Market Quick Take - 10 April 2026

Market Drivers and Catalysts

• Equities: Wall Street extended gains while Europe paused after a sharp rally, and Asia experienced profit-taking.
• Volatility: The VIX decreased, with a focus on CPI and expected moves compressing.
• Digital Assets: Consolidation occurred with mixed ETF flows and cautious sentiment in Ethereum.
• Fixed Income: US Treasury yields remained steady ahead of the March CPI release.
• Currencies: The US dollar rebounded slightly after a previous decline; the Japanese yen remained weak.
• Commodities: The Bloomberg Commodity Index is set for a weekly loss, led by energy; gold's rebound continues.

Macro Events

US Treasury Secretary Scott Bessent and Fed Chair Powell held a meeting with major US bank CEOs to discuss risks from a new AI model, Mythos, which can exploit vulnerabilities in internet systems.

An Iranian delegation is in Islamabad for negotiations with the US amid a fragile ceasefire, with President Trump increasing pressure on Iran regarding shipping fees in the Strait of Hormuz.

US PCE prices rose 0.4% month-on-month, with year-on-year headline PCE at 2.8% and core PCE at 3.0%. Personal income fell 0.1% in February, while personal spending rose 0.5%.

US GDP growth for Q4 2025 was revised down to 0.5%, with full-year growth at 2.1%.

Macro Calendar Highlights

• 0600 – Norway March CPI
• 1230 – Canada March Unemployment Rate
• 1230 – US March CPI
• 1400 – US preliminary April University of Michigan Sentiment

Earnings Events Next Week

Key earnings reports include:

• Monday: Goldman Sachs, Fastenal
• Tuesday: JP Morgan, Johnson & Johnson, Wells Fargo, Citigroup, Blackrock, BMW
• Wednesday: ASML, Bank of America, Morgan Stanley, Progressive Corporation, PNC Financial Services
• Thursday: TSMC, Netflix, PepsiCo, Abbott Laboratories, Charles Schwab, Prologis, Bank of New York Mellon, US Bancorp, Marsh & McLennan, Travelers Companies, Infosys, Tesco
• Friday: Truist Financial, Fifth Third Bancorp, Ericsson

Equities Overview

USA

The S&P 500 rose 0.6%, the Dow Jones gained 0.6%, and the Nasdaq 100 added 0.7%. Consumer discretionary stocks led the gains, with Amazon up 5.6% due to positive AI growth commentary.

Europe

The STOXX 600 fell 0.1%, with technology stocks weighing on sentiment. Despite this, some industrial and financial stocks reached record highs.

Asia

Asian markets closed mixed, with the Hang Seng down 0.5% and the Kospi down 1.6%. However, Japan's Fast Retailing surged 8.8% after raising its outlook.

Volatility

Volatility eased, with the VIX closing at 19.49. The focus is now on the upcoming US CPI report, which could significantly impact market expectations.

Digital Assets

Digital assets showed resilience, with Bitcoin around USD 72k and Ethereum near USD 2.2k. ETF flows were mixed, indicating selective institutional demand.

Fixed Income

US Treasury yields remained steady ahead of the CPI report, with high yield corporate bonds rallying and spreads tightening significantly.

Commodities

The Bloomberg Commodity Index is set for a weekly loss, primarily due to a slump in the energy sector. Gold prices are on track for a third consecutive weekly gain.

Currencies

The US dollar rebounded slightly, while the Japanese yen remained weak. The EUR/USD pair reached a multi-week high before easing back.