What matters in U.S. and global markets today
By Mike Dolan, Editor-at-Large, Finance and Markets
After a dreary, war-filled six weeks, global stocks are once again at record highs. Fresh U.S.-Iran peace talks look like they could be on the way as the Trump administration talks up hopes for a deal and a Pakistani mediator arrives in Tehran.
With that breathing room, investors feel they can now start switching back to market fundamentals. The big U.S. banks have mostly impressed investors with their first-quarter earnings earlier this week, and now it’s tech’s turn, with Taiwan’s chip giant TSMC out today with another comfortable beat.
I’ll get into that and more below.
But first, check out my latest column on why stock bouncebacks seem to be getting faster as geopolitics gets messier.
And listen to the latest episode of the Morning Bid daily podcast, where I discuss China's GDP surprise and more. Subscribe to hear Reuters journalists discuss the biggest news in markets and finance seven days a week.
Finally, don't forget to mark April 23 in your calendar, when I'll be joining my ROI colleague Jamie McGeever for a timely webinar discussion on rethinking safe-haven assets in uncertain times. Sign up here.
Global stocks are rallying as investors refocus on how the tech sector and wider global economy have absorbed the impacts of the Iran war. MSCI’s all-country index clocked a new high on Thursday, with the Nikkei hitting a fresh record after closing up 2.5% and South Korea’s KOSPI rising by more than 2%.
New highs for major U.S. indexes on Wednesday, meantime, were helped along by yet more strong earnings from the likes of Bank of America and Morgan Stanley. Over 80% of the companies that have reported for the quarter so far have beaten analysts' expectations.
Possible negotiations between Israel and Lebanon were another reason for optimism, with President Trump saying the leaders of both countries would speak on Thursday. It was also reported that Iran would consider letting ships sail through the Omani side of the Strait of Hormuz as part of proposals offered to the U.S., according to a source briefed by Tehran.
Oil prices have once again taken their cue from the cheerier reports, staying below the important $100-per-barrel level. That said, both Brent and WTI crude rose by over 1% on Thursday to trade around $96/bbl and $92/bbl.
Meantime, the dollar lingered near six-week lows, extending losses against major currencies for an eighth straight session on Wednesday. It’s now unwound most of its safe-haven gains since the Iran war began.
Elsewhere, China reported first-quarter GDP growth of 5.0%, beating economists’ forecasts of 4.8%. That comes even as a slowdown in retail sales growth and industrial output in March darkened the picture.
Stateside, President Trump renewed his attacks on outgoing Fed Chair Jerome Powell, once again threatening to fire him if he doesn’t vacate his Fed board seat after his term as chair ends next month. Congressional hearings for Fed Chair nominee Kevin Warsh are set to begin next week.
Chart of the day
China's economy picked up speed early in 2026, riding an export surge before the Iran war sent energy costs soaring and put global demand - vital to Beijing's growth ambitions - at risk.
The 5.0% year-on-year pace in the first quarter beat forecasts and sits at the top of China's full-year target range of 4.5%-5.0%, highlighting a resilience that sets it apart from much of Asia, helped by ample strategic oil reserves and a diversified energy mix.
Today's events to watch
* U.S. weekly jobless claims (8:30 a.m. EDT), March industrial production (9:15 a.m. EDT)
* U.S. corporate earnings: BNY, Charles Schwab, PepsiCo
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