- U.S. and Iran are still communicating after talks collapsed, discussing a possible second round in Islamabad as early as this week before the April 21 ceasefire deadline
- The U.S. naval blockade is fully active, with minesweepers clearing mines in the Strait of Hormuz, while some Iran-linked ships still pass and overall shipping remains heavily suppressed
- China called the blockade “dangerous and irresponsible,” while Trump warned Iranian vessels approaching it will be eliminated
- Oil pulled back slightly on renewed talk of negotiations but remains near $100 due to supply uncertainty and Saudi rerouting efforts
- JPMorgan Chase posted record $11.6B in Q1 trading revenue, benefiting from Iran-driven volatility
- Saudi Arabia is quietly pushing Trump to lift the blockade over fears of Iranian retaliation in the Red Sea
- No firm agreement or timeline for new talks, with Iran saying a second round is not confirmed despite diplomatic messaging
- Bottom line: “progress” headlines clash with a real, active blockade and unresolved core issues on nuclear policy
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China’s March exports collapsed to 2.5% growth, missing 8.3% forecasts as the Iran war fractures global shipping and US tariffs bite.
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BlackRock reported record first-quarter results this morning with $130 billion in net inflows, driven largely by iShares ETF demand.
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SpaceX is moving toward a historic $2 trillion IPO this summer, with executives earmarking up to 30% of shares for retail investors.
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FINRA is moving to permanently eliminate the $25,000 Pattern Day Trader (PDT) rule, potentially lowering the account minimum to $2,000 this quarter.
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UK stagflation risks intensified this morning as composite PMI fell to a six-month low of 50.3 amid soaring supply chain costs.
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The Bank of England warns of potential fractures in the private credit sector as 10-year Gilt yields spiked 15 basis points overnight.