Market Talks covering the impact of U.S. Politics and White House policies on companies and markets. Published exclusively on Dow Jones Newswires throughout the day.
1319 ET - The head of America's main spirits lobby tells Congress that US-Canada trade tensions have cost his members dearly. Overall, weaker demand combined with trade friction led to a drop in sales in 2025, or the first year-over-year fall in decades, Distilled Spirits Council of the United States CEO Chris Swonger says. Exports fell nearly 4%, he adds, led by a 63% drop in sales to Canada. Swonger cites retaliatory measures by Canadian provinces to counter Trump administration tariffs--namely, a ban on the sale of US wine and spirits in government-operated liquor stores. US officials, led by USTR Jamieson Greer, have warned of fresh trade restrictions unless the liquor ban is scrapped. Canada, meanwhile, counters that the US must offer Canada tariff relief before the provinces reconsider their ban on US booze. (Paul.Vieira@wsj.com; @paulvieira)
1112 ET - The strong gains seen in so-called "privacy coins", mainly Zcash which is up nearly 11%, may be a sign that cryptocurrency investors are increasingly looking outside of bitcoin for opportunities to rack up stronger profits. Progress in ending the war in Iran and in the passage of the Clarity Act in Washington looks to be "supporting confidence across the broader crypto market, rather than being driven solely by individual assets," says Julian Pineda of Forex.com. "It's possible the market is rotating into assets with higher upside potential, rather than focusing only on the most established ones," says Pineda. Other altcoins--coins other than bitcoin or stablecoin assets--are having a strong day with SOL, up 2%, and AVAX, up 1.8%. (kirk.maltais@wsj.com)
0950 ET - BMW's first-quarter group earnings missed expectations due in part to a larger-than-expected provision related to a compensation program for customers of U.K. car loans, analysts at RBC Capital Markets say in a research note. The German carmaker's financial-services arm was the main reason behind weaker-than-expected earnings at the group level, the analysts say. This, in turn, was mainly due to the U.K.'s Financial Conduct Authority finalizing a compensation program for customers sold automotive financing products under certain commission models since 2007, they add. While the group results missed expectations, 2026 consensus estimates on BMW could go higher after its core auto segment exceeded forecasts and the group reiterated full-year guidance despite President Trump's tariff threats, which looks positive, RBC says. Shares rise 5.4%.(adria.calatayud@wsj.com)
0858 ET - E 1253 GMT - Energy stocks tumble as oil prices slide on growing optimism that conflict in the Middle East will end soon. President Trump said earlier Wednesday that the U.S would end the military campaign against Iran if the country agrees to terms under discussion. Axios earlier reported that the two countries were close to a deal. Brent crude falls 6.5% to 102.70 a barrel, while WTI drops 7.4% to $94.69 a barrel. In premarket U.S. trading, Exxon is down 3.6% and Chevron falls 3.4%. In afternoon trading in Europe, Norway's Equinor falls nearly 9%. Spain's Repsol is down 5.2%. BP slips 4% and Shell drops 3.1%.(adam.whittaker@wsj.com)
0834 ET - Oil futures curb some losses as President Trump suggests in a post that an agreement to end the conflict with Iran could still falter. "Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end," Trump says on Truth Social. He reiterated threats to resume bombing at a greater level if Iran doesn't agree. A report by Axios that the U.S. and Iran are close to a deal had sent Brent briefly below $100 a barrel. WTI is down 7.7% at $94.63 a barrel and Brent is down 6.8% at $102.38.(anthony.harrup@wsj.com)
0551 ET - Yields on U.K. government bonds extend falls following reports of progress toward a potential resolution in the U.S.-Iran conflict. A report in Axios says a U.S. agreement with Iran on a one-page memorandum of understanding to end the war is within reach. This comes after President Trump earlier paused a U.S. operation to guide commercial ships through the Strait of Hormuz. "Hopes for de-escalation have been renewed by the latest developments as Donald Trump declares 'Project Freedom' to be done and dusted," AJ Bell's Russ Mould says in a note. Ten-year gilt yields fall to a 9-day low of 4.948% and 30-year yields fall to 5.625%, Tradeweb data show. Thirty-year yields hit a 28-year high of 5.790% Tuesday, according to LSEG. (miriam.mukuru@wsj.com)
0532 ET - Global bond yields and the dollar slide on optimism about a resolution in the Middle East. Axios reports that a U.S. agreement with Iran on a one-page memorandum of understanding to end the war is within reach. Oil prices fall sharply, with Brent crude dropping 6.9% to $102.30 per barrel. "Easing oil prices could help moderate inflation concerns and push Treasury yields down," says DHF Capital S.A's Bas Kooijman in a note. The 10-year U.S. Treasury yield falls 6.4 basis points to 4.351%, extending earlier falls. The 10-year German Bund yield slides 8.5bsp to 2.991% and the 10-year U.K. gilt yield is down 11bps at 4.958%, according to Tradeweb. The DXY dollar index falls 0.6% to an intraday low of 97.790. (emese.bartha@wsj.com)
0524 ET - Oil prices fall sharply in morning European trade on increased market hopes for a peace deal between the U.S. and Iran. According to a report in Axios, the White House is close to agreeing on a one-page memorandum of understanding with Iran to end the conflict. In response, WTI for June delivery falls back below $100, sliding 6.9% to $95.19 a barrel. Brent crude for July delivery--the most-traded contract--slides 5.6% to $103.85 a barrel. In its current form, the memorandum includes a gradual lifting over a 30-day period of Iranian restrictions on shipping through the Strait of Hormuz, and of the U.S. naval blockade on Iranian ships, the Axios report said.(josephmichael.stonor@wsj.com)
0359 ET - The Philippine central bank is expected to have a short hiking cycle and could reverse some of the hikes by late next year, Nomura economists say in a note. Bangko Sentral ng Pilipinas will likely stick to a measured approach and hike in 25bp increments, partly due to still negative output gap. Nomura now expects BSP to deliver a 25bp rate hike each in June, August and October, before pausing, bringing the policy rate to 5.25%, up from its previous end-2026 forecast of 4.75%. It also projects that the central bank would deliver a total of 75bps rate cuts in 2H 2027, taking the rate back to 4.50% by end-2027.(amanda.lee@wsj.com)
0333 ET - Gold prices rise after President Trump walked back an effort to guide commercial ships through the Strait of Hormuz, easing the risk of an immediate escalation in the U.S.-Iran conflict. In early European trading, gold futures in New York rise 2.2% to $4,668.80 a troy ounce. Fears of further conflict help maintain gold's safe-haven appeal, ING's Warren Patterson and Ewa Manthey say. However, a more durable truce would lower inflation risk and in turn limit the chance of Federal Reserve rate hikes, supporting non-yielding gold, they say. "For gold, the next driver will be the outlook for interest rates, with U.S. Treasury borrowing plans and key economic data likely to shape expectations for Fed policy."(josephmichael.stonor@wsj.com)
0219 ET - U.S. Treasury yields decline in opening European trade as investors continue to bet on a resolution in the Middle East war and a reopening of the Strait of Hormuz. U.S. President Trump announced a temporary pause to 'Project Freedom,' an operation aimed at opening the naval route. "Oil prices declined following the announcement and continued to fall overnight, driven by expectations of progress toward a peace deal with Iran, as hinted by Trump," says Danske's Sofie Grundvad Pedersen in a note. The two-year Treasury yield falls 2.3 basis points to 3.913%, while the 10-year yield is down 3 basis points at 4.385%, according to Tradeweb. (emese.bartha@wsj.com)
1939 ET - Gold rises in early trade amid positive investor sentiment. In a post on Truth Social on Tuesday evening, President Trump said that he has agreed to pause "Project Freedom," the administration's initiative to facilitate the passage of commercial ships through the Strait of Hormuz. Trump said, "Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran." Gold is increasingly being treated as a risk-sensitive asset, says Fawad Razaqzada, market analyst at FOREX.com, in an email. Spot gold is 0.6% higher at $4,584.89 per ounce. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
May 06, 2026 13:20 ET (17:20 GMT)
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