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Iran update : ALL aboard....including Jensen!...Trump on Iran: We're not going to rush anything. "We don't have to rush anything. We have a blockade which allows them no money. It's a very simple thing: we cannot let them have a nuclear weapon — because they'd use it." >>> CHINA will push for Trump to take a deal with Iran (China could guaranty nuclear material removal, 10y pause etc, lifting sanctions, and Iran open the Strait (with charges?)... And Trump wants rare earth, techs etc and many other things with all his CEO's present (see list below, mindboggling..BUT no China political experts..) >>> On the eve of the Xi-Trump summit, the People’s Daily published a commentary titled: “China-US Relations Cannot Return to the Past, but They Can Embrace a Better Future.”... Markets : We are two weeks from oil shortages and demand rationing according to BBG, US House Lawmakers are introducing a bill to ban Chinese vehicles in the US. (just ahead of meeting Xi tomorrow, great idea..), UK political storm, US Treasury Secretary Bessent: The strength of the Japanese economy (NIKKEI..?..)will be reflected in the FX rate, 10y JGB yields 2.58% highest for 25+ years (pushing other yields in Asia EMG higher, and their currencies weaker... >>> soonest Jensen was confirmed going to China, QQQ bounced off lows pretty easily yesterday!, there are reports that China is now selling high-performance solar panels (which use silver) at higher prices, up around 30%!, U.S CPI highest in 3 years (10's UST 4.46% again.. ALL FI softer-yields higher..)...and Crude is still over $100 Indian government warns country only has 60 days of crude oil reserves left China completes installation of world’s largest single-rotor floating wind turbine, now this is fabulous, you can literally float it where you need it along the sea.., no land use etc etc sounds great and friendly on the environment Steve Rosenberg : “Something rather unusual is happening right now inside Russia.” Chicago Board of Trade wheat and K.C. wheat futures climbed by their daily trading limits on Tuesday after the U.S. Department of Agriculture projected the nation's harvest will drop to the lowest level since 1972 >>> #inflation Keir Starmer latest: PM to meet Streeting at No 10 ahead of King's Speech - BBC News India hikes bullion import duties to arrest rupee slide Shanghai Macro Strategist on X: "On the eve of the Xi-Trump summit, the People’s Daily published a commentary titled: “China-US Relations Cannot Return to the Past, but They Can Embrace a Better Future.” In my view, this piece reflects Beijing’s current official posture toward the US-China relationship. Key https://t.co/n0eAFEDfyK" / X On the eve of the Trump-Xi summit, some interesting activity in the Strait of Hormuz, with a Chinese-linked oil tanker making the crossing (via the Iranian new lanes). If the Yuan Hua Hu VLCC completes the crossing (she has gone dark now), it would be the 3rd Chinese oil tanker to make it through since the war started. The tanker carries 2m barrels of Iraqi oil. This is absolutely insane. President Trump is currently flying to China with all of the following people to request "deals" with China's President Xi: 1. Elon Musk, Tesla and SpaceX CEO 2. Jensen Huang, Nvidia CEO 3. Tim Cook, Apple CEO 4. Larry Fink, BlackRock CEO 5. Stephen Schwarzman, Blackstone CEO 6. Kelly Ortberg, Boeing CEO 7. Brian Sikes, Cargill CEO 8. Jane Fraser, Citigroup CEO 9. Larry Culp, General Electric CEO 10. David Solomon, Goldman Sachs CEO 11. Sanjay Mehrotra, Micron CEO 12. Cristiano Amon, Qualcomm CEO President >>>>> Trump also says there are "many other" CEOs joining him on the trip who have not yet been disclosed. Never in history has such a trip even remotely near this scale and caliber occurred. This Trump-Xi meeting is far bigger than most realize. Eric Nuttall: We’re weeks away from rationing oil demand as prices rise China completes installation of world’s largest single-rotor floating wind turbine CPI surged in April as inflation soars to highest level in almost 3 years Steve Rosenberg on X: "“Something rather unusual is happening right now inside Russia.” My dispatch for BBC Radio’s From Our Own Correspondent. @BBCRadio4 @BBCSounds @bbcworldservice https://t.co/YU2aeHFuzD" / X STRAIT CLOSURE SHOCK LIMITED: GOLDMAN SEES ONLY MODERATE GLOBAL DAMAGE Goldman Sachs says the 10-week Strait of Hormuz closure has caused only moderate global economic disruption so far. Chief economist Jan Hatzius cites three key reasons: oil prices didn’t spike as feared due to high inventories and policy expectations; fuel shortages were eased by demand shifts like renewables and reduced travel; and strong fiscal support, the AI boom, and easy financial conditions helped cushion the impact. Goldman expects oil to stay stable near term, with Brent potentially easing toward $90 by year-end under a gradual reopening scenario. The bank slightly lowered U.S. recession risk to 25%, but warns risks remain elevated due to weakening consumer support, higher energy costs, slower wage growth, and low savings levels. JP Morgan on oil prices/Strait of Hormuz: "A core assumption of our framework is that the accelerating pace of oil inventory depletion will ultimately force the reopening of the Strait of Hormuz, one way or another. Our base case envisions the Strait reopens in June—anchored on June 1 for simplicity—following a clear and credible announcement ratified and confirmed by both sides, such as a statement from the UN Security Council." Hedge funds bet on biofuels to profit from Iran oil price shock Zack Polanski’s boat, council tax, and electoral law Politics UK on X: "🚨 NEW: Keir Starmer has announced some of the Bills in the King’s Speech tomorrow to end "the status quo" - Legislation to improve UK trade and investment ties with the EU - Energy Independence Bill to speed up clean energy projects and expand grid infrastructure - New" / X Gold Outlook: a volatile journey to a new base – The Armchair Trader

Iran updates : Trump says Iran ceasefire is on 'massive life support', Oil climbed as Donald Trump said the US-Iran ceasefire was on “massive life support” after rejecting Tehran’s latest peace offer, calling it a “piece of garbage” he “didn’t even finish reading.” Separately, the WSJ reported that the UAE had been secretly carrying out attacks on Iran Markets : UK's Starmer in stormy waters #GBP #GILTS, Bessent vows 'constant and robust' US, Japan coordination on FX, he is in JPN now (and #USDJPY rallies back to the highs.. will have to walk the walk..or else..), BoJ minutes (debated need to raise rates soon..), Saudi Aramco warns fuel stocks heading for ‘critically low levels’, The White House said Trump will meet Xi Jinping in Beijing at 10:15 a.m. local time Thursday, The 40% bubble concentration rule just triggered for the first time since the dot-com crash (BoA chart available on request) >>> EU markets off a little on crude prices, UK markets struggling on Starmer's leadership likely challenge, markets may underestimate how long crude prices stay high for longer, FI lower, yields higher on higher crude prices (UK Gilts a little more than the rest of FI) GOLD : In 1967, Indira Gandhi appealed to Indians: “Don’t buy Gold.”, what followed?.. Coming in other parts of the world ? A top Korean policymaker, presidential policy chief Kim Yong-beom, said the nation should pay citizens a “dividend” using taxes on AI profits, the benchmark equity index Kospi fell as much as 5.1% Aramco's CEO Amin Nasser: Energy supply shock is the largest ever experienced, ''If the current disruptions continue at this rate, market will lose around 100 million barrels of oil every week the Strait remains closed'' Goldman and BofA are the latest in a growing cohort of Wall Street banks pushing back their Fed rate-cut forecasts to at least the end of the year, citing strong jobs data and inflation concerns What's going on? After Bob Kagan writing an article on how the U.S. is facing "total defeat" in Iran (see you now have Max Boot - the very author of “The Case for American Empire” and one of the most vocal advocates for the Iraq war - publishing a Washington Post interview explaining that China has surpassed the U.S. in most military domains Warren Buffett the greatest investor in history just repeated himself. 1999: "Euphoria is the enemy" Walked away from the rally. Result: dot-com crash. Down 75% >>>> 2026: "We've never had people in a more gambling mood than now." $400B in cash. Zero purchases. Trump says Iran ceasefire is on 'massive life support' Live update: Frustrated Trump more seriously thinking of restarting combat operations in Iran, sources say | CNN Saudi Aramco warns fuel stocks heading for ‘critically low levels’ Bessent vows 'constant and robust' US, Japan coordination on FX | Reuters Britain's Starmer faces calls to step down | AP News It’s always easier for MPs to pin the blame on the leader – or Trump, or the energy crisis and inflation, or two decades of neglect of UK infrastructure – than to look at themselves. The current bout of hysteria is just making things worse for Labour, whoever ends up in charge; I honestly don’t see what is supposed to change. This supposedly grand plan fronted by Catherine West and a few others looks, at best, badly thought through, when what’s really needed is a bit of calm with the election still a long way off and a new legislative programme coming. On Europe, I agree his approach is pretty incoherent and the speech was a snooze; unless you’re willing to rethink the basic “red lines”, it all feels badly executed. MPs are there to govern, not to act like pundits whipping up a frenzy – but that’s very much the UK way, in most parties, more football-manager drama styled than serious politics, UK labor MP's more worried about their future re-election than the country.. (same goes for other parties btw..) Putin signals Ukraine war nearing end, names Schröder as mediator getting weaker, calling for a stop to the war, and help from Trump.. Europe Defender 🇪🇺🇺🇦 on X: "The war is not winnable for Russia, and it's turning into a demographic catastrophe. Russia suffered 352,000 dead at the end of 2025. By now we are easily at 400,000 dead. That is 1% of the male Russian fighting age population of roughly 40 million. Another 2% are crippled and https://t.co/oaw75FVCQZ" / X Arnaud Bertrand on X: "What's going on? Are neocons having a come-to-Jesus moment? After Bob Kagan writing an article on how the U.S. is facing "total defeat" in Iran (see https://t.co/FkD2W7fMS7), you now have Max Boot - the very author of “The Case for American Empire” and one of the most vocal https://t.co/VBtF4oD4OR" / X Spain withdraws from Eurovision 2026 Elon Musk’s Grok Loses Users This Year As Rivals Claude, Gemini Rise Macro Liquidity by Sunil Reddy on X: "In 1967, Indira Gandhi appealed to Indians: “Don’t buy Gold.” The reason was that India’s foreign exchange position was under stress, imports were becoming difficult, and the currency system needed people to show “national discipline.” But what followed? One of the biggest https://t.co/M3aDzJau07" / X The Market’s Feedback Loop Will Self-Destruct

Iran update : Day 73 : no peace and only very little oil, Trump & Xi meeting this week key, Trump heading there with NO Iran deal whatsoever (all permutation possible..flow of crude vs rare earth, semis, infl, trade etc), Trump Calls Iran Response to U.S. Proposal 'Totally Unacceptable', he's effectively begging Iran for a deal..., Tehran's lengthy response on setting a framework for talks didn't resolve the U.S. demand for commitments in advance on its nuclear program. (WSJ) => Oil prices climb again as Washington and Tehran fail to agree on terms to end war and reopen Strait of Hormuz, Trump says he ‘might’ move US troops to Poland from Germany >>> extraordinary article in the Atlantic... Washington can’t reverse or control the consequences of losing this war. Markets : Crude up 4%, as Trump rejects Iran's peace proposal, Top 10 Companies Account for 34% of Profits in the S&P 500, Citadel: Only 22% of names in the S&P 500 have outperformed the index itself over the last 30D, reaching 30Y lows, UK politics heating up (Starmer speech today, Gordon Brown back, Harbone's cash to Farage..!), Modi asks Indians to stop buying gold, Absolute meltdown of Trump on Truth Social Morgan Stanley sees capital spending by the five largest AI hyperscalers topping $800 billion this year and $1.1 trillion next year. At 3.3% of gross domestic product, next year’s figure would exceed projected spending on national defense >>> markets strongly believe the 'war' will find a peaceful solution, JPY a little weaker on crude prices higher, BoJ-MOF need to step in again, IF...they are serious, or it'll come back in their face Putin says he thinks Russia-Ukraine war is coming to an end. The Russian president's remarks came just hours after he had vowed victory in Ukraine at Moscow's most ‌scaled-back Victory Day parade in years Checkmate in Iran - The Atlantic Washington can’t reverse or control the consequences of losing this war. >>> As a reminder Bob Kagan is: - The co-founder of Project for the New American Century, probably the single most imperialist Think Tank in Washington (which is quite a feat) - A man who spent his entire life advocating for American military interventions, especially in the Middle East, and a vocal advocate of the Iraq war. He started advocating for intervention in Iraq before 9/11, which speaks for itself... Iran replies to US proposal to end war, Trump finds response ‘unacceptable’ | US-Israel war on Iran News | Al Jazeera Trump to discuss Iran with Xi Jinping during China visit: Officials | Donald Trump News | Al Jazeera Modi says Iran war poses severe risks to India, urges cuts in fuel use and gold purchases France-UK joint statement on the Strait of Hormuz | France in the United Kingdom Israeli Prime Minister Netanyahu warns Iran war is 'not over' unless uranium removed | The National Javier Blas on X: "MUST READ: The cost of a real-world oil cargo is dropping fast as buyers back away. The sharp retreat provides a counterintuitive backdrop to warnings the oil market is barreling toward a crisis point. Still, traders cautioned the calm may be shortlived. https://t.co/dN2bRQ4GEM" / X Furkan Gözükara on X: "Absolute meltdown of Trump on Truth Social. Donald Trump openly confesses he expects the Supreme Court to act as his obedient cartel, crying that Justices he appointed lack blind loyalty and threatening to pack the court himself. The US President is completely unhinged. https://t.co/KBmbUFG8fK" / X Putin says he thinks Russia-Ukraine war is coming to an end | Reuters ECB's Lagarde Says June Rate Decision Clouded by'Massive Uncertainty' | Forex Factory Gordon Brown returns to Number 10 as global finance envoy Which Labour MPs are calling for Starmer to go - and who is still backing PM? - LabourList The Road to Resignation: A study of British Prime Ministers – Blonde Money Wil Starmer go, won't he.. Modi asks Indians to stop buying gold, hitting jewellery stocks - The Business Times ‘Nigel is mad to accept his money’: who is Christopher Harborne, the mystery billionaire bankrolling Reform? | Reform UK | The Guardian AI Is Distorting Practically Everything About the Economy - WSJ Why Gen Z is abandoning Beijing for greener fields elsewhere in China | South China Morning Post Theft of luxury cars rises sharply in Switzerland - SWI swissinfo.ch Growing financial strain hits Swiss middle class - SWI swissinfo.ch University Hospital Zurich confirms serious errors in heart surgery - SWI swissinfo.ch

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