Wednesday Evening Links

[CNBC] Stock futures are flat after the S&P 500 posts another record; traders eye developments in Iran: Live updates

[Reuters] Iran reviewing US proposal to end war, though key demands remain unaddressed

[Axios] Trump optimistic as U.S. awaits Iran's response to peace framework

[Reuters] Global debt hits record of near $353 trillion, with signs of move away from US

[Axios] AI creates a mess for private equity

[Yahoo/Bloomberg] Trump Tariff Refunds Start Hitting Importers’ Bank Accounts

[Bloomberg] Blue Owl BDCs Buy Back $85 Million of Shares as Loan Values Sink

[Bloomberg] Apollo Private Credit Fund Reports Loss on Portfolio Weakness

[Bloomberg] Pentagon’s Botched Blacklist Highlights Frail Trump-Xi Truce

[NYT] Attack on French Cargo Ship Highlights Continued Risks in Strait of Hormuz

[WSJ] America’s Army of Supercommuters Is Reeling Over High Gas Prices

[WSJ] The Iran War Is Crushing Whirlpool’s Profit—and Higher Prices Are Coming

[FT] The leverage layer cake behind HSBC’s private credit losses

[FT] US fuel exports hit record in boon for oil companies and threat to Trump