United States ISM Services New Orders Index rose from previous 58.6 to 60.6 in March

Markets are beginning to flirt with the idea of a peace dividend. Equities are lifting as the possibility of a 45-day ceasefire circulates through the tape, while crude eases back as the immediate risk premium gets trimmed. It is a familiar reflex. When the threat of disruption fades, even marginally, risk assets reach for oxygen and oil gives back some of its geopolitical froth.

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