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Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
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European stock markets showed little movement on Tuesday following a long holiday weekend, as investors remained cautious amid escalating tensions in the Middle East. The pan-European Stoxx 600 edged up 0.1%, Germany's DAX was nearly flat, France's CAC 40 gained 0.5%, and the UK's FTSE 100 added 0.2%. Most major European exchanges had been closed Monday for a public holiday.
Market sentiment stayed guarded as U.S. President Donald Trump's deadline for Iran to agree to a ceasefire drew closer. At a news conference, Trump dismissed growing hopes of a diplomatic breakthrough, warning that the U.S. would destroy critical Iranian infrastructure — including bridges and power plants — if Tehran failed to meet his Tuesday night deadline. He added that such strikes would set Iran back by a century. Iran had already turned down a U.S. and regionally brokered proposal that would have halted fighting for 45 days and reopened the Strait of Hormuz to oil tanker traffic.
The conflict, which began with joint U.S. and Israeli airstrikes on Iran in late February, has since drawn in multiple countries across the Middle East. Israel has continued striking Hezbollah forces in Lebanon, while Iran has retaliated with attacks on Gulf energy infrastructure and effectively choked off shipping through the Strait of Hormuz — a critical waterway through which roughly one-fifth of the world's oil supply flows.
The ongoing disruption has pushed crude oil prices sharply higher. Brent crude climbed 1.4% to $111.28 per barrel, while U.S. West Texas Intermediate rose 2.1% to $114.74. Elevated energy prices are stoking inflation fears and raising concerns about slowing global economic growth, particularly for Asian nations reliant on Gulf energy imports and European countries dependent on Persian Gulf natural gas for heating and power.
Analysts at ING noted that investor attention remains fixed on whether a ceasefire deal can be reached before energy markets face another significant price surge.
