MARKET WRAPS

Watch For:

Eurozone money supply and business & consumer surveys, Germany CPI; trading updates for AstraZeneca, TotalEnergies, UBS, Banco Santander, Deutsche Bank, Mercedes-Benz, GSK, Adidas, Universal Music

Opening Call:

European stock futures were lower, after Asia stocks were mixed. U.S. Treasurys edged higher, the dollar was flat. Gold rose and oil fell.

Equities:

European futures fell as jitters surrounding artificial intelligence returned to Wall Street and markets awaited for the Federal Reserve's rate decision later in the day.

Investors also looked ahead to key earnings from major AI players--Alphabet, Amazon.com, Microsoft and Meta Platforms are all scheduled to report later in the day, with Apple following close behind on Thursday, a run that many expect to test a rally that has helped carry major indexes to recent records.

"The ice is really thin. The leash is very tight," said Dan Morgan, portfolio manager and analyst at Synovus Trust, which owns shares of OpenAI partners like Oracle, Broadcom and Advanced Micro Devices.

"Any evidence that would come out that would add to doubt about OpenAI, Anthropic, or any of these companies is obviously going to create a selloff."

Forex:

Currencies consolidated against the U.S. dollar ahead of the FOMC decision due later in the day.

Uncertainty over the U.S. economic outlook caused by the Middle East conflict will likely prompt the FOMC to keep rates on hold, said CBA's Carol Kong.

However, there's a risk that Fed Chair Powell is hawkish due to ongoing high inflation, which would send the greenback higher, said the economist and currency strategist.

Bonds:

Treasury yields edged higher amid market expectations for the Fed to keep rates on hold for the last rate-decision meeting Jerome Powell is expected to chair.

Powell is expected to face questions about whether he plans to remain on the interest-rate setting body, besides inquiries about the path of monetary policy. Inflation remains a concern as the conflict in Iran pushes oil prices higher.

The U.S. consumer remains resilient, with April's Conference Board confidence gauge unexpectedly rising. March durable goods orders are expected to increase.

Energy:

Oil fell on the UAE's plan to exit OPEC, which would allow the country to produce more oil than the cartel currently permits.

"This could undermine the group's cohesion, creating internal disarray and weakening OPEC+'s ability to present a unified stance on production and geopolitical issues," said IG's Axel Rudolph in an email.

However, ongoing U.S.-Iran tensions and near-zero traffic through the Strait of Hormuz have intensified supply concerns, the chief technical analyst added, noting that one-fifth of the world's oil is typically transported through the Strait of Hormuz.

Metals:

Gold edged rose amid prospects of dollar strength.

"Lack of progress in the diplomatic efforts in the Middle East could continue to fuel demand for the dollar," said DHF Capital's Bas Kooijman in an email.

Also, "prolonged disruptions in the Strait of Hormuz push energy prices to elevated levels, reinforcing inflation concerns, which drive Treasury yields higher, weighing on nonyielding assets such as gold," the CEO and asset manager added.

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Nickel was flat after gaining in the last session. More signs of supply tightness were seen emerging in Indonesia, said ANZ Research analysts, citing Zhejiang Huayo Cobalt's plans to cut output at its Huafei project in Weda Bay by 50% on abnormal price volatility for sulphur.

The project accounts for around 3% of global nickel supply, ANZ added.

This comes as the Middle East conflict drives up the price of the chemical used by Indonesian nickel producers for high-pressure acid leaching, ANZ said.

TODAY'S TOP HEADLINES

AI Worries Have Returned to Wall Street. Now Come Earnings.

AI jitters are back on Wall Street.

Shares of Oracle, CoreWeave, SoftBank and other firms tied to OpenAI slumped on Tuesday, with those three all dropping at least 4% after The Wall Street Journal reported that the ChatGPT maker had missed its own targets for revenue and users. That revived investors' worries that technology giants' massive investment in artificial intelligence won't produce the blockbuster profits many expect.

Trump Tells Aides to Prepare for Extended Blockade of Iran

President Trump has instructed aides to prepare for an extended blockade of Iran, U.S. officials said, targeting the regime's coffers in a high-risk bid to compel a nuclear capitulation Tehran has long refused.

In recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran's economy and oil exports by preventing shipping to and from its ports. He assessed that his other options-resume bombing or walk away from the conflict-carried more risk than maintaining the blockade, officials said.

U.A.E.'s OPEC Exit Deals Major Blow to Cartel Amid Middle East Oil Squeeze

The United Arab Emirates said it would leave OPEC, dealing a heavy blow to the oil cartel as the war in Iran scrambles alliances and investment priorities among the world's top oil producers.

The sudden departure of OPEC's third-biggest producer further weakens a bloc that despite producing up to four out of every 10 barrels of oil pumped worldwide has been hobbled by internal disunity and the rise of American oil output.

Starbucks Says Its Sales Rebound Is Gaining Momentum

Starbucks said its sales rebound is picking up steam, and raised growth forecasts for the year despite consumers' jitters over gas prices and other costs.

Chief Executive Brian Niccol said that Starbucks is winning customers' morning business and building strength in the afternoon, signs of progress in his effort to turn around the world's largest coffee chain.

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Expected Major Events for Wednesday

06:00/NOR: Mar Retail Sales

06:00/SWE: 1Q Flash GDP

06:00/SWE: Mar Retail sales

06:00/EU: 1Q New Commercial Vehicle Registrations in Europe statistics (EU27 + EFTA3)

07:00/SWE: Apr Consumer Tendency Survey

07:00/SWE: Apr Quarterly Business Tendency Survey

07:00/SVK: Apr Economic sentiment indicator

07:00/SVK: Apr Business tendency survey

07:00/SPN: Apr Flash Estimate CPI

07:00/TUR: Mar Employment / Unemployment

08:00/ITA: Apr Consumer Confidence Survey

08:00/ITA: Apr Business Confidence Survey

08:00/ICE: Apr CPI

08:00/EU: Mar Monetary developments in the euro area (M3)

08:00/GER: Apr Bavaria CPI

08:00/GER: Apr North Rhine Westphalia CPI

08:00/GER: Apr Saxony CPI

08:00/GER: Apr Hesse CPI

08:00/GER: Apr Baden-Wuerttemberg CPI

08:00/GER: Apr Brandenburg CPI

08:30/UK: Mar Capital issuance statistics

09:00/CYP: Feb Industrial Production Index

09:00/BEL: 1Q Preliminary GDP

09:00/EU: Apr Business & Consumer Surveys - Business Climate Indicator & Economic Sentiment Indicator

09:00/GRE: Mar Labour Force Survey

09:30/BEL: Apr CPI

10:00/IRL: 1Q Preliminary GDP Estimate

10:00/IRL: Mar Retail Sales Index

10:00/ITA: Mar Foreign Trade non-EU

12:00/GER: Apr Provisional CPI

23:01/UK: Mar UK monthly automotive manufacturing figures

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(END) Dow Jones Newswires

April 29, 2026 00:02 ET (04:02 GMT)

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