Macro Update
Asia equities steady after rally: Stocks paused on Friday, with MSCI Asia-Pacific ex-Japan down 0.8%, though the region remains on track for a second weekly gain and has largely recovered losses from the Iran war.
Oil holds below $100: Brent eased to around $94 as ceasefire hopes and potential US-Iran talks reduced supply concerns, although the Strait of Hormuz remains largely shut.
Netflix falls despite earnings beat: Shares dropped around 8% after hours as weaker-than-expected second-quarter guidance overshadowed a first-quarter beat and news that co-founder Reed Hastings will step down from the board in June.
Dollar weakens on reduced safe-haven demand: The dollar index hovered near six-week lows and is set for a second weekly decline, while the euro and sterling remained close to recent highs.
Gold steady despite easing inflation fears: Prices were little changed but are heading for a fourth consecutive weekly gain, supported by geopolitical uncertainty even as lower oil prices eased inflation concerns.
Markets seen as complacent on risks: Analysts warn equities may be underpricing growth and inflation risks if the conflict persists, with attention focused on reopening the Strait of Hormuz as a key catalyst.