Good morning. The rally is taking a breath. Asia sold off overnight after four straight days of gains, with the Nikkei dropping 1.06% to 58,886 and Hang Seng opening lower as profit-taking kicked in. The Nasdaq just posted its 12th straight winning session, longest streak since 2009, but Friday's session is shaping up more cautious.

Brent at $95.65 and WTI at $91.58, both slightly firmer overnight. The Hormuz blockade is still fully in place with only a handful of vessels transiting each day. Talk of a ceasefire extension is keeping outright panic out of the oil market but there's no deal yet and the April 21 deadline is Monday. That's close.

Europe is flat to slightly lower. The DAX barely moved yesterday, down 0.02%, and the Stoxx 600 reversed morning gains to close marginally red. The ECB rate decision is today which has everybody waiting. No big move expected but the guidance matters with oil where it is.

US markets closed at fresh records again on Thursday. S&P 500 at 7,041.28, Nasdaq at 24,102.70, Dow at 48,578. Tech keeps doing the heavy lifting. The 12-day Nasdaq streak is historic but the kind of thing that tends to end on a Friday when people want to de-risk into the weekend. Especially this weekend.

BTC holding near $75,000, ETH at $2,320. Both quiet. Gold at $4,798, on track for a fourth consecutive weekly gain. The metals are still catching bids even with equities at highs. Different buyers, different thesis.

ECB rate decision is the main event today. No major US data but the Iran deadline looming over the weekend will keep positioning defensive into the close.

Twelve days of green on the Nasdaq and a war deadline on Monday. Not the weekend to get complacent. We'll be tracking it.