Monday's News Links

[Reuters] Stocks sag, dollar firms as US-Iran talks hit stalemate

[CNBC] Brent oil tops $103 after Trump dismisses Iran’s peace proposal response

[Yahoo/Bloomberg] Oil Climbs as Hormuz Stays Shut After Trump Rebuffs Iran’s Offer

[CNBC] Treasury yields move higher as Middle East peace talks falter

[Yahoo/Bloomberg] Retail Floods Into ‘Silly’ Chipmaker Rally as Moves Get Extreme

[AP] Live updates: Trump rejects Iran’s latest response to ceasefire proposal ahead of his trip to China

[AP] Iran war ceasefire grows increasingly shaky after Trump rejects Tehran’s latest proposal

[Yahoo/Bloomberg] US, Iran Far Apart in Talks to End War and Reopen Hormuz

[CNBC] Iran says it will ‘never bow’ as Trump rejects peace counteroffer, prolonging Middle East conflict

[CNBC] April home sales disappoint as higher mortgage rates weigh on buyers

[Axios] Trump's legacy week

[Yahoo/Bloomberg] Oil Market in ‘Race Against Time’ on Hormuz, Morgan Stanley Says

[AP] Young Americans’ job market optimism falls as older adults stay upbeat, new Gallup poll finds

[Bloomberg] Private Credit Trades Between Friendly Funds Are Too Dicey

[Bloomberg] KKR Injects $300 Million Into Struggling Private Credit Fund

[Bloomberg] China Warns of Imported Inflation Risk as Oil Prices Increase

[Bloomberg] China’s Factory Inflation Hits Post-Covid High After Cost Shock

[Bloomberg] Hackers Used AI to Build Zero-Day Attack, Google Researchers Say

[Bloomberg] Race for Critical Minerals Leaves EU Struggling to Keep Up

[NYT] As Trump Heads to Beijing, China Is ‘Locked and Loaded’ for a Fight

[WSJ] The Two Major Decisions Trump Faces on the World Stage This Week

[WSJ] KKR Private-Credit Fund Takes $560 Million Loss

[WSJ] Private Credit’s Hot Streak Is Over

[WSJ] Think $6 Gas Is Bad? It’s About to Get Even Worse in California

[WSJ] Xi’s China: Dazzling Technology, Military Muscle—and an Economic Mess

[WSJ] China Exports More EVs Than Traditional Cars for First Time in April

[WSJ] India Asks Locals to Pause Gold Buying in Bid to Shore Up FX Defenses

[FT] Why are oil prices not higher?

[FT] A weakened Trump arrives at Xi’s court

[FT] How AI mania is disguising big companies’ hit from Iran war — in charts

[FT] How does Jane Street’s trading haul stack up against the hedge fund elite?

[FT] China fixes currency at 3-year high ahead of Trump-Xi meeting