WS #8406
The dominant narrative remains the US-Iran conflict and its impact on energy markets and global risk sentiment. The Strait of Hormuz crisis has cut vessel transits by 93.8%, a near-total severing of the critical energy artery, driving European natural gas futures up 4% and oil prices surging. However, a counter-signal emerges: markets surged on hopes for a US-Iran deal, but the White House dismissed reports of a framework as fabrications, causing oil prices to dive 5.5%. The narrative arc is ESCALATING in military terms but with diplomatic undercurrents. Separately, Salesforce reported a Q1 beat but issued a softer full-year outlook, causing after-hours weakness. Snowflake reported strong results, surging ~40% premarket. Bitcoin fell below $73,000 as BlackRock's BTC ETF saw its second-largest outflow on record. Indonesia's rupiah slid to a record low of 17,900 per USD, signaling mounting economic pressure. ByteDance is developing custom CPUs for AI inference, a move that could impact semiconductor supply dynamics. The UN blacklisted Israel for sexual violence in its prison service, a geopolitical development with potential implications for regional stability.
Key developments
- Strait of Hormuz transits cut 93.8% as crisis escalates; European gas futures up 4%
- Salesforce beats Q1 but issues soft full-year outlook, shares fall after hours
- Snowflake reports strong results, shares surge ~40% premarket
- Bitcoin falls below $73,000 as BlackRock BTC ETF sees second-largest outflow on record
- Indonesia rupiah slides to record low of 17,900 per USD
- ByteDance developing custom CPUs for AI inference amid chip supply constraints
- UN blacklists Israel for sexual violence in prison service