing as much as 2.7% Wednesday to approach $4,800 an ounce before trimming gains, as traders bet the Federal Reserve may need to cut interest rates to shore up a possible economic downturn.

Fixed income:

• Treasuries saw a mild twist‑flattening as early gains faded on firmer data and a large 2‑year futures block; yields finished within a few bp of Tuesday, pivoting around an unchanged 10‑year and paring declines as Brent briefly dipped below $100, with the market tracking oil’s inflation risk despite de‑escalation hopes for Fed cuts.

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