Top overnight News
Oil rose as an Iran peace deal remained elusive. Iran’s recent attack on UAE’s nuclear power plant is seen as a “warning shot.” BBG
Arabiya and Al Hadath exclusively report the text of the anticipated US-Iran agreement in case of its approval. The agreement includes: an immediate, comprehensive, and unconditional ceasefire on all fronts, a halt to military operations, ensuring freedom of navigation in the Arabian Gulf, the Strait of Hormuz, and the Sea of Oman and establishing a joint mechanism for monitoring and resolving disputes.
Trump said the US will send 5,000 more troops to Poland in a policy U-turn. Separately, Ukraine and its allies are growing confident Russia’s invasion is running out of steam. BBG
China has launched an unprecedented campaign against illegal cross-border trading, threatening severe penalties against popular brokers and ordering existing non-compliant accounts to be liquidated within two years. BBG
China imposed new export controls on some key chemical ingredients shipped to the US, Mexico and Canada, in a further sign of cooperation with Washington on curbing drug trafficking. The targeted substances are primary building blocks used to manufacture illicit fentanyl. BBG
China’s stock exchanges are scrutinizing recent stock rallies that have been fueled by artificial intelligence optimism, asking some listed companies and funds to give more details about their approach to the technology. Regulators have sent inquiries to managers of exchange-traded funds and other funds with heavy exposure to AI-related sectors, asking them to disclose their valuation methodologies and justify the assets they hold. BBG
Japan’s key inflation gauge rose at the slowest pace in four years as the government continued to help ease the cost of living, creating difficult optics for the Bank of Japan to raise interest rates soon. Japan’s core consumer price index, which excludes fresh food, rose 1.4% in April from a year earlier. BBG
The IMF approved the latest review of Argentina’s $20 billion debt deal to unlock about $1 billion, a vote of confidence in Javier Milei despite the country missing a program target. BBG
UK government borrowing hit the highest level for any April in six years, as pressure on public finances mounts from the Iran war and domestic political instability. BBG
House Republican leaders canceled a vote on the war as GOP absences threatened a defeat for Donald Trump. BBG
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