Equity indexes lower. Oil and Gold futures higher.

Global markets are facing significant headwinds as risk assets come under pressure. All four major U.S. index futures are trading lower, led by the Nasdaq and Russell. While European manufacturing data showed mixed results, the primary market driver is the developing U.S. Iran situation, which has sent WTI crude futures sharply higher. OPEC members have also announced a phased unwind of voluntary output cuts starting in April 2026. In the metals space, gold remains elevated on safe-haven demand, while copper faces pressure due to potential disruptions in Chinese shipments. The U.S. Dollar is stronger as yields rise. Looking ahead, a heavy slate of corporate earnings and international economic data, including Chinese PMIs and Australian GDP, remain in focus.