On Wall Street, indices are also trading in negative territory, with the Dow Jones down 0.46% around 5:50 p.m.

Regarding the evolution of the Middle East conflict, the Speaker of the Iranian Parliament, Mohammad Bagher Ghalibaf, has ruled out amending proposals to bring a lasting end to the war between Washington and Tehran. 'There is no choice but to accept the rights of the Iranian people, as established in the 14-point proposal', he wrote in a message posted on X this Tuesday.

For his part, Donald Trump rejected the Iranian offer, stating that the document received from Tehran was only fit 'for the bin'. The U.S. President remarked yesterday that the Iranian response is 'completely stupid' and promised a 'complete victory' against Iran.

In its response, Iran is urging an immediate end to hostilities in the region, including Lebanon, and the cessation of the blockade of its ports by the U.S. Navy, according to the Ministry of Foreign Affairs. Tehran is also demanding the unfreezing of Iranian assets held abroad.

Mohammad Bagher Ghalibaf warned that his country was ready to 'teach a lesson' in the event of further aggression from Washington.

Furthermore, Trump yesterday compared the current ceasefire to a patient 'on life support', with a '1% chance' of survival. The truce had come into effect on April 8 following several weeks of military escalation and U.S. threats against Iran.

Meanwhile, Qatari Prime Minister Mohammed bin Abdulrahman Al Thani stated this Tuesday that 'Iran should not use the Strait of Hormuz as a weapon to pressure or blackmail Gulf countries'. This strategic maritime passage has been deadlocked by Tehran and the United States since the beginning of the U.S.-Iranian conflict.

Moreover, the Iranian Navy confirmed it had warded off 'a U.S. frigate preparing to cross the Strait of Hormuz', according to a message posted on its Telegram account. 'After observing provocative behavior, the Navy fired targeted warning shots, which allowed the vessel to change course', it claimed.

In this heavy geopolitical context, oil prices continue to climb. Brent crude is up 2.86% at 107.57 dollars, while WTI gained 3.10% to 101.40 USD.

According to Grégoire Kounowski, investment strategy advisor at Norman K, 'the wartime context is reviving inflationary pressures, particularly through the rise in raw materials. Oil has surged (+55% in a few weeks), reflecting increased tensions on global supply.'

SES leads the SBF 120

In corporate news, SES (+5.22%) finished at the top of the SBF 120 on the back of solid sales in the first quarter of 2026. Revenue rose 80.5% at constant exchange rates (+3.1% on a like-for-like basis) to 847 million euros, surpassing the consensus target of 828 million euros, driven by the consolidation of Intelsat since July 2025. The satellite telecommunications service provider confirmed its 2026 targets: stable year-on-year revenue and adjusted EBITDA on a like-for-like and constant currency basis. Capital expenditure is still expected to be around 700 million euros.

On the Amsterdam Stock Exchange, Prosus (-5.73%) suffered heavy selling pressure, marking the sharpest decline on the AEX 25. The group was shunned following the publication of a letter from its CEO to shareholders regarding the 2026 and 2027 fiscal years. The market is penalizing the reduction in profit forecasts for next year. The tech investor now anticipates a lower adjusted EBITDA for fiscal year 2027, targeting a range between 100 and 150 million dollars, which is below some analysts' expectations.

Siemens Energy (-5.05%) recorded one of the steepest declines on the DAX this Tuesday, even though its results for the second quarter of fiscal year 2025/2026 appeared very solid. Revenue rose 8.9% (on a comparable basis) to 10.3 billion euros, but 'they are 5% below analysts' expectations', Jefferies noted. Nevertheless, the German energy technology specialist announced that its order book reached a peak of 154 billion euros in this second quarter, a 16% increase year-on-year.

Thyssenkrupp (-3.88%) retreated in Frankfurt following Tuesday's announcement of a downward revision to its annual revenue outlook, alongside the publication of mixed results for the second quarter of its 2025/2026 fiscal year. The German steel group now anticipates a decline in sales of up to 3%, or stability compared to the previous year. Previously, it had expected a trend between -2% and +1%.

USA: Inflation accelerates more than expected in April

On the macroeconomic front, the rise in consumer prices in the United States accelerated slightly more than forecast in April, reaching an annual rate of 3.8%, while economists had only expected a rate of 3.7% following the 3.3% observed in March. Unsurprisingly, this month-on-month acceleration in headline inflation primarily reflects a 17.9% surge in energy prices in April, including a 28.4% jump in gasoline prices.