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[MARKET ANALYSIS] Global bourses pare Monday's gains after renewed US strikes on Iranian sites, Ferrari stalls following EV launch

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[MARKET ANALYSIS] Crude rebounds following US “self-defence” strikes on Iran; precious metals slip

ECB's Lane says the ECB is not pre-committing to a particular path after June, Nikkei reports

[MARKET ANALYSIS] Global bourses pare Monday's gains after renewed US strikes on Iranian sites, Ferrari stalls following EV launch

Israeli security official says the army summoned an additional battalion to Lebanon, Al Jazeera reports

Iranian Supreme Leader Khamenei says the clock cannot be turned back, the "shaky Zionist regime will move closer to the end of its ominous existence"

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  • European bourses (STOXX 600 -0.2%) trade mixed, as indices that were closed for holidays on Monday catch up to the broad gains on optimism of an end to the US-Iran conflict. However, overnight, the US conducted strikes on Iranian missile launch sites and mine-laying boats in southern Iran overnight, with US CENTCOM citing self-defence. To add, US Secretary of State Rubio tempered expectations, saying a deal could take a few days and warned that the Strait of Hormuz would be opened "one way or the other." This has resulted in a pullback across the equity space.
  • Sectors lack a clear directional bias. Basic Resources (+1.3%) is the clear sector outperformer, helped by UK miners (Glencore, Rio Tinto). To the downside lies Technology (-1.3%) and Autos (-1.4%). Morgan Stanley gave an update for the airline industry, downgrading Lufthansa (-1.3%) to underweight while upgrading Air France-KLM (+1.2%) to Overweight. IAG (+2.7%) was given the title of top pick.
  • Plenty of single-stock drivers: Ferrari (-6.0%), unveiled its first fully electric car despite competitors scaling back EV ambitions due to weak demand; Melrose Industries (-5.0%), as an overheating chemical tank triggered an emergency response at its GKN's Garden Grove facility; Kingfisher (+3.0%), Q1 revenue grew Y/Y and affirmed guidance.
  • US equity futures point to modest gains, giving back Monday's futures gains amid the renewed strikes on Iranian sites. ES +0.5%.

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