This photo taken on April 20, 2026 shows a national flag of Iran hanging on a building damaged by the U.S.-Israeli attacks in Tehran, Iran.
Shadati | Xinhua News Agency | Getty Images
Hello, this is Leonie Kidd writing to you from London. Welcome to another edition of CNBC’s Daily Open.
A one-page document has had a huge impact on markets over the last 24 hours. The reported memorandum is the latest development in the peace talks between Iran and the U.S., and has sparked optimism across global stocks despite its size and assumed scope.
But with more record rallies for major indices, investors are still choosing to see the bright side.
What you need to know today
Iran is reviewing a U.S. peace proposal, a spokesperson for the country’s foreign ministry said, following multiple reports on Wednesday suggesting Washington and Tehran are closing in on a “one-page memorandum” to end the war and begin talks on key issues.
U.S. President Donald Trump said Iran will be bombed “at a much higher level” if it doesn’t agree to a peace deal. In a Truth Social post, he said the U.S. military offensive known as Operation Epic Fury “will be at an end” if Iran “agrees to give what has been agreed to, which is, perhaps, a big assumption.”
Reports of a possible agreement between the U.S. and Iran sent crude sharply lower in Wednesday trade. Today, oil prices are holding steady as traders monitor the latest developments out of the Middle East.
NBC News reported that Trump’s abrupt reversal on his plan to help ships through the Strait of Hormuz came after a key Gulf ally suspended the U.S. military’s ability to use its bases and airspace to carry out the operation, according to two U.S. officials.
A call between Trump and Saudi Crown Prince Mohammed bin Salman did not resolve the issue, the two U.S. officials said, forcing the president to pause Project Freedom to restore U.S. military access to the critical airspace.
Global stocks are staging a relief rally, with big gains for Japan’s Nikkei 225, which reopens after an extended holiday closure. The Index has topped 62,000 for the first time.
The gains were driven by tech-focused investment giant Softbank, after shares surged over 16% on Thursday, putting them on course for their best day since 2020.
Meanwhile, it’s a good problem to have for Anthropic. CEO Dario Amodei said his company tried to plan for 10-fold growth. But revenue and usage increased 80-fold in the first quarter on an annualized basis, which he says explains why it’s been so hard to keep up with demand.
“That is the reason we have had difficulties with compute,” Amodei said Wednesday at his company’s developer conference in San Francisco. Amodei added that the company is “working as quickly as possible to provide more” capacity and will “pass that compute on to you as soon as we can.”
In Europe today, the big set of earnings come from shipping giant Maersk, with investors looking out for the impact of the Iran war and Strait of Hormuz disruptions. Squawk Box Europe will speak with the CEO.
— Leonie Kidd
And finally…
McDonald’s is about to report earnings. Here’s what to expect
McDonald’s is expected to report its first-quarter earnings before the bell on Thursday.
In March, McDonald’s and its CEO Chris Kempczinski went viral — in all the wrong ways — for a taste test of its new Arch Burger that viewers saw as less than enthusiastic. Despite the ridicule from rivals and social media users, Wall Street is still predicting that the fast-food giant had a strong quarter.
— Amelia Lucas