Apple CEO Tim Cook steps down from the role with hardware chief John Ternus chosen to assume the helm from September. Cook, who oversaw a $3.6tn increase in the company’s market cap during his 15-year tenure will become executive chairman. Iran is reportedly due to send a delegation team to Pakistan for a second round of peace talks. The news lifts Asian equities and pushes crude prices down. European futures are also in the green ahead of today’s session. UK Prime Minister Keir Starmer insists he was unaware of Peter Mandleson’s failure to pass an enhanced vetting procedure during a two-and-a-half-hour session in Parliament. The sacked foreign office chief, Olly Robbins, will face MPs on the recommendation later today.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. Navy fires on and seizes an Iranian cargo vessel in the Gulf of Oman with both countries reinstating blockades through the Strait of Hormuz. President Trump says his delegation lead by Steve Witkoff and Jared Kushner are en route to Pakistan for further peace talks but Tehran says it will not be attending. The U.S.-Iranian ceasefire is due to expire tomorrow. Crude prices surge as prospects of a lasting peace arrangement fade. European futures are in the red with the Dax down by more than 1.5 per cent.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A 10-day ceasefire between Israel and Lebanon comes into effect. U.S. President Trump says he sees the conflict with Iran ending soon. Bank of Israel governor Amir Yaron tells CNBC that he expects a deal to be done but maintains it is a ‘working assumption’. Investor hopes of peace in the Middle East rise with equities notching new record highs Stateside. The Nasdaq is on course to post its best week in a year while European bourses remain mixed. Spanish deputy PM Carlos Cuerpo tells CNBC at the IMF Spring Meetings he has no regrets over his country’s refusal to become involved in the Iran conflict while Banque de France governor François Villeroy de Galhau insists that the ECB must not act rashly on rates ahead of a crucial meeting in a fortnight.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The S&P 500 and Nasdaq post new record highs as investors signal hopes for an end to the ran conflict. The positive sentiment has also affected Asian equities with the Nikkei leading gains. The U.S. and Iran are expected to resume peace talks in Pakistan next week with Israeli and Lebanese leaders set for ceasefire discussions later today. We hear from a slew of European policy makers at the IMF Spring Meetings about the risks of a prolonged conflict. French finance minister Roland Lescure and Bundesbank governor Joachim Nagel tell CNBC they must remain flexible to rolling developments.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Trump says peace talks with the Iranian regime could resume in Pakistan within days. Speaking to CNBC at the IMF spring meetings, Pakistani finance minister Muhammed Aurangzeb said he was optimistic for a diplomatic solution to the crisis. The IMF has slashed its global growth forecast outlining three scenarios – weaker, worse or severe. IMF chief economist Pierre-Olivier Gourinchas tells CNBC that even the best outcome would feature a ‘very significant downgrade’. Chip maker ASML hikes it FY sales guidance to €40bn on strong A.I. demand. Luxury giant Kering posts a narrow Q1 miss due to weaker Gucci sales and faltering demand in the Middle East.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The U.S. navy begins its blockade of Iranian ports in the Strait of Hormuz. However, there are signs of further dialogue which have helped crude prices to drop back under $100 per barrel. President Trump says the “appropriate people” in Tehran have communicated that they want to strike a deal. The optimism is felt on Wall Street with the S&P 500 erasing its losses since the start of the conflict while Asian equities are also in the green overnight. In luxury news, LVMH sales miss quarterly expectations as the Iran crisis weighs. The firm’s U.S. shares closed 3 per cent in the red.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Following failed U.S.-Iran peace talks in Islamabad over the weekend, Washington moves to blockade ships exiting or entering Iranian ports in the Strait of Hormuz. Oil prices surge on the news while Asian markets move into the red. President Trump says the blockade is aimed at eliminating Iranian crude exports from the market. Hungarian Prime Minister Viktor Orban is ousted after 16 years in power with Peter Magyar’s centre-right Tisza party winning a two-thirds super majority vote.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Trump accuses Tehran of not honouring the ceasefire with the Strait of Hormuz remaining firmly shut. Israel has said it was willing to hold peace talks with Lebanon, despite continuing to target Hezbollah sites in the country. Crude prices remain below the $100-mark despite Saudi Arabia claiming Iranian attacks on its Red Sea pipeline have erased up to 700,000 barrels a day from the market. European equities are due to end the week firmly in positive territory with investors clinging onto hope the Middle East ceasefire will hold. Stateside, the S&P 500 is on course to post its best weekly performance since November.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.