Equity markets in the US finished lower for the fifth consecutive week, marking their most prolonged losing streak since 2022. Negotiations in the Middle East appeared to be progressing as the US proposed a 15-point peace plan to Iran, while Trump postponed planned strikes on critical energy infrastructure in the region.

On the data front, preliminary estimates from the S&P Global Purchasing Managers’ Index (PMI) survey for March were released in the US and Europe. In the US, the composite index fell to an 11-month low of 51.4 – below market consensus – as improving manufacturing activity was offset by weakness in the services sector. In the United Kingdom, the February inflation reading was published. Prices rose by 3%…