...first up-week for stocks since war began in a 'Mad Max world where there's no energy left'

The number of rape suspects in Austria has more than doubled since 2015...

It was a bloodbath for hedge funds - including such marquee names as Balyasny, Citadel, Millennium - who just suffered their worst month in years, while the shorting into the March drawdown was off the charts.

The rates market is trading the inflation shock more than the growth outlook...

The Middle East conflict’s inflationary impact is likely to persist, but US recession risk is contained, for now...

"Due to the military recklessness of the US & Israel, the Orthodox community in Iran is unable to visit the church."

Extremely thinned conditions on Friday amid mass holiday closures including in Australia, New Zealand, Hong Kong, Taiwan, Singapore, India, Indonesia, Philippines, EU, UK & US.

Trump's address leans towards escalation, unsettling markets; Iran reportedly drafts a protocol with Oman for the Strait of Hormuz traffic; US imposes 25% tariffs on steel, aluminium, and copper derivatives; US Challenger Layoffs and initial claims print beneath expectations; Continuing claims match expectations; US trade deficit widens; OPEC+ is likely to consider a further oil output quota hike at its Sunday meeting; Fed's William says policy is well positioned; Softer-than-expected Swiss inflation; TSLA Q1 deliveries miss; Drugmakers face 100% tariff unless they cut prices or produce drugs in the US.

Defense is one of the more asked groups on "lack of outperformance" in the wake of the Middle East conflict... 

Whoa!

...who’s counting barrels and who’s focused on 'following the headlines/puck'...

The next, and far worse part, of the private credit crisis has begun.

If nobody steps up the war may grind on for longer (bad), escalate (worse), or the US may simply leave with Hormuz unresolved (worst)...

...stocks will need to keep falling (or yields to start rising again) for there to be a more soothing market tone from the White House after the president’s enigmatic speech last night.

Deliveries were down 14% from last quarter...

"This market just isn’t manageable. We’re really concerned about second-round effects, not only on oil prices but also on oil supply, for example, airlines trimming destinations with harsh consequences for tourism."

U.S. banks in Paris are at the center of Iranian threats.

With the geopolitical situation hardly giving the much needed "all clear" as we enter a new month, here is what the various top traders from across Goldman's desk think of the market here...

US President Trump said in his primetime address that the mission in Iran will be finished very fast and the US will hit Iran very hard over the next 2–3 weeks.