As a reminder, U.S. equity indices managed to end Thursday's session in positive territory, with gains of approximately 0.6% for the S&P 500 at 6,825 and the Dow Jones at 48,186, while the Nasdaq 100 rose 0.7% to 25,082.

"Following a major rally in risk assets on Wednesday, we had another generally optimistic day yesterday as hopes for a lasting ceasefire in the Middle East continued to grow," noted Michael Brown.

"The catalyst did not come from the U.S. or Iran, but from Israel, which confirmed they would enter direct talks with Lebanon regarding a potential peace deal," explained the senior research strategist at Pepperstone.

A ceasefire that remains precarious

While discussions are set to begin in a few hours in Pakistan between American and Iranian officials aimed at a lasting peace agreement, the ceasefire reached Tuesday night still appears fragile.

The resumption of oil and LNG tanker traffic through the Strait of Hormuz, a condition set by Donald Trump for the cessation of hostilities, has yet to materialize, especially as Iran attempts to impose a "transit fee" rejected by Western powers.

Another sticking point between Washington and Tehran is that fighting continues to rage between Israel and Hezbollah, which bodes ill for the negotiations between the Israeli and Lebanese governments scheduled to begin next week.

In this context, oil prices are struggling to retreat: WTI (West Texas Intermediate) and Brent both remain near the critical USD 100 per barrel threshold, at approximately USD 98.5 and USD 96.7 respectively.

U.S. inflation data awaited this Friday

Investors are also expected to pay close attention early this afternoon to the U.S. Consumer Price Index for March, which will serve to gauge the impact of the surge in crude prices on headline inflation.

For reference, Jefferies anticipates a jump in the annual inflation rate to +3.5% for the past month, compared to +2.4% in February, an acceleration primarily driven by the spike in energy prices.

On a core basis, which excludes the typically volatile energy and food sectors, the firm estimates that the annual inflation rate should increase by only 0.2 percentage points month-on-month to reach 2.7%.

Another data point likely to be closely monitored by traders is the U.S. consumer sentiment index from the University of Michigan ("UMich"), which is expected to fall toward 52 in the preliminary estimate for April, according to Jefferies.

Sodexo lowers annual targets

In corporate news in Paris, the catering and facility management group Sodexo announced a downward revision of its annual targets alongside the publication of sharply lower results for the first half of its 2026 fiscal year.

Aromatics supplier Robertet unveiled increased profits for 2025, supported by a temporary and marked easing of procurement costs, as well as strong momentum in higher value-added product categories.

Exail Technologies announced a new order for a DriX O-16 transoceanic surface drone from OMS Group, confirming the growing adoption of its autonomous solutions following an initial acquisition in 2025.