In Global equities closed substantially higher for the second week in a row ahead of deescalation talks between the US and Iran this weekend in Islamabad. The price of a barrel of West Texas Intermediate crude oil fell $13.50 to $98.50, whilst Brent crude closed the week below $95 after a similar fall.

The US and Iran reached a very tentative two-week ceasefire with just hours to go before a threatened US attack on Iran’s domestic infrastructure. With talks scheduled for Saturday, April 11th in Pakistan. However, amid a dispute over whether Lebanon is covered by the terms of the ceasefire, Israel’s continued attacks on Hezbollah left the ceasefire on shaky ground.

Also crucial among the terms of the ceasefire was the reopening of the Strait of Hormuz, however only a small number of ships were permitted to exit the Persian Gulf late last week, with Iran reportedly charging tolls. On Wednesday, President Trump threatened to raise tariffs to 50% on any country that exports weapons to Iran.

Whilst China and Pakistan were reportedly instrumental in bringing Iran to the negotiating table, the conflict in the Middle East has sharpened divisions within NATO. Spain and France have refused to allow the US to use its bases and airspace in those countries to support operations in the Middle East.

All major equity indices rallied over the week, most in excess of 3% in local currency. The S&P 500 closed 3.6% higher in Dollar terms during the week. The yield on the US 10-year Treasury note declined from 4.33% before Easter weekend to 4.31% at Friday’s close.

SJP Approved: 13/04/2026

Past performance is not indicative of future performance.

The value of an investment with St. James’s Place Investment Management Limited may fall as well as rise. You may get back less than the amount invested.

The value of investments may fall as well as rise purely on account of exchange rate fluctuations.

The information contained does not constitute investment advice.

Full advice should be taken to evaluate the risks, consequences, and suitability of any prospective investment. Opinions provided are subject to change in the future as they may be influenced by changes in regulation or market conditions. Where the opinions of third parties are offered, these may not necessarily reflect those of St. James’s Place Investment Management Limited.

FTSE Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE Russell®” is a trademark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data, and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor, or endorse the content of this communication.

MSCI Source: Certain information contained herein, including without limitation text, data, graphs, charts (collectively, the “Information”) is the copyrighted, trade secret, trademarked and/or proprietary property of MSCI Inc. or its subsidiaries (collectively, “MSCI”), or MSCI’s licensors, direct or indirect suppliers or any third party involved in making or compiling any Information (collectively, with MSCI, the “Information Providers”), is provided for informational purposes only, and may not be modified, reverse-engineered, reproduced, resold or redisseminated in whole or in part, without prior written consent.
S&P & Dow Jones Source: © S&P Dow Jones LLC 2025. All rights reserved.

Rowan Dartington is a trading name of St. James’s Place Investment Management Limited which is part of St. James’s Place PLC. St. James’s Place Investment Management Limited is a member firm of the London Stock Exchange and is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 02752304 at St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom.