When questioned by phone by the American network ABC News regarding the date on which Washington and Tehran might conclude a cooperation agreement, Donald Trump suggested that 'it could happen next week'. However, the U.S. President specified that a point of friction stemmed from Iranian dissatisfaction with Israeli strikes targeting Lebanon.

Yesterday, Iran accused the United States of violating the ceasefire following American strikes in the southern part of the country.

The U.S. military shot down four Iranian drones and conducted strikes on a ground base in the south of the country, according to a U.S. official. Overnight, it claimed to have repelled several Iranian attacks in the Gulf region, having intercepted missiles aimed at Bahrain, downed drones targeting civilian vessels, and attacked ground targets on the Iranian island of Qeshm in the Strait of Hormuz.

The Iranian Revolutionary Guard announced they had targeted a U.S. base in retaliation for the United States' strikes, according to state television Irib.

Furthermore, Mohsen Rezai, advisor to the Iranian Supreme Leader, has promised 'a deluge of missiles and drones' in the event of further American aggression.

In other developments, Chinese Foreign Minister Wang Yi 'maintained Beijing's call for the respect of the ceasefire in the Middle East'. He also expressed hope that the United States and Iran would seek a compromise, the state agency Xinhua reported this Wednesday.

For its part, the U.S. Treasury announced sanctions on Wednesday against the Iranian Persian Gulf Strait Authority, Tehran's new agency responsible for collecting navigation fees in the strategic Strait of Hormuz. In a statement, the Treasury now considers that any person paying these fees is liable to sanctions. It believes these payments 'could provide support to the Iranian Revolutionary Guard and benefit from their services'.

OECD forecasts a decline in global growth in 2026

Following the American attacks in Iran and threats from Tehran, oil prices continue to rise. Brent crude is up 2.72%, flirting with the 100-dollar mark at 98.55 USD. WTI is advancing 3.51% to 96.72 USD.

In this geopolitical context, the OECD explained this morning that under the assumption of a lasting settlement of the conflict - corresponding to the 'time-limited disruptions' scenario - it forecasts that global growth would decline from 3.4% in 2025 to 2.8% in 2026, before recovering to 3.1% in 2027. In the 'prolonged disruptions' scenario, growth would slow to 2.1% in 2026 and then to 1.8% in 2027.

In corporate news, Maison Pommery (+14.54%) posted the strongest gain on the SRD market. The world's number two producer and marketer of champagne is in negotiations with Henkell International for a strategic partnership. Specifically, the project involves the entry of this German sparkling wine group into the capital of Maison Pommery & Associés as a majority shareholder. If the transaction is successful, it would create a global player in sparkling wines, benefiting from a portfolio of strong and complementary brands, as well as an international commercial presence.

Furthermore, according to Alphavalue, India is reportedly on the verge of concluding a contract with Dassault Aviation (-0.41%) for the purchase of 114 Rafale jets for approximately 33 billion euros. This information was also reported by Les Echos, citing local media. In February 2026, the Indian Defence Acquisition Council approved a budget of 3,600 billion rupees for the armed forces, which included the purchase of these Rafales.

In Europe, Inditex is climbing nearly 4% in Madrid, placing it well ahead at the top of the Euro Stoxx 50. The clothing and accessories retailer published solid results for the first quarter of 2026 (ended late April), notably marked by better-than-expected sales. Over the first three months of its fiscal year, net profit increased by 5.4% to reach 1.4 billion euros, and operating profit grew by 7% to 1.8 billion euros, representing a margin improvement of 24 basis points to 20.1%, in line with market consensus. Revenue, growing 5.8% to 8.75 billion euros, proved slightly higher than the 8.72 billion euros on average anticipated by analysts.

Eurozone: Composite PMI at an eighteen-month low

On the statistical front, investors took note of the Composite PMI figures for May. In the Eurozone, it came in at 48.5 compared to 48.8 in April, signaling a moderate decline in overall activity. The pace of the contraction in activity was even the most pronounced in a year and a half. The decline in overall activity resulted from poor performance in the services sector last month, as manufacturing output continued to increase (albeit at a slower pace than in April).

In Germany, it came in at 48.1 against a consensus of 47.8, following 46.9 in May. The Composite PMI stood at 48.8 against 48.6 expected, after 48.4 the previous month.

In France, the S&P Global Services PMI deteriorated less than expected. In May, it fell from 46.5 to 44.3 points, whereas analysts were expecting 42.9 points. This nevertheless represents the sharpest contraction in activity in five and a half years. For John Hayes, Principal Economist at S&P Global Market Intelligence, 'the French services sector, already weakened before the outbreak of the war in the Middle East, recorded a sharp deterioration in performance in May. The PMI indices for activity and new business retreated again during the month and posted levels consistent with a recession in the sector in the coming months'.