[2026.04.10] Global Market Briefing

📊 1. U.S. Market Closing

Index	Close	Daily	Weekly
S&P 500	6,816.89	-0.11%	+3.6%
Nasdaq	22,902.89	+0.35%	+4.7%
Dow Jones	47,916.57	-0.56%	+3.0%

📌 Sector Trends

Strong: Semiconductors & AI Tech (Nvidia +2.58%, Amazon +2.05%)
Weak: Telecom (Verizon -3.62%), Consumer (Nike -3.14%)

✍️ Plan B’s Commentary Despite daily mixed signals, weekly returns suggest that market fears have already been digested. However, a cautious approach is required until the Iran negotiations and Big Tech earnings reports are finalized.

🌏 2. Global Market Trends

Europe & Asia Indices

Region	Index	Close	Change
UK	FTSE 100	10,603.48	+0.2%
Japan	Nikkei 225	56,924.11	+1.84%
S. Korea	KOSPI	5,858.87	+1.40%

✍🏼 Plan B’s Commentary KOSPI succeeded in rebounding, but given its structural dependence on energy, we must continue to monitor whether the Strait of Hormuz will fully reopen.

📰 3. Key Market Issues (Top 5)

Issue 1

🔥 March CPI 3.3% — Energy Shock vs. Resilient Core

The U.S. CPI for March rose 3.3% YoY, marking the highest level since April 2024. The primary driver was energy (+10.9%). However, Core CPI (excluding food/energy) rose +2.6% YoY, lower than the expected +2.7%, providing market relief. Goldman Sachs AM noted that this gives the Fed “room to look through the energy noise.”

✍️ Plan B’s Commentary The 3.3% headline is striking, but the stable Core CPI is the real story. As long as energy inflation doesn’t bleed into the core, the Fed lacks a mandate for aggressive hikes. Watch May and June data as the true watershed moment.

Source: CNBC, Fox Business, Reuters

Issue 2

🔥 Iran 2-Week Ceasefire — Islamabad Talks as a Catalyst

While the U.S.-Iran 2-week ceasefire remains in place, VP Vance is set to lead negotiations in Islamabad this weekend. Tensions remain high as Israel continues operations against Hezbollah, and the Strait of Hormuz remains restricted. Goldman Sachs warns Brent could stay above $100 if the blockade persists.

✍️ Plan B’s Commentary The Islamabad negotiations are the single biggest variable for Monday’s opening. It’s a binary scenario: a breakthrough leads to a market rally and oil drop, while failure could push Brent above $105 and trigger a sharp equity pullback.

Source: CNBC (Live Updates)

Issue 3

🔥 TSMC Q1 2026 — Record Revenue Fueled by AI

TSMC reported Q1 revenue of NT$1.13 trillion (~$35.6B), a 35% YoY increase. March revenue alone surged 45.2%, as AI chip orders from Nvidia and Apple offset weakness in the mobile and PC sectors. Analysts project gross margins to hit 64% as the AI infrastructure build-out continues unabated.

✍️ Plan B’s Commentary TSMC is the “thermometer” for the global AI investment cycle. Its performance confirms that AI infrastructure spending is recession-proof (and war-proof), providing a major green light for HBM leaders like SK Hynix and Samsung Electronics.

Source: CNBC, Bloomberg

Issue 4

🔥 Big Bank Earnings — The Battle of ‘Fee Machines’

Earnings season kicks off with Goldman Sachs (Apr 13), followed by JPMorgan and Citi. War-driven volatility is expected to boost trading revenue, while M&A advisory fees show significant signs of recovery. However, JPMorgan CEO Jamie Dimon cautioned that geopolitical shocks could keep inflation “sticky.”

✍️ Plan B’s Commentary Guidance matters more than the actual EPS. Focus on how robust the deal pipeline remains despite Hormuz uncertainties and whether there are early signs of credit deterioration among low-income consumers.

Source: Reuters, US News

Issue 5

🔥 401(k) Private Equity Expansion — DOL Safe Harbor Proposed

The U.S. DOL has proposed a “Process-Based Safe Harbor” for 401(k) fiduciaries to incorporate alternative assets like private equity. By documenting six key factors—Performance, Fees, Liquidity, Valuation, Benchmarking, and Complexity—fiduciaries can gain protection under ERISA’s Duty of Prudence.

✍️ Plan B’s Commentary If last year’s Executive Order was the “Declaration,” this DOL proposal is the “Roadmap.” While full market impact may take years due to legal hurdles, this is a short-term catalyst for KKR, Blackstone, and Apollo, and a long-term game-changer for the $13.8T retirement market.

Source: CNBC, Sidley Austin, Gibson Dunn

⚠️ 4. Upcoming Events

Date	Event	Impact
Apr 12	US-Iran Islamabad Talks	Market Direction
Apr 13	Goldman Sachs Earnings	Banking Sector
Apr 16	TSMC Detailed Report	Tech Guidance