WS #7704
The dominant narrative in this window is the escalation of the Iran conflict and its impact on energy markets, with multiple sources reporting on the continued closure of the Strait of Hormuz and rising oil prices. The G7 pledged not to overdo fiscal aid, signaling limited policy response to the energy crisis. Canada's April CPI came in at 2.8% YoY, below expectations of 3.1%, which is a modest positive for risk assets. In corporate news, ImmunityBio (IBRX) plunged 21% after an FDA warning letter, and a short seller report on T1 Energy caused a drop. Bill Gates bought $101M in Republic Services (RSG), a bullish insider signal. The AI chip trade is getting crowded, and AMD is up on hopes of eased China AI chip rules. Home Depot missed sales expectations, confirming consumer caution. A former FTX executive launched an AI trading platform. The Yaroslavl refinery in Russia was struck again, adding to supply concerns. Overall, the market is digesting the Iran conflict's stagflationary implications, with equities showing resilience but energy and defense stocks likely to benefit.
Key developments
- G7 pledges not to overdo fiscal aid amid Iran war, limiting policy response to energy crisis
- Canada CPI misses expectations at 2.8% vs 3.1% consensus, core measures cool
- ImmunityBio shares plunge 21% after FDA warning letter over misleading cancer claims
- Bill Gates buys $101 million in Republic Services, strong insider buying signal
- Home Depot misses same-store sales expectations, rising only 0.6% amid consumer caution
- AMD rises on hopes of eased US AI chip export rules to China after CEO Beijing meeting
- AI chip trade getting crowded fast, warns Seeking Alpha
- Former FTX executive launches 'no loss' AI trading platform