WS #12478
The dominant theme remains the escalating US-Iran conflict, with fresh developments including Iranian missile strikes on Bahrain and airstrikes on Shiraz, Iran, as well as a drone strike halting CPC Black Sea oil exports. The Strait of Hormuz disruption continues, with IRGC striking a Greek tanker. Oil prices are elevated, with US gasoline topping $4/gallon. However, the market is increasingly pricing in ceasefire chatter, as oil gave back intraday spikes. UK political changes continue with Andy Burnham's first call with Trump and sacking of David Lammy. On the tech side, Alphabet is reportedly developing an AI chip 'Frozen v2', and KeyBanc has positive views on Intel and AMD ahead of earnings. Hedge funds are dumping US tech stocks at the fastest pace in two months. Gold fell 2.6% last week despite the conflict, as higher oil and rate expectations weigh. The AI security agency head resigned. Ebola in DRC is escalating rapidly.
Topics
Key developments
- Iran launches heavy missile strike on Bahrain; airstrike confirmed on Shiraz, Iran
- IRGC strikes Greek tanker in Strait of Hormuz; drone strike halts CPC Black Sea oil exports
- US gasoline tops $4/gallon; crack spread near $70/barrel record
- UK PM Andy Burnham speaks with Trump, sacks David Lammy; gilts fall on fiscal flexibility comments
- Alphabet developing AI chip 'Frozen v2' embedding Gemini architecture; stock up 3%
- Hedge funds dumping US tech stocks at fastest pace in two months
- Chris Fall, Trump AI security agency head, resigns after three months
- Ebola death toll in DRC surges to at least 930; fastest spread on record