Bloomberg

Lead Story

US President Donald Trump ordered a naval blockade of the Strait of Hormuz after weekend peace talks with Iran collapsed in Islamabad, sending oil prices surging back above $100 a barrel. Tensions escalated rapidly as Iran threatened to target all Gulf ports and Trump vowed to attack approaching Iranian vessels, though the US president later claimed Tehran had reached out to revive negotiations. The unfolding energy shock is rattling global markets, raising the prospect of $150 oil, and forcing energy-dependent economies across Asia and Europe to scramble for alternatives.

Markets & Economics

• S&P 500 Erases Iran War-Driven Losses as Earnings Season Begins: Despite severe geopolitical shocks and inflation fears, the S&P 500 rallied to erase its losses since the start of the Iran war as investors cheered the kickoff of US earnings season and held out hope for a renewed ceasefire.
• Wave of $15 Billion US IPOs Runs Headlong Into War’s New Phase: Investment bankers are nervously hitting the road to raise over $15 billion in new equity listings—clearing a path for a mammoth SpaceX offering expected in June—while navigating extreme market volatility tied to the Middle East conflict.
• Adams Street Raises $7.5 Billion for Third Private Credit Fund: Showcasing continued institutional appetite despite a sudden retail investor exodus, Adams Street Partners more than doubled the size of its previous credit vehicle, even as global central banks warn of mounting default risks in the $1.8 trillion sector.
• Britain Faces Another Lost Year for Living Standards Due to Iran War: A typical UK household will be nearly £500 ($672) worse off this year due to surging energy prices, delivering a severe blow to Prime Minister Keir Starmer’s promises to boost economic growth and living standards.

Business & Industries

• Goldman Stock Traders Trounce Wall Street Record by $1 Billion: Goldman Sachs posted a massive $5.33 billion in first-quarter equities revenue as war-driven volatility fueled client activity, though shares fell as the bank’s fixed-income desk surprisingly missed estimates by over $800 million.
• GFL Environmental to Acquire Secure Waste in C$6.4 Billion Deal: GFL Environmental agreed to buy Calgary-based Secure Waste Infrastructure for $4.6 billion, significantly expanding its footprint into western Canada’s industrial and energy-linked waste services.
• Bezos-Backed EV Truck Startup Slate Auto Raises $650 Million: Slate Auto secured massive fresh funding as the startup races to disrupt the slowing EV market by stripping down manufacturing to launch a highly customizable $20,000 electric pickup truck by the end of the year.
• Paramount’s Warner Deal Expected to Face UK Competition Probe: Paramount Skydance’s $110 billion takeover of Warner Bros. Discovery is facing mounting headwinds, drawing antitrust scrutiny from British watchdogs and a protest letter from over 1,000 Hollywood actors and directors fearing job losses.

Policy & World

• Hungary Sweeps Away Orban Era With Election Landslide: Opposition leader Peter Magyar ousted Viktor Orban after 16 years in power, immediately pledging to unblock a €90 billion EU loan for Ukraine and realign Budapest away from Vladimir Putin and the US MAGA movement.
• Trump Attacks Pope for Iran War, Immigration Criticism: President Trump blasted Pope Leo XIV as “weak on crime” after the pontiff condemned the US-Israeli war on Iran, sparking swift diplomatic backlash from European leaders including Italian Prime Minister Giorgia Meloni.
• Democrat Swalwell Resigns From Congress After Assault Claims: Representative Eric Swalwell abruptly announced his resignation from Congress following multiple sexual assault and misconduct allegations that had already forced him to suspend his California gubernatorial campaign.

Opinion & Analysis

• The Hormuz Blockade Is a Throwdown the US Can’t Win: Bloomberg Opinion’s Marc Champion argues that Donald Trump’s blockade of Iranian exports is an act of war that will drag the US deeper into a politically damaging conflict rather than force Tehran’s capitulation.
• A Bad Entry-Level Job Market Is Everyone’s Problem: With 43% of young US graduates underemployed due to AI and a frozen hiring market, affluent parents are spending upwards of $50,000 on career coaches—a dynamic that deprives the economy of vital consumer demand.
• This 401(k) Reform Plan Misses What Makes Pensions Work: Trump’s 401(k) reform proposals ignore the structural stability of the gold-plated, defined-benefit pensions that once effectively shielded American workers from inflation and market volatility.