James Brodie
Equities jumped 3.6% as Trump blinked but then sold off on the realisation that he’s just postponing the next escalation into the weekend when markets will be shut.
Friday risk setting will be fun. Similarly bonds rallied and then drifted lower. The financial markets will grind lower into the weekend on the gradual realisation of the supply shock finally filtering onto economies.
Saudi Arabia and the UAE are "inching toward" joining the US/Israeli war against Iran, per WSJ.
Spot Jet fuel in Singapore making new highs at $230 per barrel. Naphtha, fuel oil & diesel coming next, lower in the refining barrel, products from Middle Eastern crudes.
Australia is citing mass fuel shortages across the country per energy minister
Chevron CEO Mike Wirth, The scarcity, particularly in Asia, is “not fully priced in the oil futures curve,” he says.
Vietnam Airlines announces the suspension of its flights on some domestic routes, due to a shortage of aircraft fuel and rising fuel prices.
Consistent insider trading on Trump’s tweets moved to the oil market. (Chart 1, FT).
Apollo has capped redemptions from one of its largest private credit funds after today’s withdrawal requests exceeded 11% of outstanding shares. Cracks in the private credit market seem to be spreading.
Data today – US, EZ & UK flash PMI’s , US ADP, Aussie CPI overnight.