29/04/2026 Daily Reports
AI Sell-Off Pulls Nasdaq Lower as Oil Surge and Hormuz Tensions Weigh on Global Markets
- The Nasdaq Composite closed 0.90% lower at 24,663, pulling back from recent record highs. The decline was heavily driven by a sell-off in artificial intelligence and semiconductor stocks, including Advanced Micro Devices and Nvidia. This downward movement followed a media report claiming that OpenAI missed its internal user and revenue targets, which immediately reignited investor concerns over extensive AI infrastructure spending ahead of major technology earnings.
- In Europe, the German DAX index fell 0.27% to close at 24,018.26, marking its seventh consecutive trading day of losses and its longest losing streak since December 2024. The Frankfurt market faced continued pressure as traders monitored stalled negotiations regarding the reopening of the Strait of Hormuz. Corporate earnings also weighed on the index, with notable declines from Qiagen NV following weaker first-quarter results and Bayer amid ongoing litigation developments in the United States.
- Japan’s Nikkei 225 index retreated 1.0% to close at 59,917.46. The Japanese benchmark declined after the Bank of Japan officially announced its decision to keep its key interest rate unchanged at 0.75%. The central bank cited the ongoing Middle East conflict and surging global crude oil prices as primary factors expected to slow the nation’s economic growth. The import-reliant Japanese market continues to face significant pressure from the severely disrupted maritime energy supply routes.
- Brent crude oil futures experienced another significant price surge, with the actively traded July contract climbing 2.7% to $104.40 per barrel and the June contract reaching $111.50. The upward price movement remains directly tied to the ongoing conflict between the United States and Iran, which has caused the effective closure of the Strait of Hormuz. Additionally, British energy giant BP reported that its first-quarter profits doubled to $3.2 billion due to the surging global energy prices.
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Fed Day & Tech Earnings: A Volatile Cocktail for FX
Today is shaping up to be one of the most critical trading days of the month.
- The Fed’s Finale: All eyes are on today’s FOMC announcement (19:00 BST). With the ongoing supply shocks in the Middle East, there is a legitimate risk that Powell’s final press conference leans hawkish, regardless of the Fed’s current stance on “transitory” inflation.
- The Geopolitical Pressure Cooker: It’s not just about interest rates. The UAE’s departure from OPEC+ and the threat of an extended blockade in the Strait of Hormuz are keeping risk sentiment fragile.
- The “Big Tech” Wildcard: Don’t let the FOMC overshadow earnings. Today, Alphabet, Microsoft, Amazon, and Meta release their results. Since global equities currently have high sensitivity in currency models, a big miss here could trigger more FX volatility than the Fed announcement itself.
- EUR Outlook: The 1.170 level remains the “line in the sand.” If we get a hawkish Fed combined with negative risk sentiment, a break below this level is highly probable. Watch for German and Spanish CPI prints today.
