Trader Edward Curran works on the floor of the New York Stock Exchange, Wednesday, April 22, 2026. (AP Photo/Richard Drew)

A worker crosses an excavation site in front of a preserved 19th-century building facade at the Canopia urban redevelopment site near the Saint-Jean railway station in Bordeaux, south-western France, on April 23, 2026. The city's redevelopment push comes as the European Central Bank warned that the Iran conflict risks pushing energy-dependent European economies into stagflation, with French construction firms reporting fuel and materials cost hikes across active sites. (Photo by Philippe LOPEZ / AFP via Getty Images)

This photograph shows construction cranes and workers at the Canopia urban redevelopment site near the Saint-Jean railway station in Bordeaux, south-western France, on April 23, 2026. The city's redevelopment push comes as the European Central Bank warned that the Iran conflict risks pushing energy-dependent European economies into stagflation, with French construction firms reporting fuel and materials cost hikes across active sites. (Photo by Philippe LOPEZ / AFP via Getty Images)

Cyclists ride past the Canopia urban redevelopment site near the Saint-Jean railway station in Bordeaux, south-western France, on April 23, 2026. The city's redevelopment push comes as the European Central Bank warned that the Iran conflict risks pushing energy-dependent European economies into stagflation, with French construction firms reporting fuel and materials cost hikes across active sites. (Photo by Philippe LOPEZ / AFP via Getty Images)

This photograph shows construction cranes and workers at the Canopia urban redevelopment site near the Saint-Jean railway station in Bordeaux, south-western France, on April 23, 2026. The city's redevelopment push comes as the European Central Bank warned that the Iran conflict risks pushing energy-dependent European economies into stagflation, with French construction firms reporting fuel and materials cost hikes across active sites. (Photo by Philippe LOPEZ / AFP via Getty Images)

Steel supports hold a preserved 19th-century facade in place as construction advances at the Canopia urban redevelopment site near the Saint-Jean railway station in Bordeaux, south-western France,2026. The city's redevelopment push comes as the European Central Bank warned that the Iran conflict risks pushing energy-dependent European economies into stagflation, with French construction firms reporting fuel and materials cost hikes across active sites. (Photo by Philippe LOPEZ / AFP via Getty Images)

A pedestrian walks past the Canopia construction site near the Saint-Jean railway station in Bordeaux, south-western France, on April 23, 2026. The city's redevelopment push comes as the European Central Bank warned that the Iran conflict risks pushing energy-dependent European economies into stagflation, with French construction firms reporting fuel and materials cost hikes across active sites. (Photo by Philippe LOPEZ / AFP via Getty Images)

A preserved 19th-century stone building facade stands above groundwork at the Canopia urban redevelopment site near the Saint-Jean railway station in Bordeaux, south-western France, on April 23, 2026. The city's redevelopment push comes as the European Central Bank warned that the Iran conflict risks pushing energy-dependent European economies into stagflation, with French construction firms reporting fuel and materials cost hikes across active sites. (Photo by Philippe LOPEZ / AFP via Getty Images)