WS #6702

The dominant theme in this window is the ongoing Iran-US conflict and its impact on energy markets, with several new developments suggesting potential de-escalation. Multiple sources report that understandings have been reached to ease the U.S. blockade in exchange for a gradual reopening of the Strait of Hormuz. The U.S. has reportedly handed Iran a new nuclear framework, and Iran is weighing the US proposal amid Trump's warning that the war would end quickly. Ceasefire efforts are ongoing, with Pakistan working to secure a permanent end to the conflict. Maersk CEO stated they are closer to a normalization of Suez and oil supply chain disruption, though oil costs will significantly raise costs this quarter and next. Oil prices fell 1.4% on Thursday as investors evaluated the potential for a Middle East peace deal. China's gold reserves increased to 74.64 million fine troy ounces at end-April from 74.38 million in March, and FX reserves rose to $3.411 trillion from $3.342 trillion, indicating continued diversification away from dollar assets. The ECB kept rates unchanged, noting upside risks to inflation and downside risks to growth have intensified. The Bank of England also held rates at 3.75% with an 8-1 vote, citing the conflict's impact on energy prices. Norway's central bank stated inflation is too high and has run above target for several years, but the monetary policy outlook has not changed materially since March. In corporate news, Rheinmetall Q1 sales grew 8% YoY to €1.94 billion driven by defense demand, with operating profit up 17%. Palliser Capital has accumulated a 1-2% stake in AutoTrader and is pushing for up to £700M in shareholder returns. SpaceX IPO plans include supervoting shares giving Elon Musk unchecked power, drawing investor group scrutiny. Anthropic is now valued at $1.2 trillion pre-IPO, up 900% since October 2025. Spot bitcoin ETFs posted a five-day inflow streak totaling nearly $1.7 billion.