Squawk Box Europe Express

U.S. President Donald Trump has cranked up the pressure on the Iranian regime to strike a deal to reopen the Strait of Hormuz, threatening to target civilian and energy infrastructure should tonight’s deadline not be met. Oil futures rise on the comments but European equities remain sanguine following the extended Easter trading break. We hear exclusively from Danone CEO Antoine de Saint-Affrique who says the food giant is entering a new phase of acquisitions following a wave of recent acquisitions including UK powdered food firm Huel. De Saint-Affrique told CNBC the company is looking to reinforce its brands in the face of potential war-related volatility. And the Artemis II crew flies deeper into space than any manned craft before, surveying the far side of the moon.
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President Trump addresses the nation and says the war in Iran is nearing its end but offers no hint of de-escalation, adding that the U.S. will continue to strike the country. Markets surge on the news with WTI and Brent nudging past $100 per barrel. Asian equities start today off in the red with European futures looking to follow suit. Trump also advises European allies to ‘build up delayed courage’ to procure Gulf oil for themselves, insisting that the U.S. is wholly reliant on its own supply.
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Hopes of a de-escalation in the U.S.-Iran conflict help push all three Wall Street majors into the green with the Nikkei and Kospi leading Asian stocks gains. U.S. President Trump has indicated he is ready to finish the conflict in Iran with ‘two or three weeks’ even without a deal on re-opening the Strait of Hormuz. However, Trump slammed NATO allies for refusing to provide aid in the conflict. He criticised France for blocking airspace access to U.S. war planes and the UK was challenged to source some of its own oil from the Persian Gulf.
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Brent is on course for its biggest monthly gain ever but has dipped overnight after a WSJ report that President Trump could be willing to halt the conflict without reopening the Strait of Hormuz by force. Iran strikes a fully laden Kuwaiti oil tanker. The White House says that Trump is still willing to strike a deal with the Iranian regime despite claims he could target energy infrastructure in the country. The Nasdaq is in correction territory following a turbulent session while the Stoxx 600 has suffered its worst monthly performance since March 2020. U.S. Federal Reserve Chairman Jerome Powell offers investors hope saying the central bank’s rates policy is comfortable.
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Oil prices continue to surge as the Iran conflict enters its fifth week. Brent is set for its largest monthly gain ever with the Strait of Hormuz still largely closed. Asian markets are selling off while European futures also point south. President Trump tells the FT he is eyeing Iran’s oil reserves and has signalled he is willing to take over the vital export terminal of Kharg Island. However, he has also commented that a deal with Iran’s leadership remains possible. Australia joins other nations to announce it will be cutting its fuel tax for three months to provide consumer relief.
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