WEEKEND NEWS RECAP - 6th April 2026

US President Trump posted on Saturday that time is running out, and there are ‘48 hours before all Hell will reign down on them, citing the previous ten-day deadline for Iran to make a deal or open up the Strait of Hormuz.
Furthermore, Trump reiterated his threat to Iran to open the Strait or they will be living in hell, and posted "Tuesday, 8:00 P.M. Eastern Time!".
US President Trump threatened to destroy all of Iran’s power plants if the country’s leaders don’t agree to reopen the Strait of Hormuz by Tuesday evening.
US, Iran and a group of regional mediators are discussing the terms for a potential 45-day ceasefire that could lead to a permanent end to the war, according to four US, Israeli and regional sources with knowledge of the talks, cited by Axios.
Japan and South Korea were higher overnight; Europe remains closed for Easter, and US markets return, with ISM Services PMI due.

SNAPSHOT

Highlights include US ISM Services PMI (Mar).
Holidays: Easter Monday.
Click for the Newsquawk Week Ahead.

IRAN CONFLICT

US President Trump posted on Saturday that time is running out, and there are ‘48 hours before all Hell will reign down on them, citing the previous ten-day deadline for Iran to make a deal or open up the Strait of Hormuz. Trump also posted that “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!”. Furthermore, he reiterated his threat for Iran to open the Strait or they will be living in hell, and posted "Tuesday, 8:00 P.M. Eastern Time!"
US President Trump threatened to destroy all of Iran’s power plants if the country’s leaders don’t agree to reopen the Strait of Hormuz by Tuesday evening, while he responded, “I will let you know pretty soon” when asked about when he thinks the war will end, according to a WSJ interview.
US President Trump told Fox News that he believes he can get a deal with Iran by Monday and said Iran is negotiating now, but also stated that he ideally will take Iranian oil if Iran is unwilling to make an agreement.
US President Trump claimed in an interview with Axios that the US is "in deep negotiations" with Iran and that a deal can be reached before his deadline expires on Tuesday. However, he added that if they don't make a deal, he is blowing up everything over there.
US President Trump said in a brief phone interview with The Hill that he is not ruling out ground troops in Iran if Tehran does not make a deal and said “If they were smart, they would make a deal”.
US rescued the second crew member from a downed F-15 in Iran. In relevant news, US President Trump told NBC News on Friday that the downing of the US jet won't affect Iran talks.
US has deployed most of its JASSM-ER long-range stealth cruise missiles for the Iran war.
US is doubling to USD 40bln its commitment to provide reinsurance guarantees to ships that travel through the Strait of Hormuz.
US, Iran and a group of regional mediators are discussing the terms for a potential 45-day ceasefire that could lead to a permanent end to the war, according to four US, Israeli and regional sources with knowledge of the talks, cited by Axios.
Israeli defence official said they are making preparations for strikes on Iran’s energy facilities and awaiting the go-ahead from the US, while the strikes would likely come in the week ahead.
Iran's parliament speaker Ghalibaf said the whole region is going to burn because US President Trump insists on following Israeli PM Netanyahu's commands.
Iran's Foreign Ministry spokesperson said Iran will reciprocate attacks on its infrastructure and will target similar infrastructure owned by the US or related to it.
IRGC warned on Friday that if US President Trump’s threats to target Iran’s infrastructure are carried out, the armed forces of Iran will target all Israeli and American assets and those of the host countries with even greater and more crushing force, according to IRNA.
IRGC said the Strait of Hormuz will never return to normal for the US and Israel, while it added the IRGC Navy is preparing operations for a new order in the Persian Gulf. It was also reported that the IRGC said they hit an Israeli ship in the channel of the UAE's Jebel Ali port.
Iran was reported on Friday to have rejected a US proposal for a 48-hour ceasefire, while the proposal was made on Wednesday through another country.
Iran and Oman are in active talks to manage and potentially reopen maritime traffic through the Strait of Hormuz, while officials met on Saturday to discuss practical options, according to the Omani Ministry of Foreign Affairs cited by ABC News.
Iran’s military said Iraqi ships can travel through the Strait of Hormuz, with Iraq exempt from shipping restrictions. It was also reported that Iran approved the passage of ships carrying essential goods to Iranian ports through the Strait of Hormuz, while a Petronas-chartered tanker loaded with Iraqi crude passed through Hormuz. Furthermore, 15 ships had passed through Hormuz in 24 hours with permission from Iran, according to Fars News Agency on Sunday evening.
IAEA Chief Grossi said Iran possesses a substantial stockpile of highly enriched uranium, nearing military grade, with the majority located at Isfahan and some at Natanz, while he added it is sufficient for the production of a few warheads.
Israeli army said it conducted a wave of strikes targeting infrastructure belonging to the Iranian regime in Tehran, while Iran announced explosions in Tehran and Qom. Iranian media also reported an explosion in Shiraz early Monday morning and dozens of successive explosions in the city of Karaj. Furthermore, strikes caused a temporary gas outage in the Sharif neighbourhood and hit a gas station near Sharif University in Tehran.
Iran fired multiple waves of missiles towards Israel, while air raid sirens sounded in 186 locations in Tel Aviv, the coastal plain, and southern Negev after detecting missiles allegedly originating from Iran, according to reports from Sky News Arabia.
Missile and drone warning sirens were active in the UAE, with defence systems activated and explosions were reported at US-linked facilities in Abu Dhabi.
Kuwait’s government announced that two power and water desalination plants were struck by Iranian drones, resulting in significant damage and two power generation units out of service. It was also reported that Kuwait Petroleum Corp’s headquarters caught on fire following an unmanned drone strike.
Bahrain urged the UN to pass a resolution to reopen the Strait of Hormuz by force, according to WSJ.
China’s Foreign Minister Wang Yi said China is ready to cooperate with Russia to ease Middle East tensions.
India’s Foreign Minister had a teleconference on the ongoing conflict in the Middle East with Qatar’s PM and Foreign Minister.

US TRADE

EQUITIES

US markets were closed on Friday

TARIFFS/TRADE

UK government is to break a manifesto commitment to ban foie gras imports, while it declined to halt fur imports, after the EU made these red lines in its discussions for a trade deal.

NOTABLE HEADLINES

Kevin Warsh’s nomination hearing to become Fed Chair was set for April 16th, according to Politico.

APAC TRADE

EQUITIES

APAC stocks were higher despite the recent threats by US President Trump, as the region also digested last Friday's better-than-expected US jobs data, while there was some encouragement after more ships sailed through the Strait of Hormuz and Iran exempted Iraq from shipping restrictions. Furthermore, Trump also said he believes they can get a deal before his deadline, and Axios reported that mediators are making a last-ditch effort for a potential 45-day ceasefire. However, conditions remain extremely thin owing to mass holiday closures on Monday for Easter and the Ching Ming Festival.
Nikkei 225 shrugged off initial geopolitical headwinds and tested the 54,000 level, where it met some resistance, while news that two Japan-linked vessels passed through Hormuz provided encouragement.
KOSPI was led higher by early tech strength with Samsung Electronics rallying ahead of tomorrow's preliminary Q1 results, with the Co. expected to post a six-fold increase in operating profit to a record KRW 40.5tln due to an AI-driven surge in memory chip demand.
US equity futures were indecisive following the recent mixed geopolitical headlines, including Trump's Tuesday evening deadline for Iran to open the Strait of Hormuz.

FX

DXY initially strengthened alongside the advances in oil prices at the reopen as markets reacted to US President Trump's threats to destroy Iran's power plants and bridges if it doesn't open up the Strait of Hormuz by a Tuesday evening deadline. However, the dollar then faded the gains and returned to flat territory as participants also reflected on other headlines, including reports of more ships passing through the Strait and Iran exempting Iraq from shipping restrictions. Furthermore, Trump claimed the US is in deep negotiations with Iran and that a deal could be reached before his deadline, while Axios noted that mediators are said to make a last-ditch push for a 45-day ceasefire.
EUR/USD clawed back early losses and returned to flat territory, but with price action kept to within tight parameters, with European markets closed on Monday for the Easter holiday.
GBP/USD eked mild gains and reclaimed the 1.3200 status as risk sentiment gradually improved, while it was also reported that the UK government is to back down on foie gras and fur bans to appease the EU.
USD/JPY traded indecisively amid recent oil price swings and a higher yield environment, while price action was also not helped by the lack of pertinent data releases to start the week.
Antipodeans edged higher as risk sentiment gradually improved from the initial jitters seen following Trump's latest threat against Iran.

FIXED INCOME

10yr UST futures lacked direction following the 3-day weekend stateside and with fluctuations in oil amid ongoing uncertainty as newsflow remained dominated by geopolitics.
10yr JGB futures just about retreated beneath the 130.00 level amid higher yields and the positive risk sentiment in Japan.

COMMODITIES

Crude futures initially gained at the reopen as markets reacted to US President Trump's threat over the weekend to destroy all of Iran’s power plants if the country’s leaders don’t agree to reopen the Strait of Hormuz by Tuesday evening. However, oil prices gradually gave back the gains as participants also reflected on other recent headlines including the announcement that Iran's military exempted Iraq from shipping restrictions in the Strait of Hormuz and that a Suezmax oil tanker hauling about 1mln barrels of Iraqi crude exited the Persian Gulf, while it was also reported that Trump told Fox News that he believes he can get a deal with Iran by Monday and that Iran is negotiating now.
OPEC+ eight members agreed to raise quotas by 206k bpd for May, although the increase is seen to be symbolic and will predominantly exist on paper as key members are unable to boost output due to the Iran war.
Libya's National Oil Corporation head said oil output rose to about 1.43mln bpd, which is the highest in more than a decade.
Russia’s Lukoil Norsi refinery suffered a fire following a Ukrainian strike.
Adnoc Gas said an incident at its Habshan complex on April 3rd caused damage to certain facilities, while it was also reported that an Abu Dhabi petrochemicals plant in Al-Ruwais was halted after an attack, which caused multiple fires.
Serbian President Vucic said the police and army found “explosives of devastating power” next to a major gas pipeline that supplies much of the country and extends into Hungary.
Italy imposed jet fuel restrictions at some airports amid the supply gap.
Australian Assistant Foreign Affairs and Trade Minister Thislethwaite said he sought and received pledges from Japan, South Korea and Singapore that shipments of fuel to Australia would continue, despite disruptions caused by the Iran war.
Turkey’s regulators announced an increase in electricity and natural gas prices. It was also reported that Egypt is to raise prices for some residential and commercial users this month due to the global energy crisis.
Spot gold slumped as oil prices and the dollar gained very early in the session, but then rebounded off support at the USD 4,600/oz level, which coincided with a broad reversal across most asset classes.
Copper futures eked out mild gains on return from the 3-day closure amid the mostly constructive mood.
Emirates Global Aluminium said it may take as long as a year to restore full production at its Abu Dhabi plant.

CRYPTO

Bitcoin was ultimately flat after oscillating through the USD 69,000 level.

NOTABLE ASIA-PAC HEADLINES

China's MOFCOM unveiled a framework to advance e-commerce development, emphasising on both growth and regulatory fairness, while it aims to merge digital and traditional sectors, create a mutually beneficial ecosystem, and enhance international cooperation.
DeepSeek will soon debut its new LLM that will operate on a Huawei chip, according to The Information.

GEOPOLITICS

RUSSIA-UKRAINE

Ukrainian President Zelensky’s chief of staff said Ukraine expects top US envoys Witkoff and Kushner to lead a US delegation to Kyiv this month amid efforts to resume peace talks.
Russia said it downed 148 Ukrainian drones in three hours, according to Reuters.

OTHER

South Korean President Lee expressed regret to North Korea over 'reckless' drone flights into North Korea, according to Yonhap. It was also reported that a South Korean lawmaker cited the spy agency and stated that North Korea may be developing a multi-warhead ICBM by testing a new engine.

EU/UK

NOTABLE HEADLINES

BoE is divided on how to address energy-induced inflation, with divisions likely to reopen later this month over how aggressive it needs to be in tackling the impact of the Iran war, according to FT.
EU warned European capitals against turning energy crunch into a fiscal crisis and urged governments to avoid excessive support to offset surging energy prices, according to FT.
ECB’s Sleijpen said the central bank’s next discussion will be between hiking rates or keeping them on hold.
Bank of Italy lowered its forecast for the country’s annual economic growth for both 2025 and 2026 to 0.5% from 0.6% and 0.8%, respectively.
Finance Ministers from Germany, Italy, Spain, Portugal and Austria called for a windfall profit tax on energy companies in response to rising fuel prices related to the conflict in Iran.