Daily News
Global Markets Retrench as U.S. Implements Naval Blockade Following Peace Talk Collapse
13 April 2026
Today in Brief
Global markets faced fresh volatility as oil prices surged and consumer sentiment hit record lows following the failure of Iran peace talks and the announcement of a U.S. naval blockade.
In technology, TSMC and CoreWeave saw significant gains driven by AI demand, while Apple secured the top spot in global smartphone shipments despite a broader market decline.
Asia markets trade lower as oil surges after U.S. moves to blockade Iran ports
Asia-Pacific markets traded lower Monday, as investors weigh a U.S. naval blockade on Iran’s ports after talks between Washington and Tehran failed to produce an agreement to end the conflict in the Middle East. The breakdown of negotiations over the weekend in Islamabad reignited worries that the U.S.-Iran war will last longer than feared, leading to higher oil prices that will continue to strain economies worldwide. Japan’s Nikkei 225 fell 1.09%, while the Topix declined 0.67%. South Korea’s Kospi declined 1.26%, while the small-cap Kosdaq rose 0.26% in choppy trade. In Australia, the S&P/ASX 200 was 0.53% lower. Mainland China’s CSI300 index inched 0.12% lower, while Hong Kong’s Hang Seng index extended early losses and was 1.22% lower.
S&P 500 slips Friday, but index posts best week since November after fragile Iran ceasefire deal
The S&P 500 fell slightly on Friday, but the index managed to post a solid weekly gain as traders kept an eye on the fragile two-week ceasefire between the U.S. and Iran. The broad market index dropped 0.11% to end at 6,816.89, while the Nasdaq Composite moved higher by 0.35% and closed at 22,902.89, bolstered by gains in key semiconductor stocks such as Nvidia and Broadcom. The Dow Jones Industrial Average declined 269.23 points, or 0.56%, ending at 47,916.57. Still, the S&P 500 added about 3.6% this week, and the Nasdaq rose about 4.7% in the period. The Dow, meanwhile, gained 3% on the week. The indexes posted their best weekly performances since November.
Gold dropped about 2% to below $4,700 an ounce on Monday, reversing gains from last week
Gold dropped about 2% to below $4,700 an ounce on Monday, reversing gains from last week as US plans to blockade the Strait of Hormuz following failed weekend talks with Iran heightened concerns over a worsening global energy crisis. The restrictions will apply only to vessels entering or leaving Iranian ports starting at 10 a.m. Eastern Time. Negotiations in Pakistan failed to produce an agreement, with the US accusing Tehran of refusing to curb its nuclear ambitions, while Iran reportedly sought control of the strait, war reparations, a regional ceasefire, and access to frozen overseas assets.
WTI crude futures climbed as much as 9.3% to above $105 per barrel on Monday
WTI crude futures climbed as much as 9.3% to above $105 per barrel on Monday, recouping losses from last week after President Donald Trump announced a US blockade of the Strait of Hormuz, following the collapse of weekend negotiations with Iran. The restrictions will apply only to vessels entering or leaving Iranian ports starting at 10 a.m. Eastern Time. Talks held in Pakistan failed to produce an agreement, with the US accusing Tehran of refusing to curb its nuclear ambitions, while Iran reportedly sought control of the strait, war reparations, a broader regional ceasefire (including Lebanon), and access to frozen overseas assets. The key shipping route has effectively remained closed since the conflict began, driving sharp gains in oil and gas prices and raising concerns about inflationary pressures and weaker global growth.
Trump blasts Pope Leo for criticism of U.S. foreign policy
President Donald Trump on Sunday bashed Pope Leo XIV over the U.S.-born Roman Catholic pontiff’s criticism of the U.S. war in Iran. The president said he does not “want a Pope who criticizes the President of the United States because I’m doing exactly what I was elected, IN A LANDSLIDE, to do,” in a Truth Social post. Trump linked the pope’s ascension to his return to office as president. “Leo should be thankful because, as everyone knows, he was a shocking surprise,” Trump said. “He wasn’t on any list to be Pope, and was only put there by the Church because he was an American, and they thought that would be the best way to deal with President Donald J. Trump. If I wasn’t in the White House, Leo wouldn’t be in the Vatican.”
Trump says U.S. will blockade Strait of Hormuz after Iran peace talks fail
President Donald Trump on Sunday said the U.S. will blockade the Strait of Hormuz after talks held in Pakistan to end the Iran war hit the skids. “Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,” Trump said in a post to his social media platform Truth Social. “The Blockade will begin shortly. Other Countries will be involved with this Blockade. Iran will not be allowed to profit off this Illegal Act of EXTORTION.” The U.S. Central Command said in a post on X late Sunday that the U.S. military would begin implementing the blockade on Monday at 10 a.m. ET.
Consumer sentiment hits record low, inflation fears rise amid Iran war
Consumer confidence plunged to a record low in April as fears mounted over rising energy prices and the broader impact of the Iran war, according to a University of Michigan survey Friday. The university’s headline index of consumer sentiment tumbled to 47.6, down 10.7% from the March survey to its lowest on record. Current conditions and expectations indexes also saw double-digit monthly declines. The drop in sentiment coincided with a sharp spike in inflation expectations, with respondents seeing prices up 4.8% in a year from now, a full percentage point rise from the March reading to its highest since August 2025. The one-year outlook in April 2025 was 6.5% following President Donald Trump’s “liberation day” tariff announcement.
China offers incentives to Taiwan following opposition leader’s visit
China on Sunday unveiled 10 new incentive measures for Taiwan, including easing tourist curbs, allowing in “healthy” television dramas and facilitating food sales, following a visit by the island’s opposition leader. The move comes at the end of a trip to China by Cheng Li-wun, chairwoman of the Kuomintang (KMT), Taiwan’s largest opposition party. She met Chinese President Xi Jinping and talked about the need for peace and reconciliation. The 10 measures, unveiled by the official Xinhua news agency, “explore” the establishment of a regular communication mechanism between the KMT and China’s Communist Party, the full resumption of flights between the two sides and permission for individuals from Shanghai and Fujian province to visit Taiwan. A mechanism will be established to ease inspection standards for food and fishery products, but that has to be on the political foundation of “opposing Taiwan independence,” Xinhua said.
Fed asks about US banks’ exposure to private credit firms
The Federal Reserve is asking major U.S. banks for details about their exposure to private credit following a surge in redemptions from the funds and a rise in troubled loans in the industry, Bloomberg News reported on Friday, citing people familiar with the matter. The Fed is looking to assess the level of stress in the private credit industry and whether it has the potential to spill into the wider financial system, the report said. Reuters could not immediately verify the report. The Fed declined to comment. Private credit firms have been strained by the market’s recent downturn. Some investors have retreated from these investments due to worries about valuations and lending standards following a handful of high-profile bankruptcies. Some major U.S. banks have tightened lending standards, while private funds have capped withdrawals as redemption requests surged in recent months.
CoreWeave jumps after Claude-maker Anthropic agrees to rent AI capacity
Shares of CoreWeave gained 14% mid-day on Friday after artificial intelligence start-up Anthropic agreed to rent computing power from the specialized cloud provider. In a statement, CoreWeave said the deal will see the company help Anthropic build and deploy its popular Claude AI models. Anthropic and CoreWeave will initially focus on a "phased infrastructure roll-out" with the potential to expand over time, CoreWeave said. The news comes after CoreWeave inked a new $21 billion deal to also provide cloud computing capacity to Facebook-owner Meta Platforms, aiding the social media giant’s push to construct the digital infrastructure needed to support cutting-edge AI workloads. Following the announcement of the Meta agreement, CoreWeave’s stock price rose by just under 3.5% on Thursday.
TSMC revenue jumps 45% in March, beats expectations in Q1
Taiwan Semiconductor Manufacturing Corp, or TSMC, clocked a sharp increase in its March revenue as the world’s largest contract chipmaker benefited greatly from outsized artificial intelligence-fuelled demand. The jump saw TSMC’s total revenue for the first quarter come in just above market expectations. Shares of TSM jumped 2.8% in midday U.S. trading following the update. TSMC’s March revenue jumped 45.2% year-on-year to T$415.19 billion ($13.07 billion). Revenue also rose 30.7% from February. This brought TSMC’s March revenue to T$1.13 trillion, slightly higher than Bloomberg estimates of T$1.12 trillion. The figure was also a jump from revenue of T$839.25 billion seen a year ago. The company is the world’s largest contract chipmaker, and is a key supplier to AI majors such as Nvidia.
Apple leads global smartphone shipments in first quarter
Global smartphone shipments fell 6% year-over-year in the first quarter of 2026, as shortages of DRAM and NAND memory components disrupted supplies and raised costs for manufacturers, according to preliminary estimates from Counterpoint Research’s Market Monitor. Apple led the global smartphone market for the first time in a first quarter, capturing 21% market share with 5% growth compared to the same period last year. Strong demand for the iPhone 17 series, combined with aggressive trade-in programs and supply chain management, drove the company’s performance. Apple saw stronger growth in China, India and Japan.
