Last week started on a tense note after negotiations between the US and Iran broke down and an American blockade was announced. As often happens, markets reacted immediately: oil prices rose and investors became visibly more cautious. However, that initial shock did not last long. Statements from Trump about renewed contact with Iran and signals that Tehran might be willing to make concessions quickly restored some confidence. That pattern defined the entire week. The underlying situation barely changed, but sentiment moved लगातार based on news flow and expectations. Toward the end of the week, another key development followed when Iran announced it would temporarily reopen the Strait of Hormuz. This directly supported markets: oil prices declined and equities moved higher, with indices approaching record levels. At the same time, it is clear the situation is far from resolved. On April 8, the US and Iran agreed to a two-week ceasefire, and that deadline expires this week, around Wednesday. This makes the coming days crucial. Either there will be an extension or further de-escalation, or tensions could quickly rise again. That uncertainty remains a clear overhang on the market. Meanwhile, earnings season has also begun. Our positions are not reporting yet, but that does not make it any less relevant. Results from competitors provide valuable insight into how sectors are performing. The first reports, particularly from US banks, are shaping broader sentiment and may drive additional movement in individual stocks in the coming weeks. Looking ahead, attention this week will partly shift to macroeconomic data. In the UK, inflation and retail sales figures will offer insight, while PMI data in Europe and the UK will provide an early indication of economic activity. In the United States, the focus once again turns to the consumer, with data expected to show how strong demand remains. Still, as in recent weeks, geopolitics remains the dominant factor. Markets are trading strongly and moving toward record levels, but remain highly sensitive to any new developments from the Middle East. This creates a market with opportunities, but where vigilance remains essential. Kudelski Last week, Kudelski held its annual general meeting. During the meeting, all proposals from the board were approved by a large majority. This means shareholders approved the 2025 annual report and financial statements, the consolidated group figures, the profit allocation, and the non-financial report. The compensation report and the discharge of both the board and management were also approved. In addition, nearly all board members were reappointed for a new one-year term. Attendance was around 65% of the share capital, indicating a reasonable level of shareholder engagement. The outcome of the meeting shows broad support for the current strategy and management direction. Business as usual. Sharesunderten continues to expect strong performance from this stock. Brunel The sector remains mixed, underlining Brunel’s cyclical nature. Peer company PageGroup reported a 4.9% decline in gross profit due to persistently weak demand, particularly in Europe. Employers remain cautious, especially in France and the UK, while the US and parts of Asia are more stable. The Dutch staffing market also remains weak. The number of hours worked fell by 5%, although revenue still increased by 4%. Administrative sectors are under the most pressure, while industry remains relatively stable. The technical sector, where Brunel operates, is seeing a decline in hours and a slight drop in revenue. Overall, the market is still in a weak phase. At the same time, the bigger picture remains intact. Brunel is well positioned in niches that tend to recover first once economic conditions improve. The question is when that turning point will occur. Once the market recovers, we expect Brunel to outperform. Sharesunderten therefore remains positive and maintains its buy rating. Auction Technology Group This stock reported a solid trading update for the first half of the fiscal year. Revenue grew by approximately 8% to around $125 million, driven by strong performance in Arts & Antiques and continued platform growth, including the atgShip delivery service. Margins remained stable, and the leverage ratio declined further to 1.8x, strengthening the financial position. Management also reaffirmed its 2026 outlook, targeting mid-single-digit revenue growth, solid margins, and strong cash flow generation. At the same time, there were additional developments in the background. The share price has recently been influenced by renewed takeover speculation. Although major shareholder FitzWalter Capital previously withdrew its bid, the market continues to speculate about a new offer or interest from other parties. The strong price movement in mid-April indicates clear speculative buying pressure. Sharesunderten remains enthusiastic. After a price increase of nearly 18% in one week, the position is now approximately 31% in profit. However, our price target of 480 pence has not yet been reached, so we are choosing to hold the stock. Grab Holdings Sentiment around Grab Holdings remains positive. Analysts continue to maintain higher price targets and are enthusiastic about the underlying growth story, a view we fully share. The share price has declined recently, reducing its weighting in the portfolio. We see this as an opportunity. Fundamentally, little has changed. Growth is accelerating and profitability is improving, while the upside potential remains significant. For that reason, we have decided to increase the position by 300 shares. This allows us to capitalize on the current weakness in the share price and restore the weighting to the desired level. Sharesunderten therefore remains positive and views the recent pullback as an attractive buying opportunity.