FT News Briefing US and Iran agree to two-week ceasefire talks
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Apr 8, 2026 
Rachel Rees, FT markets correspondent covering investor sentiment, joins Laura Patel, FT’s Berlin reporter on politics and defence. They dig into Trump’s two-week ceasefire talks with Iran, hedge funds piling into bets against European stocks, Turkey’s gold moves shaking bullion, Germany’s failed frigate project, and a record-setting lunar trip by four astronauts.
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Two Week Iran Truce Swings Oil And Markets
- Donald Trump paused threatened strikes on Iranian civilian infrastructure for two weeks after Iran sent a 10-point proposal he called workable.
- The ceasefire hinges on reopening the Strait of Hormuz, and markets quickly reacted with oil falling while Asian stocks and US Treasuries rallied.
Why Europe Became The Crisis Short Trade
- Hedge funds built record disclosed shorts against European stocks because the Iran war drove up energy prices and darkened the eurozone growth outlook.
- Rachel Rees says Brent and European gas each jumped more than 50%, hitting names like Wizz Air and Sainsbury's.
Turkey Gold Sales Signal A Central Bank Reversal
- Turkey sold or loaned $20bn of gold to support the lira, showing how the energy shock is forcing central banks to use bullion defensively.
- Similar moves by Russia and Poland helped end gold's central-bank-driven rally, contributing to an 11% March drop.