President Donald Trump has extended the deadline for a potential peace deal with Iran until April 10th, providing a temporary reprieve in the escalating Middle East conflict. The move comes as global markets grapple with the dire economic consequences of the war, with Australian bank Macquarie Group Ltd. warning that oil prices could skyrocket to $200 a barrel if hostilities persist until June.
The grim oil forecast underscores the precarious situation for global energy supplies. Brent crude, while holding steady at $108 a barrel today, is navigating a supply shock that Macquarie indicates is beginning to reverberate globally.
Amidst the geopolitical turmoil, China’s economy displayed resilience. Industrial profits for the January-February 2026 period surged by 15.2% compared to the previous year. Separately, Chinese electric vehicle giant BYD Co. regained momentum in Europe in February, rebounding after a slower January performance.
In corporate news, Novartis AG is reportedly nearing an acquisition of Excellergy for up to $2 billion, aiming to bolster its pharmaceutical pipeline. Meanwhile, drinks conglomerate Pernod Ricard SA is said to be in merger talks with Brown-Forman Corp., the maker of Jack Daniel’s whiskey, according to Bloomberg.
Currency markets also saw activity, with Japan’s Finance Minister signaling the possibility of intervention should the Yen continue its approach toward the 160 per U.S. dollar mark.
Following Trump’s latest statement on the Iran conflict, Asian stocks are trading slightly higher. U.S. and European futures are pointing to average gains of 0.5% at the open, suggesting markets are attempting to offset some of yesterday’s losses.
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