U.S. equity indices ended Thursday's session deep in the red amid escalating concerns over the Middle East: the S&P 500 shed 1.74% to 6,477 points, the Dow Jones retreated 1.01% to 45,960 points, and the Nasdaq-100 tumbled 2.38% to 23,587 points.

However, a fresh statement from Donald Trump regarding the conflict with Iran has somewhat tempered investor anxiety, as evidenced by equity futures (+0.5% for both the S&P 500 and the Nasdaq-100).

A further delay to Donald Trump's ultimatum

The U.S. President announced another postponement of his ultimatum, giving the Iranian regime until April 6 to reopen the Strait of Hormuz, failing which the country's energy infrastructure would be targeted.

"As we enter the fourth week of war in the Middle East, markets are hoping for a swift resolution to the crisis," noted Grégoire Kounowski, investment advisor at Norman K, on Thursday. He observed that the United States appears to be seeking an exit strategy in the face of Iranian intransigence.

"With the blockade of the Strait of Hormuz, oil and gas prices have surged by approximately 40% since February 28, which is expected to have a significant impact on the global economy, at least in the short to medium term," he warned.

"At this stage, beyond the market pressure intensifying day by day, the key question is whether the cost of war will become prohibitive for at least one of the two parties. This should serve as the primary argument in favor of a ceasefire," the professional concluded.

UMICH index in focus this afternoon

Against this backdrop, traders will be closely monitoring this afternoon's University of Michigan (UMICH) consumer sentiment index, which could gauge the impact of the war and its economic fallout on U.S. household morale.

As a reminder, the preliminary UMICH index for March came in at 55.5 two weeks ago, compared to 56.6 in February. Jefferies forecasts a potential downward revision to 54.5 for the current month.

In the meantime, U.K. retail sales volumes fell by 0.4% in February, following a 2% jump in January (revised from an initial estimate of +1.8%) and a 0.1% increase in December 2025 (previously reported as +0.4%).

Over the three-month period ending in February 2026, however, British retail sales volumes grew by 0.7% compared to the preceding three-month period ending in November 2025.

Pernod Ricard confirms talks with Brown-Forman

In corporate news, Pernod Ricard confirmed it is in discussions with Brown-Forman regarding a potential merger of equals, following recent media speculation.

Eiffage announced on Thursday evening that it acquired 1.74% of Getlink's capital on the market between March 23 and 26. This transaction brings its stake to 29.4%, consolidating its position as the largest shareholder in the Channel Tunnel operator.

Recently added to the SBF 120, DBV Technologies reported a net loss of 147 million USD for 2025, compared to 113.9 million USD in 2024. The widening loss primarily reflects an increase in R&D expenditures.