Top Overnight News
Iran escalated attacks on parts of Dubai and shipping assets, pushing oil briefly back above $100 a barrel and intensifying concern about the length of the Middle East war and the effective closure of the Strait of Hormuz. Two oil tankers were attacked in Iraqi waters and Oman evacuated ships from a key terminal. The Iran war has disrupted 7.5% of global crude supply, with flows through the Strait down by more than 90%, the IEA said. BBG
Morgan Stanley and private credit lender Cliffwater have restricted withdrawals from private credit funds, in the latest sign of investor unease about the sector. Separately, a US distressed debt investment fund told its investors that private credit lenders such as Blue Owl are obscuring weaknesses in their portfolios and a sharp correction in debt markets is approaching soon. FT
President Trump—faced with rising oil prices and pushback from his MAGA base—is signaling that he wants to wind down the war he launched against Iran less than two weeks ago. Stopping the fighting carries risks. Leaving in place Iran’s theocratic regime—angry, defiant and in possession of its nuclear stockpile and what remains of its arsenal of missiles and drones—would essentially grant Tehran control over the world’s energy markets. WSJ
India plans to unveil a more than $10.8 billion fund aimed at bolstering domestic chipmaking, people familiar said. BBG
German bond yields rose to their highest since October 2023 as the Iran war stoked inflation concerns. BBG
Oracle has stepped up preparations to cut jobs over the coming months as it credits AI with driving efficiencies in its team and conserves cash to fund its costly push into data centers. FT
President Trump—faced with rising oil prices and pushback from his MAGA base—is signaling that he wants to wind down the war he launched against Iran less than two weeks ago. Stopping the fighting carries risks. Leaving in place Iran’s theocratic regime—angry, defiant and in possession of its nuclear stockpile and what remains of its arsenal of missiles and drones—would essentially grant Tehran control over the world’s energy markets. WSJ
U.S. officials say relentless American and Israeli aerial attacks have crippled Iran’s air defenses, navy and missile arsenal. But the regime in Tehran has so far held on to power, and it effectively shut down a crucial choke point for the world’s oil supplies. CNBC
The White House believes it has until the end of March before rising gas prices become an “unsustainable” political five-alarm fire, one of the officials said. CNBC
Investors demanded significant concessions in Salesforce’s $25bn bond deal on Wed, highlighting rising worries on Wall Street about how AI technology could disrupt software companies. FT
Trump is to signs orders on housing in the coming days, according to Punchbowl citing a White House spokesperson.
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