Danske Research Team notes global equities extended gains, with Stoxx 600 up 1.4% and S&P 500 up 0.5% in a geopolitical reversal trade. Cyclicals outperformed defensives, though investors remain only cautiously optimistic.

Sweden Trade Balance (MoM) down to 1.8B in February from previous 6.3B

Sweden Trade Balance (MoM) rose from previous 6.3B to 162B in February

Germany GfK Consumer Confidence Survey came in at -28, below expectations (-26.5) in April

DBS Group Research’s Philip Wee notes that Brent remains capped below $100 as markets reassess Iran conflict risks and shift focus toward a potential diplomatic off-ramp.

European Central Bank (ECB) policymaker and Bundesbank chief Joachim Nagel said during European trading hours on Thursday that an interest rate hike in the April policy meeting is certainly an option.

ING economists Peter Virovacz and Zoltán Homolya expect the Hungarian Forint to remain volatile as geopolitical tensions and the April 2026 elections weigh on sentiment.

Rabobank strategist Molly Schwartz highlights that the Eurozone is already economically exposed to the conflict via higher energy prices.

Asian stock markets face profit-booking on Thursday after rallying in the last two-three trading days.

Netherlands, The Gross Domestic Product n.s.a (YoY) meets forecasts (1.8%) in 4Q

Singapore Industrial Production (YoY) declined to -0.1% in February from previous 16.6%

Singapore Industrial Production (MoM) fell from previous 5.3% to -7.2% in February

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, inches lower after two days of gains and is trading around 99.60 during the Asian hours on Thursday.

Israeli Defense Forces (IDF) reports through a post on X, formerly known as Twitter, that it has completed a series of attacks on Isfahan, city in central Iran.

US President Donald Trump reiterated early Thursday that Iran is negotiating to end the war.

Japan Corporate Service Price Index (YoY) up to 2.7% in February from previous 2.6%

Japan Foreign Investment in Japan Stocks increased to ¥-2B in March 20 from previous ¥-1772.6B

The Reserve Bank of Australia (RBA) Assistant Governor Christopher Kent warned that if the Middle East conflict prolongs, the economic damage would be greater and policymakers would need to cap inflation amid surging energy prices.

DBS Group Research economists Byron Lam and Daisy Sharma present a China GDP Nowcast indicating real GDP growth likely improved to 4.7% in 1Q 2026 from 4.5% in Q4 2025.

BNY’s Geoff Yu highlights that APAC balance-of-payments pressures from the Iran conflict and energy by-products are increasingly driving currency flows, with MYR, THB, AUD and PHP in focus.

DBS Group Research economist Radhika Rao discusses Indonesia’s onshore markets as they reopen after the Lebaran holiday to a backdrop of uncertain geopolitics and volatile global sentiment.

Societe Generale’s Kunal Kundu argues that India’s new GDP series points to weaker historical growth and softer domestic demand than previously reported.

BNP Paribas argues that European Union (EU) manufacturing firms enter the 2026 energy shock from Iran with historically low non-performing loan (NPL) ratios, suggesting stronger financial health than in 2022.

UOB economist Lee Sue Ann highlights that Australian inflation remains elevated, with housing and electricity key drivers, even as trimmed mean CPI tracks slightly below earlier RBA projections.

United States 5-Year Note Auction increased to 3.98% from previous 3.615%

Russia Industrial Output registered at -0.9%, below expectations (1.1%) in February

Nordea’s Group Chief Economist Helge J. Pedersen notes that the Danish parliamentary election has produced a highly fragmented Folketing, with 12 parties entering parliament and no majority for either the red or blue bloc. The Moderates, led by Lars Løkke Rasmussen, now hold the balance of power.

UOB economist Lee Sue Ann highlights a hawkish pivot by the Bank of England (BoE), with the Bank Rate held at 3.75% and a unanimous 9–0 vote. The report removes prior expectations for three 2026 cuts, now forecasting the GBP Repo Rate steady at 3.75% through 4Q26 as inflation risks dominate.

ABN AMRO economists Bill Diviney and Jan-Paul van de Kerke note that the ECB is likely to respond to the renewed energy shock with additional tightening focused on preventing second-round effects.

ING’s Carsten Brzeski warns that Germany’s long-awaited cyclical rebound has been dented after the Ifo index fell sharply in March, with expectations suffering their worst hit since the Russian invasion of Ukraine.