WS #7082
The dominant narrative remains the U.S.-Iran conflict and Strait of Hormuz closure, with oil prices elevated. The UAE strikes on Iran are now corroborated by multiple sources including WSJ, adding credibility to the escalation. Trump has rejected the Iranian truce plan, calling it 'garbage,' and is reportedly considering resuming major combat operations. The UK political crisis is escalating with a cabinet split and over 70 Labour MPs calling for Starmer's resignation, which could impact UK assets and GBP. The US Senate advanced Kevin Warsh as Fed Chair, a hawkish signal. Insider selling at CrowdStrike (CRWD) by multiple executives is notable. Macerich (MAC) priced an upsized stock offering, dilutive. Par Pacific (PARR) priced $500M in notes. Rigetti (RGTI) reported a Q1 beat with strong revenue growth. Google disclosed that criminal hackers used AI to find a major software flaw, a cybersecurity signal. The Ukraine drone attack narrative continues but is not new. Overall, the Iran situation is escalating, UK political crisis is escalating, and the Fed succession is a new development.
Key developments
- UAE carried out covert strikes on Iran, including oil refinery, per WSJ
- Trump rejects Iranian truce plan, considers resuming major combat operations
- UK PM Starmer faces cabinet split and over 70 MPs calling for resignation
- US Senate advances Kevin Warsh as Fed Chair
- CrowdStrike executives sell significant shares
- Macerich prices upsized stock offering at $21 per share
- Rigetti Q1 revenue beats expectations, +199% YoY
- Google says criminal hackers used AI to find major software flaw