• US President Trump said he had meetings regarding Iran and that Iran is not doing well; the Pakistani Interior Minister held consultations in Iran on efforts to advance the peace process.
• US Treasury Secretary Bessent said he will present US President Trump with a US-China AI pact, while Trump is to decide on a US-China AI deal this week.
• APAC stocks mostly gained following the advances on Wall Street, where the Nasdaq outperformed.
• DXY was little changed but held on to the prior day's gains; 10yr

"How could it stay short forever? Chinese capacity keeps coming onto the market. The supply shortage problem has already completely disappeared."

The fuel shock is coming at an uncomfortable time... 

...18 years since Lehman's "rampage that saw liquid assets move to generational extremes..."

This remains a stock-picker's market for retail rather than the old "buy everything" FOMO regime.

"... the sharp sell-off across apparel, retail and restaurant names suggests investors are looking beyond those factors." 

The $11 billion offering split into 5 tranches, would offer yields at record high levels for SoftBank in those specific currencies and tenors if priced at those levels.

$18Bn of leveraged loans tied to Oracle's giant 1,400 acre data center in New Mexico slid into stressed territory on Friday, highlighting investor fear that increasing local backlash will derail the company's massive AI infrastructure build-out...

Despite the index price action remaining resilient through more hawkish policy pricing, continued geopolitical uncertainty, and debate around the durability of the AI trade, navigating the daily swings underneath has proved difficult...

After an extremely busy week for central bank decisions, the week ahead brings a mix of economic data, even more central bank decisions, lots of Fed speak, and geopolitical events.

Paramount Skydance has reached a settlement with California and other states suing to block its proposed acquisition of Warner Bros. Discovery

If oil volatility wakes up, that stress could spill over into the equity market...

"Sangdong is one of very few assets anywhere that can answer that question with a Western address and the scale to matter." 

“...buy when you can not when you need to...”

"The feedback from the talks between China and the US is feeding a positive narrative as the week begins. That said, for me oil prices remain the key driver."

...the 5% dance will continue to drive macro price action... and refined products drive the 10Y...