U.S. President Donald Trump attends UFC 327: Jiri Prochaska vs. Carlos Wolberg at Caseya Center in Miami on April 11, 2026. (Photo by Julia Demaree Nikhinson/POOL/AFP via Getty Images)
Julia Demarie Nikinson | Julia Demarie Nikinson AFP | Getty Images
Hello, my name is Leonie Kidd and I’m from London. Welcome to another edition of CNBC’s Daily Open.
US President Donald Trump certainly crammed a lot into one weekend.
On Saturday, he spent more than four hours watching a UFC title fight in Miami, although 21 hours of talks between negotiators in Pakistan failed to reach a deal with Iran. He later announced plans to close the Strait of Hormuz while criticizing Pope Leo XIV on Truth Social for his views on the Iran war.
A busy 48 hours.
Across the pond, Hungary voted to form a new government for the first time in 16 years.
There’s a lot for investors to understand as the market begins a new trading week.
What you need to know today
Oil prices soared on Monday as the US Navy prepares to blockade Iranian ports following the collapse of peace talks over the weekend.
US crude oil futures for May delivery rose more than 8% to more than $100 per barrel, while Brent crude oil futures, the international standard, for June delivery also rose more than 8% in early trading.
U.S. Central Command announced Sunday that the military will block all maritime traffic in and out of Iranian ports at 10 a.m. ET on Monday. It added that the United States would not interfere with ships entering or leaving non-Iranian ports.
Asia-Pacific markets fell on Monday, with India’s Nifty 50, the worst performer of Asia’s major indexes, down nearly 2%. US futures are indicating a negative open, while European futures are also falling.
Meanwhile, President Donald Trump on Sunday criticized American-born Roman Catholic Pope Leo XIV for criticizing the war against Iran.
“I don’t want a Pope criticizing the President of the United States because I am doing exactly what I was elected to do,” the president said in a post on Truth Social.
President Trump has linked the pope’s accession to his own return to the presidency.
“Leo should be grateful because, as we all know, he was a shocking figure,” Trump said. “He wasn’t on any list of candidates for pope, and the church only put him there because he’s American and thought that was the best way to deal with President Donald J. Trump. If I wasn’t in the White House, Leo wouldn’t be in the Vatican.”
Hungarian veteran nationalist leader Viktor Orbán conceded defeat on Sunday after his upstart opposition Tisza party won a landslide victory in the election, a setback for allies in Russia and US President Donald Trump’s White House.
“The election results are not yet final, but the situation is understandable and clear,” Orbán, 62, said at the Fidesz election office.
“The election results are painful for us, but they are clear.”
European leaders welcomed Peter Magyar, leader of the pro-EU Tisza party, and European Commission President Ursula von der Leyen said: “Hungary has chosen Europe.”
— Leonie Kidd
And finally…
Goldman Sachs to report first-quarter earnings – here’s what Wall Street expects
Goldman Sachs is scheduled to report first-quarter results before the opening bell on Monday, and the investment bank will benefit from several trends during the first quarter.
Wall Street trading desks have been busy since the start of the year, as institutional investors create new positions to counter AI-driven disruption across sectors.
At the same time, the recovery in the investment banking industry is expected to continue, with Dealogic saying industry revenues are expected to grow 10% in the quarter.
For Goldman Sachs, which derives most of its revenue from its trading and investment banking franchise, analysts’ main questions revolve around the impact of the Iran war that began on February 28th.
— Hugo Son
