Markets
A choppy week after three weeks of consecutive losses. India’s $SENSEX picks up 4%, bringing the drawdown from its peak similar to that of $SPX, although the decline started 4 months earlier. Chinese markets take a breather too, following some 25% rally since January. Yields retreat overall, reflecting pessimism in the economy. $BTC, $Gold, $DXY gain slightly.
Headlines
• Trump says ‘there’ll be flexibility’ on reciprocal tariffs
He also plans to talk with Xi
• China Explores Limiting Its Own Exports to Mollify Trump
China may be exploring voluntary export restraints.
• U.S. Directs a Second Aircraft Carrier to the Middle East
• A Weakened Hamas Struggles to Respond to Israel’s Attacks
• Military pressure will bring hostages back from Gaza, Israeli official says
• From ‘Woke’ Colleges to Hunter Biden and Big Law: Trump’s Week of Settling Scores
• Trump pulls security clearances for Kamala Harris, Hillary Clinton
• IRS Nears Deal to Share Data for Immigration Enforcement
IRS has been issuing taxpayer identification numbers for people without a social security number, to encourage paying tax even if they are in the US unlawfully. Now, the IRS and ICE data could become merged.
• She’s Accused of Duping JPMorgan. Somehow, the Bank Is Feeling the Heat
• Anti-Musk protesters gather outside Tesla dealership in Washington
• Tesla owners are trading in their EVs at record levels, Edmunds says
• Elon Musk tells Tesla employees ‘hang onto your stock,’ urges vandals to ‘stop being psycho’
“I understand if you don’t wanna buy our product, but you don’t have to burn it down. That’s a bit unreasonable.”
• Michigan nuclear plant shows the challenges the U.S. will face in safely restarting old reactors
The project is backed by $1.5b loan from DoE, $1.3b from Department of Agriculture, and $300m in grants from the state of Michigan. Key components like the turbine and steam generator needs repair.
• OpenAI, Meta in talks with Reliance for AI partnerships, The Information reports
• Heathrow Airport orders probe into shutdown as travellers endure days of disruption
Fire at a nearby electrical substation was the cause.