WS #9485
No material new developments in the last 30 minutes. The dominant narrative remains unchanged: risk-off rotation driven by hot CPI and US-Iran tensions, with no counter-signals or de-escalation observed.
Key developments
- US CPI hits 4.2% YoY, three-year high, driven by energy surge
- US strikes Iran after Apache downed, oil tanker disabled in Gulf of Oman
- Trump says he won't renew CUSMA with Canada and Mexico
- SpaceX IPO more than 4x oversubscribed, may pull liquidity from crypto
- PIMCO warns credit loss cycle has begun, expects higher defaults