Kuwait appears to have joined a growing bunch of Middle Eastern oil and gas producers that have moved to ship energy cargoes in dark mode through the Strait of Hormuz.

BlackRock capped redemptions from its flagship private credit fund for the second straight quarter after investors sought to pull about 13%, and increase from 9.3% in the first quarter. 

Regardless of your view on how much lower oil can fall, the key part is the shift in distributions and the reduction in tails for materially higher prices. This has implications for broader assets and Central Bank paths...

3 charts we are watching on hedge fund positioning.

European nations scramble to patch up their own defense as Ukraine war is in year five...

...but in California, Alaska, Oregon, Hawaii, and Washington, gasoline prices exceed $5 per gallon.

"I thought we were supposed to stop spreading hate." 

...the act was "deranged vandalism"...

...lower-income consumers exhibited a particularly strong sentiment increase...

“We are complying with the court’s order while evaluating all legal options to preserve this revitalization and recognize President Trump’s leadership,”

The market’s reaction to the deal coupled with the major IPO events today may add further credence to our view that defense-related rhetoric these days has just as much to do with financial markets as they do with geopolitics.

Bond vol says nothing is wrong. Tech vol says something is. One market is lying.

A U.S. District Court in Boston found Paxton’s initial legal action to be retaliatory against ActBlue in support of Paxton’s Senate rival...

The U.S. Attorney’s Office for the District of Columbia, led by Jeanine Pirro, has reportedly issued subpoenas to several major banks...

...it’s a rare occurrence for equity supply to turn positive, and such occasions are rarely good news for the market...

“Markets would believe the deal is reached when we have the actual agreement signed and the Strait of Hormuz can be opened. For now, markets are in relief mode that further escalation can be avoided.”

"Nudging down 2027 forecast..."