WS #5822

The data dump contains several significant developments. A Pentagon internal email, reported by Reuters, suggests the US is considering suspending Spain from NATO due to its lack of cooperation in the Strait of Hormuz, with Spain's PM downplaying the report. This adds to geopolitical tensions surrounding the Iran conflict and the Strait of Hormuz blockade, where the IEA reports 13M barrels/day of oil supply lost. However, a tanker (Helga) has arrived at Iraq's Basra terminal to load 2M barrels of crude, the second such vessel since the Hormuz closure, offering a slight de-escalation signal for oil supply fears. Separately, China announced it will allow qualified foreign investors to trade domestic bond futures, a move to increase appeal of Chinese bonds. In corporate news, Elon Musk admitted Tesla's HW3 hardware cannot achieve full self-driving, a significant admission affecting TSLA. SpaceX is reportedly refinancing $20B in debt ahead of a summer IPO. Meta is planning to lay off ~8,000 employees (10% of workforce) due to AI investment focus. Volvo reported Q1 EPS down slightly YoY but sales up. The IEA also warned LNG supplies will remain under pressure until end-2027. European markets are lower, with Milan down ~1%, as Hormuz tensions persist. Oil prices remain elevated.