Wednesday's News Links

[CNBC] S&P 500 rises ahead of Micron earnings; tech stocks rebound after sell-off: Live updates

[Reuters] Stocks stabilise as tech recovers; dollar gets a boost

[Reuters] Brent hits lowest since before start of Iran war on expectations of smoother oil flows via Hormuz

[Reuters] Dollar at 13-month high as rate hike bets, stock rout boost demand

[Yahoo/Bloomberg] Micron Earnings Take on New Gravity With Market on Edge Over AI

[Yahoo/Bloomberg] Korea’s Surging Equity Volatility Draws Meme-Stock Comparisons

[Yahoo/Bloomberg] Leveraged ETFs Sold $6 Billion of Korean Chips in Tuesday Rout

[Yahoo/Bloomberg] Cracks in AI Narrative Seem More Serious This Time

[Reuters] US current account deficit widens more than expected in first quarter

[Reuters] Bessent applauds reduction in Fed guidance, says 'dot plot' should be abandoned

[Yahoo/Bloomberg] Bessent Says Iran Talks Feature Shifting to Invoicing in Dollars

[Yahoo/Reuters] Bessent says US supply chains must be able to withstand shocks, coercion

[Yahoo/WSJ] Trump Calls for Probe Into U.S. Gasoline Prices After Oil Falls

[Yahoo/Bloomberg] The Debasement Trade Is Unraveling and Kevin Warsh Is One Big Reason

[Yahoo/Reuters] Nvidia's banned AI chips double in price on China's black market, FT reports

[Reuters] Morgan Stanley caps withdrawals at private credit fund after rising pullout requests

[Axios] Behind the Curtain: Global AI wars

[Axios] Congress passes landmark bipartisan housing bill

[Yahoo/Bloomberg] Saylor’s Best Bet May Be to Halt Strategy’s Bitcoin Buying Spree

[The Hill] Pulte’s first days in office set off alarms with lawmakers

[Yahoo/Bloomberg] Burnham’s Route to Downing Street Clears as Rival Steps Aside

[CNBC] France suffers major power outage as Europe sizzles in record-breaking heat

[Reuters] More heat records expected as deadly 'Omega' heatwave grips Europe

[AP] Ukraine’s latest long-range strikes on Russia hit a major natural gas plant and satellite centers

[Yahoo/Bloomberg] China Makes New US Warship Target for Missile Tests, Images Show

[Bloomberg] Dudley: Warsh’s Pivot Risks Confusing the Market and the Fed

[Bloomberg] US and India Conclude Latest Trade Talks With No Clarity Over Deal

[Bloomberg] BOJ Summary Affirms Rate Hike Stance as Inflation Risks Mount

[Bloomberg] Australia’s Core Inflation Accelerates, Keeping RBA on Alert

[NYT] A.I. Riches Fuel Economic Divide in Asia’s Chip Powerhouses

[WSJ] Life Insurers Aren’t Just Investors in Private Credit. They’re Major Lenders, Too.

[WSJ] Bank of Japan Members Signal Push for Regular Rate Increases to Control Inflation

[FT] Putin’s system is in a state of slow implosion

Tuesday Evening Links

[CNBC] Stock futures are little changed as traders look ahead to Micron’s earnings: Live updates

[AP] Senate for first time approves a war powers resolution in a rebuke to Trump over Iran conflict

[Reuters] US, Iran at odds on nuclear inspections, frozen assets in deal to end war

[Bloomberg] Ship Insurers Set for Major Claims From Iran War, Allianz Says

[Bloomberg] Xi Pressures Takaichi by Throttling Key Mineral Exports to Japan

[Bloomberg] China’s Crackdown Rattles the World’s Top Offshore Wealth Hub

[WSJ] The Stratospheric Rally Has Left Tech Stocks Vulnerable to Sharp Reversals

[WSJ] Trump Is on Collision Course With Senate Republicans

[FT] Hormuz closure strands almost 1,200 cargo ships with $125bn worth of goods

Tuesday Afternoon Links

[CNBC] S&P 500 falls on global chip rout with Nasdaq off more than 2%, led by Micron: Live updates

[Yahoo/Reuters] Oil prices steady as investors focus on Hormuz flows after peace talks

[AP] US and Iran in dispute over whether Tehran has agreed to nuclear inspections

[CNBC] Inside Kevin Warsh’s selection process for the next Atlanta Fed president

[Axios] White House quiet on OpenAI's Mythos-like model

[Axios] The labor market's quiet upgrade

[Yahoo/Reuters] Global imbalances could fuel financial stability risks, says BoC Governor Macklem

[AP] How a heat dome is formed and why experts blame one for Europe’s baking temperatures

[Bloomberg] Korea AI Rout Revives Scrutiny of $290 Billion Levered-ETF Boom

[Bloomberg] Dollar Jumps to Highest Since November on Fed Rate Hike Bets

[Bloomberg] Iran and Oman Say They’ll Work on Pact for Hormuz Transit Costs

[Bloomberg] US Business Activity Picks Up on Manufacturing Strength

[NYT] After Blockbuster I.P.O., SpaceX Shares Are Slumping

[WSJ] Bank of Canada Gov. Macklem Warns of Excess Imbalances Amid Shifting Financial System

[WSJ] Ranks of the Ultrawealthy Jumped in 2025

[FT] SpaceX pitches investors juicy yields in $25bn bond deal

[FT] The US Treasury market rests on shakier ground

[FT] Vladimir Putin sours on Donald Trump over his latest Ukraine shift