Markets anticipate a major geopolitical escalation due to a potential Iranian strike on Israel, leading to de-risking and causing gold to reach new record highs, north of $2.400/oz

Stocks at day lows...bonds at day highs...crude at day highs...USD at day highs...gold firmer...

C trades +1% pre-mkt after earnings

*CITIGROUP 1Q FICC SALES & TRADING REV $4.15B, EST. $4.12B

*CITIGROUP 1Q EPS $1.58

*CITIGROUP 1Q REV. $21.10B, EST. $20.38B

*BERNANKE SAYS BOE SHOULD CONSIDER `SCENARIO' FORECASTS

*BERNANKE SAYS BOE SHOULD CONSIDER ISSUING UK RATES FORECAST

*BERNANKE SAYS BANK OF ENGLAND'S FORECASTS NO WORSE THAN OTHERS

*BOE GOVERNOR BAILEY VOWS TO ACT ON ALL 12 RECOMMENDATIONS

JPM flat pre-mkt

WFC extending losses to -4.5%

*JPMORGAN 1Q EPS $4.44

*JPMORGAN 1Q ADJ. REV. $42.55B, EST. $41.64B

WFC -2% pre-mkt

WFC EPS $1.20 (est $1.11), revs $20.86bln (est $20.2bln)

*CHINA TELLS TELECOM CARRIERS TO PHASE OUT FOREIGN CHIPS: WSJ

*LME COPPER RISES TO HIGHEST SINCE JUNE 2022

Q1 US earnings season kicks off today, with Wells Fargo, JPMorgan, and Citi all reporting before the opening bell, likely setting the tone for the rest of reporting season, as focus falls on the impact of rapidly shifting rate expectations

The countdown to the Bitcoin halving is in full effect, with just 8 days to go until the reward offered to Bitcoin miners, who solve the cryptographic puzzle, is essentially cut in half. Read more 👇
pepperstone.com/en-au/market-a…

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*S&P 500 INDEX RISES 0.7% AT CLOSE; NASDAQ 100 GAINS 1.7%

*FED'S WILLIAMS: NO NEED TO ADJUST POLICY IN `VERY NEAR TERM'

*WILLIAMS: WILL ASSESS CONFIDENCE TO CUT AS MORE DATA COLLECTED

The April ECB meeting was little more than a placeholder, albeit one that saw policymakers open the door to a June rate cut

Read our Senior Research Strategist Michael Brown's review: ow.ly/VwE850Re7nC