Weekly macro rundown. 25th April 2026 · E9: Execution Markets

Weekly macro rundown. 25th April 2026

On the surface, markets look calm. Oil hasn’t exploded, gold is sideways, equities are holding up, and there’s no real panic in the system.

But when you step back, the bigger picture is still quite fragile.

We’ve got ongoing tension around Iran and energy supply. Even if things haven’t escalated massively, the risk is still there and that keeps pressure on oil and inflation expectations in the background.

Central banks are also starting to push back slightly. There are comments coming through that markets look a bit overvalued and too comfortable given the risks.

At the same time, there’s a bigger structural shift happening with energy. This situation is starting to change how countries think about oil long term. That doesn’t move markets overnight, but it matters over time.

So for me, this is how I’m looking at it:

Short term, markets are pricing things as contained.

Long term, there’s still pressure building underneath.

That gap is where things can move quickly if something changes.

Worth staying aware of rather than getting too comfortable.

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