WS #5804

The data window is dominated by three key developments: (1) Bank of England Deputy Governor Sarah Breeden explicitly warned that stock markets are too high and set to fall, citing multiple risks including macroeconomic shock, private credit confidence, and AI valuation readjustment. This is a rare direct warning from a central bank official and carries high significance for broad equity indices. (2) Meta confirmed 10% workforce cuts (8,000 jobs) effective May 20, with 6,000 open vacancies closed, as part of cost-cutting to fund $115-135B in AI investments. This reinforces the tech sector's AI-driven efficiency push and may pressure other tech firms to follow suit. (3) Chevron CEO Mike Wirth warned that jet fuel shortages from geopolitical tensions will worsen aviation disruptions and ticket prices over the next several weeks, potentially extending through summer. This is a direct supply-side shock for airlines and a bullish signal for energy. Other items are noise or low-significance.