WS #6553

The Strait of Hormuz conflict remains the dominant market narrative, with the situation ESCALATING. US Defense Secretary Hegseth confirmed the ceasefire is not over but warned Iran will face overwhelming firepower if it attacks commercial shipping. Top US General Caine reported 22,500 mariners trapped in the Gulf and that Iran attacks have been below the threshold of restarting major combat operations. The US and Israel are reportedly planning new strikes on Iran per Ynet Global. Oil traders are navigating impacts with niche spread bets per Bloomberg. UK 30-year gilt yields hit 5.76%, the highest since 1998, as energy inflation and fiscal credibility fears hit duration. Romania's government was dissolved after a no-confidence vote, raising fears of a fiscal crisis. In corporate news, Coinbase confirmed a 14% staff cut (~700 jobs) citing AI gains and crypto volatility, with $50-60M in charges. Palantir slides despite Q1 beat as Rosenblatt raises PT to $225. IPG Photonics crashed 14% premarket on weak Q2 outlook. BellRing Brands cut FY26 sales guidance below estimates. Digi Power X signed a $1.1B AI data center deal with Cerebras Systems, a contract worth 4x its market cap. Toncoin surged 36% as Telegram replaces TON Foundation and slashes fees. Bitcoin hit $81,000 with analysts calling a buying opportunity. Apollo raised $6.5B for hybrid debt-equity strategy. a16z crypto raised $2.2B for its fifth fund. State Street and Galaxy Digital partnered to launch a tokenized liquidity sweep fund. The US Treasury expects to borrow $189B in Q2, $79B higher than February estimate. US trade deficit widened to -$60.3B in March vs -$61B expected. US imports surged to $381.2B vs $372.1B prior, reflecting front-running of tariffs.