Stock exchanges have turned the page and gained oxygen, with earnings season on the horizon.

Global financial markets have shown signs of stabilization following recent tensions in the Middle East, with investors beginning to see a return to more familiar territory. The situation appears to have moved past its most intense phase, marked by significant fluctuations in oil prices and stock indices. As the "earnings season" approaches in mid-July, market participants are now looking forward to corporate performance reports, which could provide clearer direction for investment decisions.

The week began with mixed signals, particularly after employment data from the United States showed a creation of only 57,000 non-farm jobs—half of what was anticipated—but also noted a slight decline in the unemployment rate to 4.2%. This data initially sparked positive reactions in European financial markets, where major indices closed with gains exceeding 1%, aligning with the broader Euro Stoxx 600 index. In Portugal, the PSI index followed this upward trend, reflecting a general sense of optimism among European investors. Germany's DAX index saw even stronger gains, surpassing 2%, driven largely by a nearly 9% increase in the market capitalization of Bayer AG. This surge came after the pharmaceutical giant announced the formation of a subsidiary to consolidate its glyphosate business in the United States, a move seen as an effort to mitigate legal risks associated with claims linking the herbicide Roundup to cancer.

In contrast, U.S. markets started the day on a positive note but ended the session in negative territory by late Thursday afternoon, showing a mixed sentiment. Asian markets generally experienced smaller gains, with the Japanese Nikkei index being an exception, falling close to 2.5%. Despite these regional variations, the MSCI World index remained flat at the end of Thursday, indicating a balanced global market outlook. This index covers over 1,300 large and mid-cap companies across 23 countries, offering exposure to developed markets such as the United States, Japan, the United Kingdom, and Europe, making it a crucial indicator for many investors.

Oil prices have also begun to stabilize, with the Brent crude futures approaching $70 per barrel—the lowest level since the start of the conflict in the Middle East. This suggests that the previously heightened concerns about supply disruptions due to the Strait of Hormuz have eased somewhat, leading to a decrease in investor anxiety. Similarly, the West Texas Intermediate (WTI) crude oil price has approached $67 per barrel, marking another low point since the onset of the conflict. These figures represent a 16% increase compared to early January levels, highlighting the impact of earlier tensions on commodity prices.

Looking ahead, the New York Stock Exchange will remain closed on Friday due to Independence Day celebrations, which fall on Saturday. This absence of major economic data releases means that both this week and the upcoming one will lack significant reference points for market movements. However, the potential for a more stable geopolitical environment might offer some reassurance to investors, especially given the recent agreement between Iran and the United States to halt hostilities in the Persian Gulf and resume negotiations regarding the Strait of Hormuz.

Despite these developments, new attacks initiated on Friday have raised questions about the solidity of the recent ceasefire agreement between the two nations. These incidents have led to a rise in oil prices, with the London-based Brent crude increasing by 0.75% to $72.55 per barrel, while the American WTI crude rose by 1.24% to $70.10 per barrel. Meanwhile, the value of the U.S. dollar has remained relatively stable against a basket of currencies, hovering near its highest levels in 13 months. The U.S. Dollar Index, which measures the strength of the dollar against six major world currencies, stood around 101.33 points, slightly up from 101.36 points recorded on Friday evening. Against the Japanese yen, the dollar traded around 161.75 yen, maintaining its position from the previous evening. Although the dollar has shown a slight strengthening against the euro, the euro's exchange rate has slipped to $1.1380, down from $1.1385 recorded on Friday evening.