Traders abandoned bullish dollar bets as every major currency gained this month. The greenback gave up war gains amid hopes for an Iran conflict end. Trump's deadline on Tehran looms today creating heightened volatility across assets.
FT reported oil markets lost one billion barrels due to the war. Vitol warned of unprecedented hits to global energy supplies. Gulf tanker attacks threatened the fragile ceasefire as peace talks remained in focus. Gold held steady as caution prevailed ahead of the deadline.
European stocks traded mixed through the session. CNBC showed Asia markets mostly fell as the fragile Middle East ceasefire tempered sentiment. UK GDP jumped providing brief support for regional equities.
TSLA Tesla earnings arrive imminently as top analysts revised forecasts ahead of the call. IBKR Interactive Brokers shares fell after Q1 revenue missed estimates. CIVB Civista Bancshares beat with $0.74 adjusted EPS versus $0.62 consensus.
RTX RTX announced Pratt Whitney will invest $100M expanding Poland production capacity. The defense contractor targets growing global demand for commercial and military engines. AT&T expects Q2 free cash flow between $4B and $4.5B.
UPST Upstart Holdings revealed Centerbridge agreed to acquire $1.2B of consumer loans originated through its platform. The fintech deal demonstrated renewed institutional appetite for loan portfolios.
Barclays downgraded PRU Prudential Financial to underweight slashing the target to $91. Citigroup initiated WHR Whirlpool at neutral with a $60 target. Piper Sandler cut HBCP Home Bancorp to neutral citing margin pressure.
Private credit faces strain as borrowing costs edge higher per FT reporting. Bond investors and banks seek greater premiums on new financing as a precaution.
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