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Iran delivered its latest response to US amendments on the agreement to end the war through Pakistani mediators: Al Jazeera
Weeks of conflict have aggravated Iran's dire economic problems, risking calamity after the war, but the Islamic Republic looks able to survive a standoff in the Gulf for now, despite a U.S. blockade that has cut off energy exports. With major fighting paused by an April 8 truce, Iran is locked in a stalemate with the U.S. and Israel, with talks for a lasting ceasefire stalled while Tehran keeps the Strait of Hormuz shut and Washington blockades Iranian Gulf ports. RTRS
A U.S.-Iran ceasefire that began in early April has "terminated" hostilities between the two sides for the purposes of an approaching congressional war powers deadline, a senior official of President Donald Trump's administration said on Thursday. RTRS
The US credit rating is under pressure from a widening deficit, with debt “far above” other AA peers, Fitch warned. It expects further fiscal deterioration, driven by tax cuts. BBG
Huawei is set to capture the largest share of China’s AI chip market this year, with sales jumping by at least 60 per cent amid strong demand from Chinese companies seeking domestic alternatives to Nvidia. FT
OpenAI CFO Sarah Friar said the company sees a “vertical wall of demand,” after a WSJ report about missed internal goals weighed on AI-linked stocks earlier this week. She said growth may be constrained by limited computing capacity. BBG
A growing camp of hard-liners believe Iran has to take the military initiative and start a shooting war again to send oil prices soaring higher and increase the pressure on Trump. They argue that the blockade goes beyond the sanctions Iran has faced down in the past and amounts to an act of war that must have a military response. WSJ
S&P Dow Jones Indices LLC has launched a consultation that could speed up the entry of mega cap companies into its indexes, including the S&P 500. The proposed rule change would shorten the time a company needs to be public before being eligible to six months versus the current minimum of 12 months. If approved, the changes would apply to indexes including the S&P 500, S&P MidCap 400 and S&P SmallCap 600, with any changes to be adopted prior to the market open on June 8. BBG
Chevron and Exxon beat estimates, offsetting supply and production losses from the Iran war. Shares of both firms rose premarket (CVX+1%, XOM +60 bps). BBG
Anthropic is racing to close another fundraising round, asking investors to submit applications within the next 48 hours as the company looks to take in ~$50B at a valuation of ~$900B+ (Anthropic closed its last round in Feb at a ~$380B valuation). Tech Crunch
US President Trump has signed the DHS funding bill.
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