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Negotiating teams from the U.S. and Iran could return to Pakistan later this week to resume negotiations to end the war in the Gulf, Pakistani and Iranian officials said on Tuesday, days after the first peace talks ended without a breakthrough. RTRS
The US and Iran continue to exchange messages about a deal to end their war through back channels despite the failure of weekend talks to reach an agreement, said people briefed on the discussions. FT
Tankers pass Strait of Hormuz on first day of US blockade, data shows: RTRS
The U.S. proposed that Iran accept a 20-year moratorium on uranium enrichment during negotiations in Islamabad over the weekend, according to a U.S. official and a source with knowledge. The Iranians countered with a shorter "single digit" period, according to the sources. Axios
United CEO Scott Kirby floated a merger with rival American Airlines that would create the world’s largest carrier, people familiar said. Shares of both companies rose premarket. BBG
Oil demand is expected to contract 80K BPD this year (this is a sharp cut to the prior forecast) due to scarcity and high prices triggered by the Iran war. IEA
Investors are growing increasingly worried about US life insurers’ exposure to private credit, after many firms piled into the opaque asset class in an attempt to boost their investment returns. FT
China’s export growth declined to a six-month low in March as the Middle East conflict hit global demand outlook, while imports logged their strongest growth in more than four years. China’s exports in Mar were soft (+2.5% vs. the Street +8.6%) while imports surged 27.8% (vs. the Street +13.9%). CNBC
BOJ officials will probably consider raising their inflation forecast sharply at their policy meeting this month to reflect elevated oil prices, people familiar said. BBG
The UK is set to raise £15 billion from a new July 2036 gilt, in a deal that has attracted record bids of more than £148 billion. BBG [Ed: It didn't go very well. New high yields and a fat tail.]
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