Ryanair: Fuel supply disruptions may occur in May due to the war.

Markets & equities: • S&P 500 and Nasdaq 100 both notch best days since May 12, 2025 Iran conflict: • Trump tells NBC News on Iran war: it’s coming to an end • Iranian foreign minister to Al Jazeera: we have not sent any response to the 15 American proposals, and we have not put forward any proposals or conditions • Iran’s Revolutionary Guards say they will target 18 U.S. companies operating in the region starting April 1 in response to attacks on Iran, according to state media; firms named include Microsoft, Google, Apple, Intel, IBM, Tesla and Boeing • Trump signals Iran war near end, says Strait of Hormuz to reopen after U.S. exit U.S.-China relations: • Jamieson Greer says preparations for a May summit between Donald Trump and Xi Jinping remain on track despite delays due to the Iran war Corporate & technology: • OpenAI beginning to let individual investors access its stock months before expected IPO - Axios • Meta: introducing first AI glasses built for prescriptions • China Vanke reports 2025 revenue down 32% y/y • Huawei reports 68 billion yuan in 2025 net profit, up 8.6% y/y - statement China policy & economy: • China set to extend ban on fuel exports into April; small volumes may be exempt for countries requesting help, sources say • New circular from the People’s Bank of China and State Administration of Foreign Exchange takes effect April 1, easing fund management for Chinese firms listing overseas and improving cross-border financing • Notice on China domestic air route fuel surcharge increase withdrawn Global policy & supply chains: • U.S. presses U.K. and allies to secure quantum computing supply chains - FT Energy & commodities: • South Korea to start crude oil swap with local refiners - Yonhap Fixed income & flows: • Japanese investors buy South Korean treasury bonds ahead of inclusion in the world Government Bond Index, sources say

The governor of Zakarpat Oblast in western Ukraine said that Russian drones attacked key infrastructure facilities in two regions.