America's equity rebound, now over a month long, is beginning to show signs of fatigue. Yet the Nasdaq 100 managed a sixth consecutive gain, fuelled by a renewed flicker of FOMO (fear of missing out). Investors are returning to their favourite adrenaline-providing tech stocks - equities that reliably amplify gains during rallies, offer a whiff of invincibility, and seem insulated from the doubts hanging over more cyclical sectors. The S&P 500, for its part, has now advanced in 14 of its last 17 sessions, albeit with a mere 0.1% rise on Wednesday.

Europe was more subdued. Most indices posted mild declines, lacking the stimulus of the Gulf whirlwind tour that produced a series of headline-grabbing commercial announcements from Donald Trump. These included deals supposedly worth hundreds of billions of dollars. The figures are immense; the details, conveniently opaque. But as ever, the intoxicant matters more than the bottle.

Consider one such proclamation, which warrants dissection - not for its veracity, but for its audacity. Mr Trump took to social media - one might reasonably ask whether that phrase is tautological - to boast that Qatar Airways had placed an order for 160 Boeing aircraft, valued at $200bn. This implies a per-plane price tag of $1.25bn. For the uninitiated, Boeing's priciest model, the stretched B777, lists at around $450m. That figure, mind you, is theoretical: neither Boeing nor Airbus has published catalogue prices for years, and real-world buyers rarely pay them anyway. John Leahy, Airbus's outspoken former sales chief, once quipped that across his career, only one customer ever paid list price. Discounts - often deep ones - are the norm, especially for mega-orders.

So, to recap: either Mr Trump struck the most lopsided deal in aviation history, or Qatar somehow paid three times the sticker price, perhaps six times the negotiated one. And that's assuming the jets in question are B777s. Were they B737MAXs, which cost under $150m apiece (and come with their own aeronautical baggage), the discrepancy would be even more spectacular. There is, of course, a more prosaic explanation: the former president likes round numbers and grand declarations. The White House did issue a correction - awkwardly - claiming the actual order was for 210 planes at $96bn, including B777s and B787s. That averages out at $457m a unit. Still inflated, but at least within the realm of possibility. Apply standard volume discounts and the true cost probably lands closer to $50bn. A sizeable deal, to be sure - just not the $200bn whopper initially proclaimed.
In short, say what you like. It's unlikely to matter.

Meanwhile, the more serious developments of the day fall into four broad categories. First, peace talks between Russia and Ukraine are due to take place in Turkey. Neither Vladimir Putin nor Donald Trump will attend, though Volodymyr Zelensky had entertained hopes of higher-level participation. Second, an avalanche of U.S. economic data is expected this afternoon. Its meaning - individually or in combination - is anyone's guess. Third, yields on U.S. government debt continue to rise, reflecting a market increasingly sceptical about imminent rate cuts. While not disastrous, this trend suggests that uncertainty has not abated - merely shifted shape. And finally, a market-moving rumour: Iran is reportedly open to scrapping its nuclear ambitions if Western sanctions are lifted. Oil prices duly sagged.

Asia-Pacific markets mirrored this indecisive mood. Tokyo fell by 1%, while indices in mainland China, Hong Kong and South Korea were each down around 0.5%. Australia managed a 0.2% gain; India edged up 0.4%. Early indicators suggest Western markets may follow the same downward path.

Today's economic highlights:

On today's agenda: machine tool orders in Japan; in the United Kingdom, GDP and monthly GDP; in France, the harmonized CPI of the European Union; industrial production in the eurozone; in the United States, Empire Manufacturing, new unemployment claims, Philadelphia Fed business outlook, final demand PPI, advance retail sales, capacity utilization, industrial production, business inventories, and the NAHB Housing Market Index. See the full calendar here.

  • GBP / USD: US$1.33
  • Gold: US$3,127.06
  • Crude Oil (BRENT): US$64.51
  • United States 10 years: 4.53%
  • BITCOIN: US$102,681

In corporate news:

  • Assura PLC announced a 2.2% increase in net tangible asset value and a 15% rise in investment property value, with expectations for consolidated net assets to reach £1,640 million by March 31.
  • Burberry plans to reduce its global workforce by 20% as part of a revitalization strategy.
  • Vistry Group PLC shareholders approved all resolutions at the Annual General Meeting.
  • Spirax Group PLC had all resolutions approved through a poll vote at its AGM.
  • Empyrean Energy PLC saw its share price plummet by 50% after abandoning a well in Australia.
  • Corcel PLC expanded its investment by acquiring an additional stake in an Angolan field.
  • Lendlease Group is in discussions regarding its UK development portfolio.
  • Johnson Matthey predicts the palladium market will achieve balance by 2025.
  • British Government has instructed its antitrust regulator to prioritize economic growth in oversight activities.

See more news from UK listed companies here

Analyst Recommendations:

  • Burberry Group Plc: Oddo BHF maintains its underperform recommendation with a price target raised from 8 to GBP 8.80.
  • Spirax Group Plc: Stifel maintains its sell recommendation with a price target reduced from 6250 to GBX 5750.
  • Itv Plc: Goldman Sachs maintains its neutral recommendation with a price target reduced from GBX 80 to GBX 77.
  • Gb Group Plc: Berenberg initiates a Buy recommendation with a target price of GBX 340.
  • Rentokil Initial Plc: Bernstein downgrades to underperform from market perform with a price target reduced from GBX 365 to GBX 300.
  • Whitbread Plc: HSBC maintains its buy recommendation with a price target reduced from 47 to GBP 36.
  • Gamma Communications Plc: Barclays maintains its overweight recommendation and reduces the target price from 20 to GBP 18.
  • Kingfisher Plc: JP Morgan maintains its underweight recommendation and raises the target price from 2.30 to GBP 2.40.
  • Flutter Entertainment Plc: JP Morgan maintains its overweight recommendation and reduces the target price from 270 to GBP 268.